WE NEED YOUR HELP! What do you think of our new editor? Good? Bad? Too much? We're looking to "up our game" a little bit. Your feedback is appreciated. Thank you! -Ray & Zach

@ScottiMac0007

3 жыл бұрын

Ehh you notice the cuts a lot, especially with Zach looking at the camera then cutting to looking at you. Is it a new person editing? If so I'm sure they will improve with practice.

@kevindavis3976

3 жыл бұрын

The genuine back and forth between you two and the solid info is more than enough.

This is actually exactly what I'm doing now; Ive had coworkers ask me why I don't have a car or laugh at me for riding a bike to work or having my mom pick/drop me off. I will continue to save, invest, and buy a home prior to dealing with traffic.

@iamuniqueism

Жыл бұрын

This exactly what I went through. I used a bike in rain sun and snow and sometimes walked. I was laughed at. But next month I'm putting down a 70k in deposit for my first home. It's all worth it brother. Im proof its doable and its the best way. Keep on going

@MrDipninanout

2 ай бұрын

You the goat that takes determination to be disciplined this a marathon not a race!

Home first, I drove POS cars and worked all the overtime that I could. Doubled up on house payments, house was paid off in less than 10 years. Now I buy cars paying CASH$$$.

@apocalypse487

3 жыл бұрын

They have a video about buying cars in cash

*smart people will do this:* buy less car & less house than you can afford. live BELOW your means. its the best way to save money at ANY age

Buy a used car to get to the job that allows you to buy a new or used house. Then get a better used car.

@lifewithzoeh4680

3 жыл бұрын

Exactly

@hajirashahzad1864

3 жыл бұрын

Thank you, you honestly have no idea how much that has helped me

@Murphys_Law9

2 жыл бұрын

Nope better off getting a new car in 2021 or don’t buy a car at all because it’s the worse time

@Unknown-zs9qv

2 жыл бұрын

@@Murphys_Law9 I think her comment applies in general not during this particular pandemic / inflation period.

...unless you pay off the car before you buy the house, and that's even better.

I did car 🚗 first then house at age 21. I went car first because I was young, im going places and I need a ride. What good is a house if I'm always moving around 10 years later , settle down with a good job, good women, money saved up, went and got the house 🏠 Just depends where u at in life.

@dd-jh9vt

3 жыл бұрын

Good woman ? U have a lot to learn young buck

@chrisx5127

6 ай бұрын

@@dd-jh9vt He said women not woman. Plural

Finally an honest car salesman!! Telling people to NOT buy a car bc it is more responsible and wiser long term to get a house! Merci for the honesty!

How did you not show up on my recommendation page??? This is great! I really like the conversational type video that you have made! It’s not so strict and ‘end all be all’. Very helpful.

Held onto my car since 2005 until this July...bought a new construction house (contracted and qualified in Aug 2018 and settled in May 2019) - refi'd it in June/July 2020 and as soon as I signed the paperwork for the house and ensured the wires all went through, I went out and bought the new car. The difference in the original mortgage to the refi'd amount pays for the car loan but I did not leverage that "new found" money to the car loan...I am paying the same amount to my mortgage as I was before and am paying the car loan (even paying extra each month).

It really depends on your needs. My deal at this present moment is that I have a car that’s 17 yo but I’ve put a lot more money to maintain it recently. I’m currently in need for a car bc I have to get back to work to make the money and have a home to stay in currently (renting). The car will be cheaper than a house although it will depreciate but although your home may appreciate overtime, maintaining the home is added expenses on top of mortgage that may not be ideal for some while renting you don’t have to worry about a large down payment, mortgage, and repair cost.

When financing our home years ago, we had great credit, no debt (we paid off credit card balances monthly) but I had a substantial line of credit that I would use from time to time to buy a nice car. I'd use the line of credit for the purchase then pay off the line of credit with savings within 7-10 days. The bank asked that I close that line of credit to get their best rate. I asked them "could I close it to get the best rate and then open it back after we closed on the home loan?" They said "sure." So, that's what I did.

