The Personal Finance Podcast - How to Buy a House (and Have Instant Equity)

Episode Date: August 19, 2020

Episode 15: How to Buy a House (and Have Instant Equity) In this episode we cover:  The home buying Process How much you need to save  How much you need for a down payment  How to buy a house and add value  Tips on finding a house that is good for resale  Resources in this episode: Mortgage Calculator How to Buy a House Article M1 Finance Best Place to Invest  Personal Capital Free Wealth Management and Budget App CIT BANK (Best Savings Account) Learn more about your ad choices. Visit megaphone.fm/adchoices

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Find your advisor at IG Private Wealth.com. On this episode of the personal finance podcast, we're going to talk about how to buy a house so that you can film your very own episode of MTV Cribs. What's up, everybody, and welcome the personal finance podcast. I'm your host, Andrew, founder of dollar after dollar.com. And today on the podcast, we're going to be talking about how to buy a house. And you made me thinking in your head, well, what's this guy know about buying a house? Well, I actually hold a real estate license in the state of Florida, and I bought in a bunch of rental properties.

So what I'm going to show you is actually a system on how I bought my first property, how I bought my first house that I lived in, because what I do when I buy houses is I look for the upside and I look for ways to increase the value of the house so that when you go to sell the house, you can make an extreme profit. There's a system in a way to do this. and it's very important that you look at houses as something that you're going to spend your time in, but at the same time, you can also find something that makes a sound investment decision. And if you've never bought a house before, I'm going to take you through the steps on exactly what you have to do to buy a house, from the very beginning, the first step, all the way to actually closing on your house. So we're going to go through all the steps on how you can go about buying a house.

And in between, I'm going to give you tips on how to look for houses and what to look for so that you can find the diamond in the rough so that you can find the house that's perfect for you and your family, but at the same time, you can increase its value because it's really a huge wealth accelerator to find the right house at the right price. And you can find the right house at the right price in any market. Sometimes you just have to look a little harder, like in booming economies, like what we're having right now, you have to look a lot harder than you would, say, in a recession, where houses are much cheaper and there's a lot more inventory on the market. But, If you look hard enough and you really put the effort in, then you'll be able to find that diamond in the rough

because they're always available. It's just getting them at the right time and finding them at the right time. And this is not a super quick process. So if you're thinking about buying a house and you think you're going to find one in a month or two, you might. You might have that opportunity to be able to buy one in a month or two,

but sometimes this can take up to a year. And the reason being is a lot of people know that they're going to spend all their time in their house, especially now when a lot of us are spending a lot more time at home. And so they have to understand that going to this process sometimes takes time because you're going to be nitpicky. It's not the same as a rental. It's something that you're going to stay in for a long period of time. So you really have to look at it as an investment for the long term because a lot of people think,

hey, I'm just going to buy this starter house and I'm going to stay here for a couple years and then leave. But a lot of things happen in life. A lot of situations happen. You don't know how long you're going to stay there. So you want to find a house that you can at least stay in for 10 years because if you buy a house and a recession hits, you will take a loss in the first five years. but as we know in the long term housing goes up in the long term so just you got to have something that you can hang in there and stay with for about 10 years because recession cycles are 10 years in length that's another way to think about this before you get going don't make emotional decisions when it comes to your house i understand that it's emotional process it there's a lot of emotions involved

but if you make emotional decisions you're going to end up overpaying for a house you're going to end up paying too much for a house especially right now when it's really hot and it's really hectic, a lot of houses are going over asking price. So what you have to do is you have to stay level-headed and understand there's more fish in the sea. There's more out there. So if you start making offers on houses, just understand there's more houses out there to be had. So don't go over your budget or anything along those lines. So let's get into the steps on how to buy a house. So the first step is to start saving for your down payment. Now this is obviously a huge step in the process, but you have to know exactly what your goal is. You have to know how much

you need to save so that you can purchase a house. Now, there's a couple of different ways that you can buy a house with a loan. Now, obviously, you can buy a house with cash, and interest rates are so low right now, that may not be the best route to go because you can find interest rates at 3% or lower at the time that I'm recording this. And if interest rates are much higher than that, then you may want to reconsider. But if interest rates are extremely low, then you want to go ahead and consider getting a mortgage. if you have the cash to buy a house because getting a mortgage will allow you to put that cash to work somewhere else, like in the stock market or in other real estate investments, so that you can put your money and let it start working for you instead of worrying about a 2 to 3% interest rate.

