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Buying Your First Home: The Biggest Financial Decision of Your Life Is Actually an Emotional One · Wait... What's Next?

• 0:00
  SPEAKER_01: How many people you meet who are simply buying a house because they feel this external pressure to fit in that generation or have that as a goal?
• 0:09
  SPEAKER_01: When is the right decision for someone to buy a property, if at all, and become a homeowner?
• 0:15
  SPEAKER_01: Buying a house, you can do whatever you want.
• 0:17
  SPEAKER_02: What are some misconceptions that millennial agencies have about real estate?
• 0:23
  SPEAKER_02: I think we all have reach a point where we're asking if we're ready to buy a house.
• 0:28
  SPEAKER_02: So that's what we wanted to bring in and then just discuss the transitions and a conversation on how to even start thinking about it.
• 0:37
  SPEAKER_01: When somebody like me is looking at all these barriers to entry, how do you start to make sense of it and not be so fearful?
• 0:45
  SPEAKER_02: This is the time.
• 0:47
  SPEAKER_02: At your age, this is the time to jump on real estate.
• 0:51
  SPEAKER_02: If I knew what I know now, at your age, I would have started there.
• 0:56
  SPEAKER_02: And I remember that was very engraved in me.
• 1:00
  SPEAKER_02: Later on, I found out a lot of the like good and bad about real estate.
• 1:06
  SPEAKER_02: But what did you mean or what did you mean when you made that statement?
• 1:09
  SPEAKER_00: I think the only thing making you block is Marilyn.
• 1:27
  SPEAKER_02: Hello, nice to meet you.
• 1:29
  SPEAKER_02: Nice to meet you, Amanda.
• 1:31
  SPEAKER_02: Well, Marilyn, welcome to Wake What's Next.
• 1:34
  SPEAKER_02: We're so excited to have you.
• 1:37
  SPEAKER_02: I need to introduce you for anybody who has been following our conversation with real estate.
• 1:44
  SPEAKER_02: I bought my first apartment on 2023.
• 1:49
  SPEAKER_02: And we are interviewing today Marilyn Notoriani, which was the agent that made it happen.
• 1:56
  SPEAKER_02: It was a crazy story because I was just flirting with the idea.
• 2:02
  SPEAKER_02: And at the time I was working in the same company as Marilyn.
• 2:06
  SPEAKER_02: And she just, you know, took me from zero to a hundred.
• 2:09
  SPEAKER_02: And so I think I would have not been able to go through the process without you.
• 2:13
  SPEAKER_02: So I'm very thankful.
• 2:14
  SPEAKER_02: I'll always remember.
• 2:16
  SPEAKER_02: It's a once-in-a-lifetime experience.
• 2:18
  SPEAKER_02: And so I thought it was really fun to bring you into the podcast and ask you all of the questions and have a conversation that I know many people that are in transition and having wanting to start this conversation.
• 2:32
  SPEAKER_02: Um, I feel like they would gain a lot of value out of this.
• 2:36
  SPEAKER_02: But thank you for joining us, Marilyn.
• 2:38
  SPEAKER_02: Thank you so much for inviting me.
• 2:41
  SPEAKER_01: Marilyn, it's so nice to meet you.
• 2:43
  SPEAKER_01: And one of the things that me and Laura were talking about is we're on totally different sides of the spectrum when it comes to home ownership.
• 2:54
  SPEAKER_01: Laura has a property.
• 2:55
  SPEAKER_01: I do not.
• 2:56
  SPEAKER_01: I don't even think that that's in my cards anytime soon.
• 3:01
  SPEAKER_01: And we were talking about how you have a unique perspective into when is the right decision for someone to buy a property, if at all, and become a homeowner.
• 3:13
  SPEAKER_01: So I thought that we would kick off our conversation with you asking you how do you know when somebody is emotionally, financially just ready to take that next step into homeownership?
• 3:26
  SPEAKER_00: So you're starting with an intense quit.
• 3:30
  SPEAKER_00: Because it is very intense.
• 3:33
  SPEAKER_00: Um, so we do not actually, you know.
• 3:36
  SPEAKER_00: I mean, you know when you are ready to purchase a property with you inside.
• 3:42
  SPEAKER_00: Okay.
• 3:42
  SPEAKER_00: I mean, you should not have any pressure from the society, or you should not have any pressure from your surrounding, but you should know inside.
• 3:52
  SPEAKER_00: And for instance, when I'm interviewing clients, I try to find out where they are in their life.
• 3:59
  SPEAKER_00: Because it has everything to do where they are in their life.
• 4:03
  SPEAKER_00: And then if they are on the right spot, in that case, yes, the prop the process will be smooth, and the process will be definitely a jump up for them.
• 4:15
  SPEAKER_00: You know.
• 4:16
  SPEAKER_00: But if you are not ready inside, I can show you every single property, as much beautiful as they are, even new price point, or even lower than your price point, you will always find something wrong.
• 4:30
  SPEAKER_00: And that's when you see, so basically, you don't know a client when it comes, if they are ready, until you go with them to see a property, and then you ask questions.
• 4:42
  SPEAKER_00: The secret to know if they're ready or not is to ask questions.
• 4:47
  SPEAKER_00: And there is some line, have some test line, because of course, if somebody is ready or not, it's very important to me.
• 4:55
  SPEAKER_00: It's very important to follow client with the same timing.
• 4:59
  SPEAKER_00: So, in that case, you ask questions, and and then based on the question they are replying to you and where they are in their life, you know if they are ready or not.
• 5:09
  SPEAKER_02: What are some of those questions that you ask?
• 5:13
  SPEAKER_02: And if you can give us an indicator that they might be ready or they might not be ready based on those answers.
• 5:20
  SPEAKER_00: I mean, someone, for instance, Laura, you you are from some different country.
• 5:25
  SPEAKER_00: I'm French, and so I'm coming from France.
• 5:28
  SPEAKER_00: And then here in the Bay Area, we have a lot of people who come from different countries.
• 5:33
  SPEAKER_00: Like, for instance, when there is a strong emotional attachment to their country where they come from, this is a slowdown in terms of process to buying a house here.
• 5:47
  SPEAKER_00: Because once you're buying a house, you have a sense of putting your root here, you know, and you still have a strong, strong attachment to your country.
• 5:58
  SPEAKER_00: For instance, French people, France has a strong attachment to people, you know, they come over here.
• 6:04
  SPEAKER_00: So it's difficult to pass that.
• 6:07
  SPEAKER_00: And then, of course, the one thing you have is you always compare what you have there and what you have here, which you can buy a village over there when which a small house over here.
• 6:20
  SPEAKER_02: So that's an easy comparison.
• 6:23
  SPEAKER_02: What was something that because I came from a point of just thinking about it.
• 6:29
  SPEAKER_02: When I had a conversation with you, I told Amanda this.
• 6:33
  SPEAKER_02: I wasn't even ready or saving for years to even buy a property.
• 6:39
  SPEAKER_02: I think at the time when I came with you, it was just more so of a dream.
• 6:44
  SPEAKER_02: And thinking, I would like to just have property to start investing.
• 6:48
  SPEAKER_02: And I remember my biggest prerequisite to buy a home was I need to make sure that it's a two-bedroom, two-batroom apartment.
