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Cardone: Most People Are Buying the Wrong Kind of Real Estate
The No.
They think all real estate is identical, he told GOBankingRates.
They think a single-family home is like a four-unit or 10-unit apartment building.
Theyre not the same.
Most people are buying the wrong kind of real estate.
Theyre buying something to live in, rather than something that will pay them money.
A house doesnt pay you, [so] a house is not an investment, he said.
Paying for where you live is simply that paying for where you live.
A car is not an investment a car is an expense.
An address is an expense.
Do you need a place to live?
Yes, but you dont have to call it an investment.
An investment pays you.
While an investment pays you money, owning a home costs youmoney.
You have to pay to keep it, Cardone said.
I dont keep paying to keep the gold.
People need to look at the cost of the house, not just the mortgage, Cardone said.
Nationwide, the mortgage is double the rent today.
2, they should not look for the lowest price they should look for the best location.
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