How to Buy your First House [Noob vs Pro] - $0 to Millionaire.
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- Äas pĆidĂĄn 21. 04. 2023
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No0b vs pro is back and I'm here for it. Please keep it coming!
22 year old Cali based electrician apprentice working with my family business. It allowed me to have $0 in debt to finish my college degree in finance. Now looking for my 1st house with a 740 credit score and $15K in saving.
This is exactly what I need thank you Kevin đ€đœ
Good for you. You're on your way to $70/hr. Seeing your capabilities for college, look into getting an inspector certificate. You'll make more money and easier on the body. I'm a GC and going to start inspection classes soon. Good luck bud
YOU GONNA BE RICH AS AN ELECTRICIAN IN CALI HAHA
You are doing great so far, I wish I had that mentality at 22. I would say if it's your first house, buy a 2 or 3 family and take your time to find the right one. But if the numbers make sense, don't hesitate. Good luck.
@@Ace-qy5vzcan you highlight why you wouldnât listen to Kevin. I honestly fele your advice is better because thatâs what I have been taught. Only other time I have been taught to not put 20% down is doing a FHA loan on a duplex and house hack and move into one of the units.
Great video Iâve read multiple books on real estate investing and Kevin was able to provide key information in just a few minutes that 5 books had
Keep up the great work Kevin
Ryan Reynolds has some good points regarding not to be afraid of real estate debt
Wants vs Goals always comes down to those two before know the "Why". Great video !
Thank you Kevin....not everyone buys courses...thank you sir for this information....wish I knew all this yrs ago..
Holy moly this video style is awesome Kevin.
As soon as I saw "Noob Vs Pro" I knew this video was about to be great, and yes, yes it was
Hey guys the boarder income piece here is misleading. You need to show 2 years of boarderâs income claimed on tax returns before you can use it.
Only with some loans. With the home ready program by Fannie Mae you only have to show the payment history (checks or deposits into your bank account) for the last 12 months.
Save your money people I bought my fist house at 24 in westchester New York as a garbage man itâs not about how you make your money itâs what you do with it! Donât waste your hard earned money on cars, clothes, shoes and limit stuff like vacations until you get ahead! Thanks Kevin Iâm glad I found your channel at a young age! Ya definitely been apart of my journey đ
EXACTLY! It's not how much you make, it's what you do with what you make. That is the difference. Living frugally for 10 years so you can live well for the next 50.
no vacations what?
Great job Kevin, well said!
Loved this style of video!!!
This is great anyone getting into buying there first property should be watching!
Amazing content like always! Your the man, KEVIN FOR PRESIDENT
I miss these! Great video!
These are my favorite videos from Kev
This was great Kevin!!
Thanks for doing this video
thank you kevin nice video
I love this informative video â€thanks
Omg I miss these videos so much!!!!!!
These are the videos i found you on.. still great.
Thank you Kevin for info
Good advice
FUCKING GOOD CONTENT KEVIN!! this is what i love to see... this is so valuable thanks!
I think u missed part where u need to pay for [{(upkeep/repairs)}] on the land and home đ đĄ repairs but good info for future people who need this help đ
Debt is only good if you can afford it. Where I live, San Jose CA, town homes are around 1M. Even with 20% down, I'm looking at 8k/month for mortgage, tax, and insurance. I would argue that being able to afford a house is more important than getting into a house. You could argue to rent out rooms, but I'd encourage you to tell that to my girlfriend.
imo maybe one of your best videos!
Need to hire this man ASAP
This video is PURE VALUE I love it Kevin !!
Best video yet. Period.
28 years old, Just put my first offer on a place. Waiting to see if offer gets accepted now.
Been watching you since I been 16 Kevin now I am 20 and currently closing on my first BRRRR deal ! I donât think itâs really a deal but enough to break even and cash flow over the years
Good time to post. Things are getting real
Good stuff
Great tips! And also like and subscribe!
The credit system is kind of broken with the affirmative action thatâs being put in place, right? Reward bad behavior. What kind of credit system do you see in the future? I donât think the current will last.
