i want to get a multi family house and my credit score is almost 700.... i only work part time right now but will that matter if the rental units count towards my income??? and i would also like to use my spare time to try my hand at starting a business so that would be such a great situation.....
Very well said. I was shaking my head when he kept on saying. "They will tell you what you can afford". No. They will tell me my credit worthiness, but I might not be able to afford a $400,000 house. Paying $3000 a month for 30 years. (Just to say something. I haven't calculated in the system)
I agree with most of what you said. Disagree on renting. Reality is many people move more than once in a 5-year period and if you're doing that, buying a property only to sell it a few years later may not be a sound financial decision. Not sure what market you are in. Sounds like $60k gets you a good home. In my area, it's a down payment. It's hard to offer catch-all advice on buying vs renting. In my area, I see a lot of first time home buyers buying for the wrong reason only to sell a few years later. There are other videos where I mention not to buy the first home you see. Thanks for watching!
I’m actually very impressed with myself, I was basically already thinking everything you said in this video. Now I feel more confident that I’m on the right track!
Thank you for mentioning that renting is not always throwing away money. I have rented for years because I wanted to pay off student loans. While my entire family told me renting was the worst thing I could do. My gut instincts told me, I wasn’t ready for a house. Now that I have paid off my loans and still have minimal credit debt to keep my credit up, I feel a bit more comfortable about looking into buying a house.
There isn't anything wrong with renting.renting tell you how capable on paying and teach you to be a responsible person before planning the next step.people shouldn't buy if they can't pay when thier renting.its like fast in and fast out.
When you start the whole process , not only do you need to be pre-approved, but you should also be able to buy a home on one income, We didn't buy until we knew this was possible , and its a good thing we did. 8 years after we bought our home, my husband suddenly passed away, leaving me to raise our children and take care of everything. Because we have always been smart with our finances, our children and I are doing well. Now we are selling, and moving to another state, after 16 years total of living in this home. I've been on both sides of it , buying and selling. 20% down is important, as is having an emergency fund in place. Owning will cost you more than you think.
+momof2 This was great, I have been researching "when you buy a house how much do you put down" for a while now, and I think this has helped. Have you ever come across - Siyamilla Financial Bigshot - (search on google ) ? Ive heard some pretty good things about it and my m8 got cool results with it.
Needs to be said that just because the bank says you qualify for xxx amount doesn't mean you can afford it. The bank cleared me for $400k and I make $55-60k/yr. That's absolutely insane, no matter what my credit score is! It's no wonder people buy homes they can't afford when banks pre-qualify people for stupid amounts. Ended up buying a home for 155k.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
@@bob.weaver72 Personally, I can connect to that. When I began working with “Catherine Morrison Evans’’ a fiduciary financial counsellor, my advantages were certain. In these circumstances, I would always advise getting professional help so they can steer you through choppy markets and just give you indicators and strategies for knowing when to enter and exit the market.
First time owner(still looking) and this is a great video! Also want to add that be sure to check HOA Policies BEFORE making an offer or escrow. We dodged a HUGE bullet of a condo with an awful HOA that fines for the most ridiculous things. Not all real estate agents disclose this before or if you don’t ask.
I agree about not falling in love with the house. View it as a business deal because that’s what it is. Business is business and personal is personal. Your emotional feeling about a property is personal. Leave it out of the deal
Great video.... but, can you further clarify rule #9? When you say, "the fallacy that renting, is throwing money away..." and "... that they're buying a home when they should be renting..." Because regardless if someone is moving every two years or not, renting is never an investment...
My checklist. I will not get murdered in that neighborhood. Roof doesn't leak. Wall (exist) Backyard with a fence around it. 2 car garage. Usable kitchen. Everything else can be fixed/upgraded.
A lot of agents simply won't work with another agent, at least in my state. I went to view a property with the seller's agent, and then got myself a buyer's agent. He told me he couldn't work with the seller's agent unless he had permission to do so. I asked the seller's agent, and he politely turned me down. I should note that, while both agents were very nice about it, they were both somewhat baffled that I thought that the buyer and seller would have separate agents. That struck me as odd, since it seems to be very common advice from internet estate agents. I am now working solely with my buyer's agent and not contacting seller's agents at all.
I’m glad I found your channel. My husband and I are finally ready to buy our first home, after 11 long painful years of waiting. I am excited but I am also going to be smart about it. Thank you for sharing this information!
In the process of house hunting, you just leveled out my approach to things. Taking a step back and not putting the cart in front of the horse. Thank you !!!
Thank you for walking down the steps with me. This will be the first of many videos I will be watching in terms of home buying. We only have a limited time before we have to move. I wish we can take our time, but we can't. This summer is going to be very stressful for me and I'm going to have to exercise all the energy I can to help us find something whether it is buying or renting...These tips helped though. Thank you.
Looking at houses now, we have 4 items that the house absolutely needs. Anything else, as long as it works and is liveable until we can upgrade, then let it work
I fell in love with a house and it broke my heart when there were too many issues. Knob and tube wiring, foundation problems, non permitted structures. Took me a while to get back into a logical mindset and I just had an offer accepted on a house that may not be my “dream home” but works, it’s updated where it matters, cheaper, and has the potential to become my dream home over time.
