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First-time home buyer tips for future millionaires...
If you want to be a millionaire you need to own income producing assets.
To own income producing assets you need money to invest.
To have extra money you either need to make more or save more.
Why not do both?
To own income producing assets you need money to invest.
To have extra money you either need to make more or save more.
Why not do both?
First off, living in a single family home is not an investment!
(Yes there are rare exceptions)
(Yes there are rare exceptions)
My first home was a 2 family. My wife and I lived on the 2nd level and rented out the first.
Our tenants rent covered 100% of the mortgage. We basically lived for free!
Our tenants rent covered 100% of the mortgage. We basically lived for free!
Housing is most people’s #1 largest monthly expense! (Besides taxes 
)
If you buy a multi family home you can almost always cover your cost and often make a profit every month.
)If you buy a multi family home you can almost always cover your cost and often make a profit every month.
Let someone else pay down your mortgage while you build equity and save all that extra money you would be spending on housing for your next big thing.
First time home buyers: there are special mortgages out there just for you! You can put as little as 3% down as long as you have solid credit. If not, find a co-signer who does.
“What about PMI?”
Most people assume Private Mortgage Insurance is required if you put less than 20% down.
I have found that many local small town banks will wave this requirement if they hold the mortgage, meaning they don’t flip it back into the market.
Most people assume Private Mortgage Insurance is required if you put less than 20% down.
I have found that many local small town banks will wave this requirement if they hold the mortgage, meaning they don’t flip it back into the market.
Live like this as long as you can, keeping your expenses low while saving up for your next strategic move.
This is how I saved enough to buy a self storage business which I could have never done if I lived in a single family home. Thread here: https://twitter.com/roblabonne/status/1296921902343168000
I learned a while ago that having excellent credit is critical. (Read “I Will Teach You To Be Rich by @ramit )
Never pay your credit card bill, car payment, etc late. If possible pay it off in full every month. It’s never too late to establish good money habits.
Never pay your credit card bill, car payment, etc late. If possible pay it off in full every month. It’s never too late to establish good money habits.
This thread was inspired by many people who DM’d me asking some version of “what’s the best way to get started?”
I don’t claim to have all the answers. All I know is this worked well for me.
Onward and upward
I don’t claim to have all the answers. All I know is this worked well for me.
Onward and upward
