Hit me up bruhBro can I hit your pms for advice?
1.2 Billion Dollar Real Estate Investor: "Buying your house is the dumbest investment you can make"
- Thread starter dj-method-x
- Start date
ZoeGod
I’m from Brooklyn a place where stars are born.
I’m reading rich dad poor dad and the author basically says the same shyt. People hope and pray for a higher wage meanwhile they finna be taxed more. Meanwhile a millionaire is paying less taxes because he has investments, small businesses and shyt. People just need to be smarter with their money. In other words live a little bit underneath your means to stack some bread up to invest in the stock market or real estate market.
Several things to consider when talking about commercial real estate..First off you might want to form a Management LLC and an investment group with folk who has serious liquid on hand to spare..Also might want to have a good lawyer on retainer and commercial real estate agent since commercial real estate is a bit less rigid regarding the process to purchase and the paperwork has to be tight..Finally, if you are using a bank to finance you pretty much have to have a business plan drafted up on how your going to pay the mortgage on the building and the interest...Most commercial bankers aint lending at less than 25% interest so you will have to have a strong business plan that shows projections and viability in the market.
Anyone who thinks you have to be really smart to become rich should look to people like Grant Cardone to eradicate that viewpoint.
For many people their home is their greatest asset and they think about it as if it is one. But its not. It's just a home. It's a liability until you pay if off.
If you have 5 investment properties, and especially if they're all paid off, now you have real cash producing assets. That's what he's trying to say. But for the average person, they're not trying to do all that. They just want a house to live in and they hope to have a little bit of equity as they get older. His advice is not applicable for 99% of people and having the common person take on massive amounts of leverage to strike it rich in real estate was one of the leading causes of the last Recession.
For many people their home is their greatest asset and they think about it as if it is one. But its not. It's just a home. It's a liability until you pay if off.
If you have 5 investment properties, and especially if they're all paid off, now you have real cash producing assets. That's what he's trying to say. But for the average person, they're not trying to do all that. They just want a house to live in and they hope to have a little bit of equity as they get older. His advice is not applicable for 99% of people and having the common person take on massive amounts of leverage to strike it rich in real estate was one of the leading causes of the last Recession.
Mirin4rmfar
Superstar
I just came from visiting this condo and I am buying it asap! I don't have any debt so I plan on paying it off quickly. I like the location, I hit up the realtor. I seriously hope I am able to get this condo and move on to the next step of my life.
crossing my fingers. Trying to go through the process quick. I will buy a house when I get married and just rent the condo out. Trying to be smart outchea.
crossing my fingers. Trying to go through the process quick. I will buy a house when I get married and just rent the condo out. Trying to be smart outchea.
Whips-n-Chains
Chi
I fukk w Cardone
Greenhornet
A God Among Kings
I'm 31 ... my house is paid off. 4 Bedroom
My total bill for everything is 250$
As opposed to renting and paying 1300$
And I give people good deals on the 3 other rooms if they need them
400$ a month playboy
My total bill for everything is 250$
As opposed to renting and paying 1300$
And I give people good deals on the 3 other rooms if they need them
400$ a month playboyHe owns his vehicles too... even though he encourages you to lease them.
ultraflexed
Superstar
That has to do with property breh..
Family Lives Matter
#FLM
A billionaire trying to talk on behalf of the working class
Makes sense......
Makes sense......
Jhoon
Spontaneous Mishaps and Hijinks
What faith does he practice?
Jhoon
Spontaneous Mishaps and Hijinks
Our president is a billionaire with the heart of a nobleman.
Lol I have no idea... I don’t take this guy seriously.
He was a drug addict before he got rich.