1.2 Billion Dollar Real Estate Investor: "Buying your house is the dumbest investment you can make"

[philmonroe]

What other ways are there to make money? Stock market you can get money faster, but it requires way more knowledge and it's riskier. And selling online is hit or miss, how long is the money gonna be coming in? Plus having land is damn near like gold. If I can see it and feel it, I have more faith in it.

You just mentioned two of the ways right there. It doesn’t take way more knowledge just nikkas scared to do some actual fukking reading and learning. Selling online isn’t hit or miss at all. It’s soo many ways to make money online but again not as cowards that just come up with excuses for why something won’t work and the cats they got around ain’t doing shyt so they have nobody to be life Foh with them excuses. It’s not 100% guaranteed of course but with some learning you can eventually start to make some $ online. Hell even affiliate marketing can eventually get some $$$ if you learn up on things. I make a few hundred (about4-500monthly) just from giving people I know my links to sites they already goto when I give them a coupon. It could be more if I tried to expand but I do other things so this is cool.

I’m not saying houses won’t make money but in 2019 nikkas stuck on stupid if they think it’s the only way or the main way tbh imo.

 

[philmonroe]

You clearly know nothing about real estate let alone business.

I didnt watch the video but what he's probably saying makes sense if you understand the science behind it.
If you buy a house to live in at market value with no foreseeable appreciation in the future, its a liability not an asset.

If you're paying a mortgage only to increase equity in an asset that doesnt increase in value its a liability.

Thats why i encourage everyone to buy a multi-unit property and occupy 1 of the units. You can essentially live for free while your rent roll does the heavy lifting in terms of mortgage, property tax and insurance.

The house you live in is only an investment at the point of sale. And thats hoping you turn a profit. Now the house/s you rent to tenants are investments at the point of purchase

The problem i have with these "gurus" is they're just like preachers: sellin hope. They tell you the attitude and disposition you should have but none of the science.

Most people who view these videos dont lack the motivation. They lack the practical knowledge needed to succeed.

With that said: these dudes will never give you the actual game for free.

THE GAME IS TO BE SOLD NOT TOLD.

Bullshyt on the most people don’t lack motivation. That’s why the majority are where they are stop coddling nikkas. If they didn’t lack the motivation they’d get all the free info they can get and start with that and build on that as they improve. They aren’t going to be perfect but they’d be out there trying and anybody who isn’t dont have the motivation to improve period.

 

[Solano707]

Most retarded thing I've seen today.

 

[lib123]

It’s all about timing. Someone who bought their 1st house in 2006 (Peak) will have different outlook than someone who bought their 1st in 2009 (Bottom).

 

[Pimp]

Land ownership is the only gateway from lower middle class to upper middle class. I know a woman at my job that brought a home in the Kirkwood community for 60k cash from her 401k and now its worth almost half a million. Im a let yall cook tho

And this is why you DON'T buy houses.. 60k in 2009 you buy Netflix stock and today you would 4million dollars. You guys who say stuff like this just dont understand how money works.

 

[MJ Truth]

What are these reasons?

Opportunity costs mostly. The debt will have you hamstrung. People only take into account the mortgage when they think of owning a house but never take into account the repairs, property taxes, if there’s any problems it’s on you as opposed to when you rent. Obviously it makes it harder to be mobile. You don’t own the home, the bank does, so it’s really not that much different from renting if you’re not actually gonna ever pay it off. Home ownership really makes sense if you’re going to pass on a fully paid off home to your heirs, but as a vehicle for wealth for you personally, nah. There’s much better things you could do with that extra money while renting. And it’s not even good debt since no one is gonna pay your mortgage for you.

 

[philmonroe]

He owns his vehicles too... even though he encourages you to lease them.

He encourages leases but it’s more to it than that but cats love telling half truths. I don’t feel like looking for the video but I think for him it’s a write off that why he leases the cars.

 

[keond]

And this is why you DON'T buy houses.. 60k in 2009 you buy Netflix stock and today you would 4million dollars. You guys who say stuff like this just dont understand how money works.

No 1. It wasn’t 2009 it was more like 2014-2015

She didn’t pay 60k in cash.

Stocks are also a gamble. If you were such a psychic financial guru, I expect you to be a multi millionaire yourself.

 

[jwonder]

Renting is the dumbest thing you can do if you are going to live in a place for years. Very few rent control places, so expect huge increase in rent. I mean my apartment back in 2002 in Miami was 900 a month. My mortgage now in 2019 isn't even that high. But nice apartments in Miami start at $1,500


The only dumb thing about owning a home is paying your mortgage the exact amount every month. You get raped with interest with a 30 year loan. Get into a bi weekly payment plan and Put extra towards the principal. The biggest gripe is the interest. Well doing that, You save tens upon thousands of dollars of interest. That is their biggest argument in the video. But you can do what I just stated to avoid it.

 

[jwonder]

I’m more of a fan of David Ramsey. He preaches the exact opposite.

I don’t really trust Cardone.

He sounds like a country bumpkin along with being a cac that was a done deal for me not to pay attention.

 

[88m3]

awful advice in the op and stop sharing that cacs videos

 

[Sohh_lifted]

If the South had high-speed rail
Cheap housing, good weather, and no cars

We almost did thanks to Obama but Republicans and Rick Scott killed that.

 

[Pimp]

No 1. It wasn’t 2009 it was more like 2014-2015

She didn’t pay 60k in cash.

Stocks are also a gamble. If you were such a psychic financial guru, I expect you to be a multi millionaire yourself.

So you're telling me someone bought a house in 2014 and in 5 years it did that? nikka please.. Even if it did it's about to go down because that's not balanced .

 

[keond]

So you're telling me someone bought a house in 2014 and in 5 years it did that? nikka please.. Even if it did it's about to go down because that's not balanced .

Yea I’m not wasting no more time on this. You one of them smart-dumb nikkas that don’t even understand the concept of gentrification. Have a good day

 

[philmonroe]

awful advice in the op and stop sharing that cacs videos

Might be but dude has proof of his success something most of us in here no matter what side your own don’t. We all don’t have to agree but we also have to be realistic when you got regular dudes telling folks that made it their style isn’t good. That just doesn’t make sense to me in whatever endeavor we speaking on.