I got caught in the "take 6 months to close on a home" process...when my car lease came to an end. I sat with our broker and called the mortgage company to ensure turning in the vehicle and taking a new leased "computer on wheels" wasn't going to mess up our home buying plans... thankfully, for us, turning in the Volt for a new Volt lowered our monthly payment so no problem... but, definitely could see increasing debt at that crucial buying moment could present a major problem. Awesome job on video.

Everytime I see a nice car I come back to this video right here 💯💯💯

In one of my first homes I had to sell my truck before I could qualify for a loan. I sold my 1980 truck, bought the house and then bought a $700 dollar truck. You guys are right again.

Four years of french and you don't know merci? Sure it wasn't spanish? Gracias for the channel.

The order only matters if you are taking on more debt than you can really afford. I'd say buy the car first. That way you are kept from buying a house that is too expensive. And if you have to finance a vehicle then buy the cheapest vehicle that meets your needs. Buying an expensive vehicle is like throwing money away - only do that when you literally have spare money to throw away.

@user-kp6ud7ht4z

Жыл бұрын

What if you need that expensive vehicle to start a business

@StockCarGuy

Жыл бұрын

@@user-kp6ud7ht4zlike he said, cheapest car to meet your needs

I am a 22yo young adult living is South Africa and i always knew that you should get a house before anything and thanks for the advice

@_Mayibongwe

9 ай бұрын

Same here. I'm a 21yr old in SA and just here to get confirmation on what I always knew - house first!

I choose to drive a 10k car so i acually have money to save/invest or spend. Doesn't impress the neighbors but thats ok.

@Wire-Free

3 жыл бұрын

Home ownership is key... Growing up; My family never had fancy cars, we traveled and saw the world instead! Eventually my Dad splurged on a Mercedes E300, what a piece of crap that was... compared to our Buick Le Sabre!

@THEGAMINGHELP101

3 жыл бұрын

I mean there are some cool cars around that price. I am a car guy so I guess I have a different opinion on nice vs the average person that thinks the latest and greatest luxury car is nice.

@brandonherrera2891

3 жыл бұрын

@@THEGAMINGHELP101 c4-c5 vettes, early amg's, xjr/xkr, e36 m3, and so on.

OMG thank you thank you I needed to hear that

VERY helpful information!!!

This video helped me gain a better understanding. Thank you.

This was incredibly helpful. You're like a male version of Suze Orman. Even people not currently in the market for a car can benefit from this information.

Y’all guys are cool stay safe thanks for the info

Thank you so much. This was really good

Yes I agree that debt to income ratio is important to mortgage lenders. Your total amount of debt versus net income should not be more than 35 percent committed to debt payments.

Like the new editing. More visual effects makes it more interesting

I had dept in previous loans, financed a expensive truck and paid my loans off. Still with the truck payment (900) month .. I was still able to get the mortgage for the amount I wanted. Paying off my previous depts and still paying (affording) my truck payments seemed to have helped

@q_1574

2 жыл бұрын

Thanks for your comment. I was freaking out. New car loan (800) a month and looking to buy. This gives me hope

Informative topic!

I work for a homebuilder. When we sell a new home to be built, we tell each customer that they cannot go buy a car, open a credit card and make purchases with it. Without fail, someone will go buy a car or open a credit card to purchase things for the new home. In the past 36 years, I’ve seen too many people have to get rid of a car they just purchased to qualify for the home they purchased. Same with a home refinance. Don’t go purchase a car on credit if you are refinancing a home.

@misschanelxxx

3 жыл бұрын

Thank you for this, I just paid off both my vehicles and it’s so hard not to get a newer used vehicle during the process of me saving to build a house 😂🙏🏼 how much of a down payment do you need to build a house?

@hurshrd654

3 жыл бұрын

@@misschanelxxxWhile there are all kinds of finance options for first time home buyers the best thing to do is save 20%.

