The Best Way To Buy A House Explained | Home Buying Tips - Minority Mindset
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The Best Way To Buy A House Explained | Home Buying Tips
0:00 - Video starts
1:14 - Get prequalified to buy a home
5:07 - Affordability of a home
8:43 - Using a real estate agent
10:19 - Know what you want
11:30 - Making an offer to buy
14:22 - Your EMD
16:17 - Get your property inspected
17:38 - Check the property records
19:11 - Review the legal issues
20:52 - Closing on your property
What Is The Minority Mindset?
Minority Mindset was founded to revolutionize the way people think about money and to make financial literacy fun. We do this by sharing videos, articles and resources on how to make, save and invest money. With more than 700,000 subscribers, Minority Mindset is one of the leading financial literacy companies in the world. Go to theminoritymindset.com or visit our KZfaq channel / minoritymindset for the latest on how we help people Rethink Rich. #RethinkRich
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This Video: • Video
Channel: / minoritymindset
Video host: Jaspreet Singh
DISCLAIMER: This description may contain links from our affiliates, sponsors, and partners. If you use these products, we will get compensated - but there's no additional cost to you.
DISCLAIMER CONT'D: I'm just a random guy on KZfaq so do your own research! Jaspreet Singh is not a licensed financial advisor. He is a licensed attorney, but is he is not providing you with legal advice in these videos. This video, the topics discussed, and ideas presented are Jaspreet's opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence.
@MinorityMindset 3 жыл бұрын
Thank you for watching! If you enjoyed this video, you should watch - Should You Refinance Your Mortgage: kzfaq.info/get/bejne/nKeBe5OomNSVj6s.html
@flywithme3549 3 жыл бұрын
This is something you should learn at school, I'm sure anyone who watches this will be spared a lot of financial pain
@vinitamagarnepathyeband7391 3 жыл бұрын
⁰00
@alejandrahowell2057 3 жыл бұрын
This a super I informative video! So when you say we shouldn't pay more then 25-30% of our salary in mortgage/rent should that include property taxes, insurance etc? Thank you 😊😊😊😊
@alejandrahowell2057 3 жыл бұрын
@@flywithme3549 so agree with yoi
@nuritawwab9231 3 жыл бұрын
Does that 25% rule include home insurance and taxes or just principal and interest?
@wileycates9492 3 жыл бұрын
I graduated High School in 2017, I learn more in your 20 minute videos than 4 years of financial class.
@TheFirstRealChewy Жыл бұрын
School teaches you how to work for money, or more like gives you the tools to go work for money.
@JasonWalter1 3 жыл бұрын
From one real estate agent to another, this was an awesome breakdown! Well done 🙏🏻👍🏡
@krisn6244 3 жыл бұрын
@@minoritymindset2871 by
@deemiller5024 3 жыл бұрын
When paying off my house, a financial advisor said Don't pay off your house early. Interest rates are so low, take the extra principal $ and invest it. The market has a FAR greater return on average, and your compound profit would be more than your money saved on paying off early. Is that True???
@ImVeryBrad 3 жыл бұрын
The bank pre approved me for something around 600k. If I bought a house for that much it would have wrecked me. Our made budget was 450k, found something at 430k
@nickdoyle-achievefinancial2464 3 жыл бұрын
Good thing you didn't buy the most expensive home you were approved for! Many people do and this is why they live paycheck to paycheck.
@IrishMexican 3 жыл бұрын
Minority mindset Hey fake MM, you should “invest” in an English book. You may pull off more scams that way.
@orangeblock3792 3 жыл бұрын
Good GRACIOUS! 22 minutes of PURE KNOWLEDGE!!!
@selectdealer3003 3 жыл бұрын
I love this guy because he gives actual rules to follow and not just ambiguous advice
@lifeisastage9 3 жыл бұрын
This was one of your BEST videos! When we bought out first home many years ago, we literally went through the whole process without really understanding 'what just happened.' Not good!
@jimhowes2983 3 жыл бұрын
Great video. Here's a few more tips from an old soul.. 1. know the value of renovations, that dodgy kitchen & bathroom that you can't live with can easily add another 10 15% to the purchase price. 2 Don't trust fresh paint. Paint is cheap compared to what it can hide, especially freshly painted ceilings 3. Always always get a survey done on the land. 4. Use internet to check sales records for that house & street. It gives you a good idea how much room there is for negotiation. 5. Take earplugs on inspections or otherwise ignore selling agent.. 6. Always call building inspector after you get the report & ask a few questions. A lot of them are tick n flick merchants & if you read the waivers they guarantee nothing . Listen to the answers. 7.Remember you are buying the house not the furnishings.. Who am I you may ask? Just a guy that spent over 20 years in the home services industry. I was often referred by selling agents to home sellers. Do you know how much a few hundred dollar kitchen top & fresh paint in the mouldy laundry & bathroom can add to a home value? hehe
@Forextrader19 3 жыл бұрын
This video is so valuable! I'm literally learning all my financial education through channels like these and all these good videos have really changed my mindset
@katlynalves6230 3 жыл бұрын
I think this is the most comprehensive single video on home buying that I've seen so far on KZfaq. Thanks!