• 6:56
  SPEAKER_02: Because in my mind, I always thought, even if I'm living there, I should be able to have somebody else to rent it, like the second half to help meet with the costs, or then I just can rent it fully.
• 7:09
  SPEAKER_02: But I was no near ready to buy a condo.
• 7:15
  SPEAKER_02: What were some indicators that you had with me to make you feel that I was ready to enter in that season in my life?
• 7:27
  SPEAKER_00: You know, buying a house is also growing, you know, it's it's really, and that's what you did, basically.
• 7:33
  SPEAKER_00: You grew into the idea.
• 7:35
  SPEAKER_00: So we start, I mean, you work into a brokerage, so you hear you were surrounded by realtors all day, you were into real estate uh mood and and and energy, so you hear about housing all the time.
• 7:50
  SPEAKER_00: So it's already the seat was already there.
• 7:53
  SPEAKER_00: And then when you start, you asked me to show you property.
• 7:57
  SPEAKER_00: So basically, you came with your family, and then I saw the drive, and then you start picturing yourself on every property which is for.
• 8:05
  SPEAKER_00: Like remember the first time when I show you the property with a view over the marina?
• 8:11
  SPEAKER_00: I mean, you you saw yourself right with it.
• 8:14
  SPEAKER_00: Okay.
• 8:14
  SPEAKER_00: Um and then so you had the drive.
• 8:17
  SPEAKER_00: And that's what exactly what it what that would need.
• 8:20
  SPEAKER_00: You need the drive because in order to buy a property in a Bay Area, you really need to have the wish and the drive, and that makes already 50% of getting there.
• 8:31
  SPEAKER_00: Okay.
• 8:32
  SPEAKER_00: So after, yes, after, of course, you have the financial aspect because you maybe you didn't prepare for years before, automatically, like when it came down to the loan process and the lending process, it was a little bit more chaotic, but however, we made it and we we passed the obstacle basically.
• 8:52
  SPEAKER_01: I was just gonna say that I think this is such an interesting perspective to take the emotional checks and balances because I know Laura's sorry, she kind of made this decision on a whim.
• 9:05
  SPEAKER_01: It wasn't like she had this as a big goal in mind.
• 9:08
  SPEAKER_01: And Marilyn, I think about some of my friends who are very much like, I'm saving money so I can buy a house and I have this goal by being 35 years old or whatever age it is.
• 9:19
  SPEAKER_01: And it makes me wonder then how many people you meet who are simply buying a house because they feel this external pressure to fit in that generation or have that as a goal.
• 9:30
  SPEAKER_00: I mean, it's an interesting question.
• 9:32
  SPEAKER_00: Um, you should not feel pressure to buy a house.
• 9:35
  SPEAKER_00: Buying a house is very personal.
• 9:37
  SPEAKER_00: You should not feel pressure from your family, from your surroundings, from the society.
• 9:43
  SPEAKER_00: I think there is maybe a biological pressure because if you get married and you have kids, this is a different story.
• 9:51
  SPEAKER_00: You want to settle somewhere, you want to feel home.
• 9:55
  SPEAKER_00: Home is social.
• 9:56
  SPEAKER_00: You know, like home is definitely a social factor.
• 10:00
  SPEAKER_00: How to put the family together, how to build your roots, if you have a child, how you're gonna raise your child in that school.
• 10:08
  SPEAKER_00: And that's really when you feel to buy a home.
• 10:11
  SPEAKER_00: I think when you're starting to get married, maybe and have a child, it's more the moment when biologically you feel more, feel to settle somewhere.
• 10:21
  SPEAKER_02: What is the biggest misconception that millennials have about because millennials are kind of like the generation right now, younger millennials are the ones that are kind of entering that real estate world?
• 10:33
  SPEAKER_02: I know a lot of Gen Cs are also looking into it, especially because there's many Gen C's who are now building their own businesses and now they have that finance that is helping them and backing them up to make these types of decisions.
• 10:47
  SPEAKER_02: But what are some misconceptions that millennials and Gen Cs have about real estate?
• 10:55
  SPEAKER_00: So uh misconception is exactly what you're saying.
• 10:59
  SPEAKER_00: Exactly.
• 10:59
  SPEAKER_00: You think like when you buy a house, you think you're gonna be blocked, you know?
• 11:04
  SPEAKER_00: It's like the same with the marriage.
• 11:06
  SPEAKER_00: It's like you think because you are getting married, of course, is a big moment of your life and a happy moment of your life, but you think like getting married is it's it's gonna make you like completely saddle and rooted somewhere and being blocked, you know.
• 11:21
  SPEAKER_00: I mean, I think the only thing making you block is kids because you you need to be responsible and you need to bring them a stable environment for them to be to be as best as possible.
• 11:34
  SPEAKER_00: Buying a house, you can do whatever you want.
• 11:36
  SPEAKER_00: I mean, it doesn't block you, you can rent it out uh a year and later uh you can resell it.
• 11:43
  SPEAKER_00: Myself, I bought a house and I I sold it two years later.
• 11:47
  SPEAKER_00: And I'm like, okay, this is not for me, sell it.
• 11:49
  SPEAKER_00: You know, you can whatever you do, you can live inside, I mean, you can do whatever you want with the house, actually.
• 11:56
  SPEAKER_02: I have a thumb-up question because I remember something very vividly from my experience with you.
• 12:01
  SPEAKER_02: And you said, How old are you?
• 12:04
  SPEAKER_02: And at the time I was 29, I was about to be 30.
• 12:07
  SPEAKER_02: And you said, This is the time.
• 12:12
  SPEAKER_02: At your age, this is the time to jump on real estate.
• 12:15
  SPEAKER_02: If I knew what I know now at your age, I would have started there.
• 12:20
  SPEAKER_02: And I remember that was very engraved in me.
• 12:24
  SPEAKER_02: Later on, I found out a lot of the good and bad about real estate.
• 12:29
  SPEAKER_02: But what did you mean when you made that statement?
• 12:32
  SPEAKER_00: So, because I'm I'm a little bit older than you, and I actually start real estate later.
• 12:39
  SPEAKER_00: I started real estate when I was 38 years old.
• 12:41
  SPEAKER_00: You know?
• 12:42
  SPEAKER_00: For instance, when I came over here and when I was married, if I knew real estate was so important for in the United States and for the Bay Area, actually, I will do everything to buy a house.
• 12:53
  SPEAKER_00: You are young, you have the energy, and that's everything.
• 12:57
  SPEAKER_00: You have the energy.
• 12:59
  SPEAKER_00: And then that decision shapes the rest of your life.
• 13:03
  SPEAKER_00: Having a house, you want to travel for a year.
• 13:06
  SPEAKER_00: You can rent it out the house for a year.
• 13:08
  SPEAKER_00: In a Bay Area, we are we are in one of the most expensive markets in the United States.
• 13:14
  SPEAKER_00: So you can rent it out the house, it pays part of your mortgage or part of everything, and then you can travel around the you know during a year.
• 13:23
  SPEAKER_00: You know, you go in Asia, you go in South America, you go different parts of the world.
• 13:28
  SPEAKER_00: But you still have a home here.
