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Sean Conlon: Real Estate Is the Fastest Path to Wealth

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Real estate mogul Sean Conlon, star of CNBC’s ‘The Deed: Chicago,’ says you should buy.

Sean Conlon, real estate mogul and star of CNBC’s “The Deed: Chicago,” says real estate is the fastest path to wealth in the United States.

“I am a true believer that you save every penny and you buy your first house. And that is still the fastest path to wealth in this country,” Conlon says in the third episode of the show.

In 1990, Conlon emigrated from Ireland to the United States with $500 in his pocket. After a couple of years of working as a janitor and a house painter, he had saved enough to but his first property.

Six years later, he was a self-made millionaire.

While real estate might not be the right investment for everyone, it does carry considerable advantages when done correctly.

via CNBC

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Written by Bruno

2017.04.12 at 11:43

Warren Buffett: I’d Buy ‘A Couple Hundred Thousand’ Homes

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Warren Buffett – Creative Commons Image By Mark Hirschey

Billionaire investor Warren Buffett calls housing "cheap."

Warren Buffett, the billionaire investor known as “The Oracle of Omaha,” made a resounding statement Monday in support of buying a home.

“If I had a way of buying a couple hundred thousand single-family homes and had a way of managing — the management is really the problem because they’re one by one, they’re not like apartment houses — I would load up on them, and I would take out mortgages out at very, very low rates.

“If anybody is thinking of buying buying homes, five years ago they couldn’t buy them fast enough because they thought they were going to go up. But now they don’t buy them because they’re going to go down, and interest rates are far lower. It’s a way, in effect, to short the dollar because you can take a 30-year mortgage. If it turns out your interest rate’s too high, next week you refinance lower, and if it turns out it’s too low, the other guy’s is stuck with it for 30 years.

“It’s a very attractive asset class now,” he said.

Buffett, who leads investment company Berkshire Hathaway, appeared on CNBC’s “Squawk Box.”

Asked what he would advise a young investor trying to choose between buying stocks or purchasing a home, Buffett didn’t miss a beat.

“If I knew where I was going to want to live the next five to 10 years, I would buy a home and I’d finance it with a 30-year mortgage,” he said. “It’s a terrific deal.”

It seems like plenty of folks with a down payment have picked up on what a historic opportunity now exists with 30-year mortgages near all-time lows.

“Economists polled by Reuters had expected signed contracts, which lead existing home sales by a month or two, to rebound 1.0 percent after a previously reported 3.5 percent fall. Contracts signed were up 8.0 percent in the 12 months to January,” a Reuters story said.

While I don’t compare myself to Buffett, for the past several months I have been telling anyone who will listen that it was a great time to buy.

As always, if you are thinking about buying, selling or renting property anywhere in New York, or know someone who is, please let me know.

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