My god - thank you!!! I have been trying to find agents with integrity to do a quick break down before buying and all they want to do is call and get me going before we are ready.
1. Get pre-approved first before looking, know your worth first. 2. House should meet 75% of your criteria, perfect house does not exist. Do slow upgrade with time 3. Listing agent to represent YOU is not a great idea 4. Don't look too much into home ONLINE value (you can never accurately estimate a house without stepping inside it, people might have updated it) 5. Don't expect your house to increase in value (it might or may fall in value depending on the market). House increases your quality of living not anything else. 6. Do not underestimate your expenses (there will be maintenance costs and hidden costs) 7. Don't feel rushed to buy (Don’t put an offer before you are mentally prepared) 8. Don't fall in love with the house (act rationally). Houses will be sold and new ones will come to the market. 9. Don't assume renting is throwing money away. Renting is preferred if you will be leaving there only for a few years.
12:45 Now is not the time to fall in love. I am still following that advice today and it has nothing to do with home buying. Though, I will also remember this advice for when buy my first home.
Erick, if you're a homeowner, you might be interested in taking advantage of electric savings, that 26% tax credit, and increasing your home's re-sale value as soon as possible. Check out Soleeva's tech-advanced panels with the only 30 year warranty in the market. You can email me at aisha@soleeva.com for more info.
hey matt! I Just want to say thank you to u!!!!! really really appreciate u!!!!!!! I just won my offer! but the most part because of u. I spend days to watch a lot of your video for the new buyer, IT help me a lot, give me so many ideas, and show me how everything steps by step. even some small things like send attached letters with your offer stuff. I never hear from anyone else before. and IT worked perfectly. I don't have any more else to say, thank you again! matt! you are the best! whoever watched this channel, you are so lucky lol
Matt has a great point. You definitely don't want to have the listing agent represent you as a buyer. The main purpose of having a buyer’s agent is for their ability to counsel you, protect you, and advise you. If you work with an agent that represents both the buyer and the seller you may get counsel and advice that might not be in your best interest because a listing agent’s loyalty lies with the seller.
Thank you Matt for being straight up and honest about the whole deal. We should have people like you and with the same mentality as you who know the job well and will not lead people in a wrong direction in the real estate market. Good job and best of luck to you.
That was very good. Thank you for the info. I am currently being there for support for my young adult son who is purchasing his first home. It can be frustrating but so exciting at the same time. I feel like we are getting closer to him purchasing a house of his liking.
Lol only at 2:57, but I just got excited when he went off with the checklist n the house I just got an accepted offer on has all of those things except the fenced in backyard🙌 but it is good length and in a nice community!....bonus: about half our budget!
I was thinking the same thing. I'm looking into buying a co-op. I am a first time buyer and single so I hope this is the right move. Two of my closest friends work within the industry. One works at a mortgage bank and the other is a real estate agent. The best of both worlds.
So many great solid points, that some of them even made me laugh. I also love the yelling, Matt. It shows confidence and knowledge. My husband and I would love a realtor like you!
Haley, if you're a homeowner, you might be interested in taking advantage of electric savings, that 26% tax credit, and increasing your home's re-sale value as soon as possible. Check out Soleeva's tech-advanced panels with the only 30 year warranty in the market. You can email me at aisha@soleeva.com for more info.
Thank you so much I will be patient I'm just getting information for when that time comes I would be more knowledgeable. However I am building towards it and praying it falls on God's time and will. I'm still young.
Thank thank thank you!!! I been so stressed with buying my first house. So much info out there, I don’t know who to trust. ESP I’m doing this by myself. My family, elderly disabled dad and my teenage son all have needs and wants I cannot afford. My realtor was rushing me to bid on a house last week. I didn’t want to place an offer, without my pre approval letter. You video put me back on the right track.
Just because you didn’t get pre qualified does not mean you lose. I’ve gotten a lot of information under the pretense I was buying a home. Many realtors have a lot of insight into tips about buying a home and that alone is worth the trip regardless of not having a pre approval letter
Years ago when I was married my wife and I bought our first house that was built just for us in a brand new neighborhood. It was the 2nd house on that street complete with a privacy fence and it was a nightmare from day one. They gave us low grade carpet but charged us for high carpet thinking we wouldn't see the difference. The ducts in the AC were too narrow so it was always breaking down. Warranty pays for parts but not labor. They built houses in back of us on a hill so we had no privacy and drainage ended up in our back yard. Property tax was outrages. Will probably never buy a house again.
You can use Zillow to look up the tax appraised value. Which is what a tax assessor values the property for. It's a good baseline to use to see how good of a deal it is snd how homes in the area are priced compared to it.
I disagree with his very first point, why would you get pre-qualified and take that hit to your credit score (for the inquiry) unless you're absolutely sure you're going to be making offers? I AM a first time home buyer and did this his way, in the end I gave up home shopping because I don't have much of a down payment and decided to wait until the market goes down again. So my credit score took a hit FOR NO REASON! You can go look at houses without being pre-qualified, just because you're looking at houses does not absolutely mean you are going to be making offers. Also, on his note about "being told what you can afford", lenders will qualify you for way more than you can afford (they did with me) so that won't tell you anything! YOU have to figure out what you want to afford for yourself, a lender will not tell you honestly what you can afford. If you don't want to be "house poor" then DO NOT believe a lender when they tell you what you can afford.
