And no, not everyone should buy a house, at least maybe not right now.

I've seen multiple "housing hacks" on social media and they sound so great and exciting and make it sound easy. But the deeper I get into real estate, the more I learn that this is not the case. Some things that I have learned is that financing is difficult, especially if it is government financing like USDA and FHA. These loan require homes to be move in ready with no issues, or paint chips. Which means if the seller isn't willing to do the repairs, and you can't afford to do the repairs, you basically can't get it.

Then there are loans like an FHA-203K rehab loan. This loan is for properties that need repairs. Sounds great right?! Well, no. You still need to hire a contractor to do all of the repairs to the property. So you aren't saving any money there. Plus right now, a lot of banks are not lending out that type of loan becuase the risk is too high, and a lot of contractors don't want to deal with the hassel of submitting the paperwork and working with the banks. So they are not impossible, but right now they are very difficult to get.

Cash is king. You need it to invest. And you need to to do repairs. You need it for a downpayment. You need it basically to get a good loan. It isn't impossible, but it is difficult and not as easy as they make it sound.

Right now in this market, things are slowing down, but still crazy. Just be patient and wait. Something will come along that will knock your socks off. Until then, save money!

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