My First Home at 21! How To Purchase Your First Property

I purchased my first home at the age of 21 with the intention of renting out the spare bedrooms to cover my mortgage. I attribute my ability to purchase this home at a young age for a few reasons:

First is credit. While in the hunt for a home having good credit will make your life so much easier, you will have a lower interest rate, and you will save money on mortgage insurance if you put less than 20% down on your home. It is important to start building your credit as soon as you can. I suggest getting a secured credit card at first where you basically put a few hundred dollars down and that becomes your limit on the card. Use the card for a few purchases every month and pay the entire card off every month. This is not free money.

Owning a service industry business is also a key reason why I was able to purchase my home. I am of the strong belief that right now is a prime time to own a local service based business because we're in a time when everyone is focusing attention online it is leaving a gap and opportunity in the offline fields. I own moving companies and a pool servicing business. With these businesses I was able to go from $0 to nearly $1,800,000 a year in 4 years. This obviously isn't the only way to make money but it is something that should be thought about if you have an entrepreneurial sense.

Saving and frugality is key. I have always been a frugal person and would have never been able to purchase my home or fund my businesses without it. You will need to be able to save up many thousands of dollars for a down payment on you home and the only way to do so is by living below your means. As a side note there is only so much money you can save BUT there is no limit to all you can earn. So once you have hit a high level of frugality it will be more beneficial on focusing on how to earn more money instead of save more money.

Along with saving is a healthy balance sheet. This only applies to business owners but is very important. It is very critical to run a lean operation in order to fund growth and be able to get accepted for loans.

Finally negotiation. When purchasing my home I was able to negotiate the seller to pay $10,000 of my closing fees this enabled me to have to spend much less up front and get into my new home with more ease. Many sellers are open to this because it just comes out of the sale price of the home, so they don't "feel" like they're spending that money.

Bio: My name is Max Maher and I am a lifelong learner and businessman. I document myself leaning new skills, tackling challenges, and give business advice. If there is a skill or challenge you would like to see me attempt feel free to comment below or reach me on

[ESMRRevengers]

Hey we're from Arizona too! Awesome that you were able to buy this house! Came across your info on reddit! Pretty cool channel, just subscribed!

[ValleyFitnessAZ]

Great video! I like the home-buying stuff a lot

[brianjohnson]

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