Thanks for your comment. Most serious buyers get pre-qualified because they know they will be making an offer on a house in the near future. If you don't get pre-qualified before you look at houses for sale, just know that you're already behind other purchasers in the process so when the time does come to write an offer, there could be delays. Keep in mind the amount you'll need for your down payment throughout the process. Best of luck on your purchase in the future!
I allowed a lender access to my scores when I was not ready to buy. My scores dropped by 2 points. I learnt my lesson .no more hard enquiry until I m definitely ready to buy. In the meantime,I m "window shopping" for a home! Just feeding my eyes.. online
you can recover those points fairly quickly, and I started looking at houses without a pre-approval, I had NO IDEA what I was doing. Its way better when you contact a lender first and now at least know what you can afford or even make projections of what you will able to afford in about a year. Not to mention that lenders like Quicken Loans will support you through the process of getting your finances in order and raising your credit score. I'm not kidding they took me from 420 to my current 728. God bless them, they for sure earned that extra 1% they charge compared to other companies.
It is estimated price that is based on different property value in the area...it serve as a comparison measure...they also include record of previous transaction alongside the current set price ...
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How about buying a house (first time) and renting out the spare room to a friend? Anything i should worry about or do you think it is a good way to help out with the mortgage?
I don't let anyone tell me what I'm "allowed" to buy, telling me i'm not "allowed" to buy something means your competitor just gained a customer that you just lost. The best thing you can do in that situation is tell me I CAN buy it but I need a lot more down, because I'd go work extra hard for something I really want.
Love the insights! Avoiding emotional attachments is key. It’s so easy to fall in love with a home but keeping a level head is crucial. I bet realtors could use something like ReelSane to whip up video guides on these topics without the stress of being on camera!
This is great advice. Everything you have said about buying a house is true for me. I am a free time house buyer and no one in my family other than my grandma has bought a house so I have to look for RUclips for advice . This is so good thanks man.
Thing is, the Zestimate is a lot more accurate on cheaper properties. It's pretty close to the comps that have sold in our neighborhood recently (110k - 180k).
I'm at a point in my life where I am CONSTANTLY having to defend my choice to rent. In fact, I clicked on this video because I was ready to break-down and buy so I can feel like my life is on track. But I'm moving to a brand new city across the country I have no idea if I'll like, I've never stayed in one place more than 5 years in my adult life, I'm moving to a seller's market with record high home prices, and I don't have any kids. Even knowing all that, I still can't shake the feeling that I should own my own home by now.
Matt Leighton Just watched your video on hidden costs. My friends and family can go pound sand. That's ridiculous right now. I'll circle back to your channel when I'm ready to buy. Thanks for the tips!
@@TheMattLeighton I'm continuing to watch your videos. Just finished the "hidden fees" video. Very informative. We're buying in North Carolina, any chance you do any real estate down here? Lol
Exactly. I made sure to have everything from W&D, stove, frig, curtains, rugs, furniture because that can be extremely expensive once you have a mortgage.
Renting is absolutely throwing away money, if you're young and moving around every 2 years you don't really have a choice. I don't know one wealthy person "retirees not included" that doesn't own at least one property. Let just say you spent 60K to rent an apartment for a few years, at the end of that time period there is absolutely no ROI. To put that in perspective you could have bought a small 2 bedroom condo in ok condition, replaced a little flooring, painted, and made some cosmetic improvements to the kitchen and bathroom and made a healthy little profit while having a place to live for a few years. But please rent one of my properties by all means, I would love to take the wife and kids to the Bahamas using your money. Oh and go to Sears and price some stainless steal appliances, realtors sell this like they're solid gold, but they're only a few grand in reality and add a ton of value for no reason other than appearance.
It's not that simple. It's not throwing money away if you live somewhere where rent is cheaper than the money you'd "throw away" to property taxes, HOA fees, general house maintenance, closing costs, not to mention your personal time ensuring your property is in good condition, potentially longer commute times, etc. The math and logistics don't always work out. Also, the money invested in the market could potentially give you better returns in the long run than the increasing value of your home (with much less work involved maintaining your portfolio than a physical asset).
Lol! In CT the cheapest you are going to find is 85-90k and up for a 1 br, and those are usually in crap locations. Condos easily go for 150-300k around here. No way I could afford that when I was starting out. Year number 11 teaching and I just got my Master's and paid off my student loans. Not everyone lives in your Cinderella fairy-tale.
Not necessarily. Sometimes renting allows you to put cash in other investments, plus frees up your time. If I don’t worry about fixing plumbing I can worry about my other job.
yeah you’re right about renting. hmm..I would like to move every 4 years, probably due to a promotion or job transfer. Maybe renting is the way to go for me.
Matt Leighton I have to say, your video is awesome. You explained everything so well and everything you said, made sense to me. I've been told a million things by a million different people and have been very confused. You cleared that up for me and put this process into perspective. Thanks for making everything make so much sense.
Freedom mostly. From my experience, it seems like many people are rushing to buy a house because their friend bought a house or because their parents told them it was a smart investment. In reality, they end up selling the property a year or two later when they realize the property is too small, or in a neighborhood they don't like, or they took a new job... Sure, if you rent for 30 years in the same area and there are similar properties for sale, go ahead and buy. What I'm getting at is that renting is NOT a waste of money depending on the alternative. I'm a salesperson. I hope you buy. And I hope you buy for the right reasons. Also know that just because you're renting does not mean you're throwing money away.
