429: What Most First-Time Home Buyers Get Wrong with Nicole Lapin and Scott Trench

429: What Most First-Time Home Buyers Get Wrong with Nicole Lapin and Scott Trench

First-time home buyer? After this episode, you’ll see the house-hunting process in an entirely new light. Throw out the granite countertops and exposed beams you’ve always dreamed of because making an emotion-first home-buying decision could ruin your financial future. If you’re trying to build wealth, you’ll want to follow Scott Trench’s home-buying checklist, which may show that renting is the best money move you can make. The roles are reversed on today’s show because this ISN’T the BiggerPockets Money podcast; It’s Money Rehab with Nicole Lapin! Scott recently joined Nicole to talk transparently about the realities of buying your first home. In this show, Scott and Nicole go through why homeownership is falling across the US, whether or not buying in 2023 even makes sense, and why your house ISN’T what you think it is. Plus, if you’ve been debating buying a rental property, Scott has some words of wisdom you MUST take to heart before putting in offers. You’ll also hear why SO many landlords are wrong about LLCs (DO NOT miss this section) and the EXACT steps you should take to put yourself in the best home-buying position possible! Want to hear more Money Rehab? Never miss an episode and subscribe to Money Rehab with Nicole Lapin wherever you get your favorite podcasts, or here: https://link.chtbl.com/91jeLu8k In This Episode We Cover Scott Trench’s checklist for the first-time home buyer The “Lock-In Effect” and why homeowners are unable to sell their houses Why your house isn’t the investment that you think it is House hacking, living next to tenants, and the truth about becoming a landlord Whether or not you need an LLC and how having one could actually hurt you The exact process Scott follows before buying any property And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Check Out Mindy’s 2022 Live Spending Tracker and Budget Tune into “Money Rehab with Nicole Lapin” Nicole Lapin’s Money Hacks to Rehab Your Finances & Say Goodbye to Bad Debt Click here to check the full show notes: https://www.biggerpockets.com/blog/money-429 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

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41: How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle Mast

41: How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle Mast

You’re on the path to financial independence—but you’re not sure what to do with your money. Index funds sound great, but your total financial situation doesn’t end with index funds. Today we sit down...

8 Okt 20181h 39min

40: Taking Command of Your Finances by Understanding (& Controlling) Money with Joe Saul-Sehy

40: Taking Command of Your Finances by Understanding (& Controlling) Money with Joe Saul-Sehy

Today we chat with Joe Saul-Sehy from Stacking Benjamins. Joe shares his money story, which starts off with him figuring out how to get into debt, then discovering he didn’t like being there. He learn...

1 Okt 20181h 35min

39: From “Bad with Money” to Intentional Saving and Spending with Jamila Souffrant

39: From “Bad with Money” to Intentional Saving and Spending with Jamila Souffrant

Jamila Souffrant grew up watching her mom struggle to provide for her. She decided early on that she wanted to be a millionaire, her solution to not having enough was to simply make a lot of money. Sh...

24 Sep 20181h 9min

38: Getting Serious About Paying Off Debt with Phillip Taylor from PT Money

38: Getting Serious About Paying Off Debt with Phillip Taylor from PT Money

Phillip Taylor studied to be a CPA in college, just like his dad. He graduated with some debt and decided to add to it by buying a house. In order to afford his new house, he didn’t max out his 401k—h...

17 Sep 20181h 13min

37: Paying Off Student Loan Debt with a Median Income and Two Kids in Northern California with Kyle Renke

37: Paying Off Student Loan Debt with a Median Income and Two Kids in Northern California with Kyle Renke

Kyle Renke graduated from college and hopped right on the American dream bandwagon. He started off with a starter house, added a couple of kids and moved onto a bigger, better house—one that he could ...

10 Sep 20181h 1min

36: From Childhood Poverty to Financial Freedom by Age 32 with Jillian Johnsrud

36: From Childhood Poverty to Financial Freedom by Age 32 with Jillian Johnsrud

Jillian Johnsrud grew up lacking the privileges that many of us take for granted. Jillian Johnsrud grew up poor, with an abusive step father and a mother unable to leave due to lack of funds. She eman...

3 Sep 20181h 23min

35: Hacking Your Life to Live for (Almost) Free with Craig Curelop

35: Hacking Your Life to Live for (Almost) Free with Craig Curelop

Graduating from college, Craig Curelop had amassed an impressive $25,000 savings account - AND $85,000 in student loan debt. Conventional advice is to pay off your student loans BEFORE investing. In t...

27 Aug 20181h 8min

34: The Low-Stress, Surprisingly Simple Way to Pursue Financial Freedom with Andy Hill

34: The Low-Stress, Surprisingly Simple Way to Pursue Financial Freedom with Andy Hill

On today's show we discuss the highest-probability way that a family can move toward financial independence—without stress and worry—while enjoying incremental freedoms along the way. We’ll also talk ...

20 Aug 20181h 5min

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