Hey Kevin you should do a real estate analysis on Canada, given how absolutely absurd it is here compared to the US for first time home owners
Why should he?
@@milhouse7145 Why shouldn't he?
In australia, there is no 30-year fixed rate debt.
Only 5 -year mortgages, fixed or variable rate , at the end of which can be refinancing.
Can we get a 2nd video after this on how to buy a 2nd house? I cant seem to figure out the best strategy to go with.
Same as the first house. You can also use a home equity line of credit as downpayment
Hey Kevin I hope you read this I really want you to do a video on apartment buildings because I really want to get into the multi-family homes because what happens when your one door has zero cash flow and you have bills to pay on you're home and that one. Thank you in advance
Thank you
Kevin baby whats your opinion on storage lockers as cash flow investment or even car washes? no tenants, easy cash flow, barely need any employees (if at all) can have self serve storage and car wash. land appreciates. no tenants. bro im thinking like next level now im done with tenants its just nightmarish. you can even buy land build houses and sell them. theres so many more things you can do that in my opinion would give you greater returns and not have to deal with tenants, repairs, etc. even buying underperforming businesses, fixing them, selling them for profit. building businessses up and selling them. i feel theres so much more to do then rental properties.
Do you know of anyone that has a similar show as yours, but for Canadian economics?
I will be a land lord in 3 years
And I will be the Chad that clogs all your toilets, stains all your carpets, leaves moldy beer bottles all over your counters and stairs that ruins the paint, Diggs holes and ruins the backyard. All without paying you rent.
Have fun being a landlord
â@@UncleRuckus7600 Chad dont do that, if you're going to make a joke at least understand itđ
Lol, âthe inspector flagged thisâŠâ in my area youâre not getting a decent house without waiving the inspection and paying $30k+ over the asking price.
Hey Kevin, is the credit score part considering what Joe just recently implemented with payments for people with high credit scores?
I would read into it because itâs not exactly what the headlines are saying
@@UnderTheBar I am new to this can you elaborate?
Woot!
Did Tucker hit you with a copyright strike? I started to watch the Kennedy video. Got busy. Went back to finish it a few minutes later and now it's gone and you uploaded this older video. Bummer.
Classic video idea, when there no other video ideas đ
Hey Kevin, debating getting your Realestate course, however in the times we are now with high interest rates, is the course even relevant right now?
Not for now... but you want to know these stuff at the time of housing crash.
I'm purchasing my 2nd home. It's a new build with a conventional load using their lender. Will I be able to get rid of the pmi at 20% appreciation? I'm 7 months out from home being move in ready amd I'm already up 10% in appreciation.
Yes youâll just have to pay for a new appraisal usually 600 dollars if you think you have 20% equity. They will then remove it
Really like the new format. Getting out of that studio format and use a cool background and just talk off a script. I havenât watched for quite some time but may come back with more high quality content like this
production setup just 100x'd over night
Lender: Credit Score over 740? Great! Let's get you the best rate!
Biden Admin: Not so fast....
6/3/2013 PMI will stay for the life of the loan on FHA loans with less than 10% down
You keep saying buy where you live, but where I live a starter home is $2M, seems out of reach even with a six figure salary and a six figure down payment... Would you still try to house hack in these conditions?
Actually we are talking about gentrifying areas. Of course, this is what everyone wants to do to earn money like you said. Rent seeking as opposed to doing actual work. Itâs not peopleâs fault though, it is a system built on top of broken incentive structures.
Bringing back the n00b vs pro!!!
Ooh boo boo, you're on a roll today sweet pea, keep it coming love, I'm enjoying this boo booâ€đđđđđđđ€đ
im 26 160k saved up waiting on the housing market in miami to decrease to jump in
Bed Bath Beyond has tanked insane. Its soo bullish now!! Why not advise ????
I wish I would've had this in mind 15 years ago.
Why do you say that?
@@jonlee6114 because I didn't have any of this in mind 15 years ago. I was just chaising tail.
