Buying A House Is The Best Investment a Poor Person Can Make
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- Опубліковано 9 чер 2024
- Are your pockets hurting? Do want to invest? Are you renting a house? Are you thinking of buying your own home? Which is best if you want to build wealth? I didn’t always have money in my life, and I also wondered what it was that I could do to become financially successful. In making this video, I wanted to show what someone who doesn’t consider themselves financially stable should do to build wealth in their lives, to become more successful and have a better peace of mind. Renting or buying real estate - it’s a tough decision, but one that I think will become more clear as you listen to my advice here.
Investing in real estate for the last 10 years, Chandler David Smith currently owns over $25 million worth of rental real estate. During this time, he has had some great experiences by being able to share his passion alongside his family and buddies as he has seen them absolutely crush it when it comes to the investing world. More importantly, he has been able to share his expertise with others and learned invaluable lessons from his loved ones along the way.
Chandler dives DEEP into all of the ins-and-outs of renting vs. buying a home: the short and long-term financial benefits as well as the drawbacks. He talks about what he did personally, what other successful people do, and what you should do considering your circumstances in life. All in all, things fall through the cracks and honestly, anything could happen. But - this is life! When you take the proper steps that Chandler teaches here, you CAN mitigate your chances so that you will be taking the smallest risk with the highest return possible!
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Quality content as always, videos like this and insight from an expert goes a long way.
Couldn't agree more, their insight helps, that's why I am now being coached by one, Edwin Earl.
@@finntomkins6825 can you link me to one? i have read about some of the benefits and i would also like some assistance.
INVESTWITHEARL
on telegram
Hey guys! I bought my own personal house 4 years ago and the equity in my personal house has let me buy 5 more units of rental real estate without using any of my money from teaching. Buy real estate and wait. Don’t wait to buy real estate!
A home is not an investment, my Brother. It is “Alternative Income Forgone.”
The absolute BEST asset class is owning Multiple Family Apartments.
Hands down, my Brother.
Love your videos.
How can someone TRULY poor, like me, buy a home? My MONTHLY income is LESS than $1000. That's not ever going to change. I am retired and disabled. What can I HONESTLY do? How can I buy a home...
On a 30-year mortgage, you’d pay an upfront mortgage insurance premium of 1.75% of your loan amount, along with 0.85% annually for the life of the loan. If you put 10% down or more, annual mortgage insurance payments expire after 11 years. How does that cost factor in?
Who cares if you are still making a good return from your tenant?
Don’t forget the value of hopefully not having to pay any rent or mortgage in retirement once you have paid off the home.
I came here to learn how to invest after listening to a guy on radio talk about the importance of investing and how he made $960,000 in 4 months from $160k, somehow this video has helped shed light on some things, but I'm still confused, I'm a newbie and I'm open to ideas.
It is possible to produce superior performance provided you do something different from the majority. However most of us tend to pay more
Having monitored my portfolio performance which has made a jaw dropping $470k from just the past two quarters alone, I have learned why experienced traders make enormous returns from the seemingly unknown market.
Interesting. I have a lump sum doing absolutely nothing at all in my bank account, I wanna get something started with it. You seem to be doing excellent for yourself, how do you achieve this?
@@Jody8337 Hello Do you trade on your own?
@@Maricel_oronan Hi. Am trading with expert Mrs Mitchell Roland, a regulated broker in the US. Met her sometime early last year at a startup funding event. She had some interesting things to say about the state of algorithmic trading today.very obviously I'm seeing the results.
What are the stipulations on buying using an FHA loan? Like for example if it's your second time buying a house (thinking someone post divorce that lost their first house and now needs to buy another).
You can only have one FHA loan at a time, but it can be used more then one time (you buy 1st house with an FHA loan, and then either refinance to a conventional loan or sell it, and you are free to buy the second house with the FHA loan again).
@@samwebeckehalversen6292 ditto
Houses and duplexes are crazy insane overpriced. Hunkering down for now.
I agree with the sentiment to buy vs rent. However 600% return (120% annual return is a bit misleading). At current rates your amortized over the first 5 years alone would be over $100k in just interest. Yes you would have paid rent and that's money out the window
Interest doesn’t matter if you were going to spend that money and then some on rent anyways
@@ChandlerDavidSmith You know there's somebody in the comments pretending to be you, right?
Chan David Smith grind! Keep up the vids.
