I bought a house as a 23 year old new grad. Here’s how (New York, unconventional advice)
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- čas přidán 2. 08. 2024
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TIMESTAMPS:
INTRO: (00:00)
Building Early Finances: (00:20)
Unconventional Partnerships: (03:38)
Why 3.5% down isn't accepted: (05:14)
Renovating for ROI: (07:30)
Outro: (09:56)
Leave any questions below for a separate Q&A Video!
1- have a good job (6 figs minimum)
2- save like crazy (pretend you make much less than 6 figs)
3- have a side hustle (don’t spend any of it)
4- split the payment with family
Crazy how in America all 4 need to happen to think about owning property.
I bought a house at 24 and didn’t need any of these things. Savings are helpful ya, but some markets are just better for buying your first home, like for instance small towns in the Midwest.
I'm 28 and I don't have a job right now because I quit my job and failed at my first business; at first I found this intimidating when I saw it on my feed. It was an instant mirror and I internalized like whoa, someone who is 23 bought a house and I'm unemployed... I'm a failure. But I am here because I think you deserve the success and this is something that really must be celebrated. You are an exceptional human being. I found this channel through your Onnit video from way back and it opened my eyes and helped me a lot as I pivoted into UX design. So Congratulations! And great work on the house too! Live long and prosper.
Thank you for the comment. I can’t say that I don’t have my unique set of circumstances that gave me “unfair advantages” in some regard- and it def can’t apply to everybody. But I think the overall point is we can only do our best at what we can given our unique circumstances. I just did what I could with what I had and I just so happen to have a younger age to it. I also bring up the things with buying with siblings because that can be something others can try to do as well if you can’t do it alone. You’re never a failure, because I think that means you’d have to be on the exact same path as somebody else which is never the case. I just think it is doing what we can and picking/choosing what we think to cater to our unique situations~
You’re exceptional as well! You’re previous loss with your first business & current unemployment status DOES NOT define who you are, your worth, nor where you’re headed. You are capable of achieving all that you set out to do and are simply in between blessings right now. Take care and stay blessed.
Thisssss is a realistic depiction of the process, a lot of people romanticize important things like home buying to a point where reality feels like a slap in the face because you've only ever seen best case scenarios in research. Thank you
yall are stronger than me because living with my sister would drive me insane
I like how you are real with how you were able to afford a house which is through youtube. I was expecting something else but it seems like it is the norm now because of the difficulty in finding a stable and high-paying job. Almost everyone is able to afford a house or a car because they earn through social media.
as a 28 year old struggling, i am so happy for you and im so impressed
Wow, you seem so knowledgeable. Really impressive, Sharon! I totally agree with picking a house based on the things that cannot be changed FIRST.
Congratulations to you and your brother!! Love seeing realistic examples of how all the hard work pays off ✨
Sharon congrats! I also love this. This is exactly how our parents grew up me and my sister as well and we have been thinking about buying a place together for a year. Seeing that you did it just made me more hopeful! We’re trying to educate ourselves on the subject since there are many things to take in consideration but yeah fingers crossed!
And congrats again! Can’t wait for this new chapter of your life ❤
!! Yes I hope this is an opportunity that’s talked about more of the situation permits. And I’d love to do a follow up video if that helps. You mentioned you’re trying to educate yourself more on the subject. Is there anything in particular about that which would be helpful?
And THANK YOU!!
Congrats Sharon this is inspiring for other designers and creatives to be able to achieve their goals!
Thank you 🥹
Congrats Sharon ❤️❤️❤️ you’re amazing!!!!
Been waiting for this to come out 🎉 congratulations babes ❤
I like your house a lot. It looks so nice. Congrats on owning a house! Doing self-renovation is hard work. You're so courageous! That must have been tough. I wouldn't know where to start. Even painting a wall isn't easy. Nothing in life is easy. I look forward to seeing your next video! 🤗
You and Jenna Hong (local to DC) are keeping me alive lol - both of your videos are very personal and allow us an insight into not only your thinking, but your drive to succeed. It's truly inspirational and you are a motivation for many. Keep up the great work - this is amazing!!!
