My $70 Mortgage / Financial Freedom


the first house I ever bought cost me
$70 a month to live in – would you like to real estate investor real estate broker
helping others build their businesses and creating financial freedom so how is
it even possible to live for $70 a month while in college I was able to buy a house
with three and a half percent down but let me show you exactly the mathematics
on it so the contract price was one hundred twenty four thousand five
hundred dollars three and a half percent down I did come out of pocket four
thousand three hundred fifty seven dollars my financed amount was one
hundred twenty thousand roughly at 5% interest advertised over 30 years
principle and interest payment was six hundred and forty five dollars
per month do you take your taxes as well as insurance the total not on that
property is eight hundred and twenty dollars per month now I had two good
roommates they’re paying three hundred and seventy five dollars per room which
equates to $750 simple math you got eight hundred and twenty – the
monthly nut – your income equals seventy dollars that I had to come out of pocket
every month to live in this property now as you can see from this fancy floor
plan I can show you basically that the house set up so that I was in the master
which had my own bathroom fantastic living seventy dollars a month and then
bedroom #1 bedroom #2 so here are a few tips when you’re buying
your first home and you want to do this kind of scenario number once you go FHA
financing just make sure the property is in fair shape we did run into a snag
there was some dry rot around the bottom of this entire property and the
appraiser went out there and found the dry rot and so they would not finance
the deal unless this was taken care of the problem was the seller had no
interest at all in doing any repairs or even providing any credit for that
matter so we did get permission from the seller to go on the property cut off all
the dry rot on the bottom and we replaced a bottom trim just so we can
get financing this was all before closing I do not recommend that but it
was a deal that I had to get so I was kind of willing to do whatever I needed
to do second thing is you definitely wanna make sure that the people that you
choose to live in your house are going to be good people they’re gonna be
taking care of your property because hopefully you’re also putting some time
effort and sweat equity into this property so you can eventually flip it
in choosing roommates you definitely want to make sure they have the
financial capability there’s also a reduction in cost for utilities as we
split them three ways and that was with our electricity as well as water bill
and cable and internet just start that’s the biggest problem with a lot of people
they think that they can’t get financing they think they have all
these excuses not to buy a property when in fact they have full capability there
may be some roadblocks like some credit issues or whatever the case is but
there’s a lot of lenders out there there’s a lot of credit restoration
companies you can sit down and speak with just be careful in terms of giving
them money there’s a lot of things you can get off your credit report by
yourself by just writing the credit bureaus you may be saying that you don’t
have the 3 and 1/2 percent down because grant programs out there there’s
government programs and if there is no programs available then you know you’re
looking at 3 and a percent down at least you have a goal lined up a number in
mind to start saving up for remember there’s a lot of
tax benefits associated with it you’re going to be able to write off the
interest on that loan as well as your real estate taxes now this situation may
not be ideal with your current living conditions you may have a family and so
forth and that’s fine I am going to come out with another video on how you can
make passive income using your property you to live in your home right now what
are you doing if anything to lower your cost of living put it in the comments
below thanks for checking out the video go ahead and subscribe if you want more
videos on how to create financial freedom and build your real estate
empire until next time that’s a wrap

Leave a Reply

Your email address will not be published. Required fields are marked *