Nick Perry breaks down how a $400,000 house with a 7% mortgage costs $766,000 in total payments, plus taxes and maintenance, while the $80,000 down payment could generate over $3 million in real-estate wholesaling deals instead.
Buying a home is keeping you poor and rich people don't want you to know why. But I'm exposing them today, so take notes. Look, if you da have work every day to pay for your home, then you don't own it, it owns you. Only rich people get rich off you paying for that home because they use this obvious but sneaky setup. Here's how it works. Let's say you buy a $400,000 home with 20% down, which is $80,000 out of your pocket. You then take that $320,000 mortgage at 7% for 30 years to cover the rest of the home, which is where the sneaky setup starts. Because you'll lose $446,000 in interest alone paying that loan. This means you end up paying $766,000 for a $400,000 home. But that's not where the setup ends, because if you decide to sell it, you may not get $400K depending on how the market is, along with how you get taxed, which means that your total cost is well over $800,000 for a house now worth $400K, $800K. Meanwhile, if you took that same $80,000 and invested it in wholesaling or fixing and flipping, you'd have over $3 million without doing any maintenance, paying property taxes, or getting stressed. So be like the rich and buy properties that pay for your properties. And if you want help finding those properties, then comment wholesale and I'll reach out.
