Wow great video, you have a lot of information that I NEVER heard of before. I don’t do face book so I guess I have to watch you on RU-vid, I just subscribe. Thanks 🙏🏾
I got my house built builder paid closing cost and my realtor put me in a first time home buyers course. They paid for dwn payment. I also was eligible for first time home buyers credit for 3 years which was claimed on my taxes. I paid 1k of earnest money and received $500 back at closing. So I payment $500 to get my house. My advice make sure you have a knowledgeable realtor.
I am in my 20s single and no kids looking to buy my first house ive never lived on my own so these videos are much needed because i have NO idea what im doing lol
My first house is under contrAct as of June 4th, 2020 at 27 years old it’s a dream come true...it’s a new build (the house isn’t even standing yet) still a lot of work to do but luckily i had a good anount saved already so now all I’m doing while the home is being built is protecting my credit and saving! I’m even doin door dash a few days a week for an extra couple hundred dollars a week...just extra money...
I put down 5% on my condo in 2017, so I'm paying PMI, but I now have equity that's 26% of the value, so it's time to refinance to get a lower rate and remove PMI.
C.E.D. Depends on how you do. If you are starting out and the government will provide your down payment, the buyer will pay all of your closing, you take your time, research and and buy in an up and coming neighborhood at a 20-25% discount or even a desirable one at a discount it can be an investment. Next, you get a few roommates and maintain this home yourself. It can be an investment. Good credit will get you a low interest loan. In 2-5 years, rinse and repeat, just add one roommate to your present home and you have a rental and a residence. Do this 4 times and you have 3-4 investment homes. Don’t over extend yourself, don’t compete with the Jones, take your time. How you treat your life and how you view it is up to you. That said, most people don’t do this and isn’t that a shame.
C.E.D. Initially it would just be your home like any other. And when you move to the new house, it to would be your home while your first turned into a rental. One reason people don’t want to have a rental is they are afraid of bad tenants. If you have a roommate and they stay while you move, you would feel better about the situation. I’ll admit I did not do that, we sold our homes and moved to another. After our first house we sold, we moved to a home 3 times the size. Eventually we downsized to a custom home on the water. Same amount of acreage, just custom home that would take us thru retirement and an incredible view with lots of fun on the river.
@@kenyonbissett3512 are you currently or have you done this with success? House hacking is my goal to getting started towards home ownership and real estate investment, but I live in LA so I’d likely have to move to make this work, which I’m open to doing. Anyway, I was just wondering what kind of experience you had or advice that you could offer.
I moved home in February to pay off debt and save up money for a house, but now with all of this going on I kind of want to see what homes could be available after this is over but I also don't think I can wait another year or 2, I miss having my own place so much.
Dee I’m on the same boat. 😭😭😭 moved to tx a year ago planned on purchasing this summer but I know the options will be better in 6 months. Hate having to be responsible but I refuse to rent again.
I'm 22 in my last year of University and I am hoping to buy a house/land by 25. I am from Trinidad so the process is different but the knowledge is AMAZING. I be writing down EVERYTHING to educate myself better on the process and what to expect.
You do an awesome job training people on home ownership before they find a house. I use to work for a lender as a processor and I also did closings packages and sent them to the title companies. It is a very hard job, but I loved it. I’m retired now. I love your channel. N
Working on my credit and savings currently. So far I have a pretty good start on my savings. Hoping to buy next year. Just started budgeting my paychecks out to be more mindful of where my money goes.
Oh, I'm soooooo glad I found you (and also in Atlanta)! You spoke to my situation. I was recently pre-qualed for a loan, however I was reluctant to even do it because I recently renewed my lease for another year. I knew the consequences (I was upfront with my landlord about my future goals) about terminating my lease early. I feel so much better about proceeding with my home search. I just need to save extra in case I find my dream home. Thank you!
Thank you so much. I’m in 20s looking to buy a home with no kids. I want to start a new journey living on my own. Started to look into FHA, Fix rate and NACA. Seeing what works best for me.
The Real Realtor - Shaheedah Hill Real Estate Georgia. It was through Regions Bank. I can’t remember the name of the actual down payment assistance loan but there were 3 tiers. I chose the highest contribution of $9000 towards my down payment. I contributed $1500 and they paid the other $7500. You could pay $500, $1000, or $1500 and they’d contribute the rest. Anyways it was forgiven after 5 years.
