How To Buy Your First Home In 2024 (Step-by-Step)
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- Опубликовано: 27 ноя 2023
- In this video, I'll be covering how to buy your first home for absolute beginners.
You're going to learn all of my secret tips and tricks for buying properties and it will make you much better prepared for when you make that offer on your dream home.
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*Please note that the information in this video is for educational and entertainment purposes only and should not be taken as financial or investment advice. Any investments or financial decisions you make based on the information in this video are at your own risk. The links in the description above may include affiliate commissions or referrals, and I may receive compensation from partner websites. The information in this video is accurate as of the posting date but may not be accurate in the future.
Tip: if you in debt by bank buy 1B dollars and buy the bank and cancel the debt
😂
@@santirocksonly dumb people laugh at lame jokes
So basically just do what Batman did 4 Superman in the Justice League.
seems legit
unlimited money glitch
Thank you for this!!!
No problem! ☺️
Great run down on several aspects of buying a home. I have had a lot of luck with buying cosmetically distressed properties well below their fair market value. Owners who are trying to sell properties in disrepair are often very flexible on price and terms. Thanks for the video.
Thanks for sharing your experience! ☺️
the content is good, and the editing behind this content is greatt
Haha thanks!
its actually very easy. The best way to be successful in real estate, is to have rich parents give you $500k and a few inherited homes to rent out when you turn 18, so you can start making generational wealth and youtube videos on how intelligent you are for buying homes with dad's money
😮 I like you.. honesty is golden 😂
😂😂😂
bwaaahhahaha finally someone is honest about buying a home in 2024
Victim mentality. Keep it up, so the rest of us can keep paying our mortgages from renters like you.
Actually, you become successful by focusing on long term gains instead of trying to make money quickly.
thank you!
No problem!
Great content 😁
Thanks for watching! ☺️
Me and my parents really want to buy a new house we made a few offers and didn’t get those unfortunately. Ima send this to them and hopefully it helps,so tysm man
Sure! Best of luck!
I have 8 months saved up for bills and an emergency fund set aside for repairs. I did just buy a house and was able to get it for 8%. It was on the higher end of my budget but I have a few extra hundred to put away each month for repairs. The home is turnkey but I know expenses will come down the road which I'll be prepared for. Hypothetically speaking, given the worst case scenario and layoffs start happening; can my emergency fund be in good use to invest and linked to our mortgage to increase interest overtime? rather than defaulting on mortgage
Is that a feasible way to pivot?
Nice Aaron, online It appears margaret is well established in the financial field. Would her advisory give access to more interest to offset my mortgage overtime?
that's the only way to become debt free. I've already paid off two previous mortgages. Now I'm working on my third and I cannot wait since it has to happen before retirement in four years
I'm in Michigan and want to do this do I have a good chance of being successful off of this?
this is gold!
🙌🏻
Where do I pay my bills like for my house and how do I pay it off early and what’s the best job for teens? Love your content man hopefully this helps ty and where to invest
You'll get a mortgage bill by your lender where you can set up autopay. Same thing goes for insurance. The main manual task is where you have to pay for property taxes every year. You have to go to the County's website and make the payment for it online.
@@seanlovesrealestate do I pay at my local bank
Also a question is it possible for example me from germany to use the advice given in this video in any way? Such as either implementing stuff said in this video in the future or would this apply only to people buying properties in america that live in america?
I think a lot of the same principles apply. But try to talk to an agent and lender as soon as you can so that they can guide you.
@@seanlovesrealestate Thanks
what about in different countries like Australia when the market is very unstable and its very expensive right now would this work
I'm not sure what the customs are in Australia but I would assume they're similar to how it's done in the US
but the appraisal and inspection comes to your own pocket like 800$ish(mayb more mayb less) so if you backout of the house you lose that money from payin those inspection/appraisal
Yup, and if the property appraises low then you might need to redo the entire loan process again.
Real estate seems like an interesting career. I wish I could be part of it
You can start today!
@@seanlovesrealestate Let's get it on
If you get a fha loan and later down the road you can refinance into a conventional loan to get rid of mortgage insurance
Yes that's true! But be aware that refinancing costs money
Is it possible to buy a home through loan?