It depends on the market, the need, the career growth, mobility, stabilities, and many more. For me personally I am not sure which city my career will bring me to in the next 3 years, but I know I will need a car. And while Auto manufactures offer 0 to 1.4% for 72months on financing a car and major banks small credit unions alike are asking you for 5.4% - 5.8% APR for 30 years mortgage in an inflated RE market, the answer became very clear.

You guys cracked the egg so clean. tooooooo good

Hey I'm 22 looking to inherit my aunt's house. Now saving for the down payment. Great advice!

THIS PERSPECTIVE REALLY HELPED ME . I HOPE THIS IS THE SAME IN MY COUNTRY REGARDING THE LENDING CRITERIA

“Buy your house first, it’s the best thing to do” California: “Imma bout to ruin this man...”

Approach taken by the new editor looks good. :)

I disagree a little bit. you’re not going to get a house loan without first paying off something like a car or credit cards. I suggest buying the cheapest car you like (ie, used $10k beater), pay it off, and then go for the house loan especially if you’re only a few years removed from college.

@youtubecommenter1000

2 жыл бұрын

This comment is not true at all, you can still get a mortgage if your debt to income ratio is 30% or below, some lenders will even go from 40%-50%, however I don’t recommend doing that.

Awesome video!

I'd suggest otherwise, albeit with conditions .... go ahead and get a car loan first, a relatively small one that can be paid off in a couple years THEN start looking for a mortgage & 15 year one at that having a proven track record prior to purchasing a house can help --- however, yes, trying to get a mortgage while carrying a car payment(especially a typical sized) would tend to be challenging

Your t-shirt wardrobe is fairly clean and well kept.

@ndayembidi6781

2 жыл бұрын

Ahahahahaha

Is it true that car financing is easier if you have a primary home mortgage already because lending companies assume you are not going to move in the near future? If yes, then what % of the decision this can contribute towards?

Buy a house first why? Paying for rent is money to the garbage, when you can be using it to pay off your house. then buy your car because after you have a house paid or almost paid off you can buy a car and have both . sounds good what y’all think it’s better to do . This is my plans

I've been in the mortgage industry for 30yrs. I've seen this a lot. Especially people cosigning for another person. Mortgage DTI approx 45%. No more than 49%

@hurshrd654

3 жыл бұрын

That percentage is high. If someone doesn’t want to be house poor it should be no more then 25% to 30%.

Can you explain how and maybe you have already but explain the best avenue to find out or get close to true dealer cost on a vehicle? I.e. dealer holdback fees, factory/dealer incentives and putting all those together to make an offer.

I love that he said ‘nice shirt’ something I would have said and I lived in France as a kid and used to speak fluent French and the ‘nice’ on the shirt is not pronounced that way in French.

@marcsys

3 жыл бұрын

...neece comment....

Toyota is releasing a new body and powertrain for the Sienna in the next month. Is it better to wait until the release of the new model? Will that drive the price down the price of a three year old model a bit?

I'm going through a house refinance right now. The rate is only 2.75% for 20 years with only $1200 in closing. I'm too pleased. If you can refinance, please do so if it makes financial sense. Check a credit union before a bank. My 09 car is sitting in the garage.

Step1: Be born rich. Step2: buy a car and work and don't pay rent. Live with your moma or dad. Step3: Wait until your parents help you financially. Step4: Fix your car or buy a bike so you can work every day. Step5: Not be poor.

I’m selling my car to buy a home hopefully. Then how seen after buying the house can we consider getting that new car? An yes DTI works against you no matter what.

I am 19 years old and I don’t know what to purchase first. Is it smart to buy a brand new 60k Tesla model 3 and finish financing it within 3-4 years and then be able to purchase any house?

Editing looks good, only adds to the entertainment of your videos, although I bet you could spend a LOT of time getting caught up in the fun!!!

Here in rural TN, the price of new cars is getting close to the price of homes. Yikes...a second "mortgage" payment.

@maggyboo1

3 жыл бұрын

True, having a hard time finding a used affordable F250.

Does this still apply if the car is a inexpensive car under $10,000 with only about $100/$150 monthly payments?

What about leasing a car? Would that still be included in your debt-to-income ratio, or is it ok lease a car and still buy a house?

