Real estate is one of the most wonderful assets on the planet. It has delivered to me a wonderful life, riches I didn’t dream of when I was young, and most importantly, purpose. It is with that purpose that I have made it one of my life’s goals to give back to the community that so graciously gave to me. And this question, of should I rent or buy real estate, is without a doubt, the most controversial. It brings family, social, and financial pressures that no other question I answer seems to have. Everyone has their own opinion, but there is only 1 real truth. If you cannot buy the home of your dreams for cash at less than 10% of your net worth, then you must rent it. Homes are not assets, and they certainly are not investments. You need to rent until you can afford to buy the home of your dream in cash. And the catch 22 is that the only way you are going to do that is by investing in real estate. Let the arguing begin!
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Check out this article from the largest real estate owner on the planet, they are landlords, not home owners, and they have $362Billion of assets to prove against your argument that housing is smart investment: https://fortune.com/2020/02/17/blackstone-commercial-real-estate-business-brep-breit/
When your parents want proof of what I am telling you, you can show them this about Nobel Prize winning Economist Robert Shiller: https://en.wikipedia.org/wiki/Case%E2%80%93Shiller_index
And when they still don’t believe you, tell them to give me a call and I will personally tell them why home ownership is the worst advice they will ever give their children. Stick with me, and you will be just fine. Rent, but invest aggressively until you make more money while you sleep than you can spend while you are awake. It’s a good philosophy to live by, and you won’t be able to achieve that if you are a home owner.