• 13:30
  SPEAKER_00: And in the meantime, it's taking values.
• 13:33
  SPEAKER_00: If I were buying a condo or a house when I was 32, I mean I would be super happy.
• 13:39
  SPEAKER_00: First of all, I would be almost at the end of my mortgage payment.
• 13:42
  SPEAKER_00: And so the difference in value in like 25 years, especially here, it's huge.
• 13:48
  SPEAKER_00: To give you an example, the other day I was checking my clients who purchased a house 10 years ago and how much equity they got in their house.
• 13:57
  SPEAKER_00: And some of them, they almost double the equity in their house.
• 14:02
  SPEAKER_00: For instance, buy a house in Redwood City.
• 14:05
  SPEAKER_00: They bought the house.
• 14:06
  SPEAKER_00: At that time, it was multiple offers, 15 offers.
• 14:10
  SPEAKER_00: They were thinking they are crazy to buy a house at this price point, exactly the same thing today, but 10 years later, the house doubled in price.
• 14:20
  SPEAKER_00: So that's an example.
• 14:22
  SPEAKER_00: And then in the meantime, that's true.
• 14:23
  SPEAKER_00: In meantime, I mean, you're living, it's your house, you're paying your mortgage, you have interest deduction from your income tax.
• 14:31
  SPEAKER_00: I mean, so that's all packaged, basically.
• 14:34
  SPEAKER_01: Marilyn, from my perspective, too, and I'm hearing you break this down, I'm like, this sounds great.
• 14:38
  SPEAKER_01: It sounds like there's so much profit potential, to your point, being able to see your clients 10 years ago, how much they'd gained in that property value.
• 14:48
  SPEAKER_01: I think that like such a big barrier of entry for me is the fear of being house poor.
• 14:54
  SPEAKER_01: And I'm in San Diego, so I'm Southern California.
• 14:58
  SPEAKER_01: When I look at properties, it's either I like things that I think are just going to have way too big of a mortgage payment for me.
• 15:05
  SPEAKER_01: And if a dishwasher breaks, I'm gonna be down.
• 15:09
  SPEAKER_01: Or I find something that is less, and then I'm like, well, this whole entire property needs to be flipped.
• 15:17
  SPEAKER_01: So I'm having a hard time kind of understanding or justifying where making the right decision would exist.
• 15:25
  SPEAKER_01: Is it buying a cheaper property and then waiting for the value to gain?
• 15:29
  SPEAKER_01: What happens if an appliance breaks?
• 15:31
  SPEAKER_01: Like, how do you balance all the extra payments?
• 15:34
  SPEAKER_01: So I guess my question for you is when somebody like me is looking at all these barriers to entry, how do you start to make sense of it and not be so fearful?
• 15:46
  SPEAKER_00: So, yes, I was ready to say, first of all, it's fear.
• 15:49
  SPEAKER_00: You let your fear talk.
• 15:52
  SPEAKER_00: So basically, maybe, you know, first you work on a fear.
• 15:56
  SPEAKER_00: You will see basically housing in a different way.
• 15:59
  SPEAKER_00: The practical way to see it, it should not disrupt the way you live.
• 16:03
  SPEAKER_00: Purchasing a property, yes.
• 16:06
  SPEAKER_00: It's compromising, yes, you're gonna have to do some sacrificed, but at the end of the day, it should not you should not sacrifice the way you live.
• 16:15
  SPEAKER_00: I don't know the way you live, but and and depend.
• 16:18
  SPEAKER_00: Of course, let's say you do, I don't know, three or four trips a year in a foreign country, but maybe you do one or two during a few years.
• 16:27
  SPEAKER_00: And and then you are in young.
• 16:29
  SPEAKER_00: You need to think perspective.
• 16:30
  SPEAKER_00: When you're buying real estate, the problem is the tendency of today, people think instantly.
• 16:37
  SPEAKER_00: People think is now, in six months.
• 16:40
  SPEAKER_00: But when you're buying the timing for buying real estate is longer.
• 16:45
  SPEAKER_00: The way to look at real estate is also right now you are in young, right now you are 30 years old.
• 16:51
  SPEAKER_00: So where you were in your professional timing, your income is gonna probably increase as well.
• 16:58
  SPEAKER_00: And that's something you don't put some time in your idea.
• 17:02
  SPEAKER_00: You are at the beginning of your career.
• 17:04
  SPEAKER_00: So automatically you're gonna have, most likely, you're gonna have your income increasing.
• 17:10
  SPEAKER_00: You have you're gonna have a better position.
• 17:12
  SPEAKER_00: It's exactly like when you have you are a student and you're taking a student land.
• 17:17
  SPEAKER_00: You're bargaining a little bit on what is gonna be your future.
• 17:21
  SPEAKER_00: So that's exactly the same mindset, if I will say.
• 17:24
  SPEAKER_00: You are young, you are at the beginning, probably you are with someone who is young and the beginnings, so but in five years, where you want to be professionally in five years, and that's a way to look at it.
• 17:35
  SPEAKER_00: What kind of income you want to earn?
• 17:37
  SPEAKER_00: That's gonna re-reduce your fear.
• 17:40
  SPEAKER_00: So it's gonna be like a sacrifice, maybe now.
• 17:42
  SPEAKER_00: Yes, it's a compromise, but maybe it's not as big as you think.
• 17:47
  SPEAKER_00: And then again, it should not it should not lower down so much where you live.
• 17:52
  SPEAKER_00: It depends depends on what you want to do first.
• 17:57
  SPEAKER_00: It's really personal.
• 17:58
  SPEAKER_00: Buying a house is really, really personal.
• 18:01
  SPEAKER_02: To play devil's advocate, who might actually benefit from waiting or buying real estate.
• 18:10
  SPEAKER_00: Look, the person who's gonna wait, it's the person who's gonna think maybe the real estate is gonna go down, which is possible.
• 18:18
  SPEAKER_00: I'm not saying it's not possible.
• 18:20
  SPEAKER_00: Tomorrow we're gonna have a similar financial crisis as we face it in 2009.
• 18:27
  SPEAKER_00: I mean, yes, that's gonna be an opportunity, but even at that moment, you're gonna need to have the vision to say, okay, the market is down, we have short sales, uh, people are losing houses.
• 18:39
  SPEAKER_00: Why are you gonna buy a house at this point?
• 18:42
  SPEAKER_00: So you need to have a vision.
• 18:43
  SPEAKER_00: You see, having, and then people today who bought in 2009, I mean, they bought a house for what?
• 18:50
  SPEAKER_00: $400,000 here, and today the house is$2.6 million.
• 18:55
  SPEAKER_00: And you're not talking about 50 years ago.
• 18:57
  SPEAKER_00: We're talking about what, 13 years ago, 12 years ago, a little bit more when it was 2009, 2010.
• 19:06
  SPEAKER_00: So yeah, 16 years ago.
• 19:08
  SPEAKER_00: So in 16 years, you see how much of value went up in terms of housing.
• 19:13
  SPEAKER_00: So, and then it's a saying, it's you buy a house and then suddenly something happened.
• 19:20
  SPEAKER_00: Because you're always gonna have something happening you cannot control.