So it would be better buying a brand new car after closing on the house

What if you’re on the middle of a 3 year lease and you need to get a new home (starting a family)? Would you pay off the car lease early to clear off debt?

Park a winter beater or slightly better in the driveway to discourage home break-ins. Don’t leave any valuables in it. I know wealthy people with planes and yachts that are not flashy with the cars they own or the clothes they often wear. They drive their cars for many years too.

@marcsys

3 жыл бұрын

Decent advice. Sadly too late for a neighbour who had his house broken into and the keys to his pride and joy new, decidely average Merc C Class stolen. Thieves completed the job the following night. Kinda strange that the advice from police and insurance company did not include an instruction to NOT leave the car parked in the £"%^&!"£ driveway....

Merci is thank you. Merci beaucoup is thank you very much.

Which one is prestige house or car?

If you know you are buying less house than you can afford, its also fine to buy before, but you gotta be confident you are buying less than you can afford.

"Can you drive your house?" "If it is a Motorhome, yes" Battle of wits: Dad 1, Zach, 0

@marcsys

3 жыл бұрын

You missed the reply to the follow up comment by Zach. Kid got "ethered". Raymundo KO1 Zach. Nothing new there!

We were lucky enough to pay our little place off before we needed new cars.

buy a house live in basement rent upstairs buy second house/ condo to rent out buy cheap cars only have heaps of cash on retirement retire early live in florida in winter play golf swim fish bbq enjoy ,,,,,,,,,, or struggle and pay banks heaps interest for cars that depreciate faster than you pay off loan all your life better to collect rent then pay rent

In this market (2 years after this video) - still the same recommendation? Cannot afford to buy a home right now but can live in my car if I had to. Won’t be buying for 6 months

Even though there will be fluctuations in the housing market, over time it’s an appreciating asset where as 99.99% of cars aren’t. Sorry but if someone invest more income in their car than where they live they are fools. Buy a cheap car and a better house then once you have moved up in your job and have equity and a savings account then buy that expensive car.

@marcsys

3 жыл бұрын

Good comment. I had some trouble with the words invest, income and car in such close proximity though. Last time that happened (at a car dealership) I had to slap the "finance" guy in the face with.... ...a brief summary of my investment portfolio.

Now what if you purchase a new car and pay it off in 4 years, then buy a house?

@bukIau

2 жыл бұрын

Then you have to wait 4 years to buy a house rather buying a house now

The $40,000 car can be paid off in three years then go buy the house. Why would anybody ever try to juggle multiple loans at once, unless you're making $100,000+/year? However, If that's the case you should be able to pay cash for a $40,000 car.

@Pureexhiliration

3 жыл бұрын

why would you spend 40k on an asset that will most certainly depreciate 50% in three years and then try to buy a house? You are better off buying the house which mostly likely keep or go up in value first and then go for go for the expensive car when your worth more

@TruthHurts2u

3 жыл бұрын

@@Pureexhiliration I'm assuming they needed a dependable car for transportation instead of a showpiece. I only went with $40000 because that's the number they used. Obviously you should be spending less on a car if you need one for transportation. However, you'll also have a paid off loan which can help your credit score when buying the house. Buying a house may make you "worth more" but it doesn't mean you'll magically be able to afford more. Good luck getting to work and making your house payment when that old POS used car you've already been driving for 5+ years decides to break down. I believe you should own a couple dependable cars before committing to buying a home even if you have to postpone buying that house for 3 years to do it. Three years is nothing in the grand scheme of things if it puts you in a better place to start from.

Condo or Townhouse as a first time buyer?

I’ll buy a van to live in. That takes care of both issues. Lol

30 Year House Loan? You can pay off a 30 home loan in about 20 years by simply making one additional payment each year towards the principle. You can research this on the internet and KZread as well.

@josephkelleher8820

3 жыл бұрын

Better off taking out a 15 year mortgage and doing the same thing.

@Brian-rs4ug

3 жыл бұрын

Joseph Kelleher I Agree. Shorter is better.

