I'm a single woman, no kids, making $135,000 a year. My credit score is great & I live in the DC Metro area. My rent on a nice 2 bed/2 bath apartment is $1900 a month. I want to move to Bowie, MD & have found a townhouse I'd like to build. The new build is $580K & the down payment + cloding costs are around $45,000 & the monthly mortgage would be around $4500 a month. Nothing about paying more than double my current rent sounds like what I want to do. Buying a house right now just doesn't sound appealing financially, and I don't want to be house poor
Depending on your loan agreement, there is also something called recasting instead of refinancing. Generally requires a large lump sum (like $20k) and you can lower your monthly payment based on how much of your principle you have paid via extra payments.
Dude I remember watching your videos during Covid when I locked in on a house in March of 2020. I was 25 at that time. You said we got in at a great time. good to see your still at it!!
UGLY HOUSE ALL THE WAY! I bought my first home in 2020, I used my life savings to get move in ready and still have some future projects on the list. I was able to get my PMI removed last year and today I’m sitting on over $100k in equity and mortgage payment less than an 1 bedroom apartment. 💪💪
@@georgerojas1949It’s happened before. You always do your own due diligence. Never just take the word of your agent for everything. From the inspector, loan officer or anything else that has to do with the process. You could run into an agent who might’ve not closed a deal in sometime and might be desperate.
@@daminh9245 I think doing your due diligence on the agent is most important. Make sure you have an agent that you know you can trust so when they recommend an inspector you know its a good one.
The only way house prices come down significantly is if there is a serious recession and people lose their jobs. Interesting rates going down will pull buyers in off the sidelines as fast, if not faster, than new homes coming to market.
Great video I love the ending : “Delay gratification” Because that’s what I am at I was looking to buy this year But the “interest rates” are too high I’m going to wait till Fall 2025 My credit is excellent I’m just gonna work on my “Savings” And 🙏🏿 interest rates can drop Thanks for the great video 🎥🔥🔥🔥🏡💰📶
Started a mortgage in a small market that did see inflated prices but has historically been very stable regardless of market conditions. 6.375% rate over 30 years. 3% down payment. $1400 mortgage + interest. Ideally would like to refinance within the next two years but ultimately comfortable making the payments for the long run. Going to be making extra payments as well into the principal so likely won't be paying close to 30 years.
Wife and I are in the process of buying our next primary home. Our current home will be rented out. We’ve been saving our down payment for the last 3-4 years and was able to get to our goal of 100k earlier this month. Half of the down payment was invested in the stock market and with the current bull run, we decided to sell the investments allotted for the down payment immediately after hitting our 100k goal. We didn’t want to “gamble” it by waiting to see if the market would keep going up. Instead of waiting for interest rates to go down or waiting for a crash, we ran the numbers of what we could afford without sacrificing our retirement and immediately pulled the trigger. Our plan is to stay in this new home for AT LEAST 10 years.
Javier, along with the “building a relationship” with a potential seller, such as telling them you will take care of their house, and perhaps giving them details about what you will be doing with the house (think a young couple looking to settle down and start a family vs. someone buying it to turn into a rental,) do you think there would be any situations whwre a buyer could talk with a seller regarding being flexible with when a deal would take place. Foe example, if an older couple is looking to sell and buy another house, could a buyer work with them so the have extra time to look for their new house, or make a plan to purchase on a specific date in the future to help the seller plan their move in exchange for a discount? Or is this not recommended since it would not be contractual and based off trust between the 2 parties? Thanks a ton!
Budget, don't travel unless absolutely necessary, don't smoke, don't drink alcohol, cook at home as much as you can, keep eating out to 1 to 2 times a month or every 3 months. Automatic savings set up to a high yield savings account. Try to keep increasing your income as best as possible oh and maybe get married.
He's not talking about how to save money in general. He's talking about how to save money during the purchasing process. The title threw me off too lol
@@joshgomez7522 still goes a long way you should see financial audit by Caleb hammer oh boy folks miss manage money left and right in the US. They need a lot of help in that department. Once I started being intentional and disciplined with money I saw a big change. I can't wait to see how I grow in 4 years. I see a lot of people say that they can't save a down payment but they spend a ton of money eating out, partying, ect.
