In this episode Mark is joined by his daughter Katie and her good friend Jessica to discuss the intricacies of first-time home buying. They delve into the current housing market, the advantages and disadvantages of renting versus buying, and personal anecdotes about homeownership.  Jessica shares her journey as a recent college graduate contemplating buying her first home, and exploring concepts such as house hacking, renovations and rental property options. This episode aims to educate listeners on making informed, financially sound decisions in the complex world of real estate. If you would like your question answered on the show, please send an email to [email protected] and put “podcast question” in the subject line. Episode Links: Mark’s Money Mind YouTube Channel I Will Teach You to be Rich: No Guilt. No Excuses. Just a 6-Week Program That Works by Ramit Sethi I Will Teach You to be Rich YouTube Channel Boomers Buying Houses Had It Bad in the ’80s. Millennials Have It Worse. Wall Street Journal - August 11, 2024 Set for Life: An All-Out Approach to Early Financial Freedom by Scott Trench First-Time Home Buyer: The Complete Playbook to Avoiding Rookie Mistakes by Scott Trench and Mindy Jensen Timestamps: 00:31 Special Guests: Katie and Jessica 00:46 Housing Update and New Apartment 01:29 The Big Move and Future Plans 03:11 Jessica's Journey and Homeownership Questions 04:33 Renting vs. Buying: A Deep Dive 08:01 Understanding the Housing Market 14:07 House Hacking and Financial Strategies 22:56 Mark's Personal House Hacking Story 26:03 The Fixer-Upper Trend 27:11 Living in a House Before Renovating 28:07 Finding the Right Realtor 31:16 Vetting the Town and Renting First 33:13 Making a Long-Term Commitment 39:54 Financial Ratios and Affordability 43:36 The Importance of Taking Your Time 44:03 Generational Differences in Home Buying 48:36 Final Thoughts and Advice _______________ As an Amazon Associate this show earns income from qualifying purchases. Affiliate links do not increase your costs, and we will only link to products or services that we are familiar with and that we feel may deliver value to you. The modest income received from affiliate links helps support the cost of running and managing this show.