400k is a decent price bruv, come to Canada nothin below 800k
Best video
I'm with you on all that... Except the hoa thing. Never. No way. Fuhgettabout it.
My offer on a 2 bedroom, 1.5 bathroom, 1100+ sq ft Townhouse just got accepted! It's near shopping, restaurants, hotels... and the place where I get my oil change. XD
It was only $150k!!
It's the first home I've purchased by myself since my husband passed. It's been a scary process, but I'm making it one step at a time.
Sorry to hear that about your husband, my condolences. But thatâs an amazing deal Tammie. Can I ask state? Iâm looking for deals in Michigan but I canât find much hahhaha
@@Dracstar I'm in Georgia, about 40 minutes from Atlanta.
@@tammiegriffin5569 Thatâs awesome. I think thatâs a great area, youâll get a lot of tailwind benefit from people migrating from Atlanta outward
Great video, but this is probably the worst time to buy a home in my 36 years of living. With stiff competition from corporate investors and now even the President is trying to keep the middle class out. Frustration doesn't even begin to describe how I feel.
True, but I felt the same ten years ago and warned friends who took big mortgages that it's risky with homes in record highs after doubling in just a few years
Now I wish I took a big mortgage back then when housing was half of what it is today
Like I told my mom, I just want a property that can break even. Like after all expenses and everything, I'd be happy with 0. Because over the long term, that 0 will grow to 50, to 100, to 200, 400 cash flow along with that sweet equity that comes along with it!. Get me some 10+ and I'll be happy.
@@siliconvalleyinvestor8718 what happened to those friends?
why did u switch to a weird tucker carlson cadence with your voice
better do it before May 1st. everyone with good credit gets to pay for the people that dont have good credit
asked my lender and he said that the surcharge rate was already added
Ya lenders already factored this when it was first announced awhile ago
Mine was 3k in fees. They were able to remove it though
Yes
Kevin have you looked at Fort Myers Beach to invest? I have lived here for years, never seen more opportunities to buy trashed beachfront properties (next to the future Margaritaville )
Come buy some wedge deals, I can show you a local perspective
There is no safe area to meet up with someone to pay for cash for an item that youâve negotiated a price on through craigslist. There is essentially nowhere you can do that in my opinion.
â@@thealienrobotanthropologist yes bank works did for $7k used car sale on Craigslist
Hi kev
I loved the noob vs pro lol
Iâm a little confused. I understand that you donât have to have the 20%-25% down payment anymore. But you also said that in order to have cashflow, you probably ought to have 20%-35% down.
I guess I donât understand how that is sustainable? Why is it okay to be in the red?
I think to some extent it's ok bc someone else is paying the majority of the mortgage while you get the appreciation of the home. So you kind of get double growth from equity growth and appreciation.
Because if youâre negative even 100-200 bucks a month and you donât have many other debts, you can think of it as a monthly investment into real estate. That payment is going towards building equity in the home, and at the same time it will appreciate every year. Remember, the majority of that mortgage payment is being paid by the tenant. People spend 100-200 dollars a month on useless things all the time.
SUB PRIME MORTGAGE
MORE REAL WSTATE VIDEOS. Also, you should make a separate channel for real estate. Iâm done with stocks so I had to unsubscribe bc I have a stock trading problem lol
Editing feels very similar to someone whose the boss đ€Ł ... not hating ... Thanks for the perspectives Kevin
So why did you sell Kevin?
Where is the tucker video
Lol, people in the USA aren't taught to wait until they're ready, buy a future proof house, save a huge down-payment, etc. Maybe you're thinking of the 1970's? The average person now thinks they should buy whatever messed up "starter house" they can ASAP for the max a lender will give them because if you buy real estate you'll get rich, guaranteed.
Honestly in schools we arenât taught anything about real estate. Neither the benefits nor risks. So, most people default to renting because they have no idea how lucrative real estate can be if done right. And if we listen to news and media, buying a home is impossible.
