I'll be honest, I bought a home at a young age and while I don't regret anything, I wish I would have known more how fast the home buying process is. Every pushes you forward and one day your just asking questions And next day you're pulling into your own driveway. So best advice I can share is, slow down!
Thanks for the informative video and for sharing your experience ! My husband and I are also debt free San Diego millennials😁. Your channel give us virtual friends to follow along with and talk about finances. We bought our first home two years ago. We were less patient and bought a charming townhome in La Mesa because we couldn’t afford a detached. We avoided PMI and landed a comfortable mortgage with an emergency fund left over thanks to a family gift which helped with our down payment. If you have any questions about San Diego home ownership and shopping feel free to ask 😅. Thanks again for your content !
Congrats!! We looked at two houses earlier this week and I didn't like either of them haha. We're patient! Did you use a realtor? I'd be curious about your experience.
Debt Free Millennials . Your patience will pay off wonderfully. We used a realtor that was referred by our lender. She had an aggressive edge which helped in the competitive market down here. Our budget put us up against cash buying flippers. It was challenging 😬
My husband and is bought a house and paid PMI but we paid more on the house constantly and got rid of it. Totally worth it as in the past 5 years our house is now worth $100k more and we would have had to wait even longer to save up a 20% down payment. Good luck on the housing market. I think you guys will find the perfect fit.
We had to lower our expectations when we were searching for our starter home in FL. We had to let go the 3rd bedroom, 2nd bathroom, garage and dishwasher. We bought a fixer upper and then put $10k into it ourselves. Avoid PMI. It can be over $300/month for 10 years for an expensive house. I’d use your Jeep fund, 2 months of emergency fund and sell your stocks to get a higher downpayment. We thought we could get rid of PMI after 3 years due to housing appreciation & what we fixed up, but bank says must have major renovations such as an addition to remove PMI. House appreciation alone does not allow to remove PMI. Or you can pay to refinance your home to remove PMI, which is doing your closing process all over again (costs about 6% value of house). Either way it’s all money down the drain, so prioritize a higher downpayment 20%.
*Living in LA here and a middle class home is 750k - 1.5 mil* and if you're single like me, you got to *reaaaaaaaally* boss up for a down payment 🤦♀️😭😂 I might move out of this city one day, but I love it too much for now!🤷♀️ *Congrats on the 100k savings girl!!*
That's so great that you have a good chunk of money to put down on your first house. That will really help you avoid paying tons of interest when you decide to buy. I wish you luck in your home ownership journey!
this video was super helpful!! im 24 atm and aiming to buy a house within the next 5 years, so i wanted to get an idea of how to start saving so thank you!! i hope yall find a nice place in SD, i love it here in socal ^___^
I'm about to turn 24 and I'm also looking for a home within the next few years! One thing about the 700k SD estimate is that it's sadly not realistic anymore lol you need at least a million to beat competing offers and pay closing costs.
Good ole KS. My little brother went to college in Hillsboro (between Manhattan and Witchita). Never made it to Manhattan, but spent a little time in that neck of the woods. Congrats on the savings. That's awesome! Sounds like you’ve already done your research, but for the PMI, you can ask your lender to cancel it when you reach 80% home equity down the line. Glad you're digging San Diego!!
I personally found a little bit of PMI to be better than paying 100% to a landlord for an apartment. So I went ahead and took the plunge early while interest rates were super low. But i originally was going for a 20% down plan as well. It made more sense to pay myself for the house a small portion each month than nothing at all renting. I also gained $10k in equity because my appraisal was higher than the sale price, so I am even closer to getting rid of the PMI than I had planned.
Thank you for sharing your journey! I’m still just starting out so it was good to see your thought process and helped me think about where I want to put my money now!
Awesome video. You guys are doing a great job saving for a home! Another thing consider is property tax since it doesn't go away even after you pay off your home. If the property tax is very high in the town you're looking at, that will affect the price of the home you can buy. Property tax is a % of the total value of the home per year. For a $700000 house, the property tax where I live would be around $19,600 per year (it's ridiculously high here). In San Diego, it would be roughly $8,200 per year. You can typically see property tax increasing year over year as well.
