First Time Home Buying Considerations with Sam Cash, Paige Lord and Jenn Dane

In 2020 and 2021, we’re seeing a number of Financial Gym clients become property owners or show more interest in becoming property owners due to lower interest rates, more working from home because of the pandemic and a desire to shift asset allocation because of historic market highs, so I’m dedicating the month of September to “Property Ownership”. Today, I’m speaking with three Financial Gym clients who have all become first time home buyers in the past year; and they not only became homeowners but they did it on their own as single women, a goal they didn’t know was possible when they first started planning for this goal at the Gym. They join me to share their reasons for buying a home, what the process was like and what lessons they’ve learned since becoming homeowners. I’m so inspired and motivated by their journeys and I hope you are as well. 

What are we drinking?

Sam – Black coffee

Paige – Dandy Blend herbal beverage

Jenn – White chocolate mocha

Shannon – Black Cherry Schweppes

Podcast Notes

  • Sam, Paige and Jenn are Financial Gym clients who have become first-time homebuyers on their own.

  • Sam purchased her home first, in June 2020. It was a goal of hers as a Financial Gym client since September 2018. Her first home was in Upstate New York, an owner-occupied multi-family with rental income potential. Due to her family situation and market conditions in general, she is currently selling this home.

  • Paige moved from Seattle, WA to Charlotte, NC just before the pandemic hit. She purchased a condo in July 2020 when there was a short-term lull in the market that she was able to capitalize on with a lower offer; which was accepted. 

  • Paige and Shannon discuss how single woman homeowners can be influenced by potential future relationships with a mate who is also a homeowner and the possible issues this may cause. 

  • Jenn had just started a new job and ended a long-term relationship when she decided to purchase her home in Phoenix, AZ; which she closed on in February 2021. Being a veteran, she was able to utilize the VA loan program to aid in the financing. She AirBnb’d the home on the weekends and sold the house in June for a profit. She’s since moved into a rented condo while she decides what to buy next. 

  • Shannon asked the ladies that based on the experience of their first-time home purchase, what is something that should be carefully considered before making a final decision.

  • Sam anticipated the repairs, etc. that could always pop up and tried to be proactive with this. She also mentioned how it’s an emotional process and clarifying your purchase as “will this be my home” vs. “will this be just an investment” can help smooth out the noise when making decisions.

  • Paige agreed, noting her purchase was made more logically rather than emotionally as a “forever home”. She recommended not to rush into anything and referred to her Financial Trainer, Joy, for guidance.

  • Shannon mentioned to be careful where you get your guidance from in a purchase. Most parties involved in your home buying will benefit from your purchase and may not offer the unbiased advice you need to hear. 

  • Jenn had taken real estate classes before her purchase and said being debt-free prior was paramount. She had consulted her Financial Trainer Bridget, for guidance in the purchase and sale of her home. 

Takeaway: My biggest takeaway is to never be afraid of setting a large goal for yourself. It may take years to accomplish, but with focus and dedication, there is truly no goal you can’t accomplish.

Random Three Questions

1. What is something you wish you did differently when you bought your home?

2. Appetizer or dessert and which appetizer or dessert?

3. What is a book that you read recently that you would recommend?

Connect:

Instagram: Paige Lord (@southendbarbie) • Instagram photos and videos

LinkedIn: Paige Lord | LinkedIn

If you have any topics you would like for me to cover on this podcast, I encourage you to email me to shannon@fingyms.com or join the private Martinis and Your Money Facebook group and let me know what you want to hear.

I mentioned this during the show, but if you’re interested in purchasing a home for the first time, I think you should absolutely invest in our First Time Home Buyer Course that you can find on the Financial Gym’s website. If you’d like some accountability to help you achieve this goal faster than you imagined like Sam, Paige and Jenn, then you should head to financialgym.com and start working with one of our trainers today. And remember that Martinis and Your Money listeners get 15% off of your Financial Gym membership. We’d love to help you accomplish your dream of home ownership sooner than later.

Shannon McLayComment