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

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 BiggerPockets Forums BiggerPockets Money BiggerPockets Money Podcast 165: How ‘Finance Ninja” Daniel J. Mills Started at $30k a Year and Grew a US Rental Empire from Japan Check the full show notes here: http://biggerpockets.com/show450 Learn more about your ad choices. Visit megaphone.fm/adchoices