I wouldn’t worry too much about the money transferring, you have a valid reason. I’m about the same position as you as far as money saved. Will get a preapproval and start looking in the autumn. Lease ends in March, but will extend if necessary.
Nice! Yeah I think we'll wait on the application process for a bit. My bank told me the preapproval letter is good for 90 days and we're not ready to buy within 3 months. However, if I see a dream home on Redfin or Zillow, I'll take a peek!
@@DebtFreeMillennials Oops, I meant to say prequalified in autumn -- will need to figure out the price range that they will let me borrow at. I won't go to preapproval until I'm closer to being ready to buy. Already keeping on eye on the market though for a better sense of what is possible.
Depends how you define ‘starter home’...median listed price is about $650K in SD County (while the sold median is lower still)...also consider SD County has various cities as well (Encinitas, Del Mar, Escondido, etc.) which will affect price (Oceanside or Escondido will be cheaper when compared to Del Mar or Coronado)...all a question of what you are willing to pay for etc.
For sure... it's what you're willing to pay AND what location you're willing to be in for the price. Kyle commutes to work and we'd like to keep his drive time as minimal as possible.
Congratulations on saving 100k and thanks for sharing your process. We dream of owning a little place in San Diego too. I commute to work too so keeping the drive to a minimum is very important to us. We love it here! Still working on our journey to be debt free!
I was floored at the 80k as a Post Doc, that is amazing, but he is CS/Programming right? They get paid way better than other engineering/STEM majors or you can't get them to go to grad school. Still. Mad props to him.
Hi, I live in a shitty apartment rn and save sooooo much money. The only shitty part is the cockroaches. Our neighbors below and side ones are nasty AF! I clean all the time :((( I want to move to a better apartment and i know i shouldn't. Im saving for graduate school..... it's hard :/ How long did you live in your crappy apartment? Im on month 6 .... :/ Convince me to stay. I'll only be here 3-4 more months b/c ill start school in January (not this fall cause of Covid)
Girl! If you have a cockroach problem, you NEED Home Defense spray by Ortho! You can get it at Wal-Mart or Amazon. Within 24-36 hours, you will have dead cockroaches all over the place. It works so well. Once you have that problem under control, I think you'll feel better about living in your apartment. I lived in my shitty apartment for 2.5 years before moving. You got this!!
My journey to turn 35 thousand dollars into enough money for a down payment... I bought Five 1120 strike price call options on Tesla that expire March 19th 2021 at various prices between February and April. The current market value of these options is 312,700 dollars. (Up about 800 percent in 6 months)
I’m glad I’m in the Midwest. You get to save a lot of money. When I’m 30 I’ll move to CO where the cost of living is much higher but by then, I’ll have a large down payment and still an emergency savings. Not as expensive as San Diego though, very nice place but it’s for the rich and I’m nothing of the sort 😂
I’m looking at buying a house in San Diego too. I don’t want to move, this is my hometown. I moved to the south and people thought I was crazy for wanting to move back but there’s no place like San Diego and i understand you completely. I want to find a way to afford a house here, I don’t want to buy anywhere else unless it’s an investment property.
If you are going to cash out from your investments and put it in a bank account then it needs to be there seasoned for about 3 months. Lenders will always find a source specially if its a huge amount but if the money cashed out is being used for a down payment then you are good!! :) You should really talk to a lender to guide you better specially what PMI may look like for you and taxes too! GOOD LUCK!
Hi! i’ve been following your journey. Just wondering when are you planning to buy a house? and at this time, where people go into a bidding war, house prices are more than they are priced, would u recommend to buy a house at this time? Or just wait?
Thank you! Very informative. I just made a similar video on my channel as well. It will be so worth it when we wait, save up and then put down a good amount as Down Payment, so we can truly enjoy our DREAM HOME!
