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I don't think the " American dream" should still be about buying a house. I think this is complete nonsense. I think all of this will disappear within the next 50 years. It takes time to rebrand. Gary Vee just told us that homeownership will likely die out within the next 50 years. Let's examine Gary's argument and then respond to some of the points he makes.
Let's go. This is [ __ ] nonsense. It's a poor use of capital, it ties you up, and it's just stupid. And why is that? I, for example, am angry that I have my own house. I would literally rent a house for life right now. And I will do so. I decided I would never buy another new house. People are buying houses.
People buy, uh, cool cars. They buy and go to college for one reason—for significance. To sum up this nonsense, right? Except for the first, Gary suggests that real estate or buying real estate can be a poor use of capital. And I think it's important to define here what he means by the use of capital.
Usually when we think about using capital, we think about where I can invest my money to get the biggest return. And this will naturally be different for each individual. Look, if you had inside information that Bitcoin was going to jump to 20k tomorrow, I would strongly suggest, let's ignore the insider trading rules for a second, okay?
Here, this is not an indication that you should do anything illegal. I would probably buy a bunch of Bitcoin if, for some reason, I knew its value would skyrocket tomorrow. The same would apply if I ran a media company and knew that every dollar invested in it would turn into $5 through the power of, say, Facebook ads or my Shopify dropshipping store.
Of course, such a return on my capital would be extraordinary. But unfortunately, for the vast majority of Americans, and probably people in the world, we sometimes have trouble even getting our capital back when we invest. This is as metaphorical as possible. Analyze where you are in terms of return on your capital.
If you get dollars for your single dollar, great. Keep doing what you're doing, whether it's Bitcoin, stocks, or investing in your business—it's perfect. But if you're not investing or making money, then real estate can actually be a fun way to get you to save. You see, when you buy real estate, you have what is called a principal payment when you take out a loan.
So, if you buy real estate and, of course , follow the principles of buying at a bargain, that is, find a way to buy a $200,000 house for $150,000, you are providing yourself with equity growth. When we follow these principles, which we talk a lot ), we understand that real estate can be a great tool for multiplying our money.
But aside from a good deal and capital gains, let's simplify everything to the maximum. If we pay for rent, say , $2,000 a month, and compare that to the costs of owning our own home—the same $1,800 plus $200 for repairs and other small things. So, in effect, we come to zero. Rent is $2,000, and owning your own home costs $2,000 a month.
Owning a home has an added advantage: you pay off the loan every month. It's like I—I'm sorry I own a house . But paying off the principal amount of the debt is so quickly forgotten in everyday life. The result is a society of people buying houses, selling them, effectively losing all principal payments because they sold the property, and then moving on to another, repeating the process over and over again.
But if you change your approach and say, " Okay, I can buy this house for $200,000 with a 5% down payment," which my family can give me , or maybe because my income is average, not super high, the state or county will give me that $10,000 down payment. Or, whatever , I have $10,000 saved. I will control this house, and suddenly every month I will be paying off the loan, effectively forcing myself to save money, creating a kind of forced savings account.
I don't think the American dream today should be about buying your own home. If you were to rent a home for the same amount, you wouldn't be paying off the loan and wouldn't be controlling an asset that is increasing in value. And again, it's important to compare this. Of course, that sounds great. Let's take $10,000, purchase a property with the same monthly payment as the rent, and now we control an asset that increases in value in the long run, and we pay off the loan for it, effectively reaching the level of the rental value.
This, this sounds great. This is simply amazing. I think this is complete nonsense. The main conclusion from the first point is that we need to understand . Is buying real estate a bad investment for everyone? I would say no. In fact, I would argue that for nine out of ten people, buying a home is probably the best use of capital.
Why do I say that? Because usually when people save $10,000, what do they do? They start to have less control over their spending. Fashion will never disappear . I have to show that I wear cool brands, or a Gucci bag, or something, or Under Armour. This is how we express ourselves. We are starting to buy more on Amazon.