I don't have upto the 5% down-payment for a home, I'm just wondering if it's possible to get a loan for that 5-20% down-payment
You can get an owner occupied loan for as low as 3% but the rates and fees will be very high.
I need your help to buy fourplex
what part do you need help with?
What about the loan contingency?
Some markets are so competitive (i.e. Bay Area) that they don't even look at offeres with contingencies. But yes, in other markets, it's common to have a loan contingency in case your loan falls through.
Im turning 18 soon, and plan on living with my daughter and wife. She Brough up the idea of saving a home. I have not one clue about buying a home. I know that right now because of how expensive a house is that maybe right now isn't the time to buy at all. We planned on saving around 10-20k as a down payment on a home but now I see most people do 10% of what the home costs. I know that I would have to wait a few years for the right opportunity to buy a home and that opportunity may take year or maybe never even get the chance too. I wanted to ask what do you recommend I do as of now so that one day I could buy my own home?
Start saving and investing money now while building up your credit score. You're still young so don't worry about buying a home ASAP. Learn the fundamentals (by watching my videos on RUclips) and start looking for a home that fits your criteria. Over time, you'll get familiar with the numbers and when you see something good, you'll be able to buy it. Best of luck!
Garyvinh Tran congradulations Sean 1million subscibers
Thank you! ☺️
*Amazing content. You are still the best! It's been a year since I found ways to improve my finances and by working with a recognized professional, I was able to achieve financial independence. I have to say this; “As long as you have determination and work hard, you can achieve anything you set your mind to.”*
Pmi doesn't always come off
My lender said i have to refi.
Bought my house for 360k in 2020
Now worth 650k.
PMI comes off with a conventional mortgage but not with an FHA loan (and for those they're technically called MIP)
Also, the PMI doesn't automatically come off earlier if your property's value grows rapidly in a short time frame like yours. They take it off based on the scheduled time that it would take for you to make the payments to get to 20% equity. If your property has increased in value, you can ask your lender to take pmi off and they'll usually comply as long as you're willing to pay for an appraisal.
crazy that this process is so complicated. feel like it is largely to line more pockets.
It's a large transaction, so there are lots of people who have to work on it. The transactional costs are quite high, which is why I only recommend buying/selling a home after doing a lot of research
The video was pretty fast. I had to pause multiple times to try and understand what I heard in the last minute, as well as rewind a bunch of times. In addition, I still feel just as confused as before I clicked on your video.
agreed. I'm lost as well.
Which part was confusing? I can try to elaborate
🏡 Your secret tips and tricks for beginners sound like a must-watch. Ready to be better prepared for that dream home offer!
Thanks! 🙌🏻
The appraisal process seemingly bothers me
It's quite annoying indeed lol
are there special loans for nurses
Yes there are a lot! And grants!
Maybe at the sperm bank
you should look into it! I think medical professionals may get access to 0% down loans
I am getting mixed feelings since 2 previous videos are titled something along the lines of "why you shouldn't invest in homes"
Heey! Did you watch it until the end? ☺️
@seanlovesrealestate Currently I am just doing research about the first steps like setting up a broker account and index bundle share thingy I just saw the titles and found it hilarious tho it's nice that you respond quickly to anyone in the comments XD might need to check any passive income videos of yours
I found your video very throughout and informative, but you speak really fast
Thank you. I’m trying to talk slower. You can reduce the play speed though ☺️
You lost me on the mortgage part
Check out my videos about how mortgages work!
oh hm ok this made me not want to buy a home lol
lol, it's a guide to help you when you get there!
@9:15 he could'nt say this with a straight face lol, you can tell her was laughing inside because he knows how useless real estate agents actually are.
A basic human need should not be a means for people to invest. Capitalists should work for a living instead of exploiting working families’ need for shelter.
So restaurants can't make money either because they're serving food?
‘Exploiting’…you’re dramatic. In what way is a landowner ‘exploiting’ the normal person?
What’s next? Replace civilian police with soldiers?
@@SophisticatedDogCat they take 25 to 50% of a families income and provide nothing to society. They don't create homes they own homes. Opening them reduces the supply of homes available increasing the price.
Do not take out a motgage loan to buy a house in 2024. Homes are currently significantly overpriced and loan interest rate is way too high.
First pls pin