312 | First-Time Home Buyer | Bigger Pockets

<div class= "elementor-element elementor-element-15da9379 elementor-widget elementor-widget-theme-post-content" data-id="15da9379" data-element_type="widget" data-widget_type= "theme-post-content.default"> <div class="elementor-widget-container"> <ul> <li>In 2008-2009, the American dream of a home with a white picket fence turned into a financial nightmare, sending many families underwater for a decade. After looking at the numbers, there’s an ongoing debate over homeownership. Owning may not be the right decision for everyone.</li> <li>Scott Trench and Mindy Jensen from BiggerPockets join the show to discuss home buying and their new book, <em><a href= "https://store.biggerpockets.com/products/first-time-home-buyer" target="_blank" rel="noreferrer noopener">First-Time Home Buyer: The Complete Playbook to Avoiding Rookie Mistakes</a></em>.</li> <li>Even if you’ve already purchased a home, Scott and Mindy’s book is a masterclass to help you rework the process during your next home buy.</li> <li>According to their book, “…a smart home purchase will not only give you a place to live, but also offer flexibility, financial stability, and the chance to recognize and increase in that home’s value over time”.</li> <li>Is purchasing a home a good investment? Mindy says, “Maybe”. Housing is an expense whether buying or renting. The more you buy, the more you are spending, and the less wealth you will have.</li> <li>Don’t ask how much can you afford. How little can you spend to meet your lifestyle needs and what’s the best financial decision to meet those needs? There’s a lot of math behind a buying vs. renting decision.</li> <li>As a real estate agent, Mindy tries to stop herself from asking clients how much they can afford. Instead, she asks about the price range, what kind of home they are looking for, and what condition it should be in.</li> <li>Mindy’s home is an investment, but that’s because she buys dumpy homes, fixes them up, and forces the appreciation. However, she says the average person shouldn’t consider their