But if this is your first time buying a house, there's a couple different mortgage types that you can look at. One is if you're a veteran, there are VA loans and they're really cool and they're really flexible and there's a lot of things you can do with VA loans. And sometimes you don't have to put any money down in a VA loan. and you'll be able to buy a house. But you have to consider your budget and your options so that you can figure out exactly what you want to do. The second is if you're a first-time homeowner, you can put 3.5% down and get what's called an FHA loan.

And this is a loan that is only for first-time homebuyers, but it allows you to get into a house for a low-down payment. And it's really cool for first-time homebuyers because it's really flexible and allows you to actually go through the process in a way that's protected. So there's much more strict rules when it comes to an FHA loan. So it protects you more as you're going through the home buying process. And then there's a traditional mortgage where you can get a traditional mortgage through a bank or a lender.

And typically, you know, you can put 5, 10, 15, 20 percent down depending on how you want to go about this process or more, obviously. That's the route that I always go. And the reason being is that you can put money down and you have a lot more flexibility in my opinion. Sometimes the FHA loans and the VA loans have much stricter. guidelines on what houses you can buy, but a traditional loan will allow you to find maybe some more potential fixer uppers that you have more potential upside on. So that is the way that I like to go. And typically what I like to target is if you're just starting out and you're trying to save as

much as you can, at least put 20% down. Because if you put 20% down, it will eliminate PMI or mortgage insurance essentially. Because if you have less than 20% down, the bank's going to require you to actually have an extra payment baked into your mortgage, which is mortgage insurance, that is going to just add a cost to your mortgage. So usually it's like 80 bucks, 100 bucks, somewhere in that range. But it's 80 to 100 bucks that you don't have to spend if you just go up to the 20%. So you actually save money by increasing your down payment in the long run. So what's the magic number? How much should you really put down if you can? Well, it depends, like I said, on your interest rate environment. If you have real high interest rates,

then I would put a much larger down payment than I would if they're real low interest rates. But one rule of thumb is to look at 20%. That's where you have to usually start off and then try to get as much as you can as possible in the front end because if you look at a mortgage amortization schedule and all that means is your payments throughout the life of your loan. That's a simple way to put it. If you look at something like that, your interest is going to be a massive portion of that loan.

So you could buy, say, $150,000 house but end up actually spending over the lifetime of that loan somewhere around $300,000, $400,000. and the reason is that they front load the interest on your loan. It's because a lot of people move every seven years. And so they know that. Mortgage companies know that. Banks know that. They have a lot of smart people working for them.

So they front load the interest rates on your loan so that you're paying all interest at the beginning. So increasing your down payment is going to reduce the amount of interest that you have to pay in the long run. We all know we don't want to pay additional interest if we don't have to. But if like I said, if your interest rates are low, then it's going to be okay because you can deploy your capital, you can deploy your cash somewhere else like the stock market, which traditionally returns 8% in an index fund or into more real estate so you can have

investment and cash flow and things like that. The next thing to consider is also what your credit score is because your credit score is going to help determine your interest rate. And if you have a low credit score, a lot of times your interest rate's going to increase and you're considered a higher risk to banks than someone who has a higher credit score. I would say if you have a low credit score, say in the sixes, maybe even in the fives. I would say, you know, work on increasing your credit score before going and starting this process. Try to get to, you know, high sixes, sevens, and eight hundreds so that you can get a great interest rate and be able to buy the home that you want. And the other key is as you're saving, don't make any other big purchases because you don't want to take a hit on your

credit right before you go buy a house. So don't go buy a bunch of cars or other things that may take a hit on your credit in the short term right before you buy your house. So just continue to save, get your plan together, think about how much you want to put down, and there's a lot of mortgage calculators out there. I'll link a couple in the show notes so that you can go about and look and see how much do I need to put down so that I can have my monthly payment be at a place that is manageable for me. I remember when I needed to hire someone fast, but finding the right person quickly felt impossible. And if you've ever been there, you know how stressful this can be. That's where Indeed comes in. When it comes to hiring, Indeed is all you need.

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Westjet, where your story takes off. The second step is to understand your market. What I mean by that is you need to understand the areas where you're going to look to buy a house. So if you're new to an area, I would recommend renting before you go and buy a house. Don't just go to an area and buy a house because you could buy it in a neighborhood that may not be as nice as you think it is. maybe at nighttime it turns into maybe a crime-infested area or things like that. So you have to understand your market before buying a house. And what you want to do is find markets where you can find gems.

