Dax Stanley argues against buying your primary residence first. Instead, rent where you live and use capital for income-producing investment properties that generate positive cash flow each month, building wealth faster than a mortgage that costs interest without returns.
Chapters
Have you been told that your home is the place to buy first? Well, I'm here to say that that's probably the wrong thing to do, especially in this current market. I'm astounded at the amount of people that go into massive amount of debt on their home and they're going to pay a massive interest payments every month and it's not making them any money. Why don't they put the put it into an asset that's actually making them money every month? Look, that's what I invest in. I always look for an asset, a property that's actually making me money every month, that makes sure it's an asset that's actually helping me. Like that's what I buy, that's what I look for. I look for things that actually increasing over time, but also put money in your pocket every month. It makes sense to me. You don't need to buy where you live. There's a new term called rent vesting and it's where you want to rent, where you want to live. So you can live in a $2 million house near the beach and you're only paying 6, $700 a month, a week or whatever, but you can move whenever you want. The assets not making you money, so why pay a massive mortgage hoping the property price will go up and then reap the rewards many years down the track. The investing that we do. Put your money in and you get a return straight away every month from the investor. Just want to jump on and sort of say that, you know that whole thing about living first in there in that property so you can live and breathe it. Well, you don't have to. Okay. Money's made monthly through, through property investing. Okay. And that's key. Do that a couple of times. Buy a couple of properties that way. Build up that cash flow so that, that can support your holidays, that can support all your, your property purchases. Even your dream home, it can do that. And when we look to buy your dream home, that's where we can look at finding some land or the worst house in the best street and then, you know, building something on top of that or renovating on top of that and actually building equity straight away. Let's look at that when you're ready. But when you're starting off, don't have to buy your property. That is your home. There's no tax deductions, there's no savings. The banks love it. Why are the banks the most massive profits every year? Why are they giving you loans for your home? And it's hard to get a loan for an investment property. Those, they love those homes. Because you're stuck in there for 30 years, you've got to pay it off. It's not making you money. So you need to keep putting money into it to top it up. Okay. There's a reason why banks push home loans very hard. Okay. And I'm here to sort of say to you, you don't have to do that. First, it's better to get into the market, buy an income producing property and then start building that wealth long term. Hope that's helped reach out below. Comment I'd love to hear where you where you're at on that position. I believe buying something first that makes you money is critical for long term success. Thank you. Cheers.
