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When Is The Best Time To Buy a House

I read a quote on Instagram, remember those motivational quotes. And it said social media has 24 years olds thinking that they are failing in life because they don’t have a house and wife yet. 😎Call Me😎: https://bit.ly/30IBr0i 😎Second Channel😎: https://bit.ly/3c4sVPS 💲1 on 1 Talk + My Budget + Stock Investments💲   / tommybryson   💰MY M1 FINANCE PORTFOLIO💰 PLUS $10 Link: https://m1.finance/fQsrul1PZcHM 1. Buy it a house when you’re ready not when the Fed or social media says so ( Charlie Munger ) Right now interest rates are dirt cheap The reason the rates are so low Is to motivate people to buy But its also created an insane demand and people are willing to overpay But if your paying over the asking price and appraisal, when the economy settles back down and you’ve been in the house for more than a year you will start to regret it (every time you’re paying extra on that mortgage ) The point is: Think about why you want to a buy and right all those things down And you’re not allowed to use rates to justify or Fha to justify it or any other government assistant programs My take: If I'm being honest, I plan on buying a personal house when I’m ready for it And to me, that’s usually going to be when I’m getting ready to start a family So I’m getting married soon and the plan is to start a family 3-4 years down the line ( in the meantime I can get ready for everything and invest the bulk of my money ) Tip: Don’t rush things. What's going right now, is the same thing we see, when on Black Friday, people thinking it’s the only time to get a flat-screen. But the bad part is if you buy the wrong house, you’ll be stuck with it for 15-30 years it’s a big difference Ps: if you’re selling it’s the perfect time to sell a house. 2. Dave Ramsey Advice ( When you’re ready ) I like to take what works and leave what doesn’t The idea is before you buy a house, one of the most expensive things most people will ever buy You need to ready Here is How: First, you need to be Debt Free Second: you need to have a full-blown emergency account Third: you need to save for a down payment of no less than 10% but recommend 20% to avoid mortgage insurance Forth: Buy a home Following Daves Rules – 25% of expenses on a 15-year mortgage ( and also invest while the mortgage) Fith: any extra money throw it towards the mortgage to be down a lot faster What I Agree with and What I don’t: Being debt Free awesome 3-6 months of emergencies awesome 10-20% down payment awesome However, I would recommend 33% is house expenses instead of going down to 25% it's going to limit you a lot ( although in my formula I include maintenance which around 2%) Lastly extra money towards the mortgage I also agree Overall: When its time to buy a house make sure you have a good foundation Make sure it's not going to be to expensive where you cant handle it when things go wrong And keep investing and trying to pay the mortgage off faster 3. Ramit Sethi This is the Rent vs Buy This is mostly about location And the idea is that its not always a good idea to buy depending on where you live For example: The manhattan apartment buying vs renting formula Plus don’t forget the HOA fee It's obvious that renting is not always going to be bad depending on where you live However, My take is this: When I’m ready to buy a home, I’ll consider moving to a place where it will make more sense But you always want to wrong the numbers to make sure PRO TIP* INFORMATION IS EVERYTHING 👕Merch👕 https://teespring.com/stores/tommybryson ✅2 FREE AUDIOBOOKS✅ https://amzn.to/2Enayo8¬¬¬ 💰M1 FINANCE $10💰 Link: https://m1.finance/fQsrul1PZcHM 🎁ACORN FREE $5🎁 Link: https://acorns.com/invite/38EYSU ⚡FREE KINDLE UNLIMITED⚡ (traditional reading) Link: https://amzn.to/2VGbxt9 👨🏽‍💻DISCORD PRIVATE GROUP👨🏽‍💻   / discord   My Camera Gear: https://www.amazon.com/shop/tommybryson ✔ Help Us Reach 500,000 Subscribers: https://goo.gl/0wvm6w 😎All My Social Media😎 Link: https://linktr.ee/tommybryson *Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.