Rental property billionaire says buying a home (with a mortgage) is "fancy bullshit" and you should rent instead

He assumes an average monthly rental cost of $1354, and 3% rent increase annually. I have lived in apartments where they increased the rent 10% one year and 15% the next.

Even putting that aside, ok, by the time you're dead, say it works out to the same amount spent. But as an owner, you've now invested in a generational asset. Renting now means your kids and theirs will also likely rent.

Gtfo.

owning several properties for renting and not needing to actually work is the real fancy bullshit.

did anyone tell that to this leech?

"Freedom is overrated, people are happier when they pick cotton." Slave Owner

At least you get something in return for "paying rent" to the bank. Paying rent to a landlord is just paying someone elses mortgage, for no return whatsoever.

"Renting makes me money."

Okay, work backwards from there.

FFS these people.

Every time I see articles about this my knee jerk reaction gets more and more unhinged. Regardless, the world would be a better place if people like this were dead.

Thats the nicest way to say it. These people fucking suck.

Oh, I have something to say about this.

About 7 or 8 years ago I bought my house. I had friends of mine showing me articles that basically had the same "renting is better than buying" message bullshit.

You don't really need much brain power to understand that is absurd. Paying loads amounts of money for something that will never be yours is obviously stupid in the long term.

The thing that made me very upset at the time is that my friends drunk the cool aid of these very same article and didn't buy a property when they had the chance... Now, 8 years after, they are all struggling to buy properties except now is a lot more expensive.

The house you live in should be YOURS and no-one else.

Give me a rental with a fixed monthly price for 30 years and I'll consider it.

If renting doesn’t make sense at half of what it costs to pay the mortgage, how does the mortgage make sense

Where on earth is renting cheaper than a mortgage?

Let’s say it’s in Orange County where the house is $800 grand," Cardone said. "You’d have to sell the house for $2 million just to pay the interest bac

As opposed to paying even the same in rent, where you get NONE of it back?

assuming a 3% annual increase in rent

Lol, what planet do they live on?

Guillotines.

And he personally owns how many houses?

There is no right or wrong answer when it comes to rent vs own. Do what is best for you

What I will impart to people here though is always look where the message is coming from. Therein you glean some of the answer.

"Anything but paying me and making me rich is bullshit" - Toddler billionaire throwing a tantrum.

This is not the first time I’ve seen media stories within recent years pushing this idea that renting is better than buying.

This is the absolute stupidest most transparent lie the rich are trying to pull to fuck us. Sure we don’t see all the shady shit with lobbying and and all the details of inflation bullshit. Those are easier to keep mysterious and hide the exact details.

But this rent thing, that’s the dumbest most demonstrably false lie they have ever tried to spread. If anyone is believing that shit, god help them.

Aight let's see. Mortgage is a fixed rate over an agreed upon term that ends with you owning the property, rent increases every year, you have no control over the property and you get fucked constantly.

Yup, totally the same thing.

Also my mortgage for my 1/2 acre property with 1500 sqft house is $50 less per month than my 900 sqft poorly constructed "high end" apartment rent was about to spike up to. You know, after renters protections were removed during the pandemic.

Quick edit: furthermore, it took me until I was 30 to buy a house. In that time I spent 170k in rent, when I started renting the property I'm currently living in was worth 140k. That's pretty easy math right there. Just like... Come on.

I think we should conquer his mansion and turn it into a commune.

A friend of mine worked in Switzerland for couple of years. It's pretty much impossible to buy anything there because everything is owned by investment founds. He worked with two Swiss guys. One got lucky and married a women that inherited a piece of land and was able to build his own house. The other one was renting. According to my friend the levels or resentment and jealousy expressed by the latter were staggering. They pretend it's a good model but in reality they know being forced to rent sucks. Don't let this model become reality in other places.

Housing can't be both an investment vehicle and affordable. This guy is essentially saying "let's just nix the affordable part". Absolute vampire.

The simple retort to this is that every renter is paying for a mortgage: their landlord's.

This turd should be one of the first to go

LMAO, considering big business is buying up homes literally for this purpose, I'll take what he's saying with a grain of salt.

Does that mean we should over extend on buying a house that's outside of our means? Absolutely not, but at the same time, housing is still way overpriced and since shit is barely regulated, both from a seller and a purchasers standpoint, there's a lot of regular people getting stuck with a lot of shitty options for living situations.

Billionaire landlords breathing public air is just fancy bullshit. The air on this planet is not for them. They have not earned it.

Yeah but at the end of 30 years the bank lets me keep the place and they never raise the price

Put him on the List.

"Debt incumbent home owners don't go on strike"

He's not exactly wrong. If you have a mortgage, you do not really "own" anything and essentially have a "landlord" through your lender.

You may not just be mad at renting/landlordism. Your ire may be for the generalized concept of private property.

But you're not renting the home from the bank, you're renting the money you borrowed so you can own your own home

It is always wrong if you're saying to just buy or just rent. Neither is the better financial move for everyone.

What's that, Madame Guillotine? You're hungry?

People are aware that you don't have to live in a house for 30 years if you get a 30 year mortgage, right? That hasn't been a thing since the 80s.

Yeah, gonna call bullshit.

Bought this house 3 years ago, and my mortgage payment is half of what a comparable house would cost to rent. Mortgage payment includes property taxes and homeowners insurance. Plus I'll own it in 12 more years and can already use it as equity.

He's right as far as mortgages go, which is one of the most abusive financial albatrosses a person can wear. Nobody tells people that they're going to actually pay 3 to 4 times the amount they bought the house for when they sign the papers.

But where does he even get the idea that rent is less than a mortgage at this point? That's sure not what it looks like to me.

Grant cardone is one of the slimiest cunts in the billionaire class, and that's a high bar

You can safely discount anything he says, because it is always self-serving

It’s the Catalina wine mixer

My mortgage in a HCOL area is around $1350 month (excluding anything else) for a ~350sqft studio. Rent for something similar in the same area I live starts at around $1500 on the cheap end.

The only way you’re saving money with buying vs renting is if you’re not paying a single cent on utilities in the place you are renting (which is highly unlikely around my area). If you’re paying for your own water, electric, internet, and whatnot, you’re basically paying the same whether you buy or rent.

As soon as Biden stops the money printer the whole market is going to crash like in 2008 until then enjoy mass inflation.

Okay

depending on the market and the area, a mortgage might be cheaper - often this is not the case though

Not exactly the wrong message but definitely the wrong messenger.

Fuck that. It helps build generational wealth. Something this fuck stick doesn't want you to do.

Well, yeah. Why do americans all think they need to buy houses? Implement good renter protection so people can rent without worries