Real estate is expensive, and if you ask me because of the current market im not going to be buyig a property for atleast another 1-3 years. But one thing I know is that the best way to figure out how to pay your mortgage faster is going to be getting the correct house.

Real estate isn’t one of things you want to learn on the job, but one of things you want to make sure you buy the right way, so it doesn’t end up costing you a bunch of money. So today, I’ll teach you guys about the 33% percent rule and why it works

????Call Me????: https://bit.ly/30IBr0i

????Second Channel????: https://bit.ly/3c4sVPS

????1 on 1 Talk + My Budget + Stock Investments????
https://www.patreon.com/tommybryson

????MY M1 FINANCE PORTFOLIO???? PLUS $10
Link: https://m1.finance/fQsrul1PZcHM

1. Buy Based on Your Income not your Wants
– The only person that cares about you, is you
– The banks wants to lend you as much as possible
– Your friends want the best for you ( but you have to want whats best for you ) – so you base your buying decision based on your current income ( nothing else )

Stat: the average person move every 5 years ( you don’t have to be the average person, but remember this doesn’t have to be your forever home)
– So don’t go to crazy if you want you can afford currently isn’t the mansion you wanted

So my point is: for this video its based on your income, and whats best for you.

2. You need Control of your Money: you do this by setting up a monthly budget or weekly budget
– A budget has 4 walls ( shelter cost, utilities Cost, Groceries and lastly transportation )
– Once you budget expenses: you should extra income left over

Things to consider:
– If you have debt that’s not a mortgage ( pay off your debt before you start considering buying real estate or investing )
– If you have no debt ( build a 3 month emergency account minimum before you buy real estate )
– And if you have no debt, a full emergency account ( always make sure to make room in your budget for 10-20% of your income to be invested into your retirement accounts )

3. How to Buy a Home and pay off in 8-10 years

First: Understand the Cost
– Save up 10-20% for a downpayment ( remember if you do 20% you avoid PMI which saves you a thousand dollars a year )
– 4-6% for closing cost on the property
– 1-5% for maintence on the property just incase

Second: What can you afford?
– A home that all the expenses combine does not exceed 33% of your monthly income on 15 year mortgage
– Interest, capital, taxes, maintence, hoa, insurance and even PMI
– Do an example with $4000 income ( using calculator and mortgage insurance )

Third: Make extra payments to finish faster
– I recommend you through an extra 10-20% of your income towards your mortgage
– So this way you finish in 8-10 years

4. Obviously this Plan different ( and its harder)
– But it gives you security with no mortgage payments
– Emergency
– Fully funded sinking fund

* PRO TIP*
INFORMATION IS EVERYTHING

????Merch????
https://teespring.com/stores/tommybryson

✅2 FREE AUDIOBOOKS✅
https://amzn.to/2Enayo8¬¬¬

????M1 FINANCE $10????
Link: https://m1.finance/fQsrul1PZcHM

????ACORN FREE $5????
Link: https://acorns.com/invite/38EYSU

⚡FREE KINDLE UNLIMITED⚡ (traditional reading)
Link: https://amzn.to/2VGbxt9

????????‍????DISCORD PRIVATE GROUP????????‍????
https://discord.gg/EcZEHpA

My Camera Gear: https://www.amazon.com/shop/tommybryson

✔ Help Us Reach 500,000 Subscribers: https://goo.gl/0wvm6w

????All My Social Media????
Link: https://linktr.ee/tommybryson

*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.

source