• 19:24
  SPEAKER_00: A new president, a war somewhere, you know, COVID, you know, something is out of out of your control.
• 19:31
  SPEAKER_00: So you need to, and then you're gonna say, oh, what I gonna do, what did I do?
• 19:35
  SPEAKER_00: Why did I bought the house now?
• 19:37
  SPEAKER_00: No.
• 19:37
  SPEAKER_00: The value of the house is only when you are on the market.
• 19:41
  SPEAKER_00: On the market to buy, on the market to sell.
• 19:43
  SPEAKER_00: Until the house is on the market, whichever website can tell you the value of the house, no.
• 19:51
  SPEAKER_00: You need to expose the house and your property to the public to know exactly what is the value of the house.
• 19:58
  SPEAKER_00: You can, of course, you can always have an idea, but that's when having a house on the market, that's when you really know how much is your house.
• 20:08
  SPEAKER_00: But you don't have to fear that if you buy a house.
• 20:12
  SPEAKER_00: I mean, it's important for you again, only if you sell the house, or if you are on the market to buy a house.
• 20:18
  SPEAKER_00: If you buy a house, most likely you didn't buy a house for one year, two years, three years.
• 20:24
  SPEAKER_00: You buy a house for 10 years, and then you're gonna see in 10 years where it's gonna be.
• 20:29
  SPEAKER_02: I think that was I I we talked about this with Amanda, and she asked me if I mean, you know, I had had a few hurdles because I don't know if you heard, but there was a leakage in my apartment, so I had to, because of the laundry machine, all of that, and that comes with a lot of stress and a lot of things that you need to do.
• 20:45
  SPEAKER_02: But then Amanda did ask me a question about regretting if something about those things made me regret my decision.
• 20:52
  SPEAKER_02: And I told her, I think that was my answer.
• 20:54
  SPEAKER_02: Because it's a long-term thing, it doesn't really affect it, and I'm not thinking of the value of right now.
• 21:03
  SPEAKER_02: I'm thinking of what it's gonna look like in 30 years.
• 21:06
  SPEAKER_02: So whether or not the prices go up or down, it doesn't really matter for me because I'm playing the long game.
• 21:13
  SPEAKER_02: Yeah, exactly.
• 21:14
  SPEAKER_00: So I mean, I think to remove the stress and the fear, you need to remove, I know it's difficult, don't take it, but you need to remove the price and the how much you pay for the house, you know, or how much you're gonna pay for the house.
• 21:27
  SPEAKER_00: And then all what you need to concentrate is have a good lender on your side, a good realtor on your side who can crunch and really guide you to every step and crunch a number for you.
• 21:40
  SPEAKER_00: And then you see with these numbers, okay, how these numbers are gonna disrupt your life, the way you're living, what you like, what can you afford, and that's the way to do it.
• 21:53
  SPEAKER_00: And then, like I say, you are young, most likely in five years, you're gonna have a financial better position.
• 22:00
  SPEAKER_00: You're gonna probably step up in your job, and that's a way to look at it.
• 22:04
  SPEAKER_00: And then in the meantime, let's say you're gonna buy today, in five years, you're gonna have already five years mortgage payment done.
• 22:10
  SPEAKER_01: Marilyn, a lot of what you're saying sounds very big picture to me, and to Laura's point, it is very much the long game looking at everything and some of the issues I had with buying, you've kind of already addressed whether it be maybe you travel a little bit less for a year or two, or maybe you decide you don't want this house in two years, you can always put it back on the market.
• 22:31
  SPEAKER_01: And to your point, you don't have to sell if the market's good.
• 22:36
  SPEAKER_01: I'm curious, do you think then?
• 22:38
  SPEAKER_01: Because my dad very much has made the point that when you buy, you're so much better off than all these people who rent.
• 22:45
  SPEAKER_01: At this current stage this year, the way the market is, is there a reality that exists where renting can be a smarter decision?
• 22:54
  SPEAKER_01: Or do you tend to think that buying a property ends up being the smarter decision when you look long term?
• 23:01
  SPEAKER_00: But again, it's personal.
• 23:03
  SPEAKER_00: This is very, very personal.
• 23:04
  SPEAKER_00: Nobody should nobody should make you any stress about you not buying or you buying.
• 23:10
  SPEAKER_00: You know, this is very, very personal.
• 23:12
  SPEAKER_00: If you don't feel convertible to buy a property, don't buy a property.
• 23:15
  SPEAKER_00: Invest your money in the stock market.
• 23:17
  SPEAKER_00: I mean, that's what I'm trying to say.
• 23:19
  SPEAKER_00: If you are like more confident the stock market is gonna be a vehicle for you to make more money faster, go for it.
• 23:26
  SPEAKER_00: So, but now, but at the end of the day, again, the sense of buying a house is not only buying a house and spend the money and see the house as a of course it's an investment.
• 23:37
  SPEAKER_00: But at the end of the day, it's also good in terms of if you want to put your roots somewhere, you feel more stable with your life.
• 23:45
  SPEAKER_00: I mean, myself, when I bought my house, I bought two houses.
• 23:48
  SPEAKER_00: So myself when I bought my own condo, for instance.
• 23:51
  SPEAKER_00: When I bought my own condo, being from a foreign country, for me now it was here.
• 23:57
  SPEAKER_00: Home was here, basically.
• 23:58
  SPEAKER_00: It puts your foot more, and then you can, that's true, you can make turn you own properties the way you want.
• 24:06
  SPEAKER_00: Being a renter, suddenly, if you landlord decide to take back the property, I mean, you are in jeopardy.
• 24:14
  SPEAKER_00: And I have a friend who had to move four times in one year because each time they were moving somewhere, three months later, the owners wanted to take back the properties.
• 24:26
  SPEAKER_00: Being also being also owner, you don't have to face that.
• 24:30
  SPEAKER_00: I mean, and that's huge.
• 24:31
  SPEAKER_00: To me, it's huge.
• 24:32
  SPEAKER_00: You know, it's each time you move in is a disruptor because it's time and you're using time, you know, and time is very precious.
• 24:40
  SPEAKER_00: We don't see it, we don't value the wide way, but it's very precious.
• 24:44
  SPEAKER_00: And each time there is a disruption, I mean, to get out of your goal, your road needs to be pushed out of your goals.
• 24:52
  SPEAKER_00: Basically, it's a disruptor.
• 24:54
  SPEAKER_00: So of course, buying a house can have a leak, and that's a disruptor too.
• 24:59
  SPEAKER_00: But that's your own your own way.
• 25:01
  SPEAKER_00: You know what I mean?
• 25:02
  SPEAKER_00: You can if it's a leak, it's a lake.
• 25:05
  SPEAKER_00: If you don't want to take care about it, of course it's not the right thing to do, but at the end of the day, it's your way.
• 25:10
  SPEAKER_00: But most important, what I'm trying to say is really don't have any push from society, your parents, your friends.
• 25:19
  SPEAKER_00: Try to listen to who you are.
• 25:21
  SPEAKER_00: Buying a house is buying who you are.
• 25:24
  SPEAKER_00: Most of my clients, they buy a house the way they are look, the house looks like them.
• 25:31
  SPEAKER_00: The most of the time, my I can see like what type kind of housing they and most likely they buy the house they like because it reflects who they are.
