Tips For First-Time Home Buyers w/ Scott Trench + Mindy Jensen – EP 161

Thinking about buying your first home? Already in the process? Home buying is a big decision and a massive expense, but there are ways we can enter this process equipped with knowledge to get the best possible deal and make the most of our money. Listen in as Scott and Mindy share from their own research and experience the things we should know as first time home buyers!

Sponsors: 

  • The Frugal Friends Workbook Flash Sale is back! FFWB a digital workbook with 6 week-long challenges that turn improving your finances into a game. You’ll get 60 pages of teaching and implementation guidance on topics ranging from decluttering and increasing your income to having healthy conversations about money. And while it can be completed on your own, it’s created to be gone through in pairs or small groups that’s why every purchase comes with two downloads. Head to Frugalfriendspodcast.com/workbook to learn more and this week only you can get the workbook for 40% off. No code needed.
  • Surprise! No really, surprise is the sponsor of today’s episode. The surprise that comes with a call from your landlord telling you you have 6 weeks to get out of his duplex. The surprise that comes with being outbid on every single house you put an offer on. And the surprise that your wife has gone under contract with a house you haven’t seen yet. Surprise. It is the spice of life so they say.

Get more about home buying with these other FF episodes!

Ep 67- When Buying a House is the Frugal Move

Ep 80- How To Get Other People To Pay Your Mortgage w/ Craig Curelop

Ep 124- How to Save Money When Buying A House or Refinancing

Interview

  • Tell us about the strategy behind buying your first home.
    • Understand exit options
    • Analyze rental opportunities
  • Is there anything else you should do before you download the Zillow app and glue yourself to it indefinitely?
    • Define a good deal
    • Prepare financially
  • We recently heard that there are more real estate agents than homes for sale. What are the secrets to choosing a good real estate agent when there are so many?
    • Do your research – ‘big sales’ are not necessarily an indicator of being the ‘best’
    • Get recommendations – read reviews!
  • What are some things about the actual home buying process that first time homebuyers aren’t aware of?
    • Costs! It’s not just about the down-payment

BILL OF THE WEEK –  

Thank you Scott and Mindy for sharing your bills of the week!

-Mindy: ‘millionnaire’s scratch pad’ – notebook style filled with actual $2 bills

-Scott: internet bill which is reimbursable through wife’s company. yay!

If you want to submit your bill of the week visit frugalfriendspodcast.com/bill to leave us a bill

Lightning Round

First home buying experience; was it a lovely memory or nightmare?

  • Mindy- First home was a condo – increased HOA fees, BUT overall good experience and sparked excitement about future real estate investing
  • Scott- Duplex in Denver, needed to live in it
  • Jill- Experience went as flawlessly as could be expected – very pleasantly surprised. Although a LOT more unanticipated costs/fees than I imagined!
  • Jen- Kicked out of duplex rental, bought a home…but it’s a good home!

Get more from Scott and Mindy at:

-Bigger Pockets Money Show

-Get the Book: First Time Home Buyer

Wrap-Up:

Thanks so much for listening! Keep leaving us reviews on iTunes or Stitcher, and sending the screenshot to frugalfriendspodcast@gmail.com. AND share our most recent episode on social for a chance to win a copy of the Frugal Friends Workbook!

Thanks for listening! See you next week!

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