@marcsys

3 жыл бұрын

@@josephkelleher8820 Not necessarily. Shorter term locks you in to those higher monthly payments. I took out a 20yr mortgage, paid it off as if it was a 10 yr deal. Had the flexibility to divert the "extra" to other uses if needed. Some of my covid-crippled career-curtailed contemporaries who hoped to clear their mortgages this year might be closer to clearing their belongings from a repossessed house.

@Brian-rs4ug

3 жыл бұрын

marcsys I was actually advised to take out a 30 year and pay it down as a 15 year mortgage from the beginning. For the reasons you described.

I like the idea of only getting loans for real estate. Buy everything else with cash. Cars, phones, boats, etc. Invest some.

The answer in September 2020 is NEITHER. If you buy a house with a mortgage right now, you will be underwater and in financial ruin in two years. Most will not survive these next couple years either way. We are facing economic collapse folks. Get out of ALL debt.

Faced that dilemma back in 69....house or 59 Aston Martin. Real choice. Wife and I stood there looking at it, geeeze.. almost did it. We bought the house.

I’m in this boat right now where I’m buying my first house But my car is a piece of shit😂 I’m glad I chose the house tho but I want a scat pack soooo bad and I feel I won’t even be able to get one because after 2023 I garantee scats go for 60k because dodge is done making them. Yes I would really love a hellcat but a scat is more affordable

what if youre not financing the car and paying cash?

@viewera8038

3 жыл бұрын

When getting a mortgage, more assets in the bank looks better than fewer assets in the bank.

@ryanblake5590

3 жыл бұрын

Viewer A that is irrelevant to what i said

Any junker, as long as it's paid for, will get you to work so get the best house you can. Then figure out how much you want to go for a car.

@tardepralhad

2 жыл бұрын

👏

Buy it all

I’m so thankful I’ve found your page very useful knowledge, dropping gems that every father should pass on to his legacy to keep the torch lit! Love your page and thank you for taking time out your day to help others become successful in life!#extraordinarygentleman

You guys forget you going to pay for utility bills too and a mortgage probably $1000

100 year mortgage in japan. 😬 Might as well just rent. basically just paying interest on a 100 year mortgage

@653j521

3 жыл бұрын

news But are there many rentals?

Just ask Dave Ramsey. You can buy a new car when you are a millionaire. Or you never will be one. This is about the details... Our home is payed off after 21 years of mortgage payments and refinancing. We bought 4 new ($12k to $24k) cars in the last 26 years, and we will never be millionaires.

You buy a house when you finally settle down. Having a house takes a huge % of your income If you young and always moving . Car comes first House 🏠 $$$$$$$ Property taxes Insurance Maintenance $$$$$ utility bills Interest on your loan $$$ Thier goes about 18k to 30k a year on a average house

@THEGAMINGHELP101

3 жыл бұрын

In the average city, a nice home that is around 2,000 sqft with utility insurance and property taxes will only be $17k/year. You get yourself a roommate or 2 and you are paying less or the same as renting but you get to pay principle. Yes, it locks you down but this might or might not matter for someone in the mid-20s.

@DanielGarcia-zz9eg

3 жыл бұрын

@@profribasmat217 I was cheap cheap cheap when I was young . I kept my rent and utility between $300 to $500 a month . I didnt care much about having a place . Stack that money, move up the ladder in life. Not healthy being house broke paycheck to paycheck . I saw that alot in my friends When they were in there 20's I even went years working for a company that pay for hotels where ever they needed me at. That help alot . ( no rent, just a bag) There were Times i stay over a girls apartment for months at a time ( free rent) I did my best to be cheap on having a place to live when I was single. All i needed was my ride and the adventure

@DanielGarcia-zz9eg

3 жыл бұрын

@@THEGAMINGHELP101 roommates not bad, problem is you hoping they pay up each month or you stuck with the bill . I seen that happen alot .

