In this episode Mark is joined by his daughter Katie and her good friend Jessica to discuss the intricacies of first-time home buying. They delve into the current housing market, the advantages and disadvantages of renting versus buying, and personal anecdotes about homeownership.

Jessica shares her journey as a recent college graduate contemplating buying her first home, and exploring concepts such as house hacking, renovations and rental property options.

This episode aims to educate listeners on making informed, financially sound decisions in the complex world of real estate.

If you would like your question answered on the show, please send an email to Mark@MarksMoneyMind.com and put “podcast question” in the subject line.

Episode Links:

Mark’s Money Mind YouTube Channel

I Will Teach You to be Rich: No Guilt. No Excuses. Just a 6-Week Program That Works by Ramit Sethi

I Will Teach You to be Rich YouTube Channel

Boomers Buying Houses Had It Bad in the ’80s. Millennials Have It Worse. Wall Street Journal - August 11, 2024

Set for Life: An All-Out Approach to Early Financial Freedom by Scott Trench

First-Time Home Buyer: The Complete Playbook to Avoiding Rookie Mistakes by Scott Trench and Mindy Jensen

Timestamps:

• 00:31 Special Guests: Katie and Jessica
• 00:46 Housing Update and New Apartment
• 01:29 The Big Move and Future Plans
• 03:11 Jessica's Journey and Homeownership Questions
• 04:33 Renting vs. Buying: A Deep Dive
• 08:01 Understanding the Housing Market
• 14:07 House Hacking and Financial Strategies
• 22:56 Mark's Personal House Hacking Story
• 26:03 The Fixer-Upper Trend
• 27:11 Living in a House Before Renovating
• 28:07 Finding the Right Realtor
• 31:16 Vetting the Town and Renting First
• 33:13 Making a Long-Term Commitment
• 39:54 Financial Ratios and Affordability
• 43:36 The Importance of Taking Your Time
• 44:03 Generational Differences in Home Buying
• 48:36 Final Thoughts and Advice

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