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Grant Cardone: Buying Your House is One of the Dumbest Investments You Can Make (Part 7)


 


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 3 weeks ago '19        #1
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Tokinj approved 211 heat pts211
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Grant Cardone: Buying Your House is One of the Dumbest Investments You Can Make (Part 7)
 

 

n this clip, Grant Cardone spoke on buying houses, noting that he felt it was the dumbest investment you could make. Cardone also talked about buying 7000 housing units. Watch above.
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 3 weeks ago '16        #2
Caligadget 
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My passive income is my rental properties I have 2 houses with the rental income I can pay both mortgage and the mortgage of the home I live in making a little extra that I just leave in the rental properties bank account, I still have to work full time job to take care of family
Only good thing I’m living mortgage free



I know there a better way to move,
but I’m still Learning Real estate investment book and YouTube video been a great help
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 3 weeks ago '16        #3
drizz 
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Invest in stocks. Real estate is cool but is costly and complicated. Population on the us is shrinking too. Baby boomers are dying out.
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 3 weeks ago '17        #4
Pretty Tone 5 heat pts
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I dont see how. Youre gonna be spending more renting vs buying a home. You can also rent it out and make some extra money while paying it off
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 3 weeks ago '15        #5
Prad Bitt 
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 Pretty Tone said
I dont see how. Youre gonna be spending more renting vs buying a home. You can also rent it out and make some extra money while paying it off
Its situational but with mortgage payments, interest, upkeep, taxes improvements etc by end of mortgage youve usually paid 3-5x purchase price total. The opportunity cost could be astronomical if you invested instead.
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 3 weeks ago '04        #6
J.BEEZY 11 heat pts11
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 Pretty Tone said
I dont see how. Youre gonna be spending more renting vs buying a home. You can also rent it out and make some extra money while paying it off
Makes no sense to me either.
You spend less when you buy, you own it in under 30 years, you can make money off it
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 3 weeks ago '04        #7
J.BEEZY 11 heat pts11
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 Prad Bitt said
Its situational but with mortgage payments, interest, upkeep, taxes improvements etc by end of mortgage youve usually paid 3-5x purchase price total. The opportunity cost could be astronomical if you invested instead.
That's true but what are you comparing it to?
Investing in stocks which is a luxury or paying rent to live in a home/apartment which is a necessity.
Of course I rather invest in anything for a chance to get rich but I have to live somewhere first.
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 3 weeks ago '16        #8
drizz 
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 Pretty Tone said
I dont see how. Youre gonna be spending more renting vs buying a home. You can also rent it out and make some extra money while paying it off
Thats a old myth. Buying a home requires a substantial 1x down payment (10k ) + yearly property taxes (1500) + maintenence (everything from light bulbs to lawnmowers lets say 500 a year which is very modest) + you pay the bank the interest from a 200k loan (6k a year). You will pay about 1500 a month and earn about 7k a year in equity. If you ever want to actually realize that yearly equity you will have to then sell your house which has closing cost real + estate agent fees + renovation cost. After the sale you lucky if you break even

Renting you keep that 10k in your pocket and can invest in stocks. You will pay 1800 a month but no interest, no taxes, no maintenance. Add 100 a month to your stocks. After the same tine you will have a nice lump sum minus the headaches of home ownership. No lawn work no home owners a*sociations.


Last edited by drizz; 06-24-2019 at 06:07 PM..
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 3 weeks ago '17        #9
Naga Sadow 52 heat pts52
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I bought my first house in RI for $260k and 5 years later sold it for $480k. Bought my second house in Charlotte for $130k and it's recent appraisal has it at $240k.

Yeah, those were definitely dumb moves.



Last edited by Naga Sadow; 06-24-2019 at 06:25 PM..
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 3 weeks ago '18        #10
KdenIII 25 heat pts25
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Everyone says invest in stocks like the market isn't unpredictable and like hella people don't go broke doing it.

PS I don't want BX financial advisors telling me otherwise unless they can prove they've made substantial money on their stocks.
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 3 weeks ago '15        #11
majorpain1963 
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Didn't listen but what I think the message is or at least should be is paying on a home for 30 years just to own it isn't exactly a good strategy.

There are simple ways to not pay into a mortgage that long. Or look at 15 year loans instead.

All require discipline and and not living outside means.
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 3 weeks ago '16        #12
B86 
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 Pretty Tone said
I dont see how. Youre gonna be spending more renting vs buying a home. You can also rent it out and make some extra money while paying it off
You didn't watch the video
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 3 weeks ago '05        #13
Arceo 21 heat pts21
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The problem is a bunch a broke renting mfs justify their low income and credit scores by quoting guys who are well off that have liquid a*sets. Half the people who take his advice couldn’t qualify for a decent home anyway
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 3 weeks ago '18        #14
Losantana16x3 66 heat pts66
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 Naga Sadow said
I bought my first house in RI for $260k and 5 years later sold it for $480k. Bought my second house in Charlotte for $130k and it's recent appraisal has it at $240k.

