馃攳
A Mortgage is CHEAPER Than Renting鈥擧ere鈥檚 Why | The Jim Bottrell Real Estate Team - YouTube
Channel: The Jim Bottrell Team- Your Home Sold GUARANTEED or We'll Buy It!*
[0]
[Music]
[7]
hi i'm roy robertson and this is good
[8]
business san diego this morning we
[10]
welcome back jim betrel a former u.s
[12]
marine and the broker and founder of
[14]
ardent real estate services and the jim
[16]
botrell real estate team you can reach
[18]
jim at 833 600 sold and jim has
[21]
thebuyers.com so jim i want to pick up
[23]
on an earlier conversation we were
[25]
talking about one of your favorite
[26]
themes a little bit of a tirade about
[29]
why people rent rather than own let's
[31]
pick it up there you have more to say on
[32]
the topic i'm sure uh yeah i remember
[34]
all that i also said that i would uh
[36]
teach people how it's cheaper to own
[38]
even if the the mortgage payment is a
[40]
little bit higher right it's still
[41]
cheaper to own
[42]
okay let's hear about it okay uh well
[45]
the mistake the first mistake that
[46]
renders make is what they do is they
[47]
compare the check that they write for
[49]
their rent to the check that they write
[52]
to a mortgage payment and they value
[53]
those or they weigh those dollars
[55]
equally the problem is that they're
[56]
wrong
[57]
what does a rent check get you it gets
[59]
you exactly two things it gets you a
[60]
roof over your head and a key that opens
[62]
the front door for 30 days right that's
[64]
it that's all you get so let me ask you
[66]
this right is that money invested or is
[69]
that money thrown away
[70]
uh clearly i've been there earlier in my
[72]
life that money is thrown away
[74]
okay now i let me ask you if i gave you
[76]
a third option said it was set on fire
[77]
would you choose that one no thank you
[81]
okay all right so mortgage payments on
[83]
the other hand they're quite a bit
[84]
different they're making they're even
[85]
though it's one check it's still made up
[87]
of four parts principal interest taxes
[88]
and insurance so i'll go through each
[90]
one of those the principle this is the
[92]
portion where you're actually the
[93]
portion of your payment that actually
[94]
goes toward buying down the loan that's
[96]
actually being invested in the asset
[98]
that you own you have to think about it
[100]
like a forced savings account it's still
[102]
your money it's an investment in
[104]
yourself it goes from your checking
[106]
account into your asset that you own
[108]
it's still your money and then you have
[110]
the interest this is just the cost of
[112]
borrowing the money however there's a
[113]
silver lining with it it's tax
[115]
deductible that's a big deal and then
[117]
the t that's the taxes the property
[119]
taxes i know there's renters out there
[120]
saying i don't pay property taxes now
[122]
yeah you do it's just building your rent
[123]
so then you have the property taxes
[125]
that's also tax deductible and the last
[127]
eye that's just insurance that's just
[129]
the insurance policy you have to have so
[131]
unlike rent
[132]
there are big payment big benefits in
[134]
making that mortgage payment which might
[136]
be higher remember that principle it's
[138]
not really an expense you're investing
[139]
it in yourself and then the interest
[141]
portion of it or in the tax deductible
[143]
portion of it that's huge and i know it
[145]
hardly seems fair but people who own
[148]
homes pay considerably less income taxes
[150]
than people who rent because they get
[152]
those big tax benefits so when you
[154]
factor in those advantages even though
[156]
your mortgage the check you write each
[157]
month might be more expensive it's
[159]
actually cheaper to rent
[161]
and of course that's going to be fixed
[163]
for you in in most cases for the life of
[165]
your loan and so it's never going to go
[167]
up and you were talking in our last
[168]
segment about reds going up maybe as
[170]
much as 15 percent in this coming year
[172]
and there's nothing you can do about
[174]
that nope no just keep going up forever
[176]
all right so um one of the things that i
[178]
offer with my team is i and my team we
[180]
can do rent versus zone with people and
[182]
there's no cost no obligation we use
[184]
your actual numbers and what we do is we
[185]
give people the details and we teach
[188]
them every part of basically what a
[190]
mortgage is because when you understand
[193]
the numbers and how the numbers work
[195]
that is what we call the code to
[197]
generational wealth you will know fully
[199]
understand why wealthy people are
[201]
wealthy and why renters will never be
[203]
and i know it's a really harsh statement
[205]
but it is true call us and we'll teach
[207]
you all of it there's no cost no
[209]
obligation i will tell you that this
[210]
knowledge is really big it will change
[212]
your life and most likely it will change
[214]
the lives of your children so it's just
[216]
knowledge and knowledge is power i will
[218]
give you that knowledge jim will empower
[220]
you and we have had that conversation he
[222]
has shared my numbers with me
[224]
enlightened me i learned something every
[226]
time that we talk and i definitely do
[227]
encourage that people call you one eight
[229]
three three six hundred soldiers jim
[231]
patrell's phone number one eight three
[233]
three six hundred sold or jim has the
[236]
buyers dot com
Most Recent Videos:
You can go back to the homepage right here: Homepage