E166: 1st Time Home Buyer - From Clueless to Duplex Owner

Dan and his wife went from not knowing a thing about buying a home to purchasing a duplex three states away in Spokane, WA. The couple’s lack of real estate knowledge, though it was scary, didn’t stop them from taking a leap of faith into the home-buying process. Listening to David’s podcasts gave them the knowledge and courage they needed to make the jump.

Catch up on this fascinating story!

Here are some topics from today’s discussion:

• How to buy a home from out-of-state
• Properly preparing your finances
• House hacking with a duplex
• Trusting in the home-buying process

Episode Highlights:

[01:39] Trusting the Process

Dan wasn’t sure about what to do when buying a home, but that didn’t stop him from looking into it. When he and his wife decided they wanted to move closer to her family, they began saving money and learning everything they could about buying a home. After four years of careful financial preparations, they knew it was time to make the investment!

[12:39]  House Hacking With a Duplex

Buying a duplex is a great option when it comes to “house-hacking.” Living in one half while renting out the other is an easy way to help mitigate the cost of a mortgage while still being the full owner of your property. This is what Dan and his wife did when moving to Washington, giving them the opportunity to make their move even more affordable.

[13:00] Preparing the Finances

Dan and his wife needed some financial support to make the purchase, but it ended up helping them in the long run. Making sure you have as little debt as possible puts you a step ahead when it comes to working with lenders.