@ilyaevgrashin 3 жыл бұрын
When you’re start buying get pre-approval letter, not pre-qualification. It’s when your financials, credit score and income verified. Also you’ll have a statement in residential purchase agreement about contingencies (deadlines). In sellers’ market that is happening now no seller will give you more than 25-30 days loan contingency and you’ll lose your earnest money deposit if your loan is not approved at that timeframe.
@huymynguyen67 3 жыл бұрын
Man you are awesome. I learned so much from all of your videos. I honestly wish all these was taught in high school.
@TheSturgeonGeneral572 3 жыл бұрын
This channel deserves more subscribers! Keep up the great work!
@philtastic1 3 жыл бұрын
You’re like the father I never had
@camposricardo39 3 жыл бұрын
😂😂😂 sad but so ture here too
@stevelangston2359 3 жыл бұрын
Yep
@exxxxoskeleton 3 жыл бұрын
DADSPREET
@willywonka6504 3 жыл бұрын
Pin this comment 😂😂😂😂
@CoastCoast77 3 жыл бұрын
Lol
@Ay-B 3 жыл бұрын
Another small tip: If you can, try to get the mortgage just at or below rental rate of the neighborhood. If in the future you need to move but can't or don't want to sell, you can rent out the property and at least cover the mortgage.
@dnice822 3 жыл бұрын
This was exactly the process I had to do to buy my home, great video.
@dougyshl 3 жыл бұрын
I’m working on buying my 3rd house... been so blessed lately and so glad for this channel! Thanks Jaspreet and everyone working behind the scenes.
@bencarter9035 3 жыл бұрын
Don't forget that some banks require that you have reserves after all the fees. So you will have down payment, closing, and reserves. Normally this isn't a lot but a few thousand.
@hobowithagun24 3 жыл бұрын
I find it amazing that you never run out of video ideas! Thank you for all the information, keep up the great work!
@minoritymindset2871 3 жыл бұрын
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@Phantom.Q_ 3 жыл бұрын
Thankyou for the consistency
@japindersingh5354 3 жыл бұрын
I love your videos, usually watch with my morning tea. Nice way to start your day with some financial knowledge!!!
@kellymelissa8909 3 жыл бұрын
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@zakiyatdjabakatie7071 3 жыл бұрын
This channel is golden, I literally got a book for this channel to take notes, it's like my favorite class/lecture. Thank you so very much!!!!!!!!!!!!!!
@livingincontracostacounty 3 жыл бұрын
As a real estate agent, you have explained this so so beautifully!
@ayiska57 3 жыл бұрын
Awesome video Jaspreet! Super informative! Thank you!
@odiaz1432 3 жыл бұрын
Not only have you been inspirational but very informative, as well. I’m following everything you say. I’m on my way on purchasing my second units in a few months. I’ll be living in my four-plex while living for free. Meanwhile, Over half my income will go to the stock market. In 12 months after that I’ll pull money from the stock market and buy my third units. I’ll be repeating this over and over until I die. When I get to the point I’m financially satisfied, I will visit you Jaspreet in Detroit and take you and your crew out for a lavish dinner. I owe you big time. thank you.
@dannygom75 3 жыл бұрын
yes i enjoyed every word of your time.. thanks.
@jusjeany 2 жыл бұрын
wow!... every aspect and scenario covered here...love it!
@joinwealthwave 3 жыл бұрын
Best video I've seen on this! Very insightful!
@frankhernandez693 3 жыл бұрын
Very informative Jaspreet! Thank you for all your hard work! Hustler!!
@carennorthcutt7724 3 жыл бұрын
You are reading my mind. Thank you for this post.
@adisuabdissa3558 3 жыл бұрын
Simple step by step guide. Thank you minority mindset!
@user-wf8xi5fs8r 3 жыл бұрын
So glad i found your channel. Not many smart people are around to help others. Thank you
@KateReadsBooks 3 жыл бұрын
love you!
@laprepper 3 жыл бұрын
Bought a home in January for a househack, I'll be done with the converted garage that needed a little updating in a couple of months hopefully and that rent will pay about half the mortgage
@zodomagitana5595 3 жыл бұрын
Good morning everyone!!! great way to start the day, keep the good work blessings.
@minoritymindset2871 3 жыл бұрын
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@john8753 3 жыл бұрын
more value over here than anyother realestate investing videos ,love this man
@biohackmasters15 3 жыл бұрын
Awesome as usual! Thank you sir! ❤
@capitaldiaz3749 3 жыл бұрын
Absolutely value packed video, thank you!