I’m looking for homes here in Oakland California, the cheapest okay home is around 1 million dollars 😬
Keep up the good work great videos I enjoy your videos very educational
This video made me feel great because I just bought a house in May and my interest rate was 5.3 and I was worried I made a bad decision.
As long as you can comfortably make the monthly payments, you'll be fine. At the end of the day, always remember that your house is a Liability and money constantly leaves your pockets.
learn everything you can about house hacking. maybe you won’t decide to do it now, but if you ever do or circumstances force you to, you’ll have the knowledge to quickly put it into action. I literally get paid to live in my house. No matter what struggles I have, I get to go back to that reality and smile. Also, it allows me to stack money very quickly so I can weather most storms that come my way.
@@giovannijmendez you get paid to live in your house or apartment?
Awesome video! Keep killing it man.
honestly, at the end of the day, it's your property and therefore your choice to do whatever you want with it.
if you want to rent it out to others, you can. if someone wants to rent from you, they will make that decision voluntarily and voluntarily sign an agreement to pay you money in exchange for living in your home or apartment. the fact this upsets people absolutely boggles my mind.
I like to think it's just people who are jealous they aren't in your situation.
🔝Thanks for the feedback, I will introduce you to something new and profitable...
Text the above digits for more infor!...
According to the book, "RIch Dad Poor Dad", primary house is a liability. Money pitt!
I agree it is. If you get a primary house, imho, the monthly payment must be easily affordable for you. If you take home $10,000 a month after tax, $4k a month on your mortgage + tax + insurance is stretching it thin.
New Roof is Like 20K etc
All of this is true. So I guess in most cases this will work out, but my experience with people at low income levels ( of course not all) is that there will be no maintenance that ever takes place, causing the home to decline in value.
🔝Thanks for the feedback, I will introduce you to something new and profitable...
Text the above digits for more infor!...
Investing in yourself is the best investment. Invest time before you invest money.
Great video. Why sell, why not rent it out? Did you have a 30yr fixed on it, with a lower down payment? Are you not expecting a similar return in the future? It would be nice if you could give us some more detail and your thought process on the example your using. Closing costs, relator fees, any repairs you had to make, etc. Thanks!
Awesome video
OMG!! This transformations is absolutely amazing!! I newly started Bitcoin trade and I've been making losses but recently I see a lot of people earning from it. Please can someone tell me what I'm doing wrong
Why are you trading on yourself, do you love making loses, if you keep trading on yourselves you will never benefit from it
Trading on your own
Is't good, Actually it's not all about watching several tutorial videos that cost your time on a strate...
The most common mistake I see newbie make is rushing into trading without seeking for a legit guidance.
All you need now is a professional trader else you will continue making losses
As a beginner who don't understand how Bitcoin trade really works and you really want to make profit from it . I will advise you to first start working with a professional trader
Click bait.....
Have u done it? If not than stfu
28th comment! LFGGGGG
first
So a liability is the best investment you can own?
I mean I understand your points, but a home does not make you money. It is not an asset in any way.
Buy and hold real estate is the greatest asset one can own. That’s rather obvious
Buy a house, live in it for a year and keep the favorable loan terms and interest rate then move and rent it out from year 2. It goes from a liability to an asset.
@@randomsonmymind6919 I’m not big on leveraging real estate without at least at least 50% down. Not a fan of that much risk. When the housing bubble pops I want to be able to have enough to either HELOC or get a line of credit if the loan is called, or I can’t find a good tenant.
@@itscomplicatedbeingawizard2892 lol what are you smoking by using leverage you reduce your risk. It makes no financial sense to offer more money down than necessary
@@ShameenYakubu 😂 keep listening to these guys who leverage to the gills. They’ll all be eating crow once them lenders call the loans when the market crashes again. It all goes in cycles. 2008 was not a fluke. It happens every 20 years or so. They can call them loans due when the market crashes and they need to $. I’m the guy who knows the investors of way back when. They all did it. They all went bankrupt. It’s not rocket science. These guys are crazy and you’re the one smoking that loud pack if you follow them. You’ll all end up like the rest of them. Unless you just get lucky. This form of real estate is so simple, and if it were that easy, everyone would be in real estate. Wise investors know to put down as much as possible and pay off as quickly as possible. If you’re too brainwashed to believe me then go ahead. Invest like these bigger pockets guys and Chandler. I really do hate it for them. They’re good guys. Good guys who will be lucky to not go bankrupt one day. To say you reduce risk by leveraging you have shown just how financially illiterate you are. Good luck though pal!
@@itscomplicatedbeingawizard2892 🤣