5. Finding Your Home (Investment)

All right. And welcome to this module, Finding The Home or finding your home, finding your home investment, especially if this is your first time, this is a big, big purchase, and it is an investment towards your financial strength and helping you build generational wealth to start the journey of building generational wealth for your family. All right. So let’s go and talk about how we go out and find this great investment. So here’s what we’re going to cover. So I’m going to break down the types of properties that you want to start considering when purchasing a, purchasing a home. You want to, I’m going to break down some resources that you can use for searching for your home. I’m going to get into viewing properties, just some high level stuff, just so you can be equipped making an offer, plus locking down your dream home, which you found it and negotiation tips for count.

And plus counter offers then finalizing the offer contract. So this is going to go obviously hand in hand with getting the pre-approval and then obviously the understanding of the type of mortgage that you’re going to get offered or you’re going to get. But all of this process is important. All right. So what are the types of properties that you can be looking for? Remember the type of property that you’re looking for is going to determine the type of mortgage that you will be able to be approved for. Obviously we have our pre-approval at this point, but we want to look at the type of property. So, um, most people are going to do display their traditional single family home. And this is the simplest option to get financed, but you have patio homes as well, which is, which is a new type of home. You may be considering.

Um, you may, you may say, Hey, look, I want to get me a Villa. You know, you may be high-end, uh, you may say, Hey, look, I just want to do a cottage home, um, a cottage style house. Um, I may be wanting to do a cabin. Um, I have multi family housing to consider. There are duplex triplex, and quadraplexes to consider townhouses apartments, but apartment slash condos. But the one that’s going to be out of all of these options, we’re going to be looking at single family, home townhouses, apartments slash condos. Those are generally the ones that we’re going to go for. And the other ones that I’m showing are typically our second home or that our second or a third home or a vacation home, that kind of speaks kind of thing. You could be using one of those other homes for your, your first home purchase.

But again, depending upon the underwriting criteria, and if that home loan is available, you may be subject to only the single family home townhomes or the apartment. Okay. So what are some really good tips and strategies to search for your home? So you want to buy a home that works for your current budget in future financial goals. I cannot stress that enough, our cashflow control system, along with everything else that we have going on financially is going to determine how much home and where we search for a home. Um, we also want to look for homes that fit our number one, you know, what, what we’re talking about. Pre-approval. So again, we’re not looking for homes that are outside of the pre-approved amount of loan that I got unless, or that you received, unless you have that money in cash to put towards a down payment.

Okay. So we’re only looking for homes that fit our number one, which is our pre approved offer. We also want to make sure that we look for homes that are in a really good up and coming location or an existing location that is a solid community, right? We also want to make sure we look at how many bedrooms and bathrooms, right? So when we’re considering looking at our home, we want to look at this as a criteria. We also want to take, uh, take into account the style of home. So like I was just saying in the previous slide, am I looking for a condo? Am I looking for a townhouse? Am I looking for a single family? They all have their pros and their cons. And you want to take all of that stuff into consideration, and then you don’t want to discount the commute.

So you want to think about, especially if you don’t work from home, Hey, if I’m purchasing this home in a specific area, am I okay with driving an hour to work every day, right? Or am I purchasing a home? That’s not too far from where I live. Right? So you wouldn’t really think about the commute and you can use websites like zillow.com, trulio.com. Those are really good starting points because they’re really designed to give you the ability to search based off the criteria that you’re looking for. And then you can start to kind of say, okay, I’m, I’m pre-approved for 500,000. I know I want to have a home in this location. Um, I like these three locations. I want to have four bedrooms, three baths, a car garage, a room, whatever it is, you can map all of that stuff out based off the pre-approval.

And you can say, Hey, look, I’m looking at, I I’ve narrowed it down between single family home and townhome, right? And all these things are, or what you want to take into consideration. Because again, this is something that you’re going to have for the next 30 years, unless you sell it. So viewing homes, um, obviously you can do a one-on-one appointment. Um, you can go to open houses, but the most efficient way is to start online. So before you go and you look at the house physically, which is, I highly recommend you look at the house, physically, obviously start looking online first, choosing those websites that I’ve just outlined. So you can get a feel for what the home looks like, because the caveat to doing both of these, well, the cabinets only doing one and not all is you. I suggest you start online.

So that way, you know, the type of house you can look at, you’ll see the pictures. And you got to know that the pictures are posted by a realtor, right? So they’re trying to sell the home, right? However, when you look at the home online, then you can go take a look at the community. You know, you can see, Hey, look, do you like this community? You know, are people leaving? You know, their garbage cans out or whatever, whatever crazy things that or things you like about the neighborhood, you can get a feel for it. Then you can go to an open house. You can, if you need to, okay, have your realtor, your, your MVP, show you the house didn’t do that. So, but I would suggest you go start online. You get a list of homes and then you go, so I cannot tell you how many times I would go look, I would see a home online.