• 25:43
  SPEAKER_01: That's really interesting.
• 25:44
  SPEAKER_01: I would be so curious to see what kind of house would reflect the way I am for sure.
• 25:51
  SPEAKER_01: Laura, do you think your house reflects it, your condo?
• 25:54
  SPEAKER_01: A thousand percent.
• 25:55
  SPEAKER_02: I think it does because I remember honestly, we only saw my apartment.
• 26:02
  SPEAKER_02: Was that the third apartment that we saw together?
• 26:04
  SPEAKER_00: No, we saw a bunch of apartments.
• 26:07
  SPEAKER_00: Remember?
• 26:07
  SPEAKER_00: Because we saw we saw one.
• 26:10
  SPEAKER_00: Yeah, we saw the first one.
• 26:12
  SPEAKER_02: You for only that one I remember that one I like that it had two bedroom, two-bathroom, but I didn't, it was low ceiling and it was very small.
• 26:26
  SPEAKER_02: So you were like, it's okay.
• 26:27
  SPEAKER_02: But I think that first one gave you answers and gave you a direction to take me to places that were more aligned.
• 26:35
  SPEAKER_02: The second one was like another day, and then we saw two that night.
• 26:39
  SPEAKER_02: And the second one was that lobby that it was beautiful location, all of that, but it only had one bedroom, one bath, and it was kind of lofty.
• 26:48
  SPEAKER_02: I loved it.
• 26:48
  SPEAKER_02: That one was beautiful, but I knew in my heart for my purposes, it wouldn't work because I always thought I need to be able to rent either the second half to get help from mortgage or be able to rent it for a couple that is able to use it, right?
• 27:04
  SPEAKER_02: And so the third one was Third Time is a charm.
• 27:08
  SPEAKER_02: We went to that third one, and I remember walking in.
• 27:10
  SPEAKER_02: There were you showed me two in that same building.
• 27:14
  SPEAKER_02: And I remember the first one, it was very industrially and there was no wood or anything.
• 27:20
  SPEAKER_02: And I felt it was very cold, and it felt very it was, even though it was almost the same, I just didn't buy with it.
• 27:25
  SPEAKER_02: And then I was thinking, it's very cold, it's very, it doesn't feel like home.
• 27:30
  SPEAKER_02: And so we walked into the second apartment and it had wood all over the apartment, and that made the apartment feel warm.
• 27:38
  SPEAKER_02: It almost makes it feel like a cabin, but with the sophisticated look of like the industrial pieces and the high ceilings, so I was like, it has two bedrooms, it has two bathrooms, it has in-unit laundry, it's extremely pretty, uh natural like coming everything.
• 27:55
  SPEAKER_02: And I think that's what I felt like it was me in that way.
• 27:59
  SPEAKER_02: So I definitely is very interesting that you're saying that real estate is very much also a very not logical but uh emotional decision because it's got a lot to do with where you are in life and how you're feeling and who you are with, and like putting roots or not putting roots, which is very interesting because it is a massive financial decision that a lot of people make based on emotion.
• 28:32
  SPEAKER_02: So it's very interesting to put it that way.
• 28:34
  SPEAKER_02: I never really thought like that.
• 28:36
  SPEAKER_00: Yeah, because it's both.
• 28:38
  SPEAKER_00: I mean, I mean, real estate, yes, it's a financial decision, it's numbers, it's budget, of course.
• 28:44
  SPEAKER_00: But at the end of the day, it's also emotional.
• 28:46
  SPEAKER_00: How much you can crunch the numbers, the way you want to crunch the numbers, I mean, why you're gonna get attached to this house versus another one.
• 28:54
  SPEAKER_00: I mean, that's your emotion.
• 28:56
  SPEAKER_00: You know, and that's change everything.
• 28:58
  SPEAKER_00: The house needs to talk to you.
• 28:59
  SPEAKER_00: That's what I'm telling my client always.
• 29:02
  SPEAKER_00: We need to know which house talks to you, you know, and that's the reason why I want to go with them.
• 29:07
  SPEAKER_00: Always go and show property with them.
• 29:09
  SPEAKER_00: I want to ask them questions because the question is gonna make them understand better who they are, to know the better house they're gonna have.
• 29:20
  SPEAKER_00: It's a growing experience, basically.
• 29:23
  SPEAKER_02: Yes.
• 29:24
  SPEAKER_02: What is something that surprises you the most about first-time homeowners, first-time buyers?
• 29:31
  SPEAKER_00: What's surprising me the most was first-time home buyers.
• 29:35
  SPEAKER_00: First of all, I'm always surprised.
• 29:37
  SPEAKER_00: That's what is going on right now.
• 29:39
  SPEAKER_00: Okay, right now we are like with a rate being above six, okay.
• 29:44
  SPEAKER_00: So these people slowing down and say, no, this is too much money, and because of the rate is too high, but if the rate will be 3.5, I will purchase.
• 29:54
  SPEAKER_00: This is a very bad misconception.
• 29:56
  SPEAKER_00: I mean, I think my the biggest misconception is like buy when the rate is at 7%.
• 30:04
  SPEAKER_00: Because the price of the house you're gonna pay, you cannot change, but the rate you can change.
• 30:09
  SPEAKER_00: And that's I'm always surprised how people getting stock basically on the rate versus on the house.
• 30:17
  SPEAKER_00: Because the minute, and we saw it this year, for instance, suddenly the rate went down in February and March, and suddenly a competition like that was crazy.
• 30:28
  SPEAKER_00: And then it pushed up, suddenly we saw again 10 offers on the house, and but it pushed up the budget of the people because suddenly they have to bid over$200,000,$200,000,$400,000, the listing price.
• 30:42
  SPEAKER_00: And of course, it's and then plus it's a frustration because you want to buy a house and suddenly you have the stress of the competition, and as much as you don't want it, that's something you cannot control.
• 30:53
  SPEAKER_00: But when you have a higher rate, actually, it gives you some opportunity.
• 30:59
  SPEAKER_00: Yeah, some opportunity to access different houses because you have less people on the market.
• 31:05
  SPEAKER_00: Of course, you have a bigger payment, but as soon as the rate goes down, you refinance and you keep the house.
• 31:12
  SPEAKER_02: I major in economics and I always remember this.
• 31:16
  SPEAKER_02: When prices are up, rates are down.
• 31:19
  SPEAKER_02: And when rates are up, prices are down.
• 31:22
  SPEAKER_02: The only thing is the price will not change, but the rate will.
• 31:27
  SPEAKER_02: So that's always something important because when the rates are up, most likely those prices are lower.
• 31:33
  SPEAKER_02: You're gonna find homes with lower prices, which in reality, like if you really put the logical and mathematical part of it, that's when you should jump in.
• 31:43
  SPEAKER_02: Because if you can lock in that lower price, then yes, you might have with high interest, but then to your point, the Fed is always gonna be bouncing up and down the rates, and real rates catch up to that Fed rate.
• 31:59
  SPEAKER_02: There is a correlation there.
• 32:01
  SPEAKER_02: And so once the rates go down enough, you can refinance and then you can get a better interest rate with the same price.
