Book a call with our team: https://goo.gl/dezwHT
Deciding to purchase your first primary residence is a big step, but so is becoming a real estate investor. If you’ve got the cash and are ready to purchase a home, should it be your own living space, or a rental? On today’s show, Natali and I are sitting down to hash out this question!
This episode was inspired by a listener question. And although we aren’t financial advisors, we thought this was an interesting topic to discuss! On today’s show, you’ll hear us make arguments for both camps, and share the pros and cons of purchasing your primary residence. Don’t miss episode 223 of Investing in Real Estate!
More About This Show
A listener named Brandon recently wrote to us on Facebook with a podcast episode suggestion. He explained that his close friends and family members are reaching the stage in life in which it is appropriate to purchase a primary residence. Brandon wrote, “I’d like to hear your thoughts if it’s a good idea to become a first time home buyer or if you should become an investor instead.”
This is a really interesting question, and if you’ve seen my video on why owning the home you live in is a terrible investment, then you already know why from an investment standpoint, a primary residence is an unproductive use of money. But this issue is not that simple.
There are many reasons why an individual or family might want to own the home they live in. And as you’ve heard us say before, there’s not a one-size-fits-all approach when it comes to personal finances. Natali posits that maybe you don’t have to choose either/or, but instead prioritize which to do first.
On today’s show, we’ll discuss this topic in-depth! We’ll make an argument for both sides, and explain our personal approach. If you’re wondering whether you should purchase a primary residence or a rental property, this episode is for you!
If you’re ready to begin building a passive income through rental real estate, book a FREE call with our team today. We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.
On this episode you’ll learn:
- Can you claim depreciation on your primary residence?
- Why is banking on appreciation a faulty strategy?
- What is house hacking?
- How often does a market crash occur?
- And much more!
Why Owning the Home You Live in Is a Terrible Investment
How to Pay Off Your Mortgage in 5 Years by Clayton and Natali Morris
Rich Dad Poor Dad by Robert Kiyosaki
Subscribe to Investing in Real Estate on iTunes
Find Your Financial Freedom Number
Subscribe to the Morris Invest YouTube channel