Barbara Corcoran: When And How To Buy Your First Home
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- Опубліковано 5 січ 2019
- "You've got to get in the game" and buy your first home early, says self-made millionaire Barbara Corcoran, who made her fortune in real estate.
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Corcoran has regrets about how and when she got started. “When I bought my first studio in New York City, I got cold feet and didn’t close and relinquished a 10 percent deposit which took me three years to save,” she says. “And you want to know what happened? I couldn’t get back into the market for almost eight years.”
That meant that “by the time I had the money for a one-bedroom, it only bought a studio, and it just went on and on and on and left me behind,” she continues. “What I learned from that experience is: The minute you can afford something, plunk the money down and get in there.”
If you’re excited and in good shape to buy, Corcoran says these are the five steps to take.
1. Check your credit score
2. Figure out what you can afford
3. Budget for closing costs
4. Shop in the right area
5. Get pre-approved for a mortgage
Read more of her tips here: cnb.cx/2Tv8gsa
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Barbara Corcoran: Here’s when to buy your first home-and how to do it | CNBC Make It. - Розваги
I’ve heard horror stories going into business with friends. Keep those relationships separate in my opinion.
You have bad friends and didn’t really build a real trust worthy connection
@@RafaelHernandez-zz2jm Not really. Your friends can be trustworthy, but bad with money. You may have different opinions on what decisions to make or what to renovate. One may be more inclined to be fiscally aggressive while the other is conservative. Unforeseen business drama can affect the personal relationship which makes it all the more stressful.
This is the worst advice i have ever heard. Dont buy until youre ready! Get out of debt, have a steady job and NEVER buy a home with “friends”, thats just a recipe for disaster!
Go figure, this is the same woman that said you can afford a 500k home if you make 125k per year.
You live above your means
Hey @@rubiconb8176! 500k mortgage at 125k income does not seem so bad based on the standard 30% rule for housing, right? Lets say this person is bringing home 90k net; thats 7.5k monthly. A third of that monthly income is 2.5k -- this is the monthly amount they can responsibly afford within their means. A 500k mortgage at a 4% interest rate comes out to around 2.3-2.4k monthly. So that seems pretty reasonable, no?
@@kevinjohnson3738 after insurance, prop. Tax utilities and whatever other fees you pay monthly... it’s more like $3500-$4000, NOT $2.500. So that’s about 50% of your take home pay on housing
I just bought my first home last year and I can tell you it’s a big headache.
Debating if i should buy one myself, i can afford it but the market worries me. Whats your headaches?
Grim the process of buying and selling is stressful, so many variables
@SScamaro BOSS you were right 1 year later
Yeppers peppers
@@waflletoast11 he was right about a crash but people are bidding up homes so high
Never buy with a friend because you cant sell half a house
I got my house in central Florida in 2012 for under 165 now it worth 265 2019 Buyaa!I people are buying in my area a decent home for 240-350 .
cant wait to sell it but my husband love it. Is a new home💓.
Good luck to the people trying to get their first home 💓
Awesome One!!🔥🔥
lmao the faster you buy the faster the bubble pop. What a good sell lol
My parents hardly buy my food anymore... I’m only 17
Yeah not all of us have rich parents that are willing, or even have, the money to give to us. My parents are struggling with their own bills and problems.
HOLY MOLY! In New Zealand everyone puts 20% down. 10% is easy!
In Spain as a foreigner you need 30+.
I regret spending my savings on a stupid diploma in Europe when I was 28 because I wish to own my place and not be renting in my 30s. So to 20s out there beware.
The time to buy was 6 years ago when housing was low and interest rates weren’t hiked.
Michael Vuong 11 years ago actually
FAT NICK interest rates were about 7% 11 years ago, whereas 5-6 years ago, it was less than 4%
Michael Vuong my family bought millions of dollars worth of real estate for hundreds of thousands.
Eli Kf yeah I know
My opinion, rent until you can save at least 40% of the homes value
Buy with a friend? Wtf nooooooo
*The video is pure propaganda. I love Barbara from Shark Tank but, this video has released after the Federal Reserve has told us, last month (December), that they will hike interest rates and possibly raise those rates two more times in 2019.*
Lol ask your parents and friends? Sounds like a headache.
I buy and sell 12-20 houses a year, and they are always a headache even when you got the cash. A house is usually the biggest investment a person will ever make, going into it, be prepared to deal with a wave of headaches. Just the nature of the game.
I rather ask you since you got millions! My parents don’t got anything!!!
This is definitely a privileged take lmaooo
Barbara: You know what I like about this advice? It’s great and perfect. BUT it’s a little too perfect. And you seem to have all the answers to the questions and you seem like a little too smart so for that reason I’m out.
My parents helped me with a house and I've had it for 2 years and I don't regret anything 💃
I disagreebonly to the part of buying a house with a friend.
Terrible advice based on past results not reasonable future expectations. Property prices tailwind for the last 35 years due to decreasing interest rates. Rates are likely to stay similar or rise slightly. She is super naive for a wealthy person. There are many markets where you could put 20% down and risk losing all of it plus another 20% when the markets really turns and revalue to historically normal 10% cap rates. Most biggish cities are about 5-7% cap rates and the biggest cities can be as low as 4% so 30-50% correction WILL happen at some point. Beware!
I want to go into rel estate wen I'm older
You can’t get into real estate if you can’t even spell.
So much privilege here...
My parents are still laughing saying I m on government pension
And my friend phone stopped working their Facebook profile disappeared too
Not my Jamaican parents or any of my friends parents.
Isnt this the woman who said that if you make 125k per year you can afford a 500k home? Absurd.
Most people would agree with her. In California that's how much houses are and people don't make that much
@@grod805 I dont know about California, but in Canada 125k after taxes does NOT mean you can afford a 500k home. Technically it is possible, but your entire pay will be going towards bills and maintenance. Correct me if im wrong but California has some pretty high income tax too.
Rubicon B you spend too much . Try living off 20,000 a year
@@RafaelHernandez-zz2jm I am not sure why you think I spend anything. I never made any comment about my spending.
The basic advice to get in early is not bad, but the rest of it is horrible. Buy with a friend? Ask your parents? Recipes for disaster.
I disagree. 10 years ago, my parents loaned me $50 K to buy a $150K house. I have repaid my parents as well as paid off my mortgage. My house has almost quadrupled in value in the last decade and I live mortgage free. If I had waited & tried to save the $50 k myself, I would have been priced out of the market and still wasting money on rent and much less hope of financial freedom.
@@8352731 that's so true
ro pro this advice was good 25 yrs ago
I came little late on this video. For that reason IM OUT
Lol yeah parents if i were a rich white kid.
That assumes your parents CAN help you...
Dumb advice.