Welcome back to the newest installment of Power 180- 3 minutes of Housing Literacy that can change your life (sponsored by Powerful Homes). On today’s topic: Wait…what? Top 10 things you never really understood about purchasing a home or investment property but were afraid to ask (part 1) This will be a 3-part series: Part 1: YOU and how to start the process of buying real estate (GET REAL) As always, any questions feel free to TEXT Matt Guarino directly at 303-885-1644.
Welcome to the Housing Literacy Podcast with host, Matt Guarino, founder of Powerful Homes. Matt's mission is to empower dreams through home ownership. We're here to help. We're going to do this together and now Matt Guarino.
My name is Matt Guarino and this is Power 180; three minutes of housing literacy that can transform your life and empower your dreams. So today's topic is something we like to call, wait, what? Which is going to be 10 things that you never really understood about purchasing your first home or investment property, or maybe were afraid to ask. So we're going to do is going to debunk some things and make you think, wait, what?
So today we focus we're going to focus on you. The second part of the three-part series is going to focus on the market. And the final part is going to focus on getting this thing going and how do you do that? So most people, when they think about buying an investment property, or first time home, run out there and they just start chasing things. They think about it almost like going to get a pair of shoes at the mall. The first thing you want to do is run to the store and do it.
What we like to talk about here at Powerful Homes is that we want you to take it slower. And the first thing we think you should do is ask yourself three questions. Who am I? How's it going? And what do I really want? So in order to decide this very important decision of what you want to buy, where you want to buy, to take stock of those three answers; who am I? How's it really going? And what do I really, really want? And so when you do that, you can best plan where you want to be 1, 3, 5, 10 years from now with this purchase.
So, the second thing is to create four boxes by drawing a line basically across, up and down and left and right on a piece of paper and create four boxes related to money, your work currently, your housing situation, as well as something that's really important to you. And to project out into the future in a really detailed way, what that looks like, how much money do you want to have? You know, where do you want to be working? What do you want to be doing? And specifically who you're working with. What about your housing? You're going to own, but where do you want it to be and what does it look like? And finally, whatever's important to you like your family or a hobby or anything like that.
And the final step, we think in this first thing to say, wait, what? Is to take those two things, that stock, the inventory of where you are. Look at where you want to be 1, 3, 5 years out in the most important areas of your life, that everybody has money, work, housing and other, the most important other thing. And you create a plan of who, what, where, when and how; a detailed plan with a timeline of things you can do and who you're going to be working with and all the details that go into that.
Taking the time to do these two things, and then connecting them, will make your process of buying your first investment property or home much smoother and much more impactful, and frankly, much more sustainable and powerful. So today's final quote is "that knowledge of self is the beginning of all understanding" by Aristotle. See you next time.
Thank you for listening to another episode of the Housing Literacy Podcast. Don't forget to like comment and hit that subscribe button and stay connected with Matt Guarino by visiting www.powerfulhomes.org.