How To Buy A $230K House For $0 (No Money Down)

How To Buy A $230K House For $0 (No Money Down)

on today's episode we're gonna be
bringing on my boy JQ and he's gonna be talking about how he got his first house
you might not believe it but it's actually true what's up with you guys
how you doing how you have been if you did not know by now my name is DJ and
this is the DNA show if you haven't already go ahead and hit that subscribe
button man join the family join the squad
you already know what to do drop a comment down below if you are new to the
family so I can give you a warm welcome in the comment section I'm excited today
so we got to drop a like on this video cuz you already know that helps that
algorithm oh so much so with that being said let's go ahead and introduce my boy
Jay Q right here I don't know if we should give him his government name yet
not just yet we're gonna call him JQ he's gonna be the superstar today how
goes it JQ I've known DJ Wow a long while and so
Portland Oregon raised born you know I'm 28 I'm gonna spire billionaire so
whatever it takes that's why I hang out with DJ he has all the money so as you
guys know this is my boy if you guys haven't seen him before I don't know
what you guys are doing go check out some old videos or follow me on IG you
already notice my dog today we're gonna be talking about money this is why you
guys clicked on it you read the title that is actually true and we're gonna
tell you how he did it but the first thing first I want to talk about just
the first year of before you got the house before you found about the law all
those everything's just talked about the market to take the state of mind you
know college whatever just talk about that for a second alright so I graduated
college 2014 I got a crappy apartment like everybody does two bedrooms they
didn't fix nothing it was like 800 bucks a month yes but it was you know I'm like
it's all my own so I lived up that first year out of college in that apartment
and then I work in the real estate industry kind of sort of
I was just seeing these houses and I'm like ah I really want to buy a house but
I don't know nobody who owns a house like that
and so I kind of kept kicking the can kicking a can and then I went that like
on the one-year mark actually after my lease I recited it I went and got
pre-approved and like for FHA loan like everybody else does and I was I thought
I was in the wind I'm like okay let's go and I was up for a pill battle hmm
so that first year I think I got I lost out on 12 houses where I put in offers
full offers I wasn't going over but I put in full I said someone kind of
shorted Portland Oregon market booming it was crazy this was summer
this was 2015 in that air and it was popping and and people were paying forty
to fifty thousand over asking yeah and I have and so I I was just like all right
whatever and then life happened I was doing FHA so you need three and a half
percent down I was gonna probably spend 275 so I was probably gonna come out of
pocket like thirteen fourteen thousand dollars closing costs and everything
then things just go wrong my car breaks I'm I got to spend a couple thousand
dollars out of it like you know they're just things and life happened so I end
up losing a good portion of my money from my house
so now I'm like what am I about to do see I was like well I know I'm stronger
with the help with the people I care about and you know I'm not they got my
back so I hit DJ and actually hit a brother of mine and I'm like look I'm
trying to buy this house I got some money but the bank wants to see some
more money and I know the more money I have then I'll be able to you know get
this loan and so I borrowed this money from them I'm like I paid back you know
I paid back with interest and that's just it it's not that he asked for the
interest it's just I took the money from him so that he wasn't able to make
anything with that money while I had it so at least I can do is give him
something back for him letting me use the money and my brother as well and so
I then was like okay I'm ready get the house again and then I found out about
the loan so that all changed yeah so it was kind of a it was an interesting
period so the loan what is this loan talk about what is what do you call it
how do you get it just break the whole loan down because that's gonna be to
meet potatoes of the video right there so
everybody does the math money match programs you know you put a thousand
they match you two or three and you know you build your savings up which is
really good for building up money I'm not saying don't do that that's a really
good method but I always had a problem with like you know I'm like I didn't I
didn't want out in like PMI which you'll learn about I mean if you look at about
house you know you pay that and if that is you paying an insurance to the bank
to give you a loan for the house and I'm like why am i giving the bank two
hundred and fifty dollars a month that if I don't pay this house they're just
gonna take my house anyway and usually better yourself precisely oh
my god I wasn't filming that off the rib and then I was like I'll start looking