@THEGAMINGHELP101

3 жыл бұрын

@@DanielGarcia-zz9eg Have you heard of legal contracts that allow you to evict them if they don't pay? Background checks, etc. There are plenty of ways to get roommates that are responsible and if you get a bad one there are legal ways of covering yourself to be able to get rid of them.

@DanielGarcia-zz9eg

3 жыл бұрын

@@THEGAMINGHELP101 I heard of it and it means nothing to them and a waste of your time in court. Its easier to keep them on a monthly then a one year lease. With monthly you can kick them right out the door 🚪

It seems logical to buy a house first because it is your shelter. Next comes the car which should not exceed one-fourth of the total value of your house.

@653j521

3 жыл бұрын

a ben Many people these days have the experience of unexpectedly being out of work for an extended period of time. They don't have savings that cover their expenses for more than a few months. If you buy a home taking into account the earnings of two partners and even one is unemployed, that could become an intolerable burden and trying to sell the house in a depressed market can mean taking a big loss. So give some thought to how you are going to handle the mess of a major recession and/or pandemic, or major health problems that interfere with your staying in your job and run up huge bills. If you take the long view you won't be like the people in Anchorage in a past recession who dropped off the keys to the house at the bank and drove off with their credit score in tatters.

hello there Have you heard that couplet from some Broadway song I have forgotten the rest of: " It's so much nicer in Nice"

buy the asset the house and buy 10 thousand dollar car canadians are savers mostly

What if I'm 20 and dont plan on buying a house for 10 years?

@littlejohnny47

3 жыл бұрын

Tagekumar Paul: My advice is to still buy inexpensive, used, and dependable for your automotive needs and keep ANY spending on a steadily depreciating expense to the minimum. Invest the other money you make until you are ready to buy a house (or condo, etc.). Foolish people look at today and tomorrow. Look at five or ten years out and decide where you want to be and how you want to live in the future - then work toward that goal! If you live paycheck to paycheck as many do, you will always be working for some bank or loan officer the rest of your life! Sure, you will have “stuff” but are you willing to pay that price? Ask me how I know this...!

@viewera8038

3 жыл бұрын

Since there are no 10 yr car loans (yet at least), then it doesn't matter...apart from the opportunity cost of saving that money for your down payment.

@tagekumarpaul7474

3 жыл бұрын

@@littlejohnny47 thanks for the advice. I want a civic type R, but i dont want it to burden me so ill decide if i buy it outright with cash (save up for a few years) or save and get a house.

@tagekumarpaul7474

3 жыл бұрын

@@viewera8038 this is true. But the video does have some good points. I just dont think im ready to own a house.

Own your own car too.

I haven’t watched the video yet. But I’m guessing you need a new car to get to your new house. So car first!

@littlejohnny47

3 жыл бұрын

BA Junkie, You might need a car for obvious reasons but you certainly do NOT need a new one! Someone else here said it best: a house is an APPRECIATING ASSET while a car is a DEPRECIATING expense! Run a cheap, dependable, used car until you can buy your own home, condo, townhouse, etc. if you must move for work or other reason, you can at least break even on real property. In some cases, your employer may even help with home buying or selling expenses to help you move where they need you. Any car just continues to lose value by the month for year after year. Do not let the high price of used cars today make you think otherwise.... Regards.

@bajunkie7714

3 жыл бұрын

LittleJohnny47 Cib Thank you for that very considered reply. I was making a joke, it was perhaps a bit too subtle. I thought the correct answer (a house) was extremely obvious.

@653j521

3 жыл бұрын

@@bajunkie7714 Doesn't that depend on your credit score? If you have a history of paying off your car loan, that will help your credit score.

Should I buy a car or a watch first?😏

Buy your cars cash or 90% down buy a home with 10-20% down debt is slavery

Greezy car guys always focus on what "muntly payment" you can afford.

Your editor should be fired. I could hear the sound of a chair sliding across the floor at the very end. 😜

Quite literally saving 600 fucking dollars if i get a car before a house? I think ill get the car and a home that will be quite fine, this argument saves you money that nobody gives a fuck about when we all die lolololol

If you needed to be explained which comes first, you shouldn’t be on this channel