It depends on WHY you are renting, and if you are able to buy a home. If you can't financially handle a mortgage (or cannot get approved for one), then renting is best. If you have kids, or don't want to be beholden to the whims of a landlord, then buying is best. It's throwing money away if you are doing it for the wrong reason.
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Matt Leighton how do I get started. I have prequlified
Send me an email. I can set you up with an agent in your area
Matt Leighton kn
HOA sux
i want to get a multi family house and my credit score is almost 700.... i only work part time right now but will that matter if the rental units count towards my income??? and i would also like to use my spare time to try my hand at starting a business so that would be such a great situation.....
i'm also getting tired of realtors not putting pictures of the inside of the garage! GUYS WANT TO SEE THE INSIDE OF THE GARAGE!
Johnny Knoxville HERE HERE!
amen, women dont believe me wen i say that lol
That's the best room for a guy.
It’s where the sellers store their junk.
Our place to put our toys ( cars )
WHY ARE YOU YELLING AT ME??
😂😂😂😀
Just grab/grasp the imp info he's giving ! hey it's free, just put your device volume down. He's not my son or father ! lol !!
Yes Drill Sargent!
1.5 speed helps
Is the cocaine
The lender tells you what you can borrow, not what you can afford.
Very well said. I was shaking my head when he kept on saying. "They will tell you what you can afford". No. They will tell me my credit worthiness, but I might not be able to afford a $400,000 house. Paying $3000 a month for 30 years. (Just to say something. I haven't calculated in the system)
Yeah I disagree with a lot of things that he was talking about.
Like what?
lol Number 2 about the backyard hit me... so true!!!
I agree with most of what you said. Disagree on renting. Reality is many people move more than once in a 5-year period and if you're doing that, buying a property only to sell it a few years later may not be a sound financial decision.
Not sure what market you are in. Sounds like $60k gets you a good home. In my area, it's a down payment. It's hard to offer catch-all advice on buying vs renting. In my area, I see a lot of first time home buyers buying for the wrong reason only to sell a few years later.
There are other videos where I mention not to buy the first home you see.
Thanks for watching!
But I thought it only took 30 min to fix up a home like hgtv Lol
+Jergon 27 😂😂
😂😂😂😂
LMFAOOOOO
JJ 27 lol
🤣🙃
I’m actually very impressed with myself, I was basically already thinking everything you said in this video. Now I feel more confident that I’m on the right track!
Congrats
Thank you for mentioning that renting is not always throwing away money. I have rented for years because I wanted to pay off student loans. While my entire family told me renting was the worst thing I could do. My gut instincts told me, I wasn’t ready for a house. Now that I have paid off my loans and still have minimal credit debt to keep my credit up, I feel a bit more comfortable about looking into buying a house.
Awesome! Great to hear. Good luck with your purchase!
Breigh In Wonderland How old are you? Smart choice!
There isn't anything wrong with renting.renting tell you how capable on paying and teach you to be a responsible person before planning the next step.people shouldn't buy if they can't pay when thier renting.its like fast in and fast out.
Sounds like something someone justifying throwing away money would say.
Pia Tukia you are exactly right
When you start the whole process , not only do you need to be pre-approved, but you should also be able to buy a home on one income, We didn't buy until we knew this was possible , and its a good thing we did. 8 years after we bought our home, my husband suddenly passed away, leaving me to raise our children and take care of everything. Because we have always been smart with our finances, our children and I are doing well. Now we are selling, and moving to another state, after 16 years total of living in this home. I've been on both sides of it , buying and selling. 20% down is important, as is having an emergency fund in place. Owning will cost you more than you think.
+momof2 Great points all around! It's important to be (very) financially-qualified before such a big purchase. Thanks for commenting and for watching.
Thanks for the great tip.
momof2 did you have life insurance which would really help if a spouse passes away
+momof2
This was great, I have been researching "when you buy a house how much do you put down" for a while now, and I think this has helped. Have you ever come across - Siyamilla Financial Bigshot - (search on google ) ? Ive heard some pretty good things about it and my m8 got cool results with it.
Needs to be said that just because the bank says you qualify for xxx amount doesn't mean you can afford it. The bank cleared me for $400k and I make $55-60k/yr. That's absolutely insane, no matter what my credit score is! It's no wonder people buy homes they can't afford when banks pre-qualify people for stupid amounts. Ended up buying a home for 155k.
My 1 criteria into buying a home: not being haunted
How you would know before you move in? 😱
Me too! 😂
For reals lol I don't wanna wake up to a little boy making noises at 2 in the morning running around and disappearing or demonds
Gizmo aP get your house blessed
Nathan for you haunted real estate episode
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
@@martingiavarini I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
@@bob.weaver72 Personally, I can connect to that. When I began working with “Catherine Morrison Evans’’ a fiduciary financial counsellor, my advantages were certain. In these circumstances, I would always advise getting professional help so they can steer you through choppy markets and just give you indicators and strategies for knowing when to enter and exit the market.