We start going to restaurants more often. We start buying those fancy Gucci clothes that are actually worthless because you feel richer having those savings, but in the end you never invest them. For example, I know you drive a damn Lambo. I see it. So, if you're one of those people who never invests, buying real estate will be a good way to force yourself to do so.
And again , your goal is not to sell, you know, don't be the one who's constantly trying to buy, sell, resell, do wholesale deals or other crap. Oh my God, the realtor who says don't sell. As for forgetting about it for the next 30 years, Gary makes the argument that real estate limits you. And this is a fairly common argument.
What is all this for? Like, it pisses me off that I have a house. I get a lot of people approaching me, even those who just joined a real estate investment course, and they start the conversation like, "Hey, I'm going to college in this area." "I'm not sure if I should buy because I know I'll be moving in four years." maybe it's worth waiting to buy.
And my answer is always this: think for yourself: if all other conditions are met, you can find a good deal, you can afford the property, you have a down payment for the investment, and the area seems to be growing in population, and all other location factors are in place , then maybe you should ask yourself: "Maybe I should buy this property, rent rooms to neighbors or someone else while I live there and use it ?" This way I help reduce my expenses, instead of paying a landlord who does the same thing—rents out all the rooms, in essentially the same living conditions.
And maybe when I want to move, I'll already have a connection with a local property manager , and I'll keep that as an asset. So, you move to a different area, and guess what? You are already a landlord. You already have an asset whose price could increase. Gary may be right here, because he says that owning a home ties you to a place.
But it only ties you down when you think, "Oh, I should only own the property I live in." That is, you buy a house, live in it, and then want to move to another state. Perfectly. I need to hire a realtor, put up a " for sale" sign, go through the sales process, and then I'll take the money and move in after paying all the fees.
Yes, I agree with Gary here. It really ties you down. But if you change your mindset and think, “Oh, wait a minute. What does Kevin always say in the real estate investing class? Wait, don't immediately think that selling is what you have to do. Why don't you turn this into a rental property? You know this house better than anyone else, because guess what?
You just lived in it for 3, 4, 5 years, or however long it was there. Rent it out. Now you have a long-term asset that will hopefully increase in value over time. Of course, no one can give any guarantees, but historically that's the point of owning assets, right? So, number three, what is this for ?
Why do you need your own home? So here, Gary, I agree. He may be right. What is the difference between owning a property, where you have to pay for maintenance, management, and take care of all the issues, compared to simply renting a house? And he is right. If your goal in buying a house is just to have a roof over your head and nothing else, and you intend to sell it when you no longer need it, don't buy the house.
I agree. I don't think you should buy a house. Because if you buy a house and your only goal is to live in it, planning to sell it later, you know what you do? You will overpay for the property. You will buy things you don't need. The cursed "Lamba". You will have to handle all the management and maintenance.
And then you will make unnecessary improvements, for example, installing a new heater, because you think : "Well, I'll get an energy-efficient one, because I live here, I pay for utilities and all that ." All this doesn't matter at all. I will install new double-glazed windows. I'll take this cool 40-year upgraded roof instead of the 30- year old one when it comes time to replace it.
And everything is in that spirit. Big money pit. So yes. Now, if you change your approach and say, "I'll live here for a few years." "I will exploit this house mercilessly." And once it's time to move in, I'll just move the tenant in, do a quick paint job, replace the carpets, and do some minor cosmetic repairs, and if the heater breaks ...I'll just put in the basic model, I won't do anything extra.
I completely agree with Gary Vee. If you are going to buy a house and then sell it when you move, just don't buy the house. If you are buying a house with the intention of turning it into a rental property and it is a long-term investment, then buying a house can be a great tool to force yourself to invest for the long term.
