Rich Habits Podcast
82: How to Buy Real Estate Like a Pro
Sep 16, 2024
Joining the conversation are Robert Croak, a real estate investment expert, and Austin Hankwitz, a property buying strategist. They share six essential tips for smart real estate purchases, emphasizing the importance of fair pricing and thorough market research. Listeners learn about personal financial readiness and the necessity of emergency funds for homeowners. The duo also discusses disciplined saving strategies for building wealth and the intricacies of managing finances before marriage, shedding light on how communication can pave the way for financial harmony.
37:55
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Quick takeaways
- Preparing for real estate investment involves assessing personal financial readiness, including down payment, job stability, and future family plans.
- It's crucial to establish a realistic budget based on what one can afford monthly to avoid becoming financially strained from excessive mortgage obligations.
Deep dives
Understanding Readiness to Purchase Real Estate
Determining if you are ready to buy real estate is crucial before making any investment. Key considerations include having a solid down payment, typically between 10-20% of the purchase price, ensuring stability in your job for at least two years, and considering your future family plans. Prospective buyers should also take time to familiarize themselves with the area they wish to buy in, as living there for a while before purchasing can prevent costly mistakes. These thought starters help potential buyers evaluate their financial situation and market knowledge, setting them up for a successful purchase in the long run.
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