And then I would go to the community. And I’m like, I’m out of this. I’m out of this. It looked really good online, but I didn’t like the community. So you want to really take it. Or, you know, another thing that you can consider doing as well, especially if you’re, if you’re looking to view the home, this is more specific for like condos and apartments that you’re looking at. You can go rent a home in that building and see if you like the building. You can rent a home in that community and see if you like the community, right? Just for a couple of, you know, maybe 6 months to a year that you can be gradually building up to that process. But the moral of the story is, view it online. Then go take a look at it physically to see if you like it.

So how do we make an offer? And then what do we start to do to lock down the property? Once we found that property? Well, the first thing is we have to determine, we have to start with determining the price, right? So the price typically is going to be negotiable, but we have to get set the buyer and the seller have to come to agreement on the price. Then once we’ve come to the agreement on what we’re both okay. With, from a price perspective, what they’re okay. Selling it to selling it to you for and what you’re okay for buying it from them for, then we can do submitting an offer. Okay. And once we submit the offer, this isn’t just like, Oh, I’m just gonna submit an offer where we’re where we’re like, yeah, I want to move forward with this. Then once we submit the offer, we start negotiating the offer.

And this is what we start getting the other things with the inspection and trying to say, well, can I get a little bit more here? What’s going on with the closing calls, you start getting into the point of once I submit the offer, I said, I started negotiating the offer. Then once we’ve started this negotiate the offer, and we’re on the same page with everything in terms of the whole process, then we’re going to finalize the contract. And that’s that’s, you know, that’s the process. Now here’s a couple of tips. So keep in mind it doesn’t hurt to ask. Um, so talk with your agent about what the best price is. Contingencies and incentives always keep open lines of communication with your realtor because they are working for you also do not stretch to make the deal happen or emotional. Again, this is a transaction.

If you’re going by beyond to make this thing work, you have no negotiating power. You have no leverage. Okay? So again, similar to buying a car, you want to, you want to have a pre-approval you want to keep your cards close to your chest, and you want to, you want to, you want to make, do you want to make an offer, right? You, you want to make an offering and a good deal. Um, awful. Also a counter offer, just so you know, is when one party change the terms of the original contract. So you can make a counter offer based off the original offer. If you need to, or they can make it counteroffer. So you need to be, be aware of that, but typically you’ll be making a counter offer. And then sometimes, um, this is what the seller with the counter offer from the seller.

This is just the sellers way to see how, how interested you are in their property. So they may say, look, I’m gonna make your I to see what you’re going to do. So you have to be, I’ll be aware of that, because again, this is is not as, uh, it’s obviously it’s a lot more detailed than buying a car, but at the end of the day, it’s negotiating, right? They’re trying to sell something. You’re trying to buy something. That’s going to be a song and dance, right? So you guys gonna have to get to get in there and see who got the best moves, right? Whoever has the best moves is gonna win. Obviously the win-win is they sell the house and you buy the house, but you don’t want to buy something that is overpriced and they don’t want to under sell something. So that’s that, it’s that happy medium of going through the negotiation and making sure that your realtor and your competent professional and really your realtor in this scenario is helpful.

When you get this stuff done and they’re going to bat for you. And you’re handling all this process on your behalf and you want to stand firm, right? Once you make an offer, you want to stand firm and be willing to walk away, right? And you want to stay from, and, but also make the offer. That makes the most sense for you financially. Again, we’re not just trying to make an offer to get the deal closed. We want to take into consideration at this point, our capacity, we want to take into consideration our financial goals. We’re gonna take into consideration everything that’s going on with this particular transaction, because it is a transaction. Yes, you will be in there for awhile, but at the end of the day, this is a business transaction. So we have to make business sense with this business transaction. And then once you make your offer stand firm with your chin up, okay, don’t put your chin down, don’t tuck your tail.

Hey, this is my offer. Chins up, right? Let’s straight face. And that’s what you want to do. Right? So once we, once we have gotten to a place of having our chin up, we stood firm and they took the deal. Now we can finalize the offer contract. So unless a counter offer is accepted either by you or by them. So I would say, say, you’re you, you gave a counter offer and they accepted it. Now the seller is going to have a.. construct that will be in effect between you and the seller. And as soon as, as soon as, um, as soon as that happens and you will notify this acceptance, the contract is set in stone and you will be notified about this. And then once your contract is accepted, you will now have to pay a deposit or earnest money. And this one is going to go to escrow.

And typically once the inspection is complete, appraisers are done and the earnest money is turned over. It’s time to involve the title company. And then once you have done that process with a title company or in, or the closing attorney, now you’re going to be able to get the title, um, make, make, make up by make sure you buy the owner’s title policy, I should say. And then you own the title policy will be able to be effective as long as you own the property. Right? And this is, this is like finalizing the process. Okay? So basically this last step with finalizing the contract is we are all on the same page. And now we’re just going through the details to get the deal done, get an inked. And now you have finalized, you have selected and you will finalize a contract on your offer. You can for the closing table with your money, and we’re good to go. All right. So I’ll see you in the next module.