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| Name | Buying a Home 2021: How I Bought My First Home at 25 in Hawaii! |
| Video Uploader | Video From Kienen Koga |
| Upload Date | This Video Uploaded At 05-10-2020 22:15:02 |
| Video Discription | Here's some tips that helped me when buying a home in 2020 in Hawaii by the time I was 25 years old. Hope this will help you get started in your real estate or real estate investing adventure! If you're into it, you can add me on Instagram @kikoga Step 1: Save as much as you can This is probably the most important and hardest step for people to hear when it comes to real estate and buying a home in 2021. Especially in Hawaii where the median single family home is over $800,000 and a condominium $440,000, having enough money for a downpayment can be a tall task. If you’re brand new to real estate, typically you will need 20% of the purchase price available as the downpayment in order to be considered for a loan. There are other options to put down less than 20%, but typically that comes with “consequences” in the form of mortgage insurance payments, harder to get the loan, etc. because you’re seen as more risky to the lender. 20% of the purchase price is standard and that’s not usually an amount of money people just have in their back pocket. Try to put saving in the forefront of your mind and track your expenses. The more you make it a priority, the more likely you will be able to meet your goals. Step 2: I had a consistent income from continuously working Ever since I could legally do so, I started working. Through high school, college and breaks, I always had a job or paid internship and I tried to save as much of that money that I could. I wasn’t perfect, but having that consistent income definitely was a big reason why I was able to put money down on a home so early in my 20s after working my “real job” for a couple years. Starting work early also taught me the value of earning money and relating it to hours spent. So I started to look at purchases in terms of hours worked which helped me stay away from spontaneous purchases. So for you guys, search for the cost of the home you want to buy, and see how much money you need to save to get there. If it's too much, you either need to shoot for a less expensive home, or increase your income. Step 3: I had great credit and built it from a young age, and had no debt So let’s start with credit. Luckily my parents made me get a credit card (once I started working) and told me to make my purchases on there and pay it off every month. I didn’t understand why I wouldn’t just use a debit card since I seemed to be using it in the same way except I didn’t have to pay off a debit card every month; until I was able to stand in front of a loan officer, or car dealership and people would just lend me money based upon my credit score and income in my early 20s. If you want to get into real estate early, you need to have a good credit score or lenders will not give you good rates or maybe even the loan. Lack of debt is something that I have been blessed with and I fully acknowledge that most people are not as fortunate as me when it comes to this. It is so typical nowadays for people to graduate college with hundreds of thousands of dollars in student loan debt. See how much money you will make with your degree, and calculate how long it will take you to pay off the loans you are about to take on with that income. If it's too much, go to a cheaper school. I'm a firm believer that we should follow our passions and be in the career we want; but we need to run the numbers on the finances to make sure the debt is substantiated. Step 4: Have Mentors I think its really important to have people in your life that you can go to with questions about real estate and help you gain awareness of the options and opportunities out there when buying a home in 2020. I always find that the best way to better your own knowledge is to surround yourself with people smarter than you on that topic. Hopefully this channel can be a resource for everyone too, but I think there is definitely value in having people in your corner that know the location well to give you the best advice for real estate. Step 5: Seize the Opportunity When buying your first home in 2021, they say timing is everything and that was definitely the case for me. I’ve heard other stories of people finding their real estate deals and making offers the day it comes on the market or even before it comes on the market, and you have to be ready when the opportunity presents itself. Paralisis of analysis is not something you want when you’re trying to find a deal in real estate. I think comfort in seizing opportunities really stems from preparation up front, so that’s where your foundation of saving and good credit sets you up for those opportunities. I hope you enjoyed the video! Let me know in the comments what else you would like to see or learn! [ubFmIoPjb9A] |
| Category | Howto & Style |
| Tags | buying a home for the first time | buying a home with no money down | buying a home during a recession | buying a home with bad credit | buying a home in hawaii | buying a home in california | buying a home with student loan debt | buying a home during covid-19 pandemic | buying a home with VA loan | buying a home without a realtor | buying a home in los angeles | buying a home now | buying a home in texas | Graham stephan | graham stephan show | buying a home 2021 | buying a home in 2021 |