• 32:10
  SPEAKER_02: Am I correct?
• 32:11
  SPEAKER_02: The price wouldn't change when you refinance just the rate.
• 32:15
  SPEAKER_02: Yes, correct.
• 32:16
  SPEAKER_02: It's it's correct.
• 32:17
  SPEAKER_00: Completely correct.
• 32:18
  SPEAKER_00: Okay.
• 32:18
  SPEAKER_00: Yes.
• 32:18
  SPEAKER_00: You cannot change a price, and then the price, of course, is based, I mean, your property tax will be based on your on your purchase price, so that's something to do as well.
• 32:28
  SPEAKER_00: Uh, but it's also the accessibility, you will have houses staying longer in the market, you will have also more time to go back, let's say, to the house.
• 32:38
  SPEAKER_00: You know, you will go back to the house, you will have time to digest more, you will have maybe more questions.
• 32:45
  SPEAKER_00: Uh, because to me, the most important things you need to know when you buy a house is the condition of the house.
• 32:54
  SPEAKER_00: It's exactly what you were saying.
• 32:56
  SPEAKER_00: I mean, things can a house is a house, and things can change every day.
• 33:01
  SPEAKER_00: Today you don't have leak, tomorrow you can have leak.
• 33:04
  SPEAKER_00: And that can happen to everybody.
• 33:06
  SPEAKER_00: But and even a new house, you know, that's that's that's what it is.
• 33:10
  SPEAKER_00: It's once I'm I sold a brand new house and the plumber forgot to put the pack back together, and then after they opened the shower, it was all floating, you know.
• 33:21
  SPEAKER_00: So they have to move out for a week.
• 33:22
  SPEAKER_00: The plumber came back.
• 33:24
  SPEAKER_00: So you see, there is always something going on.
• 33:26
  SPEAKER_00: And that's normal, that's life.
• 33:28
  SPEAKER_00: Because life, that's what it is.
• 33:29
  SPEAKER_00: I mean, you're having obstacles and you and who challenge you, and and then you go over it, and that's it.
• 33:36
  SPEAKER_00: But yes, to me, for instance, have a client right now.
• 33:40
  SPEAKER_00: I mean, I have them since more than a year now, looking for the right house.
• 33:44
  SPEAKER_00: So last year it was the rate once was too high with for them.
• 33:48
  SPEAKER_00: And then they become very active in February, in March, and and then again, because they were facing like higher competition, and now they're kind of quiet because the rate came up.
• 34:00
  SPEAKER_00: And and to I try to explain to them that's not the right way to do it, actually, because having more inventory gives you an opportunity to find a better house, or what is the house is gonna match you better?
• 34:12
  SPEAKER_00: And that that's to me, I'm fascinating about that because I'm like, what white people have this misconception about it?
• 34:20
  SPEAKER_01: Yeah, Marilyn, this has been really educational for me.
• 34:24
  SPEAKER_01: And how can I ask how long you've been in real estate?
• 34:27
  SPEAKER_01: 16 years.
• 34:28
  SPEAKER_01: Okay.
• 34:29
  SPEAKER_01: I think that's plenty long enough to call you an ex for too.
• 34:32
  SPEAKER_01: And I really appreciate that you kind of remove the societal pressure.
• 34:37
  SPEAKER_01: You've made it very clear that doing this should be because you're personally ready, you're emotionally ready.
• 34:44
  SPEAKER_01: So I have to ask, because me and Laura go about back and forth about this too, with kind of demystifying the process.
• 34:51
  SPEAKER_01: And so far, from what I've learned from you, is one of the things you should look at is also the number crunching component.
• 34:58
  SPEAKER_01: So, what do you say is the first step?
• 35:02
  SPEAKER_01: How do you go about that?
• 35:03
  SPEAKER_01: Now, say let's say now I'm thinking, okay, I know rates are high in San Diego.
• 35:07
  SPEAKER_01: To your point, that's actually not a bad thing.
• 35:10
  SPEAKER_01: That seems like a good problem to have.
• 35:12
  SPEAKER_01: So now I'm sitting here thinking, I'm like, okay, maybe I should explore this more.
• 35:16
  SPEAKER_01: What's my first step?
• 35:18
  SPEAKER_00: Have a good lender on your side.
• 35:20
  SPEAKER_00: A good lender, a good realtor.
• 35:23
  SPEAKER_00: Indeed, it is a very key factor.
• 35:25
  SPEAKER_00: Because you need to understand, uh, I mean, a good lender who is gonna explain to you and crunch the numbers with you is very, very a key factor.
• 35:35
  SPEAKER_00: And and somebody who can lead you into the transaction in terms of the numbers, you know, like through the first step.
• 35:44
  SPEAKER_00: Contact a really good lender who can pre-approve you, but who is gonna spend time and walk you around through the steps.
• 35:52
  SPEAKER_00: And this is very crucial.
• 35:55
  SPEAKER_00: And if you're not comfortable or by the numbers, it's gonna say it is what it is.
• 36:01
  SPEAKER_00: You know, you cannot change.
• 36:02
  SPEAKER_00: If you don't feel comfortable or that's very intimidating, it's okay.
• 36:08
  SPEAKER_00: It's it's okay to say, no, that's not for me.
• 36:10
  SPEAKER_00: I'm not comfortable at this time, you know, or my income, or that's gonna, I'm gonna have to compromise about my lifestyle too much to buy this house, you know, and that's okay.
• 36:21
  SPEAKER_00: Like I said, like everything is okay.
• 36:23
  SPEAKER_00: Buying a house is very, very personal.
• 36:28
  SPEAKER_02: Can you explain what being pre-approved means in what uh what people get affected, will their credit score get affected?
• 36:39
  SPEAKER_02: Because a lot of people they say, like, let's get approved by a bank and immediately let the red flags go on because they're like, I don't want it to mess up my finances.
• 36:45
  SPEAKER_02: Can you explain what that process is really quick?
• 36:47
  SPEAKER_02: Because that for me was a huge, huge thing that it gave me the confidence to be like, oh, this is actually my purchasing power.
• 36:56
  SPEAKER_02: This is where it also gives you an idea of the price range where you want to be and gets you started on where you even start.
• 37:05
  SPEAKER_02: So can you explain that a little bit?
• 37:07
  SPEAKER_02: Because a lot of people might not even understand what that means.
• 37:10
  SPEAKER_00: Sure, I can explain, but I'm not a professional lender.
• 37:12
  SPEAKER_00: I'm a realtor.
• 37:13
  SPEAKER_00: I know.
• 37:14
  SPEAKER_00: No, I'm not.
• 37:14
  SPEAKER_00: Yeah.
• 37:14
  SPEAKER_00: So so when you're purchasing a house, the realtor is a pilot of the plane, and the lender is a copile.
• 37:21
  SPEAKER_00: Okay.
• 37:22
  SPEAKER_00: So and they have to work work together.
• 37:24
  SPEAKER_00: But the most important for you, you need to approach a lender and you need to understand all your numbers, you know, like what is your income.
• 37:33
  SPEAKER_00: Uh, how how today you you manage your budget?
• 37:37
  SPEAKER_00: What is the important part of your budget?
• 37:39
  SPEAKER_00: Like, let's say it's pleasure or trouble.