Hi guys! I've been following you for awhile. What are your thoughts on a house I am under contract for a house that has an **underground oil tank, and a septic system** that needs to be replaced. Additionally, the basement door jams, bulkhead stairs and door need replacement (rotting away), mold in the attic, and some corroding water supply valves and other things. Also, windows need replacement eventually. All of these issues were found with a home and septic inspection. The seller seems open to addressing most of the things on our remedy request. He seems certain that the underground oil tank has been removed in the past. What do you guys know of the underground oil tank?
First time hearing “practicing agent”. What are you practicing my man? Law? Medicine? Psychiatry? You’re an “active agent”, like you can activate your license at the push of a button with your credit card for your annual fee, kinda like a Spotify account renewal.
I'm a single woman, no kids, making $135,000 a year. My credit score is great & I live in the DC Metro area. My rent on a nice 2 bed/2 bath apartment is $1900 a month. I want to move to Bowie, MD & have found a townhouse I'd like to build. The new build is $580K & the down payment + cloding costs are around $45,000 & the monthly mortgage would be around $4500 a month. Nothing about paying more than double my current rent sounds like what I want to do. Buying a house right now just doesn't sound appealing financially, and I don't want to be house poor
Depending on your loan agreement, there is also something called recasting instead of refinancing. Generally requires a large lump sum (like $20k) and you can lower your monthly payment based on how much of your principle you have paid via extra payments.
This is great info
Dude I remember watching your videos during Covid when I locked in on a house in March of 2020. I was 25 at that time. You said we got in at a great time. good to see your still at it!!
And you did! Never sell lol
UGLY HOUSE ALL THE WAY! I bought my first home in 2020, I used my life savings to get move in ready and still have some future projects on the list. I was able to get my PMI removed last year and today I’m sitting on over $100k in equity and mortgage payment less than an 1 bedroom apartment. 💪💪
Absolutely not on asking the agent to get the inspector. They’ll just hire their friend just to get the deal to go through.
That is definitely not true 😭
@@georgerojas1949It’s happened before. You always do your own due diligence. Never just take the word of your agent for everything. From the inspector, loan officer or anything else that has to do with the process. You could run into an agent who might’ve not closed a deal in sometime and might be desperate.
@@daminh9245 I think doing your due diligence on the agent is most important. Make sure you have an agent that you know you can trust so when they recommend an inspector you know its a good one.
Also, I want to pay it upfront. I can use a credit card and get cashback
The only way house prices come down significantly is if there is a serious recession and people lose their jobs. Interesting rates going down will pull buyers in off the sidelines as fast, if not faster, than new homes coming to market.
Great video
I love the ending :
“Delay gratification”
Because that’s what I am at
I was looking to buy this year
But the “interest rates” are too high
I’m going to wait till Fall 2025
My credit is excellent
I’m just gonna work on my “Savings”
And 🙏🏿 interest rates can drop
Thanks for the great video
🎥🔥🔥🔥🏡💰📶
Interest rates are not that bad.. homes are way overvalued. That's the main problem
Started a mortgage in a small market that did see inflated prices but has historically been very stable regardless of market conditions. 6.375% rate over 30 years. 3% down payment. $1400 mortgage + interest. Ideally would like to refinance within the next two years but ultimately comfortable making the payments for the long run. Going to be making extra payments as well into the principal so likely won't be paying close to 30 years.
How much was cost of house
@@richardbarrow7498 Sale price was 175k for a 3 bed 2 ba 1300 sqft house.
Wife and I are in the process of buying our next primary home. Our current home will be rented out. We’ve been saving our down payment for the last 3-4 years and was able to get to our goal of 100k earlier this month.
Half of the down payment was invested in the stock market and with the current bull run, we decided to sell the investments allotted for the down payment immediately after hitting our 100k goal. We didn’t want to “gamble” it by waiting to see if the market would keep going up.