at down payments and then when I found it about this this program loan they
were like yeah you can do zero down and I'm like zero down fifteen thousand this
arrow down and then like now you can really and I'm like alright they come
fly come to the class so I went to this Credit Union up in Portland I went to do
two hour class and they're like let you can put this much money you're gonna do
a five percent convention though you can do an FHA three and a half you can do it
three percent or you can do zero I'm like why would anybody not possess
that'll make sense and so I was like okay well let's looking at a zero so
they were like well the difference is is because you're putting zero down your
interest will be higher but you don't have to pay a PMI on it and I'm like
wait wait back up no PMR right no PMI but you have a
higher engine so I'm just keeping us all in the back money was like countering
the money for so I'm like okay and uh you can always refine later so I'm like
you can refine later and not have a PMI and I'm like okay that's cool so then I
was in the process of doing all this looking at the numbers and they're like
if you put fifteen thousand dollars down on this two hundred fifty thousand
dollar house or if you put zero dollars down your difference of payment is $60 I
said I'm looking this way cuz it was sitting next to me I'm like $60 I'm like
nah but it wasn't zero down because you're like well you gotta pay closing
costs I'm like okay they're like it'd be probably at six thousand dollars so I'm
like okay but down payment wise the percentage use 0% so I'm like cool that
was my introduction to the loan I didn't do it yet I just had heard about it and
when I started talking to people Baba they're like no no
you didn't appear Margo's no like these people like now I'm talking people
around my work and all that who have mortgages and everybody's and they say
like all novice to good yeah I mean it's a it's a big bank it's not like
something you know mom-and-pop Vegas it's a huge you know credit union right
so I was I wasn't worried but I was like everybody's over here like there's no
way you're about to do booze I think they was low-key nervous I was about to
do it and they put all that money down because then I did a lot of people
always say what I mean which I you can look at buying a house in so many
different ways right some people say board you should put 30
or 40 for some good birds some people want to pay it off sooner some people
have a strategy of like take that low interest rate and have higher debt on
other things like there's so many different factors so for you know
interest on this be able to get it I said that you can now pay a little bit
extra or potentially maybe less based off the counter and other numbers like
it's just a perfect situation for you right now oh it gets better when I found
my house it was two hundred fifty thousand dollars and I was like I
could've bought more house I was pre-approved for more but I was like
this is my first house I know I'm gonna rent out later in life I don't want to
high mortgage right so I got I found this townhouse three bedrooms two and a
half baths it was to market my realtor said to me at 2:15 I was like I don't
want it and so then I was a couple of months go by because you're gonna look
at millions of hundreds of thousand properties as you're looking so I'm
looking all these properties and you're putting offers in on other stuff other
stuff I'm looking at the houses getting our best deal they were they got the bag
was serious this summer like I mean they're coming cash offers fifty above
yo it was really close great think about this I was coming in there's houses
going on for a day remember it was like literally less than a day yeah but and
it's like I will come to them like here I want to finance your house let's do
all this paperwork thirty days somebody's like I got cash I McGee
thirty thousand more than he done game right now
so I understood it but it was like okay so then when I found this house my house
I'd ended up buying it was 229 it was back to 27 actually and so I'm like okay
so I sent to my really taste I already sent you that house I'm like oh yeah but
it's $23,000 cheaper and so then we went to go look at it I'm like a warning and
so we started all the paperwork and the negotiation something like tell the
seller I want seven thousand a closing cost
and the house was $230,000 the closing cost wasn't 7000 but I I wonder seven I
just that was a number I wanted so I asked for seven my realtor was like bro
I don't know it's a hot market and I'm like brother we doing it right he was
like I'm rocking with you I'm representing you I got your best
interest but I'm just I want to let you know they might not so he let me know
guess what they took it they they gave me the house for 229 five all right so I
put two and a half on the loan which 229 five but they gave me seven thousand a
closing costs and I didn't need all of it so guess what I got to do I bought
that rate down so I bought my interest APR down what's the money that wasn't
even mine so now I don't have to pay their closing cost at the root the
banker says I'm like Abe hey my my loan officer my Widow y'all then he's like oh