@@martingiavarini I am on her site doing my due diligence. She seems proficient. I wrote her an email and scheduled a phone call. Thanks for sharing
I'm so blessed to have the VA loan. I'm in the process of a new construction home. Even got the MCC program. 0 closing cost, 0 down, 3.9% interest.
God bless you and your family and your service
VA loan does not cover closing costs but you will have great rates with no money down required.
Father I’m army veteran please help me out on my first house buying @2486316252
@@atulsorthiya4909 they are real helpful and will walk you through the pre approval process
Conrad Weiden thanks
First time owner(still looking) and this is a great video! Also want to add that be sure to check HOA Policies BEFORE making an offer or escrow. We dodged a HUGE bullet of a condo with an awful HOA that fines for the most ridiculous things. Not all real estate agents disclose this before or if you don’t ask.
Good call! Thanks for watching!
I agree about not falling in love with the house. View it as a business deal because that’s what it is. Business is business and personal is personal. Your emotional feeling about a property is personal. Leave it out of the deal
They say "winter is coming," but after you buy a house, "repairs are coming" 😂😂 That is a good one! 😂
Lol
That line was rich, had me rolling with laughter
+1.5 speed has entered the chat room. So much better.
I swear, same
2 times the speed is the only way to watch
Thank you!!
thanks, dude you made the video more bearable lol
The high strung salesman tone seems to make things more stressful rather than less stressful.
Makes me feel like I should know this information ☹😫
Mel MMA but we should if we’re looking to buy.
Thank you for this video, brother! Much appreciated.
Great video.... but, can you further clarify rule #9?
When you say, "the fallacy that renting, is throwing money away..." and "... that they're buying a home when they should be renting..."
Because regardless if someone is moving every two years or not, renting is never an investment...
Very true!
So is buying house is not always an investment.
If you're moving every two years there's no reason to pay closing costs and sellers agent fees every two years upwards of 10-15k saved by renting
My checklist.
I will not get murdered in that neighborhood.
Roof doesn't leak.
Wall (exist)
Backyard with a fence around it.
2 car garage.
Usable kitchen.
Everything else can be fixed/upgraded.
Electrical and plumping.
Good, now keep 75% of your list :P
😂😂
75%....looks like I'm gonna die
Looks like I'm getting deported..
I really needed this! Thank you!
I'm just a young strub that just doing a little research, thanks for the info it really helps!!
Been looking for over a year and everything you said I’ve learned through experiencing things first. Great tips!
Thank you so much for watching!
Oh maaaan we’ve looking for two years ... THANK GOD for our amazing inspector we dodged a huge bullet !!! Renting is easier
Investors will take away your dream home 90% of the time
👌🏼
Its still happening today.
That's what I killing the housing market
Investors.. The creators of the housing bubbles year in and year out
Im in the process now and you make so much sense. I have fell in love with several houses and keep getting crushed by being out bid
A lot of agents simply won't work with another agent, at least in my state. I went to view a property with the seller's agent, and then got myself a buyer's agent. He told me he couldn't work with the seller's agent unless he had permission to do so.
I asked the seller's agent, and he politely turned me down.
I should note that, while both agents were very nice about it, they were both somewhat baffled that I thought that the buyer and seller would have separate agents.
That struck me as odd, since it seems to be very common advice from internet estate agents.
I am now working solely with my buyer's agent and not contacting seller's agents at all.
I’m glad I found your channel. My husband and I are finally ready to buy our first home, after 11 long painful years of waiting. I am excited but I am also going to be smart about it. Thank you for sharing this information!
Thank you and best of luck with your purchase!
I would say "what you can afford" take that and reduce it even more so you can put more money into your life!! That said, excellent video... :)
Thank you!
I am about to purchase my first home and your points are really insightful. Thank you! You're the mentor that I need!
Did you buy your house.
@@joyride20001 I did. Been living on it for almost 2 yrs now. :)
Very good video!
This video made me feel like I was getting yelled at while I was on time out.
In the process of house hunting, you just leveled out my approach to things. Taking a step back and not putting the cart in front of the horse. Thank you !!!
Thanks for watching and good luck with your search!
Thank you for walking down the steps with me. This will be the first of many videos I will be watching in terms of home buying. We only have a limited time before we have to move. I wish we can take our time, but we can't. This summer is going to be very stressful for me and I'm going to have to exercise all the energy I can to help us find something whether it is buying or renting...These tips helped though. Thank you.
My pleasure! Thanks for watching!
This is the realist video I have ever watched. Thank you!
Hey... This sounds like a list to make my realtors job really really easy..........
It is lol
I really wanted to finish watching this video but all the shouting made me stop. This felt like a Billy Mays TV infomercial. My god.
I watch it at 1.5 speed. It helps.
lol he's being loud and clear and emphatic on what not to do is all (but everyones different)
notafanboy right? My anxiety was so high
Your whining it’s actually more annoying
Turn down the volume it's pretty simple
Looking at houses now, we have 4 items that the house absolutely needs. Anything else, as long as it works and is liveable until we can upgrade, then let it work
I fell in love with a house and it broke my heart when there were too many issues. Knob and tube wiring, foundation problems, non permitted structures. Took me a while to get back into a logical mindset and I just had an offer accepted on a house that may not be my “dream home” but works, it’s updated where it matters, cheaper, and has the potential to become my dream home over time.
