You are a clown...Rents going up 1000% every year relative to wages. Any fool still renting in there 40's and 50's with your mentality deserves to get fukked by the system.
1.2 Billion Dollar Real Estate Investor: "Buying your house is the dumbest investment you can make"
- Thread starter dj-method-x
- Start date
Field Marshall Bradley
Veteran
I live in a house for FREE, because it’s been in my family for 3 generations, and my sister didn’t think it was big enough for 2 kids. The school system is terrible too. But the point is, I can now purchase another home as an investment, thanks to my family OWNING this home, which is 10 minutes from the BEACH!
There are now million dollar condos on the boardwalk.
Still doesn’t make every home an investment.... not even close... home ownership is important for helping your seeds/grandkids start their financial future with a lot less stress if they choose to..... IMO.... I’m all for home ownership, just not down with mortgages like that
What is house hacking?
Is there a problem?
I buy a triplex or duplex instead of a single family. Let's say my mortgage is 1500 a month. With a single family I'd be entirely responsible for that bill. With a house hacked triplex, I'd live in one unit and rent the other two out for say, 1000 a piece for 2K a month. I'm living for free and making a few extra hundred as well. When I choose to move on, my mortgage is entirely covered and I have an additional source of income. That is house hacking. It is a much smarter investment, especially if you are in your 20s and 30s just starting out with no family, than buying a stand alone single family that you would be completely responsible for. If the water heater or hvac goes out in your single family, you need to come up with the 1k to 4k to fix it. With a house hack, you should have a lot of extra capital lying around because you dont pay rent and you are making extra money from your tenants/neighbors.
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Amused Mastery
All Star
I swear what he said went over the heads of the majority of the commenters in here. 
He's not saying don't buy real estate properties, rather don't think of your own house as an investment and look for additional properties that you can rent out. Robert Kiyosaki will tell you the same thing, houses aren't assets in the way that most Americans think of them. Rent where you live, and buy additional properties that you can rent out to generate streams of income. Commercial properties are good too.
He's not saying don't buy real estate properties, rather don't think of your own house as an investment and look for additional properties that you can rent out. Robert Kiyosaki will tell you the same thing, houses aren't assets in the way that most Americans think of them. Rent where you live, and buy additional properties that you can rent out to generate streams of income. Commercial properties are good too.
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.
You Win Perfect
bow down
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
TrebleMan
Superstar
It’s mainly for multi unit homes (can also try to get a bigger home that accommodates more people).
Essentially you want to buy a home that you both stay in and that you can have other people live in that pay you rent. If you have a 5+ unit multi, that’s only paying 1/5 of the total mortgage
for a big property.That way you’re only paying at most half the mortgage. Then when the house is fully paid for (or you have enough into the property) you can get another house hack. But now have two owned properties.
The extra advice is learning how to fix things around the house (nothing that is critical to the point you really need an expert). Learning how to fix common issues saves a lot of money. Plus you could buy a cheaper home or multi, remodel it yourself and save a ton of money. This is easier to do in smaller cities or if you happen to come across a great opportunity in a big city.
The best areas are neighborhoods going through a renovation. Look at the neighborhoods where homes are starting to remodel. See if you could get a house/multi there for cheap, fix it up and house hack it.
Plus this also allows you to take advantage of certain tax laws.
Buy the book “Set For Life” to get a more thorough explanation.
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AlainLocke
Banned
So does housing costs in places that are actually worth living in and have opportunity.
If y'all wanna go ahead and pay housing insurance, repair and maintenance and taxes on ya "homes" on top of the interest and loan for 30 plus years out of ya own pocket and then every single economic crash that occurs, ya networth goes to 0 and the banks kicking ya out...
Then go ahead.
There's a difference between a consumer of housing and being a landlord.
I much rather "own" a house through a company and not live in it myself and have someone pay my company to live in the house it owns and then rent to live somewhere else.
It's 2020 almost and people still think "homebuying" makes sense like it did in the 50s.
shyt changes, the government ain't giving away land and homes like it is going out of style.
People are mobile and global now. Nobody sitting in the same fukking house for 30 plus years.
Motherfukkers end up selling their shyt anyway.
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So how many people do I need in my downstream??
Is there a platinum level to this house hacking?
What else do I need for Grant to train my network??
Cause when I'm not helping dusty rappers release another mix tape,, I like hugging the kneecaps of 65 year old white guys excited about a new business opportunity
Is there a platinum level to this house hacking?
What else do I need for Grant to train my network??
Cause when I'm not helping dusty rappers release another mix tape,, I like hugging the kneecaps of 65 year old white guys excited about a new business opportunity
But ultimately he owns them since he owns the company .
Your a fukking fool that deserves to lose if you take any advice that says renting>>>>>owning
wtf is this cac talking about??? people breaking their backs at work just to buy a damned home as an asset...