'NEVER BUY A HOUSE' Andrew Tate
 

Someone in porn told me the same thing about 20 years ago.

They were making a lot of cash (with a very well known porn site).

He said he only rented as that way he could move every few months.

A personal residence as an investment isn't a good one unless you're buying in an area with insane growth like LA, NYC, Boston, etc. But people buy for different reasons i.e. you have kids and want a nice area with good schools, a big backyard, swimming pool, etc.

The problems as an investment are the property taxes, interest, and upkeep/maintenance all eat away at the profit. Most of the time you'd have made more if you just rented.

Well I'm in Canada - bought a house about 11 years ago - value went up as growth of community did. Sure there is upkeep but the equity is certainly worth it even now. Whether renting (which is about the same price as a mortgage payment) - I'd rather my money go for something that is going to leave something for my family.

I only rent and I guess I will rent for the rest of my life!

All I can say is that I'm very glad I stuck it out through the lean years. Definitely an amazing $32,000 investment

housing market will drop soon and very fast, probably worse then during 2007-2008... lets see and wait. i hope i can pick up a nice deal and pay cash, i hate to take mortage

My friend Maija got the best advice from friends in real estate, invest in rental property. They scored her a fourplex in a rebounding LA neighborhood when her income was around 20k. One tenant was already there (that income on the property helped her get the mortgage). Maija moved into one of the rooms, remodeled the other two & rented them out.

The tenants cover the mortgage & bills, she can borrow against it, and she has a place to stay.

Everything else she makes from her construction biz is gravy.

It is worth noting that I think he is talking about buying in the UK. I think it costs far more to buy a house than it does or did in the USA.

Also my understanding is you can hand the keys back in the USA if you buy then find you cannot afford the mortgage. You cannot in the UK.

'NEVER BUY ANYTHING IF YOU CAN STEAL IT' CurrentlySober :2 cents:

In Holland you hardly paid taxes when buying a home with a 100% mortgage and rent it out. Cause, in theory, you only have debts. And was very profitable with 2% mortgage and 7 -15% rental return. Made the housing prices also explode. But this year they start changing the rules so people pay tax from rental income.

I would only buy a house where i would be able to rent it out (partly). I prefer travelling a few months a year and see the world. This year i paid around 750 usd a month all inn directly at the sea.Watching whales and dolphins from the balcony. That would only be my energy price if i stayed in Holland this winter.

Don’t listen to that fool. I work in real estate.

You make money on two places on a home. Appreciation and on the payment you make to pay off the loan.

You can make the most money off of appreciation. In fact in the last five years people who bought homes in my area made appreciation as high as $200,000 - $300,000.

That was in FIVE years.

If you buy a super expensive house and you overpay for it in an area that doesn’t have much appreciation. You might not do so well but probably in the The long run will make some money.

Think about this, if you roughly paid around $800-$1100 of rent per month and you do it for 10 years you lose $100,000 roughly. Does that make any sense!!!

A legacy?

Last 10 years i lived in Thailand, Brazil, Argentina, Mexico, Vietnam, Cambodia, Curacao, Bonaire, Surinam, Colombia, Holland, Spain, India,... Most will need to sell their house with big profit to be able to do that.

Most people don't have cash for a house and need a 4 - 6% mortgage. 1% used to lower your debts, rest for the bank. House of 300K, so the bank gets about 1000 euro per month doing nothing. While you pay tax and make costs to keep their property in condition.

Had a house for a year. Quickly realized it was the worst mistake ever. Sold it after a year. Best decision ever. People brianwashed me growing up as everyone always told me buying a house is the greatest investment ever and you will make money.

Yes you will make money. But that money is barley worth anything by the time you pay it off and retire. People think 200k profit is a lot but inflation eats that away.

Housing is such a scam.

I've made more money in investments and Bitcoin then the house would ever make me.

I'd like to own a home but governments make it a scam.

Well, one of things what i find annoying with owning house (or land,etc.) is how you need to pay monthly property tax no matter what , so if you are broke you could lose it just because you owe a few bucks.

Perfect sense, especially if you are the Landlord :2 cents: :thumbsup

And on top of that, they never even had the money they loaned you thanks to fractional reserve banking :1orglaugh

If you are good at investing, it doesn't make sense to buy anything. Lets say you have $200k cash...you can buy a house for $200k and have nothing or invest those $200k, make lets say $20k/year in profits, rent a house and keep the cash, too. You will have more freedom to do whatever whereever, you can move anytime. The only real freedom comes with money, everything else is just an illusion.

That's not entirely true. For a while it was a very good investment to buy, renovate and flip houses or flats. It's shittier now, but that doesn't mean the housing market was NEVER a good investment. It was. It's worse now, but it WAS a good one.

As well in many countries the appreciation on a primary residence is the only thing that is not taxed.

But this is about a house to live in, if to own it or rent, not flipping houses for living.

If you plug any interest rate you could get from a lender into https://www.amortizationtable.org/ your equity increases much better than that.

Your nomad lifestyle is great and I think everyone should see the sun set in different places. Travel and really living other places is key to understanding the world.

But I think, in most economic situations, everyone should own at least one house for financial security. You always have a place you can go and you get rental income when you are not going to live there.

Most people will not want to travel full time.

And a mortgage is paid off at a certain point, while rent is throwing away your dough forever.

Then even a house to live in - I bought mine, paid it off last year. It's now worth about 3-4x more then I paid for it (albiet I added some things like a pool etc). Short of some war or something, I never will have to worry about a roof over our heads. Property taxes here are like $300 a year. I'm happy with the decision. Rent on a similar house would cost alot now.

I paid $149,500 for mine in 1985. Outstanding investment.

$300/year?!?! Damn, I am not going to look it up but I think I pay about that much per month.

Buying a flat(s) as a part of diversifying your portfolio is never a bad idea. If you buy in a big city chances are the value will only go up with time and it's something hard to take away from you unless there's war or some crazy political change.

It all depends when you buy a house and where. Housing markets are different in every country. But i can see that the ones who bought a house long ago are better off than those who rented all their life and not able to buy anymore. But they start taxing houses more now than they have done with previous generations. And cause of housing shortages won't find cheap rental house for years. Now there is a housing crisis coming, there might be some nice houses available. The house prices in Holland depends mostly on how much people can lend and how high the interest is.

...if your intention is to go long why not?