How To Buy A House When You’re Broke

There are different definitions of broke

-Broke broke, which means you really are broke and you’re struggling to cover your bills

-Broke: where you make money but you just don’t know where the money goes

-Fake broke: where you’re not broke but you really are just cheap

If you’re the last the on that list, you can probably buy a house but if you are the first 2 then this video is for you.

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1. Don’t Buy a House ( controversial but true a house is not an investments)

-I don’t know what it about our system that makes absolutely everyone crave a house so bad

-So the math clearly shows that it’s not an investments

-An investment is something that preserve your capital and earns you an appropriate return

However think about this for a second:

-You buy a house, maintenance, Taxes and insurance are basically a forever thing (they never go away)

-When think about, after you adjust for the cost of owning a home, must people just break even

-So it’s not an investments

So what it is it:

-It gives you security by reducing your cost of living, that’s what it is

2. Better to pay for a service like Rent

-So if right now you’re are broke broke or broke, the answer is the best place to put your money is in yourself

-Level up your skills with money management, level up your income producing abilities and in the meantime just rent

Here an example:

-I remember I ran the number in New York

-And it literally said that renting would be cheaper for at least 20 years

-Meaning depending on where you live it doesn’t make sense to buy ( but if the math says yes but your pockets say no, you have to patient )

Pay off your debt first- save for emergencies, save 10-20% down payments and then you buy if the numbers make sense

3. When to buy a house ( when you need one )

-The only reason I bought a home is because all I pay is Maintenace, and insurance, no taxes

-And since I’m going to live in it for probably 5 years, its cheaper to own than to keep renting

-Plus I have plans to start a family soon, if God allows it

But in all honestly

-If it wasn’t for that I would sell

-How to buy a house

Follow the 33% rule, on a 15 years mortgage, putting down 10-20%

5. Move

-If owning home is a goal for you but you can’t afford it where you live

-Don’t be afraid to move

-Just plan for it

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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