100k savings is the goal, also live in an expensive area Fairfield county / westchester county . Current savings rate is 20% monthly. Trying to get there within 3 years, if the wife can wait that long haha!
Love!!! I hadn't known how early a CD could be implemented. I looked at my bank's CD rates and they are much lower than the 3% you mentioned. Could you advise where to find better CD's?
Great video. Interested to know more about the bond funds you chose for your Vanguard account. Was it a balanced type fund? Or, a combination of low-cost stocks and bonds type index fund?
How long did it take you to get to 106 because I'm trying to buy home myself within 3-5 years??? By the end of this year I should have have $25000 and thinking about opening a Vanguard as well
im first saving for a car then I will be saving for a house or money to rent my own place. Gonna be at least 2 yrs till I reach my goals. I wish I could stay where I am now but I've only got 7 yrs till my roommate retires to San Diego without me.
fellow kanzen here trying to figure out how to afford buying a house in San Diego also. I think my plan is to do a 3.5% down and buy a fourplex have you guys looked into buying a multi-family? The rent from the other units could subsidize your housing cost
Currently have funding I have about 11% to put down. I'm justifying the PMI cuz it's only going to be about $140 a month for about five years if I don't pay it off faster
New to the channel and will be new to the debt free life style after paying off my student loans in August. I’m wondering why you are deciding to buy a home now at 20% down and paying off your mortgage debt versus saving longer and paying 100% down?
We live in San Diego where the median cost of a house is $600,000. We wouldn't be able to purchase a house outright in California at that high of a price.
@Roberto Vidal Garcia thank you person I don’t know and who knows next to nothing about my life. I will follow your counsel and I ask you for more on how I can live my life. Please give me more! 🙏 I don’t know what I’ve been doing this whole time without your help buddy. Could you coach me on how I can live my life?
But why would you not save 40 thousand more, you can honestly do it in 6 months and if you just transfer maybe 10 thousand from that account and it will not look suspicious? in contrast to 40 thousand I mean. Then you can have the 20% for the house and do not have to worry about PMI and I think it is achievable to save 30k in 6 months if you tried. Good job on saving that much already though:)
Any transfer they make from that account won't look suspicious. They have the account records to prove where the money was before it was transferred into a savings account after they sell some of the bonds. Nothing suspicious about it. Now if they had no record of having the money prior and suddenly have 40k then yeah that runs them into a bank wanting to see that it was a gift and records of the gift but otherwise selling an asset to fund a savings account isn't suspicious or unusual at all. I was curious why she thought it would be a flag for a lender...no it means they have a history of handling money well and the lender will be more inclined to finance their mortgage. I don't understand her concern at all.
First of all, we need to be honest. "Buying" a house with down payment is not buying, because you don't own it. It is owned by a bank, you are just borrowing it (I thought this channel was about debt free). Second thing, housing market is in a huge bubble. Interest rates may go up and the price will collapse. Right now is the worst time to buy a house. Third thing, why not to rent? San Diego is one of the most expensive cities in the US. Renting for 2-3 years is so much less risk and more savings. And you could save money for these 2-3 years and invest in actually buying when the prices drop. So from all angles the decision doesn't seem right. Certainly not debt-free friendly.
You're right in that a down payment is not truly owning your home and also, I recognize that not everyone can buy a house outright - especially in a HCOL area. We will continue to save for a down payment and rent until we find the right home for us.
The video is meant to help viewers see how it's possible to save this kind of cash for a down payment, not a brag. My aim is to always be transparent and how you could implement this same strategy for yourself.
Oh I know how they did it, they earned 4 times what we make 😆
Lol
Lol 🤣
I believe they also worked 4 times harder than you. Money does not fall from the sky.
So why do you suck then?
Ouch, you hurt my feelings 🤣
I'll be honest, I bought a home at a young age and while I don't regret anything, I wish I would have known more how fast the home buying process is. Every pushes you forward and one day your just asking questions And next day you're pulling into your own driveway. So best advice I can share is, slow down!
