I think he has it backwards and its way wrong. I have a huge bank account that backs this up. The money printing will destroy u if u rent long term - its a fact.
If u buy and fail u end up renting. Zero risk to life style by owning.
Some of you act like buying a home is dangerous - its not. Try motorcycling or mountain climbing sometime and maybe paperwork wont scare you so much.
Disagree. Renting a cheap apartment leaves all sorts of money for doing damn near anything and everything that I want. The kind of house that I would actually want to buy and live in would consume all disposable income. Buying a house has all sorts of intangible benefits, but you need to weigh those carefully with the intangible detriments that so many people like to gloss over. It isn't a panacea for happiness or financial security, nor is renting.
Yes owning has financial dangers but pat is too negative. Look at roberto and iwog, thats how its done folks. They should be writing books. If they did they would outsell patrick by a million copies because everyone wants to get rich and renting an apartment is not a path to rich unless you are a geniuos stock picker but in that case they would still want to buy a house at the end of amassing $.
everyone wants to get rich and renting an apartment is not a path to rich
Neither is buying a SFH to live in. As it stands now, my rent is less than interest, insurance and property taxes on a house that I would want. I won't get rich doing that, but I accumulate liquid net worth faster this way. Getting rich is not really a priority for me, at least not as much as living my life without having to worry about money. You don't have to be rich to enjoy life (it sure helps, as long as it doesn't consume you).
iwog and roberto are in a different category. They make their living on buying / renting SFHs. Most people are not interested in that. What they are doing makes sense, and is totally different than buying a SFH to live in. Patrick's book is mainly concerned with buying-to-live-in, and while it leans to the bearish side, it is full of information that many SFH buyers should at least be aware of. I'm not sure why you are making a comparison between Patrick's book and RE cash-flow investment books.
If u live in ca its your duty to help us buy up all the SFR inventory in flyover and rent it back to the local aboriginals. Preferably with all cash from a large Heloc you will default on. Remember ca passed a law stating first 150k of heloc cannot be collected. Use this free 150k to bid up prices in phoenix where locals will be dumfounded where is all this money coming from (its from ben) .
Money for nuthin and chicks fer free in cali.