@bravoalphahk 3 жыл бұрын
Great details. After about ten other videos, I finally subscribed after this one.
@firefly4322 3 жыл бұрын
Love your videos! Thanks for putting in all the great work!
@prodby.godswill 3 жыл бұрын
This guy knows what he's talking about! My dad has been helping me with finding a home for my new job, and this is refreshing my memory on everything so well. Thank you!
@marwathabet4028 3 жыл бұрын
Very informative. Thank you so much!
@robertchin6248 3 жыл бұрын
Thank you, great video!
@an10nee 3 жыл бұрын
Perfect video as I am in the market planning to buy. Thank you
@shankysohar 3 жыл бұрын
Thanks for a nice tips, i enjoyed watching all you videos.
@russcanhelp 3 жыл бұрын
It's my morning routine to always watch your videos! Haha Keep it up!
@Rocioslane 3 жыл бұрын
Thank you so much for this, I'm going to start this process in the new year and honestly don't know a heck of a lot
@alfredogarcia5936 3 жыл бұрын
What a GREAT video!
@sorannprak1445 3 жыл бұрын
I love your videos, you made it so simple for me. I close on my house so fast because of you. (First home)
@frxsty8804 3 жыл бұрын
“Thumbs Up” before I even watch the video because I already know!
@milliebucks6050 3 жыл бұрын
👊🏿👊🏿👊🏿
@meskinYT 3 жыл бұрын
I was gonna say the same thing :)
@zakiyatdjabakatie7071 3 жыл бұрын
Same!!!!
@seizuresalad421 3 жыл бұрын
I’m currently working with a Lender and Buyer’s Agent... and this is the MOST RELATABLE video I’ve seen. Gave me more clarity on the process. THANK YOU!
@weston.weston 3 жыл бұрын
Jaspreet & Minority Mindset is exceptional, such good content. Each video presentation provides granular details that are commonly glossed over in general conversation about these topics. Great content!!
@DeltaLou 3 жыл бұрын
These videos on buying a home are always the best.
@ssoffshore5111 3 жыл бұрын
Buyer and even selling property is always a significant PITA! Part of the reason RE isn't very liquid. For new investors out there that think they want to own RE solely as an investment, REITs MIGHT be a better choice for you if you want to avoid many of the headaches and want something that's much more liquid. Pros and cons for each, but sometimes just sticking with REIT's makes more sense if you want a more passive option without the headaches!
@rpierrelouis071 3 жыл бұрын
Your channel is so underrated! You content need more exposure!
@carlosperdomo9466 3 жыл бұрын
This channel is changing my life. ❤️
@deepindersingh410 3 жыл бұрын
Bro, here watching your content in Punjab, India from more than a year, even from my another account Great content Thanks for supporting farmers 🙏
@denisjr86 3 жыл бұрын
GOOD INFO. THANKS
@claudiacastly 3 жыл бұрын
Great advise . Trying to buy my house need to watch this video 🙏🏼
@lehman301 2 жыл бұрын
Fantastic video!
@bailey.in.alignment 3 жыл бұрын
So on the subject of having 20% down payment, this can actually sometimes work against you. When I bought I only looked at places that I could afford with 20% down. When the bank found out I was putting 20% down they increased my interest rate. Long story short it was cheaper to decrease my down payment and pay the mortgage insurance up front then have a higher interest rate on my mortgage.
@abdulmohammed9100 3 жыл бұрын
Excellent Topic Jaspreet and very well Explained......lot of us go in the market buying for a house not knowing the nitty grittys of the whole process and all the hidden surprises
@akalrove4834 3 жыл бұрын
If I were to follow the 25% rule then, I would never be able to purchase a home in Cali. It depends on your location. Also, the advice about net income and not gross income is a solid one. Banks usually give you loans on your pre-tax income but you a should always asses if you can afford a loan on your post-tax income.
@emmys7184 3 жыл бұрын
You’re the best. Thank you so much
@Papafraank 3 жыл бұрын
Valuable content 👏🏽
@joshdawg25 3 жыл бұрын
Love the videos. They are simply explained and you make what can be sometimes very boring important information very Interesting
@kevaljoshi7594 3 жыл бұрын
Thank you jaspreet for this awesome video of home buying process it is very informative 👍🙏🏽
@Jmz178 3 жыл бұрын
Great video thanks for the info
@FinanceAP 3 жыл бұрын
Awesome tips man!!!!
@Kevin-ii3df 3 жыл бұрын
Wow this content is gold!!
@zeandrelee5365 3 жыл бұрын
I will need to review this before buying my first property. Thanks jaspreet!