Thank you, I appreciate that! We just saw two homes on Monday and I was not feeling either one of them. Glad to know patience is a good thing.
Best advice out here. Thank you
Thanks for the informative video and for sharing your experience ! My husband and I are also debt free San Diego millennials😁. Your channel give us virtual friends to follow along with and talk about finances.
We bought our first home two years ago. We were less patient and bought a charming townhome in La Mesa because we couldn’t afford a detached. We avoided PMI and landed a comfortable mortgage with an emergency fund left over thanks to a family gift which helped with our down payment.
If you have any questions about San Diego home ownership and shopping feel free to ask 😅. Thanks again for your content !
Congrats!! We looked at two houses earlier this week and I didn't like either of them haha. We're patient! Did you use a realtor? I'd be curious about your experience.
Debt Free Millennials . Your patience will pay off wonderfully. We used a realtor that was referred by our lender. She had an aggressive edge which helped in the competitive market down here. Our budget put us up against cash buying flippers. It was challenging 😬
My husband and is bought a house and paid PMI but we paid more on the house constantly and got rid of it. Totally worth it as in the past 5 years our house is now worth $100k more and we would have had to wait even longer to save up a 20% down payment. Good luck on the housing market. I think you guys will find the perfect fit.
That's great! Wow, your house sounds like it's really going up in value.
We had to lower our expectations when we were searching for our starter home in FL. We had to let go the 3rd bedroom, 2nd bathroom, garage and dishwasher. We bought a fixer upper and then put $10k into it ourselves. Avoid PMI. It can be over $300/month for 10 years for an expensive house. I’d use your Jeep fund, 2 months of emergency fund and sell your stocks to get a higher downpayment. We thought we could get rid of PMI after 3 years due to housing appreciation & what we fixed up, but bank says must have major renovations such as an addition to remove PMI. House appreciation alone does not allow to remove PMI. Or you can pay to refinance your home to remove PMI, which is doing your closing process all over again (costs about 6% value of house). Either way it’s all money down the drain, so prioritize a higher downpayment 20%.
Thanks! Each month we save means we can put more and more down to avoid all these extra costs.
*Living in LA here and a middle class home is 750k - 1.5 mil* and if you're single like me, you got to *reaaaaaaaally* boss up for a down payment 🤦♀️😭😂
I might move out of this city one day, but I love it too much for now!🤷♀️
*Congrats on the 100k savings girl!!*
Thanks! Oh I know, LA is crazy town! But if you love the city you're in then patience is key with buying a house. We got this.
Congrats to you all for making this amazing savings goal! Looking forward to the content you’ll produce during the home buying experience.
Thanks! LMK if there's anything specific you'd like to see :)
That's so great that you have a good chunk of money to put down on your first house. That will really help you avoid paying tons of interest when you decide to buy. I wish you luck in your home ownership journey!
So true! I just keep thinking each month we save equals a bigger down payment and a smaller mortgage payment. Fingers crossed!
Wow I am getting robbed living in NYC. Who else is thinking about escaping the cities for the suburbs this year?
*Congrats on your $100k saving!*
I’m in NY just not NYC... I used to live there the prices are insane.
I think the only cities that are more expensive than San Diego is San Fran and NYC lol
this video was super helpful!! im 24 atm and aiming to buy a house within the next 5 years, so i wanted to get an idea of how to start saving so thank you!! i hope yall find a nice place in SD, i love it here in socal ^___^
Glad it was helpful! We're still looking and hope we find that perfect home soon :)
I'm about to turn 24 and I'm also looking for a home within the next few years! One thing about the 700k SD estimate is that it's sadly not realistic anymore lol you need at least a million to beat competing offers and pay closing costs.
Good ole KS. My little brother went to college in Hillsboro (between Manhattan and Witchita). Never made it to Manhattan, but spent a little time in that neck of the woods. Congrats on the savings. That's awesome! Sounds like you’ve already done your research, but for the PMI, you can ask your lender to cancel it when you reach 80% home equity down the line. Glad you're digging San Diego!!
