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#7 Your Dream Home

By Rita Norman

Real Estate Agent

July 27, 2010 05:19 PM

I commute a lot, so I like to listen to audio books. I began a new one this morning.
The Automatic Millionaire Homeowner by David Bach.
The author was recounting his meeting with his first Automatic Millionaire Homeowners, a couple in their 60's. They had been in their mid 20's when they bought their first home. Image my surprise when they began describing the only place they could afford to buy a home. A little town 20 miles further out than they wanted, called Walnut Creek CA. I moved to Walnut Creek in the mid 70's so it was close to this same time. I can relate to their descriptions of Walnut Creek back then. It was such a quaint little town. Who knew it would become the boom it is now. They then shared something that really struck me. The home they found was no where near the dream home they were looking for but it was all they could afford. Their agent at the time explained to them:
WC Sign

" Your Dream Home is not

the first home you buy,

but the first home you buy will someday

help you buy your Dream Home."

Great words of wisdom, I plan to share with my first time home buyers too.
This is as far as I've listened. I'll be sure to post more words of wisdom, as they come in.

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Lizette Fitzpatrick

Lizette Realty - Richmond KY - Lexington, KY

Lizette Realty, Lexington KY MLS - Kentucky Homes

That's very true. I am in my first home and with the improvements I know that when I sell the equity will help me buy my dream home.

Jul 27, 2010 05:24 PM

Todd & Devona Garrigus

Garrigus Real Estate - Beaumont, CA

Broker / REALTORS®

Great words of wisdom. Look at all these people losing their homes because they bought beyond their means!

Jul 27, 2010 05:31 PM

Bryan Watkins

LRA Real Estate Group - Mesa, AZ

Rita, good comments. The best way is to be smart and deliberate with investments- every home is certainly one. We always have made selected improvements to increase the value, and it has paid off.

Jul 27, 2010 05:37 PM

Rita Norman

Walnut Creek, CA

Your Agent in Walnut Creek CA

Lizette: I remember my first home and the "system" really does work. Now, 25 years later, I own several properties and you know what, over the years, my Dream Home keeps changing. I recommend The Automatic Millionaire Homeowner. It is a good read.

Todd & Denova: Yes, maybe someone should have told them the story of the Tortoise and the Hare.

~Rita

Jul 27, 2010 05:39 PM

John Pusa

Glendale, CA

Rita - Excellent blog on how to buy a dream home. Thanks for sharing it.

Jul 27, 2010 05:50 PM

John: Thanks, but I was just the messenger. Credit should go to that agent 30 years ago.

Jul 28, 2010 02:17 AM

John Juarez

The Medford Real Estate Team - Fremont, CA

ePRO, SRES, GRI, PMN

Rita,

I have read the book. It is down-to-earth with the basic advice that a home is to live in...not to flip or sell for a short term gain. Losing track of the basic tenet was one of the prime causes of the real estate melt-down.

Jul 28, 2010 05:43 PM

John:

I'm still listening to this audio book. It was written before the mortgage/real estate meltdown and it is so strange to hear the author praise the lenders for making it possible for so many people to own their own home. We now know what happens when you try and shortcut the system. I still advise, save hard, buy a good property within your means, let it appreciate and use it to springboard you to your next one. The rest of his advise is right in line with my own thinking, so I'm enjoying hearing my own philosophy supported by this author. I like giving these kinds of books as gifts. That way I don't feel like I'm preaching... I let the author do it for me.

Jul 29, 2010 04:46 AM

In my copy of The Automatic Millionaire, I have bookmarked and highlighted page 4. David Bach writes"

"In fact, it doesn't really matter when you happen to be reading this or what's going on right now in the markets. This book is not about the boom...or the busts. It's not about timing the real estate market. It's not about the fantasy of "getting rich overnight" in real estate.

What this book is about is the truth. And the truth is this:

Nothing you will ever do in your lifetime is likely to make you as much money as buying a home and living in it"

That is my all time favorite quote about owning a home.

Jul 29, 2010 08:47 AM

YES, YES, YES!!!

And my favorite follow-up of David Bach's, when people tell me they can't afford it, is... the Latte Factor.

Jul 29, 2010 09:05 AM

#7 Your Dream Home

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