108: Renting vs. Buying Your Home with Kirk Chisholm
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 4 November 2016
⏱️ 48 minutes
🧾️ Download transcript
Summary
#108: Should your rent or own your primary residence?
Consider feelings, equity buildup, control, leverage, personal cash flow, mobility, inflation, taxes, liquidity, opportunity cost, sunk costs, and much more.
Innovative Advisory Group’s Kirk Chisholm joins Keith for the chat. Keith tells you how much his home is worth.
Transcript
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| 0:00.0 | Get Rich Education is brought to by Norrida Real Estate Corporate Direct and Ridge Lending Group. |
| 0:08.6 | Cash flow real estate investors. This is Get Rich Education's Keith Weinhold. Did you know that you can finance up to 35 income properties all with one lender? |
| 0:18.4 | Ridge Lending Group specializes in investment property loans, |
| 0:22.4 | and they do it in almost every U.S. state. Ridge has worked with tens of thousands of real |
| 0:27.6 | estate investors and homeowners all over the country. They've been doing this for investors |
| 0:32.1 | for so long that at this point, they've helped more families realize their dreams of becoming |
| 0:37.4 | real estate investors |
| 0:38.3 | than any other mortgage lender in the country. To find out more, visit ridglinggroup.com. |
| 0:51.1 | Welcome to Get Rich Education with Keith Weinhold, giving you information and ideas on the investment that has turned more ordinary people into millionaires and billionaires than anything else, and can provide you with more wealth and happiness than you ever thought possible. |
| 1:09.6 | Now, here's your host, investor, entrepreneur, |
| 1:13.6 | business owner, and educator, Keith Weinhold. You are inside Get Rich Education episode |
| 1:23.5 | 108. I'm your host Keith Weinhold. Today, we're talking about your primary residence. |
| 1:29.3 | Should you pay rent to a landlord in the home that you live in, or should you buy the home that you live in? |
| 1:35.4 | And I've got a ton of energy on this topic. |
| 1:39.0 | We also have a guest today to provide his thoughts on this. |
| 1:42.4 | If the home that you consider living in is going to cost you |
| 1:45.8 | less than $250,000, then you should buy it. If it costs more than $250,000, you should be a renter. |
| 1:54.8 | If the home that you want has a rent-to-value ratio of under 7 tenths of 1%, you should rent it. |
| 2:00.1 | If the RV ratio is over 7 tenths of 1%, then you |
| 2:03.7 | should buy it and own it. Well, now that I made things that clear cut and simple, there surely are a |
| 2:10.3 | number of it depends factors, and around those numbers, namely, are things like, what region of the country do you live in? |
| 2:18.7 | And really, a bunch of touchy-feely things and touchy-feely things, you know, they have nothing to do with income property, which is what we usually talk about here. |
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