Thanks! We loved our time in Kansas but glad we are making San Diego home!
Say what now!!! Girl 100k I never clicked on a video so quick!! Sheesh
Thank you for being open and sharing your story!
You are so welcome!
thats my goal, have 100K to put towards a home #debt free life
It's a huggge down payment amount but it's necessary here in Cali.
I personally found a little bit of PMI to be better than paying 100% to a landlord for an apartment. So I went ahead and took the plunge early while interest rates were super low. But i originally was going for a 20% down plan as well. It made more sense to pay myself for the house a small portion each month than nothing at all renting. I also gained $10k in equity because my appraisal was higher than the sale price, so I am even closer to getting rid of the PMI than I had planned.
Oh that's awesome!
Debt Free Millennials I think knowing how you are, you’ll pay the PMI off I. Less than a year of owning if you go slightly lower in down payment.
Starter home in Toronto is 900k+CAD, 1mil CAD for townhouse or semi detatched. TORONTO where winter gets to -20celcius.
The only thing I miss about the Midwest is the rent cost 😂
HA! SAME! I keep thinking we could literally afford a mansion back home... but does a huge house equal more happiness?
@@DebtFreeMillennials 100% it does not! It feels good, but mostly in concert with a thriving, diverse community full of resources for our children.
Thank you for sharing your journey! I’m still just starting out so it was good to see your thought process and helped me think about where I want to put my money now!
Glad it was helpful!
Awesome video. You guys are doing a great job saving for a home! Another thing consider is property tax since it doesn't go away even after you pay off your home. If the property tax is very high in the town you're looking at, that will affect the price of the home you can buy. Property tax is a % of the total value of the home per year. For a $700000 house, the property tax where I live would be around $19,600 per year (it's ridiculously high here). In San Diego, it would be roughly $8,200 per year. You can typically see property tax increasing year over year as well.
Yeah the realtor I was talking to said it was 1% of the home price in San Diego!
Hey! 19 years old from Wichita, KS ! thanks for the video. trying to save 100K in the next 3 years to buy a house!
Love it!! Best of luck on your savings goal!
I wouldn’t worry too much about the money transferring, you have a valid reason. I’m about the same position as you as far as money saved. Will get a preapproval and start looking in the autumn. Lease ends in March, but will extend if necessary.
Nice! Yeah I think we'll wait on the application process for a bit. My bank told me the preapproval letter is good for 90 days and we're not ready to buy within 3 months. However, if I see a dream home on Redfin or Zillow, I'll take a peek!
@@DebtFreeMillennials Oops, I meant to say prequalified in autumn -- will need to figure out the price range that they will let me borrow at. I won't go to preapproval until I'm closer to being ready to buy. Already keeping on eye on the market though for a better sense of what is possible.
Depends how you define ‘starter home’...median listed price is about $650K in SD County (while the sold median is lower still)...also consider SD County has various cities as well (Encinitas, Del Mar, Escondido, etc.) which will affect price (Oceanside or Escondido will be cheaper when compared to Del Mar or Coronado)...all a question of what you are willing to pay for etc.
For sure... it's what you're willing to pay AND what location you're willing to be in for the price. Kyle commutes to work and we'd like to keep his drive time as minimal as possible.
Congratulations on saving 100k and thanks for sharing your process. We dream of owning a little place in San Diego too. I commute to work too so keeping the drive to a minimum is very important to us.
We love it here! Still working on our journey to be debt free!
I want to rewind 😂 love the editing effects.
hahah thanks! Still learning little tricks in Final Cut Pro!
Great idea for a video, glad to hear people talking about this because we almost never do in “real life”!
Appreciate it!
I was floored at the 80k as a Post Doc, that is amazing, but he is CS/Programming right? They get paid way better than other engineering/STEM majors or you can't get them to go to grad school. Still. Mad props to him.