you should pay for your inspection my section I'm like the one like the make
sure I got termites and all that they're like yeah so I paid that three hundred
and forty dollars all the rest of the money I had was in the bank they put my
money into escrow and all these other places like you know they took the money
from me it was but they took about ten thousand from me out of my out of my
bank accounts and so I spent this 340 bucks on inspection the bank paid for my
appraisal and so I go through the whole process I'm signing on my closing
documents and I'm out ten thousand dollars but I'm also not out thirteen or
fourteen something like all right well you know that's cool like I didn't spend
all of it they said I was gonna spin like I was fine with that but I was like
this ain't really zero down like I'm like they did get me on the bike because
I'm sign these papers I got my money and so then I signed the last paper you
signed a thousand papers they'll shoot but the loan officer was like how would
you like your money back I'm like right she's like why her paper check I'm gonna
go wire I kid you not I left the clothes in office I got on the freeway went back
to my two-bedroom apartment that I was packing up getting up out of there she
all my money was back in my account dollar for dollars can see the thing is
is like I'm not saying don't put it down pay me down but think I ought to put
fifty thousand down on that house write my payment wasn't gonna go ill to wind
down 100 bucks 80 bucks but now look at it with this what we're going through
right now right that fifty thousand would have meant more to me today then
it would have meant for $80 a month yeah so that was my biggest thing it's like I
could put a huge downpayment at our kitchen I was out of one
but if I could have put it huge down payment down I still wouldn't have
because you don't have that money to do anything with now so and then I'm not
gonna lie to you when you buy a house when you go through the first time you
look at and you want to buy it it's perfect you ready key if you like
Auburn Aiden cheap doubt on this in the first month I spent $2,000 on fixing the
HVAC and I had this I had to buy a brand new dishwasher and if I were to spend 30
my 15,000 if I gave it every dollar ever me I would have been washing dishes by
hand till I could have afforded to buy because you're under maneuver that's the
precise you still got to get it you still gotta go paid mortgage you still
got then you got my bills you start paying that you ain't never paid before
it was like but see because I didn't do that I didn't put all this money down I
didn't have to worry about it cuz I have had access to money please drop a
comment down below ask questions and we will try to finish videos for you guys
as well I want y'all to ask for a longer video so I can tell you how I spent that
three hundred and forty dollars and I got eighty thousand equity right now in
that house now I'm going to show you how I'm gonna take this money go buy some
more property and and redo it up and I'm not putting that down misery G or is
there a fee so we gotta do these more often I'm ready to give it to the world
broaden how do you let it go away I did all this research everything I'm
telling you you don't have to believe me but I'm just telling you I didn't really
hours nights I didn't go to sleep doing all this research but now that I've done
it I didn't put probably ten people in houses help them you know I didn't know
don't get me wrong I ain't giving no money out but everything under study I
got you are you gonna close remarks the smartest thing I could do is bet on
myself and also I think the biggest hurdle is is knowing that you can
actually do it yeah I didn't have anybody in my family that I can go talk
to so you have to see it for yourself even when it does look like it's
possible so that's the biggest takeaway from this is before you can even buy a
house you have to see that as possible for yourself to own that house that
doesn't even exist yet you walk into it look that's it right
there don't forget to Like comment share subscribe you already know what I'm
saying I'm out I gots to go I'm go peace yo I just want to say thank you for each
and every one of you guys for sticking around to the end of the video as you
know I really appreciate you guys support I know it's only like four of
you guys watching right now but that's still cool you guys made it to the end
we got a comment of the day today what is the comment of the day gonna be today
let's do equity equity is the comment of the day if you don't know about it go
look it up if you do drop a comment down below in the comment section also don't
forget to check out the comment pinned in the comment section that link right
there will get you opted in to learn more about the course I'm excited to
have you guys there as well we will be managing the course in the private
Facebook group so make sure you get involved in that as well and we will
help you out on financial investing you know all those fancy things that you
like to call it yeah

how to become a millionaire

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