So a lot of times there will be markets out there that may have a bunch of large homes. Say, for example, and there's a couple small homes and maybe the small homes fit your budget. Well, if you can get a hold of a couple of those, then you'll be able to increase the value on those homes. And as those large home values increase, so will your small home. Because you want to have the worst house in the best neighbor. That's the first biggest key takeaway is you want to buy the worst house in the best neighborhood. If you've ever seen that show with Chip and Joanna Gaines called Fixer Upper, that's what their motto is. That's what they go about and try to do is they try to find the worst house in the best neighborhood because

that's where you get value. And that's where you can increase the value of your home. And we're going to talk more about that as we get along in this process. But that's what you've got to think about as you go through this process. If you buy a home that's flipped or completely done, then you're not going to add any value to that home. You want to find value add homes so that you can increase the value yourself and you're going to make a huge profit when you sell it. Because what a lot of people don't understand is that buying a house is actually a skill rather than something you just do. There's actually a skill to

buying a house. So you actually have to go through and understand markets and potentially even look for a while so that you can develop that skill in practice and then you can see the houses that are out there. And once you see houses that are out there, then you're able to say, hey, this is the one I want. I've seen so many of them and I understand my market now and this is exactly the one that I want. This is the one I've been looking for and this is the one that will fit my family's needs. And that's the next step. The third step is figure out what type of home fits your lifestyle. So as you're beginning to figure out what your budget is, you're beginning to look at your market, then you've got to figure out what's going to fit your lifestyle. Are you just a single

person and you're looking for a place for Numero Uno? No problem. But you may want something a little smaller than someone who has, you know, a family with three kids, you know, a husband or a wife. they have three kids and a dog and a bunch of other things, then they may want a bigger house with a couple more rooms so they can live comfortably that way. You got to figure out exactly what you want for your lifestyle and see what fits your lifestyle. Maybe you want to be downtown and you want to be around restaurants and bars or maybe you want to be out in the country because you like the quiet. It just depends on what type of home fits your lifestyle, what type of area fits your lifestyle. And the next step is a big step. It's a big step here for the personal

finance podcast obviously because we want to make sound financial decisions and that's figuring out how much home you can buy. I'm going to say this right off the bat. Do not over extend yourself. Do not become house poor. How do you figure out if you're going to become house poor? Let me tell you, at the max, every single person who's in the financial industry says do not go over 30% of your income. I'm going to take that one step further. I believe personally that you should not go over 25% of your income and especially if you want to be financially independent early or you want to retire early, then you need to not go over 20% of your income. Reason being is too many people spend too much money on housing. Housing is the biggest

expense for most people. And it sucks away a lot of people's cash and they have a lot of extra rooms that they never use. A lot of extra rooms to impress other people that they never step foot in throughout the week. And you have to understand how much home you can buy. So definitely do not go over 30%. I would advise staying at 25% or below your income. And if you can get below 20%, then you have an increased chance to increase your savings rate to invest in other places. But that's exactly how you can figure out how much home you can afford. It's actually a simple formula. And if you do the math, if you get over 25 to 30%, then you're actually going to start to see situationally that you're not going to have much money left over. And that's why these

numbers come into play. Because if you don't have money left over to invest, you're putting all your money into your house and your house is your only asset. And that's the sad thing about how a lot of people retire now is they retire with their house as their only asset because it becomes 30 years later they've been plowing all their money into their house and that's all they have. That's the only thing they have. And a lot of people say their house, your house isn't even an asset. We can get to that in another episode. But this is something that you got to understand because if you over extend yourself, you're going to be house for it. You're not going to be able to invest extra money. You're not going to be able to build wealth. And if building wealth is your goal, that you have

to control this part of your life. So now that you've done all the preparation, those are all the preparation steps. Now it's time to start to take action. And taking action is a big deal because once you start this process, then you're really making moves towards buying your first house or your second house or whatever house you're on. You're starting to make moves towards your goal. So the next thing to do is to get pre-approved. Now, what's pre-approved? That's when you go to a lender and you say, hey, I want to buy a house.

Can you give me a pre-approval letter that indicates that I'm an actual buyer, that I'm a real buyer, that I'm able to actually purchase this house? And through the pre-approval process, it usually takes 10 to 30 minutes, somewhere in that range. You're going to go out and fill out an application from a lender. You can go to your bank. You can go to a mortgage lender. They're all great. And they'll be able to take you through the process.