He's a smarty pants 😉
Hi,
I live in a shitty apartment rn and save sooooo much money. The only shitty part is the cockroaches. Our neighbors below and side ones are nasty AF! I clean all the time :(((
I want to move to a better apartment and i know i shouldn't. Im saving for graduate school..... it's hard :/
How long did you live in your crappy apartment? Im on month 6 .... :/
Convince me to stay. I'll only be here 3-4 more months b/c ill start school in January (not this fall cause of Covid)
Girl! If you have a cockroach problem, you NEED Home Defense spray by Ortho! You can get it at Wal-Mart or Amazon. Within 24-36 hours, you will have dead cockroaches all over the place. It works so well. Once you have that problem under control, I think you'll feel better about living in your apartment. I lived in my shitty apartment for 2.5 years before moving. You got this!!
My journey to turn 35 thousand dollars into enough money for a down payment...
I bought Five 1120 strike price call options on Tesla that expire March 19th 2021 at various prices between February and April. The current market value of these options is 312,700 dollars. (Up about 800 percent in 6 months)
I'm getting a new home built currently with 75k saved up. Going with 10% down maybe, closing in late winter.
Congrats!!
Leverage🔥🔥leverage is like what im seeing is the only way
Sheesh
I’m glad I’m in the Midwest. You get to save a lot of money. When I’m 30 I’ll move to CO where the cost of living is much higher but by then, I’ll have a large down payment and still an emergency savings. Not as expensive as San Diego though, very nice place but it’s for the rich and I’m nothing of the sort 😂
Great info! Looking to buy a house in the near future with my girl. Keep up the good work!
Thanks! Best of luck on your house hunting adventure :)
I’m looking at buying a house in San Diego too. I don’t want to move, this is my hometown. I moved to the south and people thought I was crazy for wanting to move back but there’s no place like San Diego and i understand you completely. I want to find a way to afford a house here, I don’t want to buy anywhere else unless it’s an investment property.
If you are going to cash out from your investments and put it in a bank account then it needs to be there seasoned for about 3 months. Lenders will always find a source specially if its a huge amount but if the money cashed out is being used for a down payment then you are good!! :) You should really talk to a lender to guide you better specially what PMI may look like for you and taxes too! GOOD LUCK!
Hi! i’ve been following your journey. Just wondering when are you planning to buy a house? and at this time, where people go into a bidding war, house prices are more than they are priced, would u recommend to buy a house at this time? Or just wait?
Thank you! Very informative. I just made a similar video on my channel as well. It will be so worth it when we wait, save up and then put down a good amount as Down Payment, so we can truly enjoy our DREAM HOME!
Glad you guys LOVE it here 👌SD
Wish you would have bought here before the HOUSING market went out of control (2019)
Me too!! UGH.
Are you investing at all or has all your savings just been towards a home?
100k savings is the goal, also live in an expensive area Fairfield county / westchester county . Current savings rate is 20% monthly. Trying to get there within 3 years, if the wife can wait that long haha!
it's worth the wait! This housing market is bananas.
Love!!! I hadn't known how early a CD could be implemented. I looked at my bank's CD rates and they are much lower than the 3% you mentioned. Could you advise where to find better CD's?
Is it tax free if you withdraw money from your vanguard account?
My name is Justine too and into that debt free life!
Well, hey twin!!! 💜
Great video. Interested to know more about the bond funds you chose for your Vanguard account. Was it a balanced type fund? Or, a combination of low-cost stocks and bonds type index fund?
How long did it take you to get to 106 because I'm trying to buy home myself within 3-5 years??? By the end of this year I should have have $25000 and thinking about opening a Vanguard as well
So you started the brokerage account with the minimum $3000? Or what was your starting amount to get up to $47,000 and how long?
im first saving for a car then I will be saving for a house or money to rent my own place. Gonna be at least 2 yrs till I reach my goals. I wish I could stay where I am now but I've only got 7 yrs till my roommate retires to San Diego without me.
fellow kanzen here trying to figure out how to afford buying a house in San Diego also. I think my plan is to do a 3.5% down and buy a fourplex
have you guys looked into buying a multi-family? The rent from the other units could subsidize your housing cost
Come to San Antonio, your 100K down payment could be 32% down payment on a 5 bedroom 2,400sf house.😵
Currently have funding I have about 11% to put down. I'm justifying the PMI cuz it's only going to be about $140 a month for about five years if I don't pay it off faster
Nice work!!