- you saved my entire life with advice number 9!!!! wow, know my why !!!!
Thank you for watching! Always know your why
My god - thank you!!! I have been trying to find agents with integrity to do a quick break down before buying and all they want to do is call and get me going before we are ready.
exactly
Thank you very much Matt...... this video cleared out a lot of my misconceptions of buying a house.
1. Get pre-approved first before looking, know your worth first.
2. House should meet 75% of your criteria, perfect house does not exist. Do slow upgrade with time
3. Listing agent to represent YOU is not a great idea
4. Don't look too much into home ONLINE value (you can never accurately estimate a house without stepping inside it, people might have updated it)
5. Don't expect your house to increase in value (it might or may fall in value depending on the market). House increases your quality of living not anything else.
6. Do not underestimate your expenses (there will be maintenance costs and hidden costs)
7. Don't feel rushed to buy (Don’t put an offer before you are mentally prepared)
8. Don't fall in love with the house (act rationally). Houses will be sold and new ones will come to the market.
9. Don't assume renting is throwing money away. Renting is preferred if you will be leaving there only for a few years.
You sound like Jesse pinkman from breaking bad
Biaaatch
OMG! He does! 😆
Yessss🤣🤣🤣🤣🤣
Fallacies
I was looking for this comment :-D
Buying a home is quite the process! Its good to understand some of the common mistakes especially going thru this process right now!
Thank you for watching!
I’m so ready to buy a house next year, but I want to get all the information first.
12:45 Now is not the time to fall in love. I am still following that advice today and it has nothing to do with home buying. Though, I will also remember this advice for when buy my first home.
His speech on falling in love with a house is great love advice lol
Erick, if you're a homeowner, you might be interested in taking advantage of electric savings, that 26% tax credit, and increasing your home's re-sale value as soon as possible. Check out Soleeva's tech-advanced panels with the only 30 year warranty in the market. You can email me at aisha@soleeva.com for more info.
hey matt! I Just want to say thank you to u!!!!! really really appreciate u!!!!!!! I just won my offer! but the most part because of u. I spend days to watch a lot of your video for the new buyer, IT help me a lot, give me so many ideas, and show me how everything steps by step. even some small things like send attached letters with your offer stuff. I never hear from anyone else before. and IT worked perfectly.
I don't have any more else to say, thank you again! matt! you are the best!
whoever watched this channel, you are so lucky lol
Great to hear! Thank you so much for watching and congratulations on winning your offer!
Had me laughing 😆. “ that list, I hope you wrote it on pencil” . Great video , thank you for taking your time .
Matt has a great point. You definitely don't want to have the listing agent represent you as a buyer. The main purpose of having a buyer’s agent is for their ability to counsel you, protect you, and advise you. If you work with an agent that represents both the buyer and the seller you may get counsel and advice that might not be in your best interest because a listing agent’s loyalty lies with the seller.
Thank you for this! My mom suggested skipping a lender and buyers representative to save money. I now see that that makes no sense.
Definitely! Thanks for watching 🙌
Thanks for the video
Omg everything he’s said is so true... we started very scared and took our time, but now we are agressive and on our way to buy and close contract!
Congrats! And thanks for watching!
Interesting enough we are closing on our First Home soon. Didn't make either one of the mistakes listed, which makes me smile. Great video. Thank you.
Congrats on your first purchase! Thank you for watching!
Thank you Matt for being straight up and honest about the whole deal. We should have people like you and with the same mentality as you who know the job well and will not lead people in a wrong direction in the real estate market. Good job and best of luck to you.
Thank you! Much appreciated!
That was very good. Thank you for the info. I am currently being there for support for my young adult son who is purchasing his first home. It can be frustrating but so exciting at the same time. I feel like we are getting closer to him purchasing a house of his liking.
I'm on Zillow now watching this, and it broke my spirit lol
Didn't mean to crush your spirit! Good deals are out there!
Right😭😂 same here my man same here 🤦♂️🤦♂️
😆😆😅😅🤣seriously !!!
Lol only at 2:57, but I just got excited when he went off with the checklist n the house I just got an accepted offer on has all of those things except the fenced in backyard🙌 but it is good length and in a nice community!....bonus: about half our budget!
Is buying a condo for my first home a good choice if single family homes are out of my budget because im tierd of renting?
Yes
My scenario, exactly. Thanks for asking the question. And thanks to Matt, for answering.
I was thinking the same thing. I'm looking into buying a co-op. I am a first time buyer and single so I hope this is the right move. Two of my closest friends work within the industry. One works at a mortgage bank and the other is a real estate agent. The best of both worlds.
Thank you for teaching
So many great solid points, that some of them even made me laugh. I also love the yelling, Matt. It shows confidence and knowledge. My husband and I would love a realtor like you!
Thanks Sonja! I appreciate the kind words. Best of luck with your home search!
AWWW… YOUR AWESOME SUPER REFRESHING YOUR HONESTY IS RARE…THANK YOU!!
I've moved around every 2 years on the dot. and made 50,000$-100,000$ every time.
Haley, if you're a homeowner, you might be interested in taking advantage of electric savings, that 26% tax credit, and increasing your home's re-sale value as soon as possible. Check out Soleeva's tech-advanced panels with the only 30 year warranty in the market. You can email me at aisha@soleeva.com for more info.