And all you're going to do is you're going to fill out your information and your social security number and a couple questions about how much money you make and things like that. And then they're going to give you a pre-approval letter. Now, when you're getting a pre-approved, I would recommend asking them, hey, is there a way you can pre-approve me without taking a hit on my credit? Now, most lenders, all lenders that I know now, can now do this. They can do it in a way where they don't take a hit on your credit. But if someone says they can't, then maybe look at a different lender because you don't want to take these small hits on your credit right before you buy the house because like we

talked about, your interest rate is affected by that. And having an interest rate on your mortgage for 30 years is something that really impacts your wealth building ability. So you need to be able to get the lowest interest rate possible. And once you're done getting pre-approved, they're going to give you a pre-approval letter. And you're going to use this to make offers because this is how realest, estate agents tell each other, hey, this person is legit. This person's already pre-approved. They're ready to go and they are ready to buy this house. Because if you get in a multiple

offer situation and you don't have a pre-approval letter, then you're most likely going to get turned down. And in most situations, you have to have this pre-approval letter to even make an offer. So start off your action steps by getting pre-approved. And that also is going to tell you how much house you can buy. Now, pre-approval letters will give you way more house than 30%. What I'm telling you is do not take the highest number that they give you because if you do that you're going to be completely house poor i've seen people who make 50,000 dollars a year get approved for 800,000 mortgage. It's ridiculous. And so that's something that you've got to understand. Don't listen to what your lender is saying. Listen to the numbers and look at the percentages so that when you get your

pre-approval letter, you're not going too far and you're not going way out of budget because they're going to let you go way out of budget. Trust me. And that's the biggest key is just controlling that piece of this equation. Now the next step, after you get pre-approved, it's time to start the hunt. Now, how you have to start a hunt is if you have a real estate license and you can go start looking at houses right away. But if you don't, then you're going to have to find a real estate agent. Now, I will tell you, there's a lot of bad real estate agents out there. There just are. But there's also a lot of great ones and there's a lot of great realtors out there. So a couple of things you can do to go look for this is there's a couple of websites like limelight.com, I think, is one. I think Zillow and Realtor.com also have

reviews from other people now. But all these sites, you know, help review realtors. Or if you have a friend who is a realtor, sometimes that's a good option if you think that they would be a good fit for you because they're likely more honest than, say, some stranger. But at the same time, you have to know that they actually know what they're doing. And they have to understand that you're trying to make a sound financial decision. So if you tell them that up front that you're not trying to buy the most house that you can afford, you're trying to buy the best house for your situation, then that will start you off on the right foot with your realtor. And then what's going to happen is they're going to set you up usually on automatic emails to

to start sending you listings. And maybe they'll trickle in a listing or two and look for you. But a lot of times, you're going to have to look for the houses yourself online. And most people don't want to hear that. But there's not a lot of realtors out there that are just going to go find a bunch of houses for you. And a lot of people are surprised when they get to this step because they're saying, hey, you're my agent. Why aren't you finding me houses? Well, they're usually an agent for a lot of people. And a lot of times they're not going to find you as many houses as they should be. So understanding this up front will help allow you to, you know, just start looking and going through the process and finding houses you like,

sending them to your agent so that you can schedule showings and go and look. So as you start your hunt, just expect that you're going to probably have to do some of the legwork on the front end. Now, as you're looking at houses, here's what I want you to do. This is the process that I'm going to show you how I look at houses on how to build well. What you want to do is find houses that have cosmetic issues. So, for example, my first house that I bought had purple walls in the kitchen, blue walls in the living room, shaggy carpet everywhere. The entire house was filled with shaggy carpet.

It had ridiculous colors in every single room. It had a vanity built up of stone. It had another vanity where the top was green. And the entire house, it had pink tile in the bathroom. Everything needed cosmetic upgrade. But the quality of the house, the structure of the house was in fantastic shape. Now, this is exactly what you want to find. You want to find houses with cosmetic issues, but they also are structurally sound.

Everything is in good shape. The roof is in good shape. The water heater's in good shape. The AC's in good shape. It's well maintained, but it's just a house that needs upgrades. And a lot of times you can find, you know, these houses in areas where people have lived in the home for a long period of time and they're used to the house. And maybe they are, you know, now downsizing and they're ready to sell their home. This is a situation where you need to find.