3% CD... Way to keep up with inflation
New to the channel and will be new to the debt free life style after paying off my student loans in August. I’m wondering why you are deciding to buy a home now at 20% down and paying off your mortgage debt versus saving longer and paying 100% down?
We live in San Diego where the median cost of a house is $600,000. We wouldn't be able to purchase a house outright in California at that high of a price.
Good job! Stay focus and you'll get your downpayment in no time!
That's the plan!
Do you have kids? We have almost 4 and my wife doesn't work. It seems impossible right now to save anything unless we move back with parents
@Roberto Vidal Garcia thank you person I don’t know and who knows next to nothing about my life. I will follow your counsel and I ask you for more on how I can live my life. Please give me more! 🙏 I don’t know what I’ve been doing this whole time without your help buddy. Could you coach me on how I can live my life?
@Roberto Vidal Garcia dang man this is gold! Ok so how much do you charge for coaching?
Housing prices are insane these days. Until the market crashes, that money (if it gets spent at all) is better allocated toward hookers and blow.
You only live in Manhattan KS for one reason and that's to be a wildcat #EMAW
But why would you not save 40 thousand more, you can honestly do it in 6 months and if you just transfer maybe 10 thousand from that account and it will not look suspicious? in contrast to 40 thousand I mean. Then you can have the 20% for the house and do not have to worry about PMI and I think it is achievable to save 30k in 6 months if you tried. Good job on saving that much already though:)
Any transfer they make from that account won't look suspicious. They have the account records to prove where the money was before it was transferred into a savings account after they sell some of the bonds. Nothing suspicious about it. Now if they had no record of having the money prior and suddenly have 40k then yeah that runs them into a bank wanting to see that it was a gift and records of the gift but otherwise selling an asset to fund a savings account isn't suspicious or unusual at all. I was curious why she thought it would be a flag for a lender...no it means they have a history of handling money well and the lender will be more inclined to finance their mortgage. I don't understand her concern at all.
Whew, glad to hear that! I asked my bank and they said we could include outside financial accounts like the brokerage account to help our case.
$420/month for 5 years will equal $25k i only use this math cause 420 lmao
im trying to save 50k for the down payment. it will take me 3 years to save so im doing a no buy year.
She forgot about the capital gains tax...
I would like to be able to put down at least 25%.
100k isn’t even a 20% down payment in San Diego.
don't i know it...
It’s not worth it buying a house in California
First of all, we need to be honest. "Buying" a house with down payment is not buying, because you don't own it. It is owned by a bank, you are just borrowing it (I thought this channel was about debt free). Second thing, housing market is in a huge bubble. Interest rates may go up and the price will collapse. Right now is the worst time to buy a house. Third thing, why not to rent? San Diego is one of the most expensive cities in the US. Renting for 2-3 years is so much less risk and more savings. And you could save money for these 2-3 years and invest in actually buying when the prices drop. So from all angles the decision doesn't seem right. Certainly not debt-free friendly.
You're right in that a down payment is not truly owning your home and also, I recognize that not everyone can buy a house outright - especially in a HCOL area. We will continue to save for a down payment and rent until we find the right home for us.
What are you bragging?
The video is meant to help viewers see how it's possible to save this kind of cash for a down payment, not a brag. My aim is to always be transparent and how you could implement this same strategy for yourself.
👍🏿👍🏿👍🏿🇬🇧
that voice tho ...
California......eeeeesh
Real estate out here is a JOKE
do you have children? if not then your blessed lol
Read some books about buying a house.