Exactly what I wanna do increase not decrease in value
Congrats!
very good advice and content
Thank you so much I will be patient I'm just getting information for when that time comes I would be more knowledgeable. However I am building towards it and praying it falls on God's time and will. I'm still young.
Thank thank thank you!!! I been so stressed with buying my first house. So much info out there, I don’t know who to trust. ESP I’m doing this by myself. My family, elderly disabled dad and my teenage son all have needs and wants I cannot afford. My realtor was rushing me to bid on a house last week. I didn’t want to place an offer, without my pre approval letter. You video put me back on the right track.
Great to hear! And thank you so much for watching! Best of luck with your search
Who gives you the pre approval letter
The lender
You're obviously very knowledgeable on the topic, I wish you many sales! Thanks for all of the advice and help.
+Christopher Labbe thank you sir! I appreciate you watching!
Just because you didn’t get pre qualified does not mean you lose. I’ve gotten a lot of information under the pretense I was buying a home. Many realtors have a lot of insight into tips about buying a home and that alone is worth the trip regardless of not having a pre approval letter
Years ago when I was married my wife and I bought our first house that was built just for us in a brand new neighborhood. It was the 2nd house on that street complete with a privacy fence and it was a nightmare from day one.
They gave us low grade carpet but charged us for high carpet thinking we wouldn't see the difference.
The ducts in the AC were too narrow so it was always breaking down. Warranty pays for parts but not labor.
They built houses in back of us on a hill so we had no privacy and drainage ended up in our back yard.
Property tax was outrages.
Will probably never buy a house again.
You can use Zillow to look up the tax appraised value. Which is what a tax assessor values the property for. It's a good baseline to use to see how good of a deal it is snd how homes in the area are priced compared to it.
I disagree with his very first point, why would you get pre-qualified and take that hit to your credit score (for the inquiry) unless you're absolutely sure you're going to be making offers? I AM a first time home buyer and did this his way, in the end I gave up home shopping because I don't have much of a down payment and decided to wait until the market goes down again. So my credit score took a hit FOR NO REASON! You can go look at houses without being pre-qualified, just because you're looking at houses does not absolutely mean you are going to be making offers. Also, on his note about "being told what you can afford", lenders will qualify you for way more than you can afford (they did with me) so that won't tell you anything! YOU have to figure out what you want to afford for yourself, a lender will not tell you honestly what you can afford. If you don't want to be "house poor" then DO NOT believe a lender when they tell you what you can afford.
Thanks for your comment. Most serious buyers get pre-qualified because they know they will be making an offer on a house in the near future.
If you don't get pre-qualified before you look at houses for sale, just know that you're already behind other purchasers in the process so when the time does come to write an offer, there could be delays.
Keep in mind the amount you'll need for your down payment throughout the process.
Best of luck on your purchase in the future!
I allowed a lender access to my scores when I was not ready to buy. My scores dropped by 2 points. I learnt my lesson .no more hard enquiry until I m definitely ready to buy. In the meantime,I m "window shopping" for a home! Just feeding my eyes.. online
you can recover those points fairly quickly, and I started looking at houses without a pre-approval, I had NO IDEA what I was doing. Its way better when you contact a lender first and now at least know what you can afford or even make projections of what you will able to afford in about a year. Not to mention that lenders like Quicken Loans will support you through the process of getting your finances in order and raising your credit score. I'm not kidding they took me from 420 to my current 728. God bless them, they for sure earned that extra 1% they charge compared to other companies.
2 points?! That is it?!!! If that is the difference between making a sale or not, you probably aren't ready to buy.
Also when a Realtor list a home they are making an agreement with the seller that they will only bring qualified buyers to view the home.
It is estimated price that is based on different property value in the area...it serve as a comparison measure...they also include record of previous transaction alongside the current set price ...
I found my unicorn after the fourth house viewing :)
Nice!
Thanks this was great!!!!!
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How about buying a house (first time) and renting out the spare room to a friend? Anything i should worry about or do you think it is a good way to help out with the mortgage?
It's a good way to help out with the mortgage. Just be sure that your friend knows that this is business and that rent is expected in full every month
I am thinking of doing the same thing! I was worried if that would be a good plan or not.
This guy is 100% correct
Keep up the good work.
Keep on educating.
Thank you Henry!
Anytime man.
when you’re right you’re right .
And your 100% correct.
I don't let anyone tell me what I'm "allowed" to buy, telling me i'm not "allowed" to buy something means your competitor just gained a customer that you just lost. The best thing you can do in that situation is tell me I CAN buy it but I need a lot more down, because I'd go work extra hard for something I really want.
wolfrig2000 I respect this comment💯
Thanks :) really a good 1
I told my lender about the unicorn 🦄 🤦🏻♂️
Love the insights! Avoiding emotional attachments is key. It’s so easy to fall in love with a home but keeping a level head is crucial. I bet realtors could use something like ReelSane to whip up video guides on these topics without the stress of being on camera!
THANK YOU I NEEDED THIS, TOUGH REAL ESTATE LOVE!
This is great advice. Everything you have said about buying a house is true for me. I am a free time house buyer and no one in my family other than my grandma has bought a house so I have to look for RUclips for advice . This is so good thanks man.
