450: How Your First Time Home Buying Decision Affects Long-Term Wealth with Scott and Mindy

8 snips

Mar 11, 2021

Guest

Mindy Jensen

Guest

Scott Trench

Scott Trench and Mindy Jensen, co-authors of a guide for first-time home buyers, share their insights on making smart real estate investments. They discuss the critical balance between cash flow and property appreciation, addressing how your initial home purchase can shape your financial future. The duo emphasizes the need for thorough research, avoiding budget overextension, and creating a strategic financial plan. Their book serves as a helpful resource for anyone looking to navigate the often-confusing world of real estate.

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Episode notes

Intro

00:00 • 3min

Diverse Perspectives on Real Estate Investing

03:21 • 3min

Navigating the Real Estate Market Dynamics

06:49 • 26min

Strategic Real Estate Investment Decisions

33:03 • 8min

Smart Strategies for First-Time Homebuyers

41:02 • 20min

Smart Home Buying Basics

01:01:31 • 6min

Personal Growth and Hobbies Amidst Real Estate Insights

01:07:52 • 2min

Strategic Planning for Real Estate Investment Success

01:09:36 • 3min

First-time home buyer? At some point, all of us were. How do you make sure you’re getting a great deal, how should you pay for it, and what can you do to make sure it’s a purchase that will help you grow your wealth. In today’s episode, you’ll hear from Scott Trench and Mindy Jensen, hosts of the BiggerPockets Money Show. Their new book, First-Time Home Buyer, shows how to buy your first property in a way that sets you up for long-term success.

Most people see their primary home as an investment, but that isn’t usually the truth. Housing is a cost, and like many costs in life, we should try to minimize it when we can. Having a lower housing cost can allow you to invest more of your money, build up safety reserves for repairs, and have the financial bandwidth to live with less stress.

Scott and Mindy debate cash flow vs appreciation, how much you should put down on your home, and what kind of liquidity position you need to be in to find success in your purchase and future endeavors. Even if you’re not looking to build a rental empire, this is a fantastic book for anyone who is looking into buying for the first time. Don’t know about equity, title insurance, or other real estate terms? No problem! First-Time Home Buyer has you covered.

In This Episode We Cover:

What will 2021 hold for real estate investors and first-time home buyers
Is appreciation or cash flow a better metric to measure
How to have a primary residence that sets you up for long term wealth
The 5 steps to finding a great deal on a primary residence
Looking at the market even when you’re not ready to buy
What people get wrong when they buy a home
And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/show450

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