cover of episode 450: How Your First Time Home Buying Decision Affects Long-Term Wealth with Scott and Mindy

450: How Your First Time Home Buying Decision Affects Long-Term Wealth with Scott and Mindy

Publish Date: 2021/3/11
logo of podcast BiggerPockets Real Estate Podcast

BiggerPockets Real Estate Podcast
Frequently requested episodes will be transcribed first

Shownotes Transcript

    <p>First-time home buyer? At some point, all of us were. How do you make sure you’re getting a great deal, how should you pay for it, and what can you do to make sure it’s a purchase that will <strong>help you grow your wealth</strong>. In today’s episode, you’ll hear from <strong>Scott Trench and Mindy Jensen</strong>, hosts of the <a href="https://www.biggerpockets.com/moneyshow">BiggerPockets Money Show</a>. Their new book, <a href="https://store.biggerpockets.com/products/first-time-home-buyer"><em>First-Time Home Buyer</em></a>, shows <strong>how to buy your first property</strong> in a way that sets you up for <strong>long-term success</strong>.</p><p>Most people see their primary home as an investment, but that isn’t usually the truth.<strong> Housing is a cost</strong>, and like many costs in life, we should try to minimize it when we can. Having a lower housing cost can allow you to<strong> invest more of your money, build up </strong><a href="https://www.biggerpockets.com/blog/the-essential-importance-of-cash-reserves"><strong>safety reserves</strong></a><strong> for repairs, and have the financial bandwidth</strong> to live with less stress. </p><p>Scott and Mindy debate <a href="https://www.biggerpockets.com/blog/2014-06-21-investing-cash-flow-appreciation-whats-difference"><strong>cash flow vs appreciation</strong></a>, how much you should put down on your home, and what kind of liquidity position you need to be in to<strong> find success in your purchase and future endeavors</strong>. Even if you’re not looking to <a href="https://www.biggerpockets.com/guides/buy-and-hold-rental-property">build a rental empire</a>, this is a fantastic book for anyone who is looking into buying for the first time. Don’t know about equity, title insurance, or other real estate terms? No problem!<strong> <em>First-Time Home Buyer</em> has you covered</strong>. </p><p>In This Episode We Cover:</p><ul>
  • What will 2021 hold for real estate investors and first-time home buyers
  • Is appreciation or cash flow a better metric to measure
  • How to have a primary residence that sets you up for long term wealth 
  • The 5 steps to finding a great deal on a primary residence 
  • Looking at the market even when you’re not ready to buy
  • What people get wrong when they buy a home
  • And SO much more!

    • Links from the Show

    Check the full show notes here: http://biggerpockets.com/show450

    Learn more about your ad choices. Visit megaphone.fm/adchoices