• 37:41
  SPEAKER_00: What's the budget you don't want to crunch, you know, you don't want to compromise to give up for the house.
• 37:47
  SPEAKER_00: So you need to walk, like I said, like before.
• 37:50
  SPEAKER_00: Like you need to work with someone who is gonna walk you through these steps and who is gonna spend time with you.
• 37:57
  SPEAKER_00: So, like, like you're gonna have, of course, so how to get pre-approved?
• 38:02
  SPEAKER_00: So, my advice is you always get pre-approved to your maximum number.
• 38:08
  SPEAKER_00: What is your real capacity on the paper?
• 38:10
  SPEAKER_00: Technically, I don't know.
• 38:12
  SPEAKER_00: You can have a house.
• 38:13
  SPEAKER_00: You can buy a house for$500,000, you can buy a house for a million dollars, you can buy a house for$4 million.
• 38:20
  SPEAKER_00: What is your maximum capacity based on your income today?
• 38:25
  SPEAKER_00: Your maximum capacity doesn't mean that you have to buy a house, that's price point.
• 38:30
  SPEAKER_00: You you you number who you number you are comfortable with, and your maximum capacity can be two different numbers.
• 38:39
  SPEAKER_00: Let's say you want to buy a house, one and a half million dollars, and your capacity reality, you can buy a house for two million dollars.
• 38:50
  SPEAKER_00: But two million dollars, you feel very uncomfortable.
• 38:53
  SPEAKER_00: So you don't want to have a pre-approval letter for one five.
• 38:57
  SPEAKER_00: But if you go to two, let's say if there is a right house, it's one six, you know you can purchase it.
• 39:03
  SPEAKER_00: You know, you have this clarity.
• 39:06
  SPEAKER_00: So clarity is very important to me.
• 39:09
  SPEAKER_00: So to have a lender who bring you clarity, like what kind of budget you're gonna spend, how much leftover after you're gonna pay all the property tax, insurance, and the mortgage left, you know, how much saving you want to do.
• 39:26
  SPEAKER_00: This is something you should do with a lender.
• 39:30
  SPEAKER_00: And if the again, even the the numbers is gonna be you're gonna be comfortable, of course, you're gonna always have a moment where you're feeling comfortable because buying a house is stepping up, and stepping up is like pushing up out you out of the comfort zone.
• 39:48
  SPEAKER_00: So but uh it needs to push you up without making you too scared.
• 39:54
  SPEAKER_00: So that's that's what it is.
• 39:56
  SPEAKER_00: So being pre-approved by a very good lender who is gonna spend time with you, somebody who is highly professional, somebody who knows how to work with people, very, very, very important.
• 40:09
  SPEAKER_00: And that's gonna shape basically your decision.
• 40:12
  SPEAKER_01: This has been really enlightening.
• 40:14
  SPEAKER_01: And Marilyn, I really liked Laura's question too, about what surprised you the most about first-time buyers.
• 40:20
  SPEAKER_01: I think that just opened up a whole different perspective for me.
• 40:24
  SPEAKER_01: So I wanted to kind of ask a complimentary question to her question there about what is something then that nobody really prepares home buyers for?
• 40:34
  SPEAKER_01: Because I wish we learned this in school.
• 40:36
  SPEAKER_01: How great would this be to learn this in education?
• 40:39
  SPEAKER_01: But unfortunately we don't, and we're just thrown out to figure it out.
• 40:42
  SPEAKER_01: So, what's something that you don't think homeowners are necessarily prepared for?
• 40:48
  SPEAKER_00: This is a good question.
• 40:49
  SPEAKER_00: Um I think patience and acceptation.
• 40:55
  SPEAKER_00: You know, if it's happening, it's happening.
• 40:58
  SPEAKER_00: Anyway, I really believe what is meant to be for you is meant to be for you.
• 41:03
  SPEAKER_00: In other words, the universe is gonna put you where you have to be.
• 41:07
  SPEAKER_00: I say why suddenly, because being a realtor, what I'm seeing sometimes is like, why is this this couple but this house versus another couple?
• 41:16
  SPEAKER_00: And why's why this house went to these people instead of these people?
• 41:20
  SPEAKER_00: And then it's really what it is.
• 41:23
  SPEAKER_00: It's the universe is gonna put you, you need to be positive and confident and believe the energy, and the universe is gonna put you where you have to be.
• 41:32
  SPEAKER_00: It's really like this.
• 41:34
  SPEAKER_00: I know it's kind of out of the mathematics and the numbers, but it is what it is.
• 41:40
  SPEAKER_00: Because again, it's reflect who you are.
• 41:43
  SPEAKER_02: I I actually can attest, I can attest to this because I remember.
• 41:47
  SPEAKER_02: I mean, listen, this could have been my own personal experience, but I do think finding the right agent.
• 41:53
  SPEAKER_02: And that agent typically, because Marilyn was the one that was in charge of helping me find the best lender.
• 42:01
  SPEAKER_02: When one lender didn't work out, she found the next one.
• 42:03
  SPEAKER_02: She was like, don't worry about it.
• 42:05
  SPEAKER_02: Even if I have to bring in like 10 lenders, I don't care, but we're gonna get through this.
• 42:09
  SPEAKER_02: And I think having that type of support is very important through the process.
• 42:13
  SPEAKER_02: I do think it's very important, if not the lender, because eventually you will work with one, but having that agent that has the seniority, that has been in a lot of difficult cases, that they make you feel like they got you no matter what happens.
• 42:31
  SPEAKER_02: I think that's so important.
• 42:32
  SPEAKER_02: And somebody who knows the industry and who knows where they're working at.
• 42:38
  SPEAKER_02: I think that is the biggest thing because only they will be able to help you navigate any uncertainty that will come because they will come.
• 42:47
  SPEAKER_02: One thing is looking for the house and you know it's spreading.
• 42:50
  SPEAKER_02: Do I want to move forward?
• 42:51
  SPEAKER_02: But I remember the moment we were in contract, it was like a long month of paperwork and working with the lender.
• 43:00
  SPEAKER_02: I mean, that's when I truly saw the value that Marilyn as an agent had.
• 43:05
  SPEAKER_02: Because through the process, I was able to come to her.
• 43:08
  SPEAKER_02: Never met with anybody in person.
• 43:09
  SPEAKER_02: I was on the phone.
• 43:10
  SPEAKER_02: She would call me, like, we're working on this, we're working on that.
• 43:13
  SPEAKER_02: The lender was very impressive.
• 43:14
  SPEAKER_02: She has amazing people that brought in and worked with us.
• 43:18
  SPEAKER_02: Michael would always remember him.
• 43:21
  SPEAKER_02: And it was just, even though it was tedious work and a lot of things that you need to bring in and talk about and go to the banks and go to your job and all of those things.
• 43:31
  SPEAKER_02: But I think when you have the right support, it really makes a difference.
• 43:34
  SPEAKER_02: So that would be my advice.
• 43:36
  SPEAKER_02: But to wrap us up, really quick, I want to end this episode with you, Marilyn, finishing this question or finishing this sentence.
• 43:45
  SPEAKER_02: For the people that are listening today who are wondering whether buying a home is their next step.
