{ "media_type": "text", "post_content": "Follow up on Rich Dad Poor Dad...General consensus is to buy real estate...So for those of you who have read the book, have you bought any real estate lol?", "post_id": "5ef96971e069880024e65398", "reply_count": 31, "vote_count": 3, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

Follow up on Rich Dad Poor Dad...General consensus is to buy real estate...So for those of you who have read the book, have you bought any real estate lol?

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Would love to but I have no money and live in NYC. Excuses but think I will be more ready in a few years

No. You are supposed to stop reading before the real estate sales pitch. Now read Millionare Next Door so you can brush off your head the Real Estate mumbo jumbo. Lastly, read A Random Walk in Wallstreet I have a few investment properties and they take a considerable amount of time and stress to manage when things go sideways. I would focus on maxing out retirement accounts, buying your primary residence (or house hack), and after your debt, emergency fund, and retirement is set, then think about real estate investing.

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My first property was a house hack in northern New Jersey. Now its fully rented (two family) and I live on my own single family. I also have two apartments in the Dominican Republic and a beach condo there as well. The more I come up with the numbers the more I realized that maybe by just putting the money in the market, rather than into the properties I would have yielded a better return. Of course that's a lot of hindsight. I will probably unload some properties in DR and just stay with the beach condo, and rent it short term. I am also staying with my 2 family in Northern NJ. Those are two really nice nest eggs, but I fully expect the bulk of my money to stay in retirement accounts. I currently have about 200k, all invested aggressively, the net worth of the properties is about 300k more (800k when mortgages are paid). The properties require me to think about them, deal with tenants, deal with utilities, etc. I've spent 6-9 months not even looking at my 401k (I still read the journal or bloomberg). Hope that helps a bit. I started this at 24, am now 36.

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Making living unaffordable for poor people great way to earn a living

likesmarthelpful

D3 I'm not following...? No one is talking about gentrification or something of that like.

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Yes, four single family houses now.

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Yes, it has been my goal since I read the book. Bought my first single family rental last year

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I bought it for $270k in North-East Los Angeles which appraised for $290k out the door. Positive cash flow of over 10% monthly with section 8 tenant. I was looking for a property for over a year before I got this one. I made around 8-10 offers on other properties.

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Where is Karl marx when you need him the most.

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I’m a bit younger (26) so I haven’t, but my dad is big into real estate. He read it and then had me and my siblings read it about 15 years ago

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Yes, many people I've found in real estate got started with that book

Makes sense 😂 Cheers

So what do y’all think about the idea against real estate by JL Collins?

Selective reading much, EY3? You ignored the facts on the returns and decided to focus on the footnote which is the 16 country data point. Much like it sounds like you listened to one or two interviews and made your own interpretation of JLs views. So let me break down some facts for you 1. He is against real estate when people call the house they live in as an investment 2. He is not against rental properties and even says they can be a profitable vehicle. And a "3br house hack" is not a data point to compare against VOO. So what numbers are we talking about and what assumptions?

Yes bought 2 rental properties and ploughing the profits into stock market!!!

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