“In 16 years, your daughter will not be able to buy a house.”
That’s what Glennda Baker said on a recent Byron Lazine Podcast.
She went on further to explain buying a house in the future won’t be affordable unless parents are helping their children out.
Reasons to Buy Your Kid A House Now
Glennda’s solution to future affordability issues? Buy a house for your children now.
In the clip, she explains buying an investment property can help in two ways:
- All the money from that property goes into an account for college.
- After college, parents can transfer the home to the child.
The clip quickly went viral, gaining over 5 million views on TikTok. Thousands of comments came in as well, ranging from “Yes!” to “You are out of touch with reality.”
Own vs. Rent: Which side do you want to be on?
A recurring theme in comments discussed the reason homes won’t be affordable in the future:
buying homes as investment is the reason they’re not going to be affordable
In a reaction video, Byron posed the question:
Am I going to be the investor and buy real estate, or am I going to be the renter for the rest of my life? Which side do you want to be on?
Brad Lea recently gave his take on the question when he said, “You get rich by owning real estate, not by selling it.” He believes that real estate agents (and anyone else looking to gain wealth) should focus on buying more real estate.
It’s no secret that buying real estate isn’t easy today. There are a lot of investors snatching up homes, along with hedge funds buying properties and driving up prices.
But renting isn’t easy either. By paying someone else’s mortgage, you are contributing to their generational wealth instead of your family’s.
So if given a choice, what side do you want to be on? And, which do you want your clients to achieve?