Just bought my first home
Unfortunately the average house price in my city is $1.35 million and $950k across the country. You have to have a 20% deposit, no way around it, and your income required to buy basic housing in my city needs to be a minimum of circa $180k. So none of this applies
Move?
I make Scottsdale money and still don't live in Scottsdale. Live where it makes sense for you. There is plenty of affordable housing out there if you're not determined to pay the racism tax to live in a "nice" neighborhood.
@@clivebunker3823 to another country and leave all my family friends? If I moved to USA or Europe I would only be allowed to go for 2 years. And Asias a hole so not moving there
@@Skankhunt420. where do you live?
look for private deals. seller financing. don't use a bank. maybe look just outside the city. Whatever is appropriate for your area. If you want it bad enough, you will find a way.
I thought this was going to be a video for first time home buyers. I should have known it was going to be another "get rich being a landlord" video.
Itâs both; half the video is steps we all can take to get into a home as soon as possible. A lot of it comes down to choosing and working towards the highest paying career we can get.
Thanks for the different thumbnail face!
Finally! Not a housing crash vid. Housing prices are going up daily. Better buy now.
Buy now???? But what about in the incoming months when real estate crumbles by 40%???
@@alexwalker5645 if you keep believing housing price will drop. You will never own. They want you to believe this. They want America to be a renter nation.
HOA costs are a theft of wealth regardless
âPre-paid phone plansâ donât go on credit right? Lmao Iâve been on the same $15/30 days plan since 7th grade that hasnât existed since sophomore year of high school(Iâm 26)đ and I forget to refill it before it lapses sometimes, that canât affect credit right?
No it wonât
đŻ
It's it paying twice a month or every 2 weeks
Creditors report once per month, not twice.
the problem is. i can afford the downpayment, but the monthly payemnts i cannot.
Damn i missed your last uload about tucker carlson, mustve taken it down for some reason...
Please add time stamps
I want to buy my first rental property. I have 400k in cash, but I only qualify for a DSCR Loan. What should I do?
If you can afford getting 2 houses with that I would. You have way too much cash.
Cheap news Houses in Knoxville TN , Gatlinburg TN, or Sevierville TN ur welcome đ
@@slyktech1860 itâs stocks not cash, but I know nothing about RE. I live in LA so canât own here, too expensive, Iâd need to buy rentals elsewhere. What do you mean Iâd need to buy two?
I actually bought a house for a literal $1. After closing and stuff I paid $816.10! Itâs my start not my finish. It does need a ton of work but everyone starts somewhere!
Tax sale? Or.....đđ©đ€
@@thomasdriskill5254 my thoughts exactly..,..what state will tell more..
I did similar but it was threw inheritance not purchase..
@@CraigBrosRacing yeahâŠ.Iâm my state, ANY lot is worth $100k minimum, in my punts more like $250k for half acre. Most âstarter homesâ are $450k and up.
I got a random offload deal where the guy hated the house due to him spending a bunch of money then someone kicked the door in and stole all the copper. He never went back and decided to sell. No one wanted to give him the money so he said Iâll sell it for a buck and I just so happened to have a trust $1 bill
kevin, im 25 i have a 670 credit score and around 6000 in personal loan debt i use to consolidate my credit cards during covid. I found a 2 bed 1 Bath Condominium for $259,900 but have no savings. What can I do? would a dscr loan help in this situation to get my first property? p.s I make roughly $3200 a month before tax
@T_Steelers Gaming and Tech finding a decent property especially where I live in the $150,000 is like winning the lottery
Focus on building your credit and paying down the personal loans right now imo. There are certain loans you can get on muti family units (duplex/triplex/fourplex) that use the potential rental income to secure a loan you should look into. Then you can live in one while renting the other units out. Renovate them over time, build the equity, and eventually refi for cash flow to buy more properties.
â@T_Steelers Gaming and Tech sure with a lender that doesn't know how to underwrite.đ đ
Im buying a home next year at 25 by myself
Sure as long as the Fed keeps printing đ
LOL. 5% down with this interest rate and barely downtrend home price? Good luck.