Should I Buy A House With No Savings?

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[damionponce]

Yeah, they need to have more saved. When I bought my house I only had about 3 k left over in my savings, my house is a cheaper starter home but the maintenance ran up my savings quick, new fence, lawnmowers, maintenence on ac, replacing old appliances the costs added up quick. Things feel alot better when you dont rush and plan it out.

[RepuBlicOfChaD]

Yes, do it so i can buy your foreclosure!

[darrenalmeida]

Teach more on the TORNADO! This part is so important and the biggest part of becoming a homeowner. Also, US citizens need to start having a new mindset on spending, saving and investing.
Teach the TORNADO!

[bettysmith]

Goodness, NO, my house cost me 1200 the second day I owned it to repair a leaky toilet!! Don't count on your inspector catching everything, so have some money!!

[bigd]

Without seeing their situation the answer is No.. if they absolutely have to buy a home don’t buy a resale. No warranty. Needs repairs. Something breaks etc etc

[bettysmith]

The squeeze of a high mortgage payment AND the squeeze of home repair cost and maintenance!

[saltystitchez]

Without watching- absolutely not. No.
The Thursday before we closed on the following Monday, all the units in our HOA were hit with a 2k special assessment. If we didn't have savings we would be absolutely screwed.

[gocivic]

We bought in January. Thinking we could do a cheaper/ older home with sweat equity. We blew through our savings with new paint, flooring, bathroom refresh and endless home depot/Lowe’s visits. Think furniture, bill set up, buying storage/ shelving, lawn care and completing remaining items on the home inspection list. Also, we just found out we are pregnant….

[greendale]

Love your videos. I like to budget carefully so these reminders are helpful. I'm happy to see that your recommendations are roughly in agreement with my calculations.

[uphoria]

Can you do a video of my situation in NY? I can't find relators or brokers like you and Kyle from win your house, that give such good advice in the Northeast.

[jacquelinelopez]

I think a lot of people buy without having the means because society thinks it’s “better” but sometimes renting is better in certain situations. And there should be no shame in renting.

[layessi]

I am from Sacramento and just bought a $500K home at 10% down and its $1, 300 to $1, 600 more expensive to own ($3, 600 mortgage + $500 in utilities = $4, 100 a month before maintenance) vs rent ($2, 500 - $2, 800) but we had over $120K+ cash saved and we wanted to own a new home. We did not touch retirement and we did not sell Home #1. After closing we had $50K left and even at the high mortgage price its still affordable for us at under 30% of our net take home. When I searched for homes I saw a lot of homes in pre-foreclosure status and I presume it is because of couples like this who had savings and a good job had bad luck in the job market and then could no longer afford their lifestyles. If we lost one income we have 6 months of savings and we have another property we could sell for profit and investment accounts we can pull from too.

[mk-ocmt]

In Sacramento? Absolutely. It’s not like utility rates and parcel taxes are rising quickly.

[yourstrulyfocused]

Just finished discussing this with my girl, I’m not trying to be house poor. Here in the DMV numbers a getting stupid again. I can rent LUXURY at 2300-2800, I can buy something shoddy and pay 2800 and HOPE I get some equity in 3 years.

[Captaine_Crunche]

I’m fresh out of high school, and have been working on my plan for 7 months now, nearly halfway done with my bachelors in software engineering, I’ll be finished the other half in early 2025, I chose this because my parents screwed up and I have to take out unsubsidized loans with zero aid, luckily the total cost will only $5000 for university thanks to my planning around this, and I get to graduate 3 years early, win win. It has been a struggle through, non stop grind 7 days a week, but i see the end coming.

[hawkzro]

I really wish houses weren't rentable. The reason why... I've seen to many friends and family get kicked out of a rentel they were perfectly happy paying for, only because the landlord wants to sale and cash out. Really sad. :/ keep real-estate investments away from single family homes. Apartments and business real-estate should be the only investment properties that exist Imo.

[iGnashtys]

Have you made a video about more realistic numbers cause 30% of income only works for a few states

[idkmybffjill]

*you’re experience may vary.

So I bought a $52k townhouse zero down in 2020, by 2021 it appraised at $117k. In 2021I bought a 3/2 house for $170k again zero down, by 2022 it was worth around $210k.

All that equity for free without saving. Just got an offer accepted on another condo in one of the best zip code in my town for $145k, zero down. However I started my real estate journey with a very safe move, a 2/2 condo I bought all cash in 2018 for $31k now worth around $80k

[claramarie]

Mortgage rates are currently at an all time high since 2000(23 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market.

[goodyangie]

You said Sacramento, CA and I immediately thought no.