@livingalaskanative3301 3 жыл бұрын
Thx for all your help
@MC4D. 3 жыл бұрын
Thanks for the break down, really helpful. Only thing I wish the pre-qualified process would consider is the amount of rent and consistency of current or precious rental. There are some people that don't want to get into debt or more in debt just to build up a credit score.
@Nicholicious89 3 жыл бұрын
I really appreciate your style - information delivered in a digestible way, grounded in your actual ( very extensive ) experience. Buying a house is becoming a big focus of mine and I'm realizing it needs to be very long term goal especially in terms of actual cash on hand. Thank you for donating your time to the world!
@biaheza3677 3 жыл бұрын
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@RK-zs5j6 3 жыл бұрын
Great Information. Thank You
@emilhristov4949 3 жыл бұрын
I don’t way but a like you a lot and i like wen you said ”below” of course i like what you said in yours videos. Every time I learn something new! Thanks you mate!
@erict6374 3 жыл бұрын
Amazing content. Ty!
@ntrotv5061 3 жыл бұрын
Great video!
@cindymarcelacolucci7100 3 жыл бұрын
Good stuff..nice vid man
@jazzy5501 3 жыл бұрын
Very good info I learned from experience
@pistolero114gunner 3 жыл бұрын
My brain feels so good getting fed information in way that it can actually process 😏 love your videos
@zoyahallman1343 3 жыл бұрын
THANK YOU!
@chattervast 3 жыл бұрын
The best way to buy a house is with other people's money! But in all seriousness, I was able to purchase a home with no money down with an FHA program where the government put in the down payment and forgave that small I lived in the house. Lucky break to getting into home ownership!
@wealthupgrade6104 3 жыл бұрын
Very nice tips! I should add this in my vids. 👍
@enriquegentry5629 3 жыл бұрын
damn bro 781 thousand followers..you're blowing up..keep it up
@InfamousAustinT0 3 жыл бұрын
Thank you for this!
@InfamousAustinT0 3 жыл бұрын
@Minority Mindset Nice try with the fake account
@orionespy 3 жыл бұрын
Thanks!
@Kaikai-yx8ze 3 жыл бұрын
You are a hero to many. Thank you on behalf of all the people who benefits from your knowledge 🙏🏾
@kellymelissa8909 3 жыл бұрын
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@kellymelissa8909 3 жыл бұрын
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@nalawms8767 3 жыл бұрын
Thank you for this video... Im trying to buy a house by April! 😊
@bolopez9642 3 жыл бұрын
I’m in the process of buying a home in Los Angeles and sellers are getting offers way above asking price ($50k -$100k). Homes are selling within a few days.
@SoThugNastyChannel 3 жыл бұрын
They should have a class like this in high school for sure college . thanks for the free knowledge Mr Singh.
@kysssims8764 3 жыл бұрын
Good stuff!..Seems like you always make a video with a current situation I’m going through. Are you telepathic? Lol..stay safe!
@ravenbarker8052 3 жыл бұрын
Thanks jaspreet! Needed this, very helpful
@kellymelissa8909 3 жыл бұрын
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@thekaizentrainer8872 3 жыл бұрын
Very good info in this video.Thanks so much💪💪💪💪
@tomdrummy4984 3 жыл бұрын
Great content............once you figure out what you can afford, buy home below that number . Don’t cut it too close. 😊
@salvatoresciorta5301 3 жыл бұрын
I was pre aproved for 580k last week iv been working as a plumber in tunnels for three years now saving living below my means im buying a home for 325k instead in a up and coming area in Pennsylvania i plan to renovate the carpets to hardwood , gut kitchen, gut bathrooms and redo everything myself with my father im 25 years old with wife and new son most of people i went to school with that decided to go to college are living home with there parents i went on wrk truck day after highschool graduation i plan on busting my ass maxing out my roth ira so by time im 40 im a everyday millionaire and i can set my son up with investment properties so he can level up our family lol. I never payed attention in school and barley passed and was a troubled young adult. Theres no excuses people make yourself better 1% everyday body, mind ,spirit ,finances.
@timothyumunna4605 3 жыл бұрын
Good stuff man
@Scott-by9ks 3 жыл бұрын
I'm a real estate investor and was once a licensed real estate agent and I would advise getting multiple pre-qualification letters at different price points. This will allow you to make offers on multiple homes at different price points without revealing your full buying power.
@rovan26 3 жыл бұрын
I love this channel. The videos are always very informative and right to the point. Thank you!
@mia-wu8fz 3 жыл бұрын
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@flacoboy626 3 жыл бұрын
Keep up the great work!!!! You don't understand the motivation and education you provide. Its like 10x the amount you believe you provide!
@mia-wu8fz 3 жыл бұрын
Write my Brooker JOSEPH KEVIN BILLY to earn huge in BITCOIN,his strategies are top-notch , he's really making me huge gains, turning 2btc to btc in 14days,indeed am amazed
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