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Cameron Long
So I disagree and my reason is simply that you can use the equity in your personal home to buy you first investment property, in fact, you could even love in an investment property while you’re working on it. But, Grant Cordone is a smart fella, he does make a good point, I’m just offering an alternative
You kinda just proved Grant right. Your house isn’t an investment. Your investments property is your investment. Meanwhile, you now owe interest on that equity you used.
What you did, is use debt wisely, assuming the investment property is going to pay you more than the interest owed on the equity used.
Please don’t buy house, rent our houses. 🙏👌Smart.
This guy is so full of crap
My mortgage is three times cheaper than most people’s rent.
I call bs on that.
I believe you . What about property tax maintenance etc
It’s a generalized statement consider the data he has. So how did he make statement. Imagine you purchased a house during this inflation as most everyone as gen z. 3 percent down, making the mortgage and insurance for 15 years. Your loan is on the market interest rate. Now how much does equity need to go up? Would it go up linear meaning certain money put in = certain value return? No. It’s capped by your neighborhood. The neighbor has to work collectively to bring down the price or bring the value in the dollar that is expressed in the available jobs around the house. So he buys properties where the neighbor has undervalued the property from neglect. So he fixes and rents it up, packing more people, and causing neighborhood’s to increase unwanted value. While he does that at scale, your job won’t consider your increased in property value to keep up inflation. Everything goes up while you sacrifice vacation, car, kids school to pay the mortgage.
You make your money when you buy your house ALways buy the smallest less expensive house in the nicest neighborhood What if your landlord deciudes to sell or kick you out for a relative. Spoken from a man who owns millions in rentals… I ALWAYS have 6 ficure tax free exits from personal residense sales @@wei-chuenchen725
My first house, I bought for $155k on a FHA loan. 3 years later almost to the day I sold it for $310,000. Did almost no remodel pretty much just paint. I’d say in that situation it was an investment for me.
Clearly not an investment if you account for the closing cost on the sale; plus how much you paid in principal and interest; and you have to include taxes and insurance. Try again
@@Justsayin96774still looking at least 70K profit no?
@@Justsayin96774 even if he cleared 100k in 3 years it is still a great return on his initial purchase….33k a year is really good on a 156k plus all the xpenses . So nah I’d say you try again smh
Grifter
I made 140K tax free on my house in 5 years….Bad investment for sure
Buy shoes grant
My understanding of “a house is not an investment” is simply that it is not cash flowing money to you. UNTIL, you sell it and receive profit. So while you live in it and pay the mortgage, taxes, and repairs, it is simply draining your cash flow. Robert Kiyosaki says the same thing. But when rent for a dump is more than my mortgage, taxes, and repairs, then what is the downside? I can paint my walls the color I want, etc. and I have to live somewhere…and I can sell it, odds are for a gain. A house is not an investment, but neither is rent.
You don’t make any sense. Run the numbers again pal
I have made over 400k on my houses. So I guess this money is not money😂