05.12.20 | Timestamp @3:08 | Use Your Time Right Now to Upgrade Your Mind For the Rest of Life
DJ Paul (Three 6 Mafia)
DJ Paul’s Question or Topic
DJ Paul is doing real estate other than making music and wants to decide if buying or renting would be better for him, and if now would be the right time to sell his properties.
Gary’s Story and Advices
Either of the two options will work best for Paul. When you buy a property, you are purchasing an institutional value, and it becomes a positive one over time. However, there are a lot of people who overextend themselves on the buying part, which then takes their cash out of the equation on other things.
For many individuals, they buy the most expensive house they can. They wipe all their liquid on the downpayment and live their lives to pay out the mortgage. So it takes them out of the opportunities.
People would have done well if they had bought a home ten years ago. But it is much better if you put the same amount of money on Amazon stock and rent.
The renting market will be booming because of the movement among youth not to buy and instead rent houses, especially if they want to live in fancy places. It means more demand for you as an owner. So it’s better to hold on to your property.
Gary Vaynerchuk’s Quotes
“Good property is a good property, always and forever, whether it’s renting or selling.” ~ Gary Vaynerchuk