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BiggerPockets Money Podcast

87: How to Save Money For Your Downpayment with Scott & Mindy

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.53K Ratings

🗓️ 26 August 2019

⏱️ 73 minutes

🧾️ Download transcript

Summary

In Episode 83, Scott and Mindy discussed how to buy your first property. And they were peppered with questions about the buying process after it came out, but the top question they got was “How do you save for your downpayment?” In today’s episode, Scott and Mindy dive deep into the process that happens BEFORE you start looking for a property. Things like getting your credit score as high as possible, getting your taxes in order, and the TRUE cost of closing. They also explore PMI - when it makes sense to pay it down and when it’s OK to continue to pay. They even share a story from a listener who was able to buy out his $100 a month PMI payment for $1500. If you’re looking to buy a house, but not sure where to start, this episode will definitely put you on the right path. In This Episode We Cover: Things to do before buying a house Getting your taxes in order Disadvantages of self-employment Mindy's story of buying her current house Avoid making big purchases until after you close on your loan completely Understanding closing cost All about down payments Do you get your earnest money back if you don't buy the house On finding a good agent What Private Mortgage Insurance is On finding a good inspector How to save up for the downpayment And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Money Podcast 83: Buying Your First House with Scott & Mindy BiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig Curelop BiggerPockets Money Podcast 10: Designing a Frugal But Luxurious FI Life by Age 32 with Liz Thames Scott's Email Mindy's Email Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Nobody said real estate investing was easy. You have to find the right properties, rehab them, fill vacant units, and take care of all the other time consuming steps to make a decent profit.

0:10.0

But what if you could get into the inner circle of real estate experts and learn to invest like the best?

0:16.4

Now you can. Rad Inner Circle is a team of real estate experts who easily find undermarket deals and flip houses. You can let the experts take the

0:26.0

wheel. Inner circle is real estate investing done for you. You decide how involved you want to

0:31.6

be. Want to passively invest for cash flow and equity?

0:34.8

You can.

0:35.6

Want to learn how to find your own off-market deals?

0:38.4

They'll teach you how.

0:39.7

Want to create a mini empire with a diversified portfolio,

0:43.1

they'll help you find deals.

0:45.1

Get firsthand experience education

0:47.0

and exclusive investment opportunities

0:49.3

with the all-encompassing real estate investing community.

0:52.6

Visit Icrad.com to learn more and sign up today.

0:56.6

I see R-A-D-D-D-C-C-E-C-E like Inner Circle R-A-D-D-C-C-D-C-C-D-C-O-T-C-T-O-T-O-T-T-O-T-T-T-O-T-O-T-T-T-C-T-O-T-O-T-O-T-C-T-C-T-O-T-O-T-O-T-O-T-O-O-O-O-O'R-O-O-O-O-O- 9 or 10% mortgage rate. But what about a 2.99% rate with rent to retirement?

1:16.2

Rent to retirement has 2.99% seller financing available on turnkey properties. You heard that right. That's a seller financed 2.99

1:26.4

interest rate with an average cash flow of over $900 per month. Plus, they've got options

1:32.0

where you can put as little as 5% down with no PMI.

1:36.0

As the nation's leading turnkey investment company, Rent to Retirement helps investors build headache-free, high cash flow rental portfolios.

1:43.4

And since their properties are fully turnkey,

1:45.6

newly built or renovated, leased, and managed,

1:49.0

anyone can invest, even those who aren't into landlording.

...

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