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