In episode #562, Eric and Neil discuss why you should probably not buy an expensive home. Tune in to hear on what you should actually be spending your money on.
TIME-STAMPED SHOW NOTES:
- [00:27] Today’s Topic: Should You Ever Buy a Multimillion Dollar Home?
- [00:34] The home Eric just sold was worth close to a million.
- [00:43] Neil has lived in some big homes.
- [00:55] Neil had an expensive condo on the Las Vegas Strip because the builder was selling them for less than their value.
- [01:20] Neil doesn’t think homes are valuable and a waste of money.
- [01:34] Neil’s friend has a two-bedroom condo and believes real estate is one of the worst investments.
- [01:52] You could make more money investing in Tech.
- [02:00] If you are interested in real estate, look up Grant Cardone, who has a funny YouTube channel all about it.
- [02:09] Eric’s mom is a real estate agent and she is always pushing him to buy a home.
- [02:31] Eric and Neil would rather invest in businesses and themselves.
- [03:19] All the homes Neil has ever purchased were for investments. He believes in staying in hotels and dumping money back into tech.
- [04:00] Instead of wasting money on a down payment, put it back into your business.
- [04:13] You are better off renting.
- [04:54] Warren Buffett talks about staying in your lane.
- [05:10] Eric and Neil focus on investing in what they are good at or that they understand.
- [05:38] If you choose to have a big home, use it to have dinners for entrepreneurs.
- [05:57] Dinners led to $200,000 in deals for Eric’s company.
- [06:15] Eric originally paid for dinners, but then found a way for his guests to pay for it.
- [06:23] He used Eventbrite and put a price on the ticket to dinner.
- [06:37] That’s all for today!
- [06:39] Go to Singlegrain.com/Giveway for a special marketing goodies giveaway!
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