Thanks for watching! I really appreciate it!
“How can you know the value of your house unless you STEP INSIDE IT” laughs in real property mass appraisal regression analysis
Good advice. I should not in a hurry to buy a house. And i think renting is more practical and less stress.
Thank you! Take your time. There's no rush
This guy is making so much sense!
+Bri Mcdonald thanks for watching!
Thanks!
Thing is, the Zestimate is a lot more accurate on cheaper properties. It's pretty close to the comps that have sold in our neighborhood recently (110k - 180k).
You are making so much sense.
I'm at a point in my life where I am CONSTANTLY having to defend my choice to rent. In fact, I clicked on this video because I was ready to break-down and buy so I can feel like my life is on track. But I'm moving to a brand new city across the country I have no idea if I'll like, I've never stayed in one place more than 5 years in my adult life, I'm moving to a seller's market with record high home prices, and I don't have any kids. Even knowing all that, I still can't shake the feeling that I should own my own home by now.
Rent if you need to
Matt Leighton Just watched your video on hidden costs. My friends and family can go pound sand. That's ridiculous right now. I'll circle back to your channel when I'm ready to buy. Thanks for the tips!
Buy it and rent it later
Matt, you're awesome! Thank you for your advice! My wife and I are about to buy a home and you've helped us more than you know.
Great to hear Dustin 🙏. Good luck on your home purchase!
@@TheMattLeighton I'm continuing to watch your videos. Just finished the "hidden fees" video. Very informative. We're buying in North Carolina, any chance you do any real estate down here? Lol
@@MetalMade666 I do not, but let me know if you need an agent in NC. I would be happy to refer you to a great agent in your area
how bout adding the cost to furnish the home a lot of people never think about the cost of furnishing a home before they buy!
Exactly. I made sure to have everything from W&D, stove, frig, curtains, rugs, furniture because that can be extremely expensive once you have a mortgage.
The way you explained yourself and taught made me laugh, but asside from that, good info!
Renting is absolutely throwing away money, if you're young and moving around every 2 years you don't really have a choice.
I don't know one wealthy person "retirees not included" that doesn't own at least one property.
Let just say you spent 60K to rent an apartment for a few years, at the end of that time period there is absolutely no ROI.
To put that in perspective you could have bought a small 2 bedroom condo in ok condition, replaced a little flooring, painted, and made some cosmetic improvements to the kitchen and bathroom and made a healthy little profit while having a place to live for a few years. But please rent one of my properties by all means, I would love to take the wife and kids to the Bahamas using your money. Oh and go to Sears and price some stainless steal appliances, realtors sell this like they're solid gold, but they're only a few grand in reality and add a ton of value for no reason other than appearance.
+Galen Hackney agree completely that to build long-term wealth you should absolutely invest in real estate.
It's not that simple. It's not throwing money away if you live somewhere where rent is cheaper than the money you'd "throw away" to property taxes, HOA fees, general house maintenance, closing costs, not to mention your personal time ensuring your property is in good condition, potentially longer commute times, etc. The math and logistics don't always work out. Also, the money invested in the market could potentially give you better returns in the long run than the increasing value of your home (with much less work involved maintaining your portfolio than a physical asset).
Lol! In CT the cheapest you are going to find is 85-90k and up for a 1 br, and those are usually in crap locations. Condos easily go for 150-300k around here. No way I could afford that when I was starting out. Year number 11 teaching and I just got my Master's and paid off my student loans. Not everyone lives in your Cinderella fairy-tale.
I think it depends on your lifestyle you can't flat out says its a waste
Not necessarily. Sometimes renting allows you to put cash in other investments, plus frees up your time. If I don’t worry about fixing plumbing I can worry about my other job.
Consider myself lucky. Got the first home we fell in love with. Best purchase of my life.
Congrats! That's awesome to hear!
yeah you’re right about renting. hmm..I would like to move every 4 years, probably due to a promotion or job transfer. Maybe renting is the way to go for me.
This video is very informative and relevant in 2024. thank you.
"Myself...Myself...I'm pointing at myself." 😂😂
Great Video...
Matt Leighton I have to say, your video is awesome. You explained everything so well and everything you said, made sense to me. I've been told a million things by a million different people and have been very confused. You cleared that up for me and put this process into perspective. Thanks for making everything make so much sense.
My big mistake was buying a home through Countrywide bank many years ago.
It is good advice to know your bank like you know your home.
I’m still struggling to see how renting is NOT throwing money away. Can someone clarify his thought process on that?
Freedom mostly. From my experience, it seems like many people are rushing to buy a house because their friend bought a house or because their parents told them it was a smart investment. In reality, they end up selling the property a year or two later when they realize the property is too small, or in a neighborhood they don't like, or they took a new job...
Sure, if you rent for 30 years in the same area and there are similar properties for sale, go ahead and buy.
What I'm getting at is that renting is NOT a waste of money depending on the alternative.
I'm a salesperson. I hope you buy. And I hope you buy for the right reasons. Also know that just because you're renting does not mean you're throwing money away.
It depends on WHY you are renting, and if you are able to buy a home. If you can't financially handle a mortgage (or cannot get approved for one), then renting is best. If you have kids, or don't want to be beholden to the whims of a landlord, then buying is best. It's throwing money away if you are doing it for the wrong reason.