Not only that but now you have a central place for YOUR family - YOU did this on YOUR own. I know how essential and important it is to keep family at the forefront (coming from a southern Asian background), and I imagine your parents+siblings are truly proud of you!
It's amazing to see your journey Sharon! Your new house is beautiful
Appreciate you Lillian :,) hope to catch up soon 🤍
Hi Sharon. Congratulations on your new home! I’m so impressed by your story, success and accomplishments at such a young age, especially your foresight to upload relevant content to CZcams channel which enabled you to afford a down payment. You are blessed to have grown up in a family who taught you to pool your financial resources with your siblings in order to make home ownership more tangible!
Congrats Sharon, you’re really inspired me 👏👏😍😍
im so happy for you that you and your family were able to work it out
Let’s connect :)
Literally very parallel story, except for I co-purchased mine with my brother at 25. There is something about supporting and growing with your family as first generation. Been nearly 4 years since we bought and looking back it was one of the best decisions we made together. Congratulations to you and your brother and hope the new home bring lots of happiness and success your way!
Family first, it creates a good bond and trust when you can buy a house with your brothers and/or sisters.
But what happens if you want to start a family or get a new job in a new place?
Hi Sharon! Watching this actually motivated me a bit. I wanted to thank you for that and congrats!
:) thank you! Wishing the best for you.
Congrats, Sharon! ✨🔑 would love to see a whole house tour!
👀 definitely!
most informative video. great advice for young women !
love the advice your dad gave
This is so inspirational 🩷
Love this video and how you talked about your journey :)
Thank you Katherine!
I love hearing the part about working together with siblings
Congrats! 🎉
Thank you!!
Congratulations!!! When did a 3.5% down payment become an option when buying a home? At least a down payment of 20% has always been the “rule.”
Offering a 3.5% down payment option may enable people to buy a home, but that doesn’t mean they can afford to live in their new home.
I watched a story about the rise in home foreclosures. I had no idea the number of homes which went through foreclosure … tens of thousands. Surprisingly, Texas is the state with the most foreclosures!
property taxes are crazy high in TX
Hello Sharon!
Congratulations on all your hard work and new home🎉🎉🎉🎉
Realtor here 🙋🏾♀️
I am based in Florida and 3.5% FHA is very common here and acceptable. As well as VA which is 0% down.
It is a case by case basis depending on where you live. I have only had one client put down 5%.
If you live in Central Florida area, I would love to assist you ☺️
can you talk about managing your social media? like do you have an LLC and PO box? I think this part is very intimidating
Ooo yes good idea!!
Congrats! Your house looks great!l
Thank you!!
@@sharonyeunkim You’re welcome.
I bought a duplex with my brother when I was 18. I would 1000% recommend if you can’t get one by yourself. But there are some draw backs to consider. The main issue that I’m experiencing (now 8 years later) is that my brother moved overseas and our income is on two completely different levels. The house needs some very expensive and major repairs that I’ll likely need to just suck it up and get them done myself. This is extremely stressful considering I’m doing a renovation on another house atm. It’s not the end of the world and I’d always do it again but we’ll likely end up selling because of this. Def gotta consider your siblings life goals and career when buying a home with them.
Definitely, things happen! From the sounds of it it appears you two have a good relationship. I think as long as there’s good communication and you’re willing to work together- when things happen (as they always will) it’s more about to to work together moving forward. I wish you the best on your new renovations and all.
@@sharonyeunkim thanks! And you, it’s awesome to see young people buying houses! Good luck.
Congrats🎉
Thank you!!
Congratulations, waiting for the house tour since you post that post on insta
👀👀 yes
Great video! I also love your top and wanted to ask where its from?😊
YT recommended this and I’m glad I watched it. Thank you for sharing your story. People may not appreciate how many thoughtful and strategic decisions were made to accomplish this. Would love to see a video like this on your YT journey. Did you delete some old videos? Surprised to hear you have done so well monetizing with so few/infrequent videos relative to when you started. In any case, well done on both YT and your house!