these houses because this is where you're going to add extreme value. A lot of times these renovations can take, you know, anywhere from $10,000 to $20,000 to $30,000, but they're going to make a massive difference in the long run. You don't have to make the renovations up front. You're going to live in the house for a long time. So you can do this over a period of time. And that will allow you to add the value you need. And you can easily make six figures of wealth if you stay in that house for 10 years. The reason being is you're adding the value. You're making it modern. You're upgrading all these upgrades. This happens over time and you're increasing the value tremendously so that you are able to buy a house that is actually a sound investment. Because if you buy a completely finished

house, you're not going to add any value. There's no way to add value to a completely finished house. So you're probably going to sell it for what you bought it for at the height. You're not going to make a ton of money. If you do make some money, it may be 5, 10% at max. What I'm talking about is you're going to double your money if you find a house in this range where you need a lot of cosmetic issues. you have a potential of doubling or tripling your money in the long run. So your next step is to schedule showings. And like I said, as you go through this process, you want to schedule showings and schedule as many as you can and look at as many you can, especially early on so that you understand

what the market is like. And as you schedule these showings over time, you're going to find houses that you like. So now it's time to start making offers. So you're going to take that pre-approval letter and your agent's going to take the pre-approval letter and they're going to make an offer. So you're going to go through the contract process. your agent's going to fill out a contract for you, and they're going to start making the offer. Now, each state has its own contract.

They call it, like in Florida here, they call it the FAR bar, but there's all these standard contracts that you go through. And they're fairly simple to read, but make sure you read all the fine print and everything as you're filling out the contract. And some of the key things you definitely want to make sure you have in the contract is a contingency on inspection. So you want to make sure that you're able to inspect the house if you get it under contract or if your offer is accepted.

And what that means is you're going to have a home inspector come out. they cost like two to three to $400, somewhere in that range. They're going to come out and look at the house for you and make sure everything's structurally sound and in good shape. They're going to check all the outlets in your house. They're going to check all the faucets. Make sure they're not leaking. They're going to check all the big stuff like the AC, the roof, all that kind of stuff

so that you don't find something later on. You absolutely have to have an inspection every time. So make sure that contingency is in the contract. And most agents will put that in there. If they don't, they're not a good agent. If your agent does not think that you need to have that in there, you need to move on to a new agent. So finally you start making offers, you're looking at houses, you've done all this other pieces of the process,

and your offer is accepted on a house that you love. What do you do? After your offer is accepted, you definitely want to go ahead and get that inspection scheduled and get it done. Then, as you go through that process, you're also going to imply for your mortgage. So once you get through the inspection process, they may have a list of things that you want to correct. And you can request for those to be corrected, and it may not be a deal breaker. It may be a deal breaker. So if it's not a deal breaker and they say yes or no, then you go ahead and move to the next step, which is to get approved for your loan. So this time when you actually get approved for your loan for the long haul, you're going to fill out a much larger application.

This application is going to be something going through the same process, but just more in depth on your finances. It's pretty simple. Your mortgage broker is going to walk you straight through it. And if all that goes through, then you're on the next phase. So now what's going to happen is in the background, your agent's going to be working with a title company and they're going to be working with your lender to make sure everything goes through properly, the fastest you can usually, you know, finish this process is 25 to 30 days,

but usually it takes, you know, 30 to 45 days to go through this process. Once it's done, you're going to go to closing. And now at closing, you're just going to sign a bunch of documents, you're going to sign over title, you're going to pay your closing costs, things like that, and have this process wrapped up. But that's exactly how you go through the entire process of buying a home. And on the day of closing, you're going to do one final walkthrough through the house. It's called the final walkthrough. and you're going to look at everything, make sure everything's in the condition that you want to be, and then you're going to go and you're going to close and you're going to sign your name on the dotted line. And that means it's time to pop some champagne.

It's time to pop the bubbly because now you're a homeowner. But the big thing is, is now you bought an asset. And it may not be an asset in everyone's eyes, but if you bought it right and if you bought it that may need some upgrades that you can add value to the house, you do own an asset. And the reason being is it's going to increase in value and it's going to appreciate over time. Now, if you buy a house and then want to sell it the next year, who knows what the market's going to do. But if you buy a house and you're going to sell it in 5, 10, 15, 20, 25 years, then you have an asset that's going to increase over time. Because buying at the right price is going to pay off in the long run. If you spend 50 hours researching houses, 50 additional hours more than you wanted to, but you save yourself $30,000.

I think that's time well spent. You're making almost $1,000 an hour just by researching and going through the process the correct way. So take all these pieces into consideration and go through the process with an open mind, and you're going to make the best financial decision that you can make early on in your life. Thank you guys so much for listening. If this is your first time listening, consider subscribing so you never miss an episode. Hey, if you get value out of this show, consider sharing it with a friend because we believe that every person in this world can build true wealth and build financial freedom.

We want to share that message with everyone else. Because it starts right here. It starts with financial education. And it's not taught in high schools. It's not taught in colleges. So we want everyone to understand exactly how they, too, can build well and how they can go about building an amazing financial future. Again, thank you so much for listening.

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