Instead of waiting for interest rates to go down or waiting for a crash, we ran the numbers of what we could afford without sacrificing our retirement and immediately pulled the trigger. Our plan is to stay in this new home for AT LEAST 10 years.
Good for you?
Keep up the great content! I enjoy watching your videos!
Can you talk about the pros and cons of opting out of escrow during closing
Javier, along with the “building a relationship” with a potential seller, such as telling them you will take care of their house, and perhaps giving them details about what you will be doing with the house (think a young couple looking to settle down and start a family vs. someone buying it to turn into a rental,) do you think there would be any situations whwre a buyer could talk with a seller regarding being flexible with when a deal would take place. Foe example, if an older couple is looking to sell and buy another house, could a buyer work with them so the have extra time to look for their new house, or make a plan to purchase on a specific date in the future to help the seller plan their move in exchange for a discount? Or is this not recommended since it would not be contractual and based off trust between the 2 parties? Thanks a ton!
They care about the money not your family moving on lol
Loved the first tui
Im craving a burrito for some reason. But they're too expensive these days
Your editing style changed drastically tho
Budget, don't travel unless absolutely necessary, don't smoke, don't drink alcohol, cook at home as much as you can, keep eating out to 1 to 2 times a month or every 3 months. Automatic savings set up to a high yield savings account. Try to keep increasing your income as best as possible oh and maybe get married.
He's not talking about how to save money in general. He's talking about how to save money during the purchasing process. The title threw me off too lol
@@joshgomez7522 still goes a long way you should see financial audit by Caleb hammer oh boy folks miss manage money left and right in the US. They need a lot of help in that department. Once I started being intentional and disciplined with money I saw a big change. I can't wait to see how I grow in 4 years. I see a lot of people say that they can't save a down payment but they spend a ton of money eating out, partying, ect.
You mentioned July. Is the seller agent commission decreasing then?
Just tell your realtor to take a pay cut and do 2%. If they want the business let them earn it. If they say no don't sign the agreement.
I used to offer agent credit. I can’t any more starting July.
The start date for removing the buyer's agent commission from the MLS is August.
The start date for removing the buyer's agent commission from the MLS is August.
OK but I got 28k for a third ....what should I do....what savings is best to put that in till I buy my 3rd
Javy, if you were in a position to buy. Would you buy now or wait a year? Thanks Brother, great content.
Thats a great question!
Never ask a realtor that question lol. This will be my next video.
Hi guys! I've been following you for awhile. What are your thoughts on a house I am under contract for a house that has an **underground oil tank, and a septic system** that needs to be replaced.
Additionally, the basement door jams, bulkhead stairs and door need replacement (rotting away), mold in the attic, and some corroding water supply valves and other things. Also, windows need replacement eventually.
All of these issues were found with a home and septic inspection. The seller seems open to addressing most of the things on our remedy request. He seems certain that the underground oil tank has been removed in the past.
What do you guys know of the underground oil tank?
I hope you passed on buying that property. I hope your in a wonderful home with less issues.
First time hearing “practicing agent”. What are you practicing my man? Law? Medicine? Psychiatry?
You’re an “active agent”, like you can activate your license at the push of a button with your credit card for your annual fee, kinda like a Spotify account renewal.
Im actively pursuing to be a grammer lord lke you.
❤❤❤
You look kinda like BRITISH HODL
~~~~E V A U A T E~~~~
First
Ok so no selling crack
Lol man if you taking out a 400 k loan just pay $700 yourself lol
No
If anyone needs their lender to cover these costs, buyer is not financially ready to buy much less own a house...
If you can save $400-$2000 by asking a simple question or two. That’s worth it even if you are more than ready to buy a home
Totally agree with Jonathan. The worst thing they can say is no. Asking does not mean you cannot afford it.
@@jonathanmolina7580You arent saving a dime, if anything, you are financing that expense over 30 years, that's ridiculous.
@@boningousa4390 You aren't saving a dime, if anything, you are financing that expense over 30 years, that's ridiculous.
Nothing wrong with asking lender to cover cost you can used that extra money for investing or home repairs.