That’s a good idea. Definitely want to do a follow up. Besides CZcams is there anything regarding the real estate process or whatnot you’re curious about?
@@sharonyeunkim Looking forward to it! I am also a homeowner and in tech, so I will be checking out your videos around your tech experience. For homeowner content, I would be interested in the DIY renovations. This format was really enjoyable, I am a fan of storytelling with tactical steps.
The first bid I made was an FHA loan with 3.5% down, but the sellers agent rejected these offers for “better terms” and were told it could prolong the buying process since there may be more stipulations. Basically, I had to apply for a traditional loan and bump up my down payment along with offering a significant amount over asking on the next home.
Yes. It’s so so competitive 🥲 had no idea how much it was.
Hey friend, yeah same… I did make an offer with a FHA loan back in 2021? And it was bad faith, and had to work hard to point out the breach of contract and pull a family contact who’s a contract lawyer to check that I was right before I had to fight my own hired lawyer because he was a family friend of this terrible realtor I agreed to work with from Zillow.
After that horrible experience it took me another year before I found a place and due to competition I had to put 30k down payment with a traditional loan - but mortgage broker company the offering the seller a cash offer. Even with this I was technically in a bidding war still anyways because my city’s real estate market is wild.
So yeah next time someone says if you don’t love the place don’t get it… I would probably say otherwise … and if the market is competitive like it is/was I’d tell people I care about how to recognize which negatives are worth accepting.
Can you do a breakdown of the cost of the apartment, mortgage, how you got the loan, how you found the apartment, etc?
Thanks for sharing!
Congrats Sharon!! 🎉 question - how did you learn how to do the renovations for the house and stuff? I'm trying to do on my own to save some money but I'm not sure where to start.
congrats :)
Thank you!
love this
Thank you- sent ya a DM!
Realistic home buying video❤
I LOVE the moldings you added to your walls. Do you mind sharing what is the height of your ceilings? Im trying to figure out if it would look similar with my ceiling heights.
Unsolicited advice: You could consider painting the floor trim with a different color against the wall paint. One that would match or complement the floor tones. It would bring the eye up where the floor meets the walls! I feel like it would look great in your space and elongate the visual square footage.
Amazing you bought a home at such a young age! I love your chandelier. Can you please share where you purchased it and what it’s called?
TLDR: Jobs in Tech are the key to getting assets early on
I also became a PM in 2021, ended up buying a home in 2022! So proud of you :)
The appreciation of a home, even in nyc is lower than the average yearly return of the s&p. Plus property tax, maintenance/repairs, esp the high interest rate environment and illiquidity of a home makes buying one not the best investment compared to investing in just ETFs
Woww 23. Very impressive. You go girl!! I like your counter top. Is that Marble? Would you mind sharing the dimension and price range for the stone? Thank you.
This was great. I wish someone would have explained it to me when I bought.
Thank you, and which part makes you say that?
She bought calls in $SPY guys 💎🤣
Girl... congrats!! This is so honest and informative. I definitely do feel that its more of an immigrant thing to do it with family. Your dad's advice is so true, too!
Also, good for you for starting so early and being realistic about your money/home ownership goals. I wish I thought that ahead when I was in my late teens and early 20s. I admire it.
Goal for now: own a NYC property by 28.
It really isn’t impossible it’s just really difficult, I bought an apartment in nyc at 21 and people thought that I was rich or my parents are rich, they don’t know that I spent so long in a tiny private room working at a corporate job & growing my business and putting every last cent I made into a HYSA to finally buy it. I’m 22 now and I just put a down payment on a house in Miami, you just have to disciplined and dedicated.
how did u make time to do renovations and having a job?
