Renting vs. Buying

In the $O$CAST Adam Sosnick discusses current events, trending topics and anything related to money. In this short clip, Adam talks about where you should rent and where you should buy.

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About Host:
Adam “Sos” Sosnick has lived a true rags to riches story. He hasn’t always been an authority on money. In fact, he was quite the opposite... Before hitting it big in finance in his thirties, he worked every job under the sun. He was a radio advertising salesman for Clear Channel, a party promoter, a hotel manager, a substitute teacher, a sports agent, and he even did standup comedy. While this life had a lot of perks, the reality was that he was making NO money.

In 2006, eager to start making serious money, Sos got an entry-level job at a financial firm as a cold-caller. After a few years of putting his nose to the grindstone and learning the ropes of the finance trade, Sos got promoted to VP of Sales and began to rack in serious money. Despite the financial world around him crumbling in the 2008 Great Recession and people going from making millions to losing their jobs overnight, Sos’s net worth skyrocketed. Seeing what was happening around him led him to recognize the SAVE THAT MONEY mantra.

Sos started a new project to wake young people up when it comes to money. He incorporated his high profile friends and influential financial connections to show that spending money is not that cool, and it’s all about #SaveThatMoney. And then what do you do with that money? You save to invest. Invest in appreciating assets, yourself, and helping people around you.


#SOSCast #ValuetainmentShortClips

[LaMaiStyle]

I believe in buying. My mistake is buying in the wrong state where I thought I wanted to be near family. Family relationships don’t always have happy stories.

[elnethio]

Never take advice from a single person/unsettled person on buying or renting.

[peaceofheart]

Renting for me has become the equivalent of working for someone else I don’t see myself renting from anyone ever again!

[abrahamflores]

If you like renting that means you are a super high earner that looks at it more as a luxury service. For 99% of us its a way of growing our wealth at the same time we do other investments

[DoorTrash]

Renting is wack. People always cite “home repairs” as a problem the same people are often times too stupid to fix their own shit.

[infini.tesimo]

So I think the first move is to rent a room or a studio as cheaply as you can in a safe part of the city you live in. Your goal should be to buy your first home only to live in one room and rent out the rest until 1-2 years later after the period you're obligated to live in the home passes OR you need additional capital to buy another home. The end goal is to buy a home that you can purchase with all your tenants money and live rent free forever to the nearest Gucci store. That last part is how you know the value of your personal residence is going to be a fantastic location.

[bigchills]

16.6 here in Southeastern Massachusetts. My house was 280, 000 brand new and renting was shocking at 1450 a month.

[InvestBetter.]

Sewers you should buy in: Detroit, Cleveland,

[nathancarranza]

Had I not purchased a house when everyone was telling me to be a good ole renter, and giving me their wishful-thinking math that just "proves" everyone should rent, my net worth would be 100k less right now. There's some things that sound great, but don't align with reality. In 6 years, I have only had to replace my water heater ($600), and will have to replace my roof next year ($7K), and that's it. That's about $100 a month in maintenance. Oh, but I pay property taxes, right? Renters do too; they pay them for their landlord, they pay the principal, interest, property insurance, and maintenance. They also pay enough so that their landlord makes a profit; homeowners don't. There's only one difference: none of that goes towards their net worth.

[marcfalsetti]

I'll never get those 7 minutes back!

[luisalphahernandezomega]

*BE MORE SPECIFIC IN RENTING AND BUYING BECAUSE I CAN SAY BUILDING IS BETTER THAN BUYING BUT BUILDING RENTING WHAT.... PAYING RENT OR COLLECTING RENT.... BUY CHEAP LAND IN THE CHEAPEST STATES, RENT OUT CHEAP LAND FOR PASSIVE INCOME PROFIT COMPOUND INTEREST, COMPOUND THAT INTEREST, INTEREST THAT COMPOUND, BOOM! WEALTH CHILLIN😎*

*"I AM THE LORD... I AM THE LORD OF THIS LAND. I WILL DO MANY GREAT THINGS. I WILL SAVE THE POOR AND THE AFFLICTED. IF MY PEOPLE SHALL HUMBLE THEMSELVES AND SEEK ME THEN I SHALL HEAL THEIR LAND."*

[Jay-pyow]

I like Adam being objective on certain topics but this is definitely not one of them lol..he fails to realize his way of thinking is because he’s single, not settled down, loves moving, no family/kids that live with him, and lives in the fast lane plus like going out clubbing with multiple girls so city living is fun for him. Most of us are moved on with our life by the time our late 20’s hit so renting is ridiculous for all those reasons I mentioned.

[georgegeorgiev]

And why do those who rent out properties own them?

[johnkerr]

nothing wrong with Pittsburgh, Plus everyone from New york and cal... are leaving in the masses. Plus i know my uncle sold his house in Florida and made a killing. !00g's more what he bought it for then lady who he sold it too three years later made 100g's more then she bought it for.

[bot]

Shocker: It costs more to live in cities that actually have people in them

[robertm]

I thought buying a house would mean I was successful.
After listening I learned renting could be better and investing in stocks and cyrpto

[rxklastz]

I’m not renting ever and it’s smart not to, just purchase a house and relax. This shouldn’t even be an argument

[Brandleytv]

Hey Adam tell your buddy that may be he had some dirty on his mustache when he came to New York, next time have some wipes with you and get out of harlem.

[KidCity]

You aren't taking the astounding inflation into account. It's how I became a millionaire.

[luisalphahernandezomega]

*HATERS THINK THAT TORNADO WOULD STOP ME FROM IMPROVING MY LIFE AND LIVING A BETTER LIFE AT THE CHEAPER STATES🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣 I'M STILL GOING TO BE RICH!💰🤑💰 WHEN I SEE HOMELESS PEOPLE, TRASH AND NATURAL DISASTERS I SEE RICHES IN OPPORTUNITIES TO MAKE RICHES!📈📊💰🤑💰🙍🏼‍♀️🙍🏼‍♂️😠😡👹👿*