Sorry I can’t remember the details as this was 10 years ago and I was 24 years old. The government was also giving out those $8000 tax credits at the time.
Thank you for taking the time to explain the intricate details of homebuying. It can very confusing and overwhelming however you make the effort so much easier. Thank you again and I look forward to continue watching your videos for advice on homebuying.
Before you remove a car from your insurance, get that quoted. Often times the cost of the multicar discount can pay for the cost of the car that is paid off. You can't change your liability limits on a policy with multiple cars (each car can't have a different limit), but typically most of what you're paying for is your liability and insuring the car for when something happens to it (collision) (this is in CA, MY EXPERIENCE IN LOS ANGELES) My advice would be to find out the value of the car and make a decision compared to what the cost of covering the vehicle for Collison would be. If collision is $1000 a year and your car is worth $5000 if it would be totaled out, is it worth it to you to insure it for collison? Remember, you still have to pay your deductible. ALWAYS keep comprehensive with a low deductible because it covers you for vandalism, THEFT and acts of nature (flood, hail, a tree falls on it for example.) Ex: someone steals your catalytic converter. All you have to do is pay your deductible and your insurance will pay to have it replaced. Very useful AND it doesn't affect your future rate. I'd also recommend, since everyone is home during pandemic, asking what mileage your insurance company has you at. If you're paying to drive the car 13000 miles a year, and you aren't doing that anymore, see what your insurance company's policy is for changing that. You'd be amazed at what dropping your mileage does to the cost
I Would Love to Cut Cable, But Streaming + Wifi/Internet Service Alone, Rounds out to about Near What I'm Already Paying Now, Which is Typically $240/mo
Hi Mrs Shaheedah!. Just want to say that I thank God for you! Your knowledge and experience that you shared with us for free are amazing and I appreciate you. As though I’m not ready to purchase a home 🏡 yet until 2.5 years from now. I’m great full for your videos because by then I’ll be well equipped with the knowledge I need as a first time home buyer. May you continue to flourish in you endeavor. P.S You are one of my favorite RU-vidr.
What should happen is that people in higher cost of living cities or states should have wages that account for that but I am well aware that is not always the case. That's why people are leaving these state in droves or moving upstate.
@@ShaheedahHill in my experience the wages are higher, but unless you kind find creative ways to lower your cost of living, it doesn’t fully offset the high living costs (at least in Los Angeles).
This video is conformation for me. I’m looking to buy a home, and I’m a first time home buyer and I didn’t want to sign a 6 month lease today but I’m going to go ahead and sign because my rent is really in expensive and it gives me time to save and apply for some buyer assistant programs.
In the old days you would save 20% this was better because if you put 20% down you didn't have to pay private mortage insurance and you had enough equiity that if you had to you could sell without losing a huge amount of money. Now days house prices are so high that its almost impossible to save 20%, the only people who put 20% down are those that have lived in their house for a while/have alot of equity and those that inherit alot of money from relatives. Since you can't put 20% down and will have to pay private mortage insurance no matter what I would only put down as little as possible 3 or 5% and keep as much money in the bank as you can. The bigger you're emergency fund the longer you will be able to keep making the houe payment in bad times and the greater the chance you will be able to keep the house long enough to make a proft. I know someone who has saved $ 45,000 but they are only going to put down $10,000 and set aside another 5,000 to 7,500 for closing costs.
If you’re a good tenant breaking a lease to buy a home shouldn’t be a huge issue.. we just broke ours after living there for 3 years and only had to pay $600.. we never missed or were late on rent, never had a complaint about us and we left our apartment sparkling clean so instead of 2 months rent for breaking the lease, they only made us pay 1 months rent and actually credited us our deposit even though technically it should have been forfeited.
Thank you so much! So knowledgeable! My husband and I are in an apartment and you answered a major question on resigning our lease and it being okay to break lease if there are huge discounts on homes. We were nervous about what to do. Thank you
Now I understand DTI should be less than 50 percent. Imagine that debt in your credit report divide it with your Gross Monthly income is your DTI. and this is what most don’t know that your disposal income aren’t there such utility bills, insurance, gas, food, internet, maintenance, child support, taxes man.. My DTI is 110 percent. every month I am in the negative.
I disagree min 9:25. By law you have to have car insurance. At least liability insurance. If you are not driving at all, then at least get comprehensive coverage. Car insurance is a necessity.
I could have explained this better. We have 2 cars and we just have liability coverage on one. We could cancel coverage on that since we are not driving it.