How does a "seller" know what you have as a down payment or your budget? The only thing the seller can know is if you are already approved for a loan and not the amount. So if you want to make an offer below asking...They cannot come back to you and say "Your bank approved you for $500K so I'm not going below $500K." You lose negotiation power. The only way a seller can ask for a down payment is if they are working with their own lender. (I do not recommend going that route). The bank is the one that asks for a down payment. Always get approved for a loan 1st. And also you can request to have the "seller" pay the closing costs or pay half the closing costs.
However, these are things you will learn when you buy your next home.
Again, congrats on your new home. And P.S. I didn't know the info I provided either when I purchased my 1st home. but I was ready on the 2nd. You can get me once but not twice.
Because they usually ask the down payment to be in escrow
First, I would love to share my appreciation for this video, it is AMAZING and transparent !
Thinking about the technicalities of your journey I wonder 'How many years has she saved her money ?', 'What exactly made you want to invest in a house ?' 'How long did renovations take?', and 'How does this investment propel your career in tech ?'
BTW BIG congratulations on the house! Your impact is really making a difference in the world! One video at a time!! Peace and Love
Ight now i need to step up😂😅
Just bought my house at 24 and in regards to the 3.5% I was able to put 3.5% not sure why you were not able too , maybe it’s a New York thing or the price of home doesn’t make if closing is depends I was able to close in 28 days
I bought a house with my brother and 4 years later, he wants to sell the property and put me in a terrible situation. People change over time.
How much was it?
Where’s the house tour?
he made it clear in his song probablt his parwnts money - not my problem
??? i mean its easy when u still get help huh
Congratulations! I moved to FTL from NYC, as Miami is my hometown. I bought a 7-figure home as a millennial young doctor (DNAP) by myself. Just don’t be a landlord in NYC, it will be hell to get someone out, and they can go months to years not paying you rent. NY is not a landlord friendly state.
Hey that’s amazing! And absolutely agree- esp with squatter laws it’s pretty dicey. At least for us if we are to get another property for specifically investment it def will be outside NY. This was planned to be a family home long term, if not that we’d eventually sell.
Kudos for being financially savvy, but just because you can buy a home doesn’t necessarily mean you should. You’re in your 20s - the most transformational time in your adult life. Life circumstances change quickly - job, relationships, family. You can’t just sell a home and move overnight, especially when you have your brother living with you who might not agree. Living with your sibling just to be able to buy a home might not be the best life advice imo.
when she was speaking on the flooring, she sounded like they plan to use this as an investment property home down the line. By living in it for the first 2 yrs, you’re able to get the benefits during the buying process of it being classified as a primary home. So she might actually have this in mind! She also makes good money from social media, so even if she lost her corporate job she would be ok with payments
Blax people should watch this video and learn. And quit blaming yt people for their troubles.
!! Asian mindset? What asian mind? No. Support mainly goes to the son.
Make sure when later down the line in your children’s generation you and your brother make the property ownership inheritance very specifically.
Stop saying you’re not from a wealthy background growing up with food on your table every day to parent home having to literally humans invest every dime that they made into your future you are not a self-made success you were able to buy a house at 23 because your parents sacrificed their life for you and you were enough of a decent human being to actually do something with it you are extremely privileged and you did not do any of this on your own you’ve never even been alone in your life
You’re so tone deaf
blah blah blah blah
How she did it? Be rich and don’t be poor. Easy.
Not to dwell or elaborate on past circumstances, but me and my family were very financially challenged. Did not come from money by any means. Not easy to get here, but not impossible.
Most unrelatable title ever
23? You look 33
I thought the same😂
First off, congratulations! 🤗 But do I have it right when I say you bought this with your brother and so I assume he's living there with you? If so, I get that it may be a cultural thing, but what do you do when either of you find a partner that wants to live somewhere else? One has to buy the other one out?
Even with some rich families they live with siblings. Different scale though. They have their own communal compound but individual houses. Some live in the same building but live in different floors. I mistook a set of townhouses for open house and it turned out the owners were all siblings. They have their own guardhouse.
Great video! I also love your top and wanted to ask where it's from?😊