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

[Mr Hate Coffee]

You own it in the sense you can sell at whatever $$ you want and can also borrow against like a bank....there is a signed contract....the bank come take it back or resell it when they want ...so you have ownership rights.....dont spin it like you dont have any homeowner rights

You also didnt mention anything about tax incentives to owning a home

Why do the majority of wealthy people own a home?

Yes you do accrue equity and can borrow against it.
Yes there are tax incentives (for me personally this wasn't as big a deal as advertised.. but maybe it was because I was single and my income level)

Majority of wealthy people own a home because they can likely afford to be in one place for 30+ years. It's usually a community around other wealthy people. It's not like they only have one property.

All I said was it aint that simple breh. I'm not about to compare a middle class family buying a starter home in the suburbs to the moves someone with generational wealth is doing. cmon now.

 

[Turbulent]

What exactly comes with it besides being responsible for upkeep?

gotta be available at anytime/day or night for emergencies. gotta collect rent (the importance of screening tenants before signing the lease). depending on where you live, eviction process can be pretty long. Might have to deal with vacancy (mortgage is still due). gotta handle possible disputes between tenants (to some degree).

now all that is cool if you can do it full time or if you have a dude you're paying to handle most of that. Not as cool if you gotta do all that PLUS have kids and a wife you have to care for PLUS a whole other full time job dealing with "them folks" on the daily...

then again, if you're built for it and manage to either get the info online or if someone mentors you into it, it might be a cakewalk for you.

 

[North of Death]

Can you get a check for that 45k right now?

Does it matter? And yes if you get the property reappraised or sell it you can absolutley get a check for it. Broke nikkas in here arguing over shyt they dont know

 

[North of Death]

double

 

[Field Marshall Bradley]

Does it matter? And yes if you get the property reappraised or sell it you can absolutley get a check for it. Broke nikkas in here arguing over shyt they dont know

Of course it matters..... what are you in high school........ what kind of dumb response is that.... I own 4 rentals and currently renting 3 of em...... and I've never had a mortgage..... cats talking about "worth" well, go and cash out that "worth" and put it towards another financial endeavor..... can you really do that with your personal crib? I'll wait for your non answer.....

 

[North of Death]

Of course it matters..... what are you in high school........ what kind of dumb response is that.... I own 4 rentals and currently renting 3 of em...... and I've never had a mortgage..... cats talking about "worth" well, go and cash out that "worth" and put it towards another financial endeavor..... can you really do that with your personal crib? I'll wait for your non answer.....

Mothafukka I just said if you have the property reappraised a bank absolutely will give you a check (granted with interest) but the point remains that its possible. Any nikka with rental properties should know this lying mothafukka

 

[Field Marshall Bradley]

Mothafukka I just said if you have the property reappraised a bank absolutely will give you a check

Aint no lies over here lil nikka.....we aint the same.... thanks for playing yourself tho...... dumbass

Take Slim out of your avi lil nikka...... hustling aint in you at all

 

[theworldismine13]

Not necessarily.... it makes things a lot more profitable if you can do half the work yourself....

sure you can do it yourself if you want to, just like you can change your own oil

but the original post is like somebody saying i dont want to buy a car because i have to change my own oil

plus property management allows you to own property out of sate or far away

 

[⠀X ⠀]

Not necessarily.... it makes things a lot more profitable if you can do half the work yourself....

It only cost 10% to hire a property manager... You shouldnt even have time to do it yourself.

 

[Field Marshall Bradley]

It only cost 10% to hire a property manager... You shouldnt even have time to do it yourself.

At what point do you need a property "manager?" Maybe we're talking about 2 different situations

 

[⠀X ⠀]

At what point do you need a property "manager?" Maybe we're talking about 2 different situations

I say when your time becomes too valuable to be spent dealing with tenants and maintenance issues. Fore some, that might be 3 units; for others it could be 20 or 30.

 

[Prodyson]

Are you stupid? Don’t you know what is and isn’t for you? I assume most adults do so why the need for a disclaimer? I’m not arguing anything just telling you what I disagree with. As far as the last sentence you’re just lacking smarts on that one. It makes sensein certain areas because the sentence definitely makes sense and if you don’t get it well fukk it everything isn’t for everybody

Bruh.. half of your response is just insults, which means your argument has no real value. Furthermore, I think I have made it perfectly clear I understand what is and isn’t for me. It’s written plainly in my response. Good advice always specifies who it is for. That’s part of what makes it “good.” Otherwise you risk people following your advice who shouldn’t. It’s a pretty simple concept. I’ll refrain from insulting you because it accomplishes nothing. Grammar and context make a sentence... you should revisit your sentence.

 

[Prodyson]

How many of his free videos have you watched?

How many of his books have you read?

Only a few... but I’m also referring specifically to this video and the responses to this video. If you have other videos and/or other works that oppose my response, please post it. I’d be happy to change my view on him if you prove it to be invalid.

 

[Prodyson]

Can you get a check for that 45k right now?

That’s a good point... BUT with companies like opendoor, he could probably get at least a 30k check by the end of the week.

No completely liquid... but liquid enough if you’re not in dire need of that money.

 

[North of Death]

Aint no lies over here lil nikka.....we aint the same.... thanks for playing yourself tho...... dumbass

Take Slim out of your avi lil nikka...... hustling aint in you at all

Definitely lying, like I said if you really own any property you wouldnt be questioning if one can receive a check off an appreciation of value from the property..fukk outta here cappin ass fakkit