• 43:52
  SPEAKER_02: Finish the sentence.
• 43:54
  SPEAKER_02: I want you to remember what.
• 43:57
  SPEAKER_00: So you just have to be very prepared.
• 44:00
  SPEAKER_00: You know, if there's a right is the right moment for you, if you fail to buy a house, you need to listen yourself, basically.
• 44:07
  SPEAKER_00: To find out who you are and what is the right moment for you, not for someone else.
• 44:13
  SPEAKER_00: Don't let anyone else push you to buy a a property.
• 44:17
  SPEAKER_00: You're not gonna appreciate the right w value of the property.
• 44:21
  SPEAKER_00: So and then be prepared.
• 44:22
  SPEAKER_00: Laura said, having the right lender in place, having the right people in place.
• 44:29
  SPEAKER_00: There is a lot of stuff in online.
• 44:31
  SPEAKER_00: Yes, you can educate yourself online, but you cannot have the experience online.
• 44:37
  SPEAKER_00: Because only you're going through, you're gonna start to have the experience.
• 44:42
  SPEAKER_00: And have exactly like this, like somebody has enough maturity to know how to have you back.
• 44:48
  SPEAKER_00: Basically, to manage to manage your stress, because during the purchase of your house, you're gonna to you're gonna go through major stress.
• 44:59
  SPEAKER_00: Because every night you can say, This is the right thing.
• 45:02
  SPEAKER_00: Why did I disrupt my life?
• 45:04
  SPEAKER_00: Every night during 30 days, it's gonna be the longest days of your life and the longest months of your life.
• 45:11
  SPEAKER_00: And it's like, why did I do that?
• 45:13
  SPEAKER_00: And then the day you got the kids and why did I do that?
• 45:16
  SPEAKER_00: You're gonna steal questioning even after the purchase.
• 45:20
  SPEAKER_00: But it's after a while, you're gonna think it out really like, okay, this was the right thing to do for me.
• 45:26
  SPEAKER_02: To wrap it up, I would say it's very important and not to get energy and vibe and all of that.
• 45:31
  SPEAKER_02: But when I was going through the process, it really felt very seamless.
• 45:36
  SPEAKER_02: It felt like the apartment found me rather than I found it.
• 45:40
  SPEAKER_02: The experience found me.
• 45:42
  SPEAKER_02: Even though we had a lot of barriers, we had to do a lot of follow-ups.
• 45:47
  SPEAKER_02: Towards the end, it was getting to the point where Merlin even was like, We're done, we're not comfortable with everything else.
• 45:52
  SPEAKER_02: Like, don't don't give us, don't accept the mortgage.
• 45:54
  SPEAKER_02: Like, we're done.
• 45:55
  SPEAKER_02: And so even having that person that is advocating for you was very helpful, but it just worked out.
• 46:02
  SPEAKER_02: And and this is to say, of course, it's not and this is a huge financial commitment.
• 46:07
  SPEAKER_02: I'm not expert, so Amanda's not an expert.
• 46:09
  SPEAKER_02: We do have Marilyn that has 15 years working as a realtor agent and has been in the industry, but at the end of the day, it is something that needs to feel right for you, and it also needs to feel like it's happening at the right time.
• 46:24
  SPEAKER_02: And you'll know, you know that it's meant to be, you know that it's working out for you.
• 46:30
  SPEAKER_02: Even though there was a lot of challenges, I feel certain.
• 46:34
  SPEAKER_02: And I even when I got the keys, like I was so sure that it was the right decision.
• 46:38
  SPEAKER_02: I never felt, oh my god, I have an apartment, like, what am I gonna do?
• 46:41
  SPEAKER_02: Not never felt that it's been working out for three years.
• 46:44
  SPEAKER_02: I've been able to rent it out.
• 46:46
  SPEAKER_02: Um, and it I will say I grew up so much with it because it's a new experience, and it really made me feel that I needed to enter that state in my life and just be responsible for something that was of high value, you know, besides the leakage and all of that, which again is not perfect, but I do think that it added a lot of value into my life in terms of learning new things, right?
• 47:10
  SPEAKER_02: That I would have never done.
• 47:11
  SPEAKER_02: So yeah, I hope this conversation brought light to all of you who are in the transition and thinking do not beat yourself up because again, this is a massive decision.
• 47:25
  SPEAKER_02: And I think these brought a lot of clarity.
• 47:27
  SPEAKER_02: I want to thank you, Marilyn, for joining us today, for being so open, for giving us the real conversation about real estate that people don't typically are kind of scared to talk about, and forever grateful for the support that you gave me three years ago invited my apartment.
• 47:44
  SPEAKER_02: So thank you so much for the case.
• 47:45
  SPEAKER_00: Thank you so much, please, for inviting me.
• 47:47
  SPEAKER_00: Thank you so much for inviting me.
• 47:49
  SPEAKER_00: Thank you so much to talk about real estate.
• 47:52
  SPEAKER_00: It's my patience, it's my passion.
• 47:54
  SPEAKER_00: So, you know, I love it.
• 47:56
  SPEAKER_02: Finally, let's and let's do a little plug-in here.
• 47:59
  SPEAKER_02: If people in the Bay Area want to find you or want to even just have a conversation, where can they find you?
• 48:07
  SPEAKER_00: So they can find me, send me an email, Frenchmarynumber2 at gma.com.
• 48:13
  SPEAKER_00: Oh by 650-454-5470.
• 48:18
  SPEAKER_00: Okay, perfect.
• 48:19
  SPEAKER_00: And it's just easy that they can start talking to you and you can always like but say don't be scared to say no.
• 48:26
  SPEAKER_00: Also, you know.
• 48:30
  SPEAKER_00: Just put it with your decision, and that's the most important and the most rewarding.
• 48:36
  SPEAKER_02: Yeah, I think that was very important.
• 48:37
  SPEAKER_02: I never felt pressure.
• 48:39
  SPEAKER_02: I knew that I could walk back up and walk away at any point in time.
• 48:43
  SPEAKER_02: And just because an agent is working with you, don't feel like now you just have to buy.
• 48:48
  SPEAKER_02: That's not the case.
• 48:49
  SPEAKER_02: This is not buying shoes, this is buying homes.
• 48:52
  SPEAKER_02: Yeah, and so don't feel pressure.
• 48:55
  SPEAKER_02: Yep.
• 48:55
  SPEAKER_02: Wonderful.
• 48:56
  SPEAKER_02: Any last words, Amanda?
• 48:58
  SPEAKER_01: Marilyn, it was such a pleasure to talk to you, and I really appreciate you making it clear too that buying a home isn't everyone's next step and to really listen to yourself and make the decision that's ultimately right for you and your individual needs.
• 49:13
  SPEAKER_01: So very enlightening.
• 49:15
  SPEAKER_01: Thank you so much.
• 49:16
  SPEAKER_01: It was such a pleasure to see you.
• 49:17
  SPEAKER_00: Thank you so much for hopefully guys.
• 49:18
  SPEAKER_00: Thank you so much for having me.
• 49:20
  SPEAKER_00: Thank you.
• 49:20
  SPEAKER_00: Good luck out there.
• 49:22
  SPEAKER_00: Thank you.