3 Tips To Know When Trying To Buy A House | Ricky Gutierrez

Hey guys!  Hope everyone is have an amazing day.  I wanted to talk about the three tips that I have for people when it comes down to buying your first property, especially at a young age.  I think that this can benefit anyone, regardless of their age, but this is guided toward the younger crown.


1.  Get a Commission Based Job 

The first mistake is that people choose not to get a job, and even if they do, it's one of the minimum wage jobs.  I totally understand for those who want to work at a fast-food restaurant or any other minimum wage job.  Whatever the case may be, I don't feel like minimum wage jobs are really self sufficient.  If your reading this, than you're someone that is most likely motivated to make things happen.  With that being said, I think sales based jobs and other commission based jobs are much better because you get out what you put in.  If you work extremely hard, you will get more in return.  Examples of these jobs are car sales, technology sales, telecommunication sales, and online sales.  There are so many commission based positions that don't require a college degree.  All you have to be is motivated and driven by numbers. With that being said, you are able to make way above the average minimum wage.  Let me give you an example.  I got my first job such as this when I was 18 years old and it was a commission based job for a telecommunications company.  It made me around 55,000 dollars my first year.  Leading up to when I was 20, I qualified for my first property.  One of the biggest mistakes that people make is that they don't go for a job that pays them well.  Again, they focus on getting a job at a minimum wage or an hourly based company.  This type of job does not incentivize or motivate you to work more.  Then you're stuck in a bubble.  Your are limited to the amount of hours that you can work; therefore, the output is a fixed number.  You can only work a certain amount of hours within a day.  If there's an incentive when it comes down to sales, when you are compensated for the work you do, it can be extremely rewarding.  That's why I think that sales is such an untapped market that a lot of young individuals don't know about.  Many of these car companies, telecommunication companies, and technology companies are willing to give younger individuals the opportunity to work for them because they are so driven.  In addition, the company is able to mold you into the person that you have the potential to become.  I think that is one of the things that heavily contributed toward my success.  From a very early age, I was driven by numbers and I was always looking for new ways of making money. I also wanted to maximize the amount of money that I made and sales is a great way to do that.


2.  Sort Out Your Credit 

The second thing that many people make a huge mistake on is their credit.  They think that building their credit is extremely difficult.  For me, within six months of opening a secured credit card with a local bank, I was able to get my credit score up to 720-730.  That's how it came out for my FICO score when they ran my credit to get me prequalified for my first property at age 20.  Six months, that's all!  It was a $300 secured credit card.  I wasn't getting qualified for any credit cards because I had no credit.  I didn't have bad, I didn't have good, I had no credit whatsoever.  I took out this secured credit card with a local bank which then allowed me to have a $300 credit limit because I put a $300 security deposit.  Every month, I would use almost the full $300, then I would pay it.  I paid it off every single month.  There was not one month where I paid late to this day.  I'm 22 years old, its been two years since I took out that card.  I now have two credit cards and I have never paid either of them late.  This is because I'm disciplined  and I do what I'm supposed to.  You can set them on automatic payments and have them pay for themselves.  You should not be spending what you don't have.  If you're not someone who can do that, then you might want to making sure that you know how to manage and balance your income and expenses before you take on another form of liability which can potentially be a property.  If you don;'t buy it at the best point within the market, then that's another thing that's adding to your overall debt.


3.  Everything is negotiable

When it comes down to purchasing your first property of a series of properties, you need to keep in mind that commissions for real estate agents, title company fees, and almost everything else including the price of the property is not fixed.  There are certain fixed prices that the title company, real estate agents, and seller might have but everything can be negotiated; from the closing costs, to the real estate agent, to the overall purchase price of the property.  Just to give you guys and idea, when it came down to some of the fees that I was going to incur for one of my most recent purchases of a condo, I was able to significantly lower them.  I was originally quoted $6000 in closing costs.  Keep in mind that I paid this house cash.  The title company wanted to charge me $6000, but I was able to get it down to $1600.  I put this in to give you a perspective and understanding that all of these fees, if they really want to close the deal, are negotiable.  They are willing to cut these fees.  What did I do?  Did I threaten them or anything like that?  NO!  I'm professional and I don't want to subjugate anyone.  Therefor, I reached out to another title company and I told them my situation.  Then I simply asked, "What can you do for me."  I then told them that I didn't want to incur any random fees and that I wanted them to take car of the title transfer.  Base minimum, they said about $2000.  I then reached out to the original title company and told them what I did.  I'd worked with them before and now they were saying that I needed to pay $6000.  What's going on?  It took one phone call and they brought it down to $1600.  One phone call saved me over $4000!  What is that phone call worth to you? Be confident and know that these are not fixed numbers and be willing to negotiate purchase price, commission, and title company fees.

I hope that this can guide you in the right direction!

CONTINUE WORKING HARD, CONTINUE FOLLOWING YOUR DREAM.  LET YOUR PASSION BE WHAT DRIVES YOU IN YOUR SUCCESS.  AS ALWAYS GUYS, LETS MAKE SURE THAT WE END THE YEAR ON A GREEN NOTE.

Disclaimer:  I am not a professional real estate investor, it is something that I do as a hobby.  I do have a series of properties, a little more than what the average 22 year old has, but I am no professional.  Make sure that you get in contact with a real estate agent, lending agent that you trust, and that you become familiar with the market that you are going to invest in.

Techbud Solutions- Ricky Gutierrez
https://www.youtube.com/channel/UCtlAFoYl2aWb6pMiHCctQHA


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