Lately I’ve been hearing more people say the American Dream is dead. Or the American dream of owning a home isn’t possible for everyone.
The American dream is about a lot of things like raising a family in a nice neighborhood, owning a business, advancing to the top of your field, etc. We all have our own ideas about the American Dream.
But when it comes to building wealth, you can’t beat home ownership and building equity. It is almost impossible to get ahead by saving alone.
Saying “no” to home ownership is big mistake.
One statistic that I often site is that the net worth of homeowners across the US is around $240,000 BUT the net worth of renters is $5200. (National Association of Realtor statistic)
Why? Because when you pay your mortgage you are paying off your loan. When you pay rent, you are paying someone else’s loan. In other words ZERO is going back into your pockets (not to mention the tax benefits lost and the equity growth).
Here’s a great article that explains more about why Real Estate is the best way to build wealth (posted earlier on my blog)
It’s about to get more difficult for landlords to boot tenants in the city of Los Angeles.
The Los Angeles City Council unanimously passed an emergency moratorium today that will temporarily bar property owners from evicting tenants, unless they have “cause”—for example, they failed to pay rent or violated the terms of a lease.
The ban on “no-fault” evictions is a response to reports from renters, tenant lawyers, and housing advocates that tenants who pay low rents are being evicted to make room for new, higher-paying tenants before California’s rent control law goes into effect in January.
While low mortgage rates have made it cheaper to buy a home, finding the right property remains a challenge for home buyers, realtor.com® writes in its October 2019 housing report. Would-be buyers are finding that a worsening inventory shortage is heating up competition in the housing market this fall.
“Owning a home continues to be a priority for buyers as we head into the cooler months of the year,” says George Ratiu, realtor.com®’s senior economist. “Driven by the tailwind of sub-4% mortgage rates, the steady demand for housing is drying marketing inventory at an accelerating pace. With dwindling supply, prices maintain their upward pressure, [exacerbating] affordability challenges for first-time buyers.”
Crissi Avila will teach you how to buy smart. We’ll look at location, development, and turnover so you can spot opportunities long before most even start considering them.