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

[88m3]

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.

he's a motivational speaker, I wouldn't trust this guy at all lmao

no serious NY developer is going to say this stupid shyt and that he was muttering and walking back the whole time, he doesn't know what the f'ck he's talking about

 

[philmonroe]

he's a motivational speaker, I wouldn't trust this guy at all lmao

no serious NY developer is going to say this stupid shyt and that he was muttering and walking back the whole time, he doesn't know what the f'ck he's talking about

He’s a motivational speaker who also owns a big real estate company my man. You’re not making sense. Unless you can prove he’s a phony as far as investments he seems to be doing well. Maybe that’s from speaking but I think he probably had real estate success first.

 

[⠀X ⠀]

He's absolutely right, but this advice isn't for 95 percent of people; it's for people who actually want to gain wealth and will put in the work to do it. Most of us aren't gonna go and buy investment properties and start corporations.

For most people, owning where they live, might work (if you're smart about it), but he's talking about getting to a place where it doesn't matter if you own where you live or not. Why would it matter if you own where you live, when you already own 30 properties?

 

[Field Marshall Bradley]

no serious NY developer is going to say this stupid shyt and that he was muttering and walking back the whole time, he doesn't know what the f'ck he's talking about

Everyone doesn't live in NY tho.....

 

[Master Teacher]

A massive chunk of the Black homeowners in Detroit were either contracted out of their own homes by crooked financial deals, were so deep underwater that it was financial ruin to continue to pay the mortgage, were given exhorbitant interest rates, or were screwed out of a job and lost their homes between the dotcom crash and the Great Recession.

The vast majority of the owners in certain places in Brooklyn were Black, but many left as (perceived) violence escalated and values slowly rose. The ones that stayed quadrupled in net worth just by paying their property taxes.

I'm from Detroit, all the home owners moved to the suburbs in the 90s, when the real estate boom was happening in in the mid 2000s, all the owners was crackers and a few nikkaz who do real estate who were putting houses in people names just to extract the equity and hit a lick

after crash, the same detroit house that got mortgaged to a nikka for 100,000 wasn't going for half of that, they were never home owners to begin with just mules for a fraud scheme.

Now when detroit house were at its lowest, some blacks were buying them, but it mostly cacs, most people in detroit today rent, all the good areas have been brought up by cacs, except the neighborhoods were old black people who never moved live and they kept the area and have always owned the hosues there

 

[88m3]

Everyone doesn't live in NY tho.....

not the point /

 

[Master Teacher]

Yes and on the other side many of those people who thought they’d be millionaires owning their Detroit properties aren’t... There’s a few, but not many. Also most Detroit property owners are probably Chinese at this point in 2019. US real estate is basically a bank to them.

I don’t know why you are insulting me. This is a convo. We are sharing information. You guys on here wake up angry... sheesh... mmk back to sipping dandelion tea

all I said was stop being a sucker, you gotta get in the game and do the shyt, not listen to people talk about it

lmao, if you own ten Detroit you are close to net worth a million just with those properties, there are people who own hundreds of homes in Detroit lmao

In 2010 a house package in Detroit was like 20,000 for like 30 homes, you fix them up, probably costing 15,000 a piece which you can get a bridge loan for, you have a real estate portfolio worth millions of rip lmao

like I said nikkaz missed the boat, the chinese own most of the real estate in america period not just detroit

I mean Dan Gilbert came in and took over Detroit buying buildings for dirt cheap, I mean buildings nikkaz mama coul'd've brought they were so cheap lmao

 

[⠀X ⠀]

Notice the difference in how he talked to Grant vs the way he talked to Jay Morrison

 

[Huellz Santana]

That video kinda opened my eyes. Instead of buying a single family, I'll buy multi family unit. Live rent free essentially

where are all these affordable multi unit properties in desirable locations you guys keep referring to? most MDUs I've seen are in shyt places I wouldn't want to stay myself. also ALL of this changes if you have a family and care about school districts.

i really hate the broad strokes yall paint with home ownership. ​

 

[The Phoenix]

I got my house for 105k .. it’s now worth 230k. While that’s not the case for everybody, that statement he made is bullshyt

I bought mine for 170 4 years ago. It's worth close to 250 now. I'm not seeing what the problem is. LOL.

 

[ahomeplateslugger]

buying a house shouldn't be seen as an investment tho, unless you are buying a rental property. you buy a house to live and settle in for the long term. most of the renters i know move every 2-3 years unless they have rent control or a place that fits their budget.

and i'm tired of this dumb talking point about dealing with repairs and property tax. your mortgage and property tax is usually less or equal to what you will be paying in rent for the house you are living in. and major repairs only have to be done once every 10+ years. the biggest expense for a house is usually the roof and will only have to be updated once about every 15-20 years. do your due diligence with researching a house before buying and you'll be alright. plus you trying to rent forever? i'm in cali and the average annual retirement cost is $85,893.44. you can cut most of that down if you don't have a mortgage. hell, you can rent the house out if you paid it off and downsize and move to somewhere cheaper if your kids don't need the place.

telling ppl to not buy is just dumb. at least explore the option and think it through. my mom owned a condo in the bay area near a Bart station, which is prime real estate now, and sold it for 70k back in 2001. ppl are bidding up to 375k for units in that building now. kills me thinking about it now. the place was paid off too. could've just rented it out but nah. she dropped the ball big time with this. that area is only getting better too.

 

[#1 pick]

VladTV

Seriously, as soon as i see his watermark, I know it's some Gov't shyt

 

[Pimp]

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

Only a dumb nikka thinks "his friend made money from gentrification" They are forcing you out of your neighborhood to go live in another dump and they will pay you whatever because they know you're stupid.

 

[JQ Legend]

Being A Landlord And Having Tenants Is A Full Time Job Most People Are Not Ready For

It’s Not As Simple As Kick Back While Renters Pay Off Your Mortgage, If You Ain’t Built For All That Comes With It You’ll Be Miserable

What exactly comes with it besides being responsible for upkeep?

 

[Skooby]

Didn't read the thread or watch the video yet...but if you don't have 20% to drop on a home then you can't afford one.