Now, regarding point four, I actually took up this argument because I think it's very important to clarify. Gary says, "I'll never buy a new house again." And I think the key word here is "new." I wonder if Gary Vee bought a new house or built it from scratch ? Because I have a whole video about the truth about new construction, and how usually when you buy a brand new house, like a new car, it loses value before it starts to increase again.
Like, I'll never buy a new house again. This should be pretty clear. I know this isn't usually the case, but new buildings are known for this. Now you often pay for the benefits, as you have a 10-year warranty from the builder, longer warranties on structures or finishes, which you might not get in an older home.
And, you know, new is nice. It's nice to move into something completely new, but from an investment perspective it's sometimes controversial, especially if you start making too many improvements. The best option for a new home to buy is one where you don't do all these crazy upgrades. You may choose several improvements or the developer may have already added several options.
But going overboard and upgrading everything at once may not be the best investment decision. And if you go into it thinking only about being a homeowner—that's bad. Don't do this. I agree with Gary . If you plan for this to be a future rental property. Take action. This might be a good idea. Now you have a newer property.
This is something you can keep for 30 years without worrying about anything breaking. You'll probably be able to have lower overall costs than if you bought an older property, so it's not such a bad idea. Rebranding takes time. But it is important to emphasize again that there is a difference between simply being a homeowner and being an owner for investment purposes.
I think this is where the difference lies. Gary agrees that people buy houses for significance, and it doesn't really matter whether you rent or own the property, because you live in the house, and since people don't know it's yours, it's somehow less like a status symbol. But here's the thing, in short.
Let me tell you the difference between a Lamborghini and owning your own home. I look at the people here. We all look at each other, right? You just don't know if the person owns this house or not. Well, you don't necessarily need to know. I see you're driving a damn Lamborghini. I see it. But you live in a house.
I actually have no damn idea how much mortgage you have on this house. And I think it's, well , frankly, a little unfortunate that Gary looks at homeownership from the perspective of a media personality or a social media person. That is: "I'm going to put on these fashionable Gucci shoes and get behind the wheel of a Lamborghini to create the image of a more successful person." If this is the goal, if this is the goal.
Yes, Gary is right. Action. Rent some fancy mansion and park your Lambo there. And you are right. No one should know that you are not the owner of the house. It doesn't matter. He is right. Save your cash, invest it in a bigger rent. This way, you don't need a down payment, and forget about it. But if your mindset is homeowner versus owner with the intention of becoming a future investor by turning it into a rental property, then you usually don't have the mindset that the only purpose of the home is status.
For me, no house I bought was a matter of status. It was: this is a good deal. It's like the day escrow closes, it's going to make my net worth jump. Even though I spend money on a down payment and on renovations, my equity still jumps every time I buy a house because I find good deals, and they do exist.
So deceive yourself with the thought: "Oh, there are no good deals ." I just reviewed a great option with Jack that is completely underrated. There are already several offers for it. Someone could step in now and still get a good deal. It's incredible how many opportunities there are around. And such things appear on the market every day in every neighborhood.
Now, the sixth argument is that everything is going to , and this is another area where Gary may be right, where the idea of owning a home solely for living may be gone. This could become, you know, we could see an " uberization" of culture and society, where it makes more sense to just rent a little bit here, then Airbnb a little bit there, Airbnb a little bit there , and use homes for what they are—as a utility.
But there will still be those investors who come to buy real estate, live in it, and when they move out, leave it as a rental; and then they lease these facilities to the service sector to essentially capitalize on the new culture that Gary is talking about, which wants to use these facilities as short-term rentals or something.
Again, the basic principle of being a homeowner with the intention of investing opens up several options for you. Cheaper interest rates, lower down payments, and essentially a lower initial cost of home ownership. You are smarter than you seem . That's because, like with Gary and the Robin Hood analogy, I want to take the knowledge I've gained from working with very, very wealthy people and share it with you here in this video, for free or for a very, very, very low price in an investment course linked below. The power of control over real estate. He gave much more than he took.
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