Hi Shaheeda! New subbie here. It's nice to see and hear a Realtor who is straight to the point and not here wasting my time. Are you familiar with other states like NY?
Thanks for the positive feedback! I am not licensed in New York, but the basic home buying process is the same everywhere with some difference in the contract and laws. However, New York is very expensive in many areas. Please see my video ; "Best Down Payment Assistance in Every State", you may find some programs under the New York link.
You answer alot of questions for your viewers. Some questions most realtors won't answer unless you're under contract with them or having some formal consultation. Please share your cashapp or that superchat thing so people can invest, donate, or compensate you for all you do. I'm ready to contribute my fair share. Thanks again.
🙂 Thank you, I know many buyers are fearful and stressed out during the process and even if they have an agent, they want to verify with an outside party sometimes. Thank you for the kind words and thanks for watching!
I work in car insurance. PLEASE do not drop you car insurance unless you've talked to your local dmv. There are only a few states that are not state reporting states. Meaning if you drop your insurance you will pay a penalty to the DMV. See if your insurance will convert the policy to comprehensive only. That way the policy is still active and your paying less, if not nothing.
First time homebuyers you are eligible for DOWN PAYMENT ASSISTANCE. In some places you can get up to 10k in down payment assistance meaning that you’ll have more money to put toward closing costs. 👍🏾 you can do it. Save that money. Buy that house.
Great information, I love watching your videos. I'm learning so much and I truly appreciate it. I'm looking for a home in South Florida, but the prices are so high right now, so I'm going to keep saving until I can find something in my price range.
I cant do 20%, but its still gonna save me money rather than renting where I am at. Might not be ideal, But I WILL DEFF. have more money in my bank at the end of every month now!!!
I always wonder how those are on Social Security disability income known as SSDI would even begin saving for a house when they tell us if we save any money from the previous month it goes against us they expect us to drain our bank account every single month and have nothing left to show and refuse to let us save for anything how do I get around something like this my total income as it stands right now is $4300 per month that includes SSDI for myself my three children also child support and blind pension
My husband and I want to buy a piece of land and a newer modular to place on the land, then eventually build our dream home onto the same land. Not sure if this topic is in your wheelhouse, but I can’t find much info out there for what I want to do. Maybe you could do a video or lead me in the right direction? Thank you.
Great useful info. You popped up on RU-vid algorithm and is a blessing to hear advice like this. I’ll aim high can’t hurt to save 10% which is much better when you’re closer to 20% lol. I know pmi is unavoidable at that rate but it’s the way the economy is especially in California where I live. Houses here are not affordable compared to when my parents bought more than 30+ years ago and brand new being built mind you! New subscriber here thank ya 🙏
Shaheedah, love your videos. Watch them more than I probably need to. lol I would like to know if you do one on one financial or group especially with goals and budget?
I am trying to do more videos on general financial topics. I will sprinkle those in during the months ahead. I did a live video on budgeting. Here it is - ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-jjco_7pmrMU.html
Good info. Just have to be mindful that with vehicles that still have a lien, you have to maintain insurance on those or you can be fined through your motor vehicle administration for lapse of insurance if you canceled your insurance on it.
I want to put only 3% down save they rest to make payments with and keep just in case it's really neeeded and if a time comes I'll just add more to the mortage
@@ygbodybuilder3023 nah you would make payments throughout the year for it lets say you pay 500 a month for morgage at the end of the year might have to pay 2-3 thousand for house tax depends on how much the house worth
Mortgage insurance is not that high depending on you closing cost. Mine is $36. Invest that 20% down to something else. I save $3k before I talked to a lender.
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I have approximately 10% saved for a house but I am so scare of the process. 😐 We are still paying all bills. I just paid my credit cards and have zero debt except my car payment I worked over time for 2 weeks to pay those credit card. I am on a month to month lease because I am thinking of this whole mortgage process. 😂😂
These videos are great. I've been trying to save for my first home after my breakup. I got the 3.5% saved but my credit keeps hovering just below 580 credit score. It's so frustrating not being able to get a loan cause of credit.
Not a home owner so not entirely sure, but do you have any kinds of house insurance or anything like that to include in your bare bones budget? On average, how much does that even cost? Also, I find that toiletries and other supplies for the house (dishwashing soap, laundry detergent, paper towels/napkins, etc.) adds up to a lot each month. Maybe incorporating that into your bare bones budget would be more specific?
