Rental property billionaire says buying a home (with a mortgage) is "fancy bullshit" and you should rent instead
Rental property billionaire says buying a home (with a mortgage) is "fancy bullshit" and you should rent instead
[Mortgage Is 'Just A Fancy Bullsh*t Word For Paying Rent For 30 Years To The Bank,' Says Real Estate Billionaire Grant Cardone — Here's Why Renting Could Be A Better Financial Move
](https://finance.yahoo.com/news/mortgage-just-fancy-bullsh-t-171148202.html?guccounter=1)
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Not exactly the wrong message but definitely the wrong messenger.
Wrong message and factually incorrect.
How? Mortgage is the same risk exposure as rent with a "landlord" who holds even less responsibility to maintain the quality of the place than in a rent arrangement.
A loan is not the same thing as rent, see the other response for a start on details.
No.
Rent will be a bit higher than comparable mortgage payment.
A mortgage payment actually ends one day.
If you move out, you get to sell your house and get a lot of money "back" compared to renting, maybe more than you put in even.
Even without selling, you have "equity" you can leverage to have secured debt at very attractive rates.
Absolutely, 100% the wrong message, because it isn't correct even slightly.
How exactly? A mortgage is in practice rent to the bank, complete with them getting to evict you if you turn out to not be able to pay, not to mention that the landlord at least hypothetically is responsible for providing repairs and appliance replacements.
How? Because in about 1.5years, I will own outright the house that I'm "renting" by paying off my mortgage. When's the last time you can say that about some spot you were renting?
Also, my "rent" is about 5x less than any renter in the area is paying for a similar house.