Today we’re going to see how you can prepare your finances so you can buy a house without going broke! Things are about to get hectic around here. We just heard from our neighbor that the developer is going to start building the townhouses across the street from us starting next week. Buying a House […]
Rich and Regular
Think your home is an investment? For most people, it’s not.
Learn how to rethink real estate so you can build your wealth and become financially independent!
Is Your House an Investment or Money Pit?
Buying a house is usually the biggest purchase we make.
Right now in the United States, the median price of homes that sold is $225,900.
For those living in high cost of living areas like California and DC, you’re looking at closer to 350k to $400k respectively.
Just considering the numbers, you can see that you really need to do your homework when it comes to buying your house.
A misstep or mistake can cost you a significant amount of money.
I don’t want that to happen to you. When \ever you buy your home I want it to feel like a blessing and a burden.
We’ve had several episodes about the house hunting, getting a mortgage, and finding the best home for you.
Today, though, I want to get into the root of every bad decision we made when it comes to real estate – how we approach it.
I can’t even count how many people had such strong opinions when we were house hunting.
And not all of them were right.
There so many justifications for buying any house.
- ‘You’re throwing away money when you rent’
- ‘Take advantage of the tax savings’
- And my favorite – ‘real estate is an investment’
People were saying this and they no idea what kind of house or neighborhood we were looking at.
That’s not to say buying a house is a mistake.
It can actually be a smart move when done right. And if you’re looking at investing and are willing to put in the work, real estate can be an income stream.
But how you approach it makes all the difference.
Which is why I asked Julien and Kiersten , the creators and the couple behind Rich and Regular to come on today.
They are not only are homeowners, but they are also real investors who are working towards financial independence.
Their properties are a part of their plan so I thought they would be perfect to talk about how to approach real estate wisely.
In this episode we’ll discuss:
- Why they don’t consider their home an investment
- How they got into investing in real estate
- Their strategy around real estate to reach financial independence
Hope you enjoy!
Resources for Buying a House and Investing in Real Estate
If you two are ready to get the
- Best Budget and Money Apps: Personal Capital, Tiller, Mint
- Automatic Saving:
- Free 401(k) Analysis:
- Jumpstart Your Marriage and Your Money
- How to Invest in Real Estate: The Ultimate Beginner’s Guide to Getting Started
- Why our new home is NOT a real estate investment
- The “other” skills you need to be a real estate investor
- 5 Key Ways to Pay Your Mortgage Off Faster
- 5 Reasons to Choose a 15-Year Mortgage
- Which is Better for You – a 15 Year or 30 Year Mortgage?
- What You Need to Know About Mortgages
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