Yeah, those were definitely dumb moves.



Grant is saying this because he is already rich with investments and lump sum income. If he wasnt a millionaire, his tune would be different
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 3 weeks ago '17        #15
worldknowntone 
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Not unless you plan on getting a land patent with it. A home is still the most handsome investment.
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 3 weeks ago '13        #16
P dot 45 
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First off fu*k vlad didn’t watch video he’s just tryna put ppl on his platform that agree with his rhetoric of stocks being better financial tools than real estate, I recall the convo with him and j Morris. To each their own tho u need a crib, rentals can have their rent increased without ur input stocks can dip & lose value damn near overnight. Know what’s right for u & ride ur own wave
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 3 weeks ago '04        #17
qutaboi225 65 heat pts65
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 J.BEEZY said
Makes no sense to me either.
You spend less when you buy, you own it in under 30 years, you can make money off it
I have a 100k equity in my house and just bought it last year. fu*k Grant Cardone and all these finance "Gurus" that make their wealth by "telling you" how to make yours. These n*ggas is a whole lotta almost true and true statements wrapped up in a blanket of scam
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 3 weeks ago '16        #18
OWPE 105 heat pts105
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Its not dumb to buy your own house. You got equity instead of just renting and getting nothing back later. But I understand what he means at the same time.

Its better to buy something that will generate you income.
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 3 weeks ago '15        #19
Tobinmont 
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Is he telling the truth? Short answer “yes” but it also depends on individual situations and reasons for doing what you do. But he’s right. A house is a luxury not an investment. But there’s ways to make money off of it. But it’s still going to eat bread. Home ownership is dope and fu*ked up all at the same damn time.


Last edited by Tobinmont; 06-25-2019 at 05:25 AM..
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 3 weeks ago '15        #20
Fantastic 4 heat pts
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 Pretty Tone said
I dont see how. Youre gonna be spending more renting vs buying a home. You can also rent it out and make some extra money while paying it off
The point hes making is not from a math standpoint but the fact why spend so much on something that will make you zero money. Then you factor in the loan amount and it makes it even worse.
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 3 weeks ago '15        #21
Fantastic 4 heat pts
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His main point is investing in a passive income. He has some pretty intense ideas but it makes sense. Make money on things that are not taxed upfront, invest that money in businesses with a passive income. Then use the returns from the passive income of said investments in his case (rental properties) to go crazy and buy dumb sh*t.

The part that he’s not telling you is this only applies for sh*ts with payments. His entire company owns real estate and rents that sh*t out. He’s trying to play cool but not once does he mention equity or dividends with the stocks. You can tell by his mannerisms he seems overall shady dude. I’m sure he has a hustlers mentality. Convinces you it’s dumb to make mortgage payments(which it is btw) then buys your house on the low low. What you do is buy the entire house cash when you have the money. Let the house build equity over the years of ownership. I do like the idea of only putting money towards passive income generators.
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 3 weeks ago '15        #22
AmillionMo 10 heat pts10
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It shoulda been titled differently I believe. I'm thinking he is really saying don't buy your house as like don't buy your fu*king house! If you purchase your house and sell it at a profit, you prolly didn't have it for 30 years so therefore you probably didn't actually own it, you just purchased it. I get it. If you can pay cash for a house, do it but either way, staying in a house for 30 years? I can't see it!
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 3 weeks ago '15        #23
Mystic 317 heat pts317
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from someone who actually flips homes, this Between the lions Cliff Hanger looking dude is BS

 3 weeks ago '18        #24
Oswaldgatesjr 24 heat pts24
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I disagree my girl just been in her town home for 2 years and loved the area do to the shopping centers mall an restaurants. She just got a new dryer like a month ago and her landlord tells her she dosent want to renew lease because she wants to sell town house .Now my gf has to move by July 30. Thankfully her friend and coworker just recently moved from nxt door and owns the town house nxt door so shes renting out to my girl but wat if she didnt own it. My girl would have to go thru all the sh*t all over again to find a spot. Owning is better cant nobody tell u sh*t.
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 3 weeks ago '15        #25
majorpain1963 
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 Losantana16x3 said
Grant is saying this because he is already rich with investments and lump sum income. If he wasnt a millionaire, his tune would be different
He's saying this because he rents homes to people. 👍
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