Home Ownership – The Pluses (and minuses)

Why should folks think about owning homes?

What is the future of home ownership?

What might change? 

Join The Our Shawn McBride ⭐️ 🌟💥 (aka R. Shawn McBride) for the Future Done Right(TM) Show as we explore what we are seeing and what we need for the future.

Real Estate lawyer – and investor – David A. Kaminsky – joins us to help us understand this important topic

Here is the YouTube video: https://youtu.be/2Y9gFYr0Y-0

REMEMBER: More videos on the future economy are available at http://futuredoneright.com

Below is a machine transcript of the interview —

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Hey everyone to see our Sean, welcome to another edition of the future done right podcast where we look at what the future of business and economic activities going to be today.

 

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I’m excited to have David Kaminski with me. We’ve known each other for a while now. We correspond every once in a while. And he does some really interesting stuff in.

 

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New York City with the real estate market obviously one of the most vibrant and high value and exciting real estate markets in the entire

 

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World with a lot of additional complexities and unusual nuances that we don’t see in other places because of the complexity of the market. So we’ll dive into that a little bit today.

 

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We wanted to look at the future of homeownership you know what the pluses are maybe what some of the risks are. And I know a lot of people are starting to question the ownership of property and participation and transactions with the

 

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With the changing values of millennials, you know, a lot of times they just want to go rant and move on to the next place right

 

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We’re going to dive a little deeper on that. For those of you haven’t tuned in a while. I’m Dr. Sean I’m a corporate lawyer by training. I work with businesses on everything.

 

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Transactions partnership agreements mergers.

 

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Capital raises ownership and control the business. I also do a lot of consulting and speaking around business strategy.

 

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David, like I said, He’s great at the real estate stuff we send some stuff over to his office and we keep in touch on all the

 

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Real Estate happenings in New York and surrounding areas so he’ll be a great resource for us.

 

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By the end of the show today, you’ll have a better idea about what the future of real estate is what we’re seeing in the market.

 

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And where things are headed remind you, feel free to comment wherever you’re watching that, whether that’s the are Sean McBride on LinkedIn. David Kaminski on LinkedIn.

 

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McBride for business on YouTube or the future done right YouTube channel wherever you’re at. Go ahead and drop your comments will be reading those

 

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We do remind people that we do not do investment advice or legal advice on the show. Everything here is just for your education, feel free to consult your own counsel for specific advice on your situation. So David, welcome. Thanks for joining me today.

 

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Thank you, Sean.

 

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Doing this

 

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Great thing.

 

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Yes.

 

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A lot of fun here today for those who are listening to an audio only we got beautiful maps in New York City in the background and

 

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Really shows you how much developments there and all the stuff going on. So what do you, what do you think the future of homeownership is, where do you think things are headed

 

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Well, it’s a very strong culture, in our country.

 

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owning a home is the American dream. I don’t believe that that is gone. I think it is the late in many instances for younger people who are starting out, they the powers universities with a lot of debt.

 

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They are, as you mentioned, a little more loose, maybe more, more or less, building groups early in their careers and I do think they are delaying homeownership

 

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And also in certain kinds of markets like New York City of attaining the financial ability to have home ownership is also difficult, very expensive in the larger down payment. So that’s causing some delay.

 

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So I think in a very broad stroke. There is some trend towards continuing renting

 

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also heard that people

 

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Stay home longer I can like rent.

 

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And then stop ranting

 

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And but there are still huge economic benefits to owning a home.

 

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Still one of the best investments that people have is still a great savings device.

 

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And

 

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Very often, as ever have.

 

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You know,

 

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A lot of people do use it as a savings.

 

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Device. I’d love to, you know, hear more about what you’ve seen with that of course you know I split my time between Orlando in Dallas. And, you know, Lando market is full of people from the New York, New Jersey, etc. Markets who

 

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I guess owned a home, they built their equity. I sold the home they buy a cheaper piece of property in Florida, and then they go in their retirement years and they free up a lot of cash.

 

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Yes. Well, I’m a mortgage is is a fourth saving device. So every time you make the mortgage payment gets you paying profit bank.

 

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But you’re also chipping away at the amount that you owe to the bank. So every time you make a payment you oh English money and you building equity and the

 

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Of course, there’s no guarantee that your property will go up in value but trends have shown during your properties significant period of time, five years enough it will, it’s very likely that it will go up in value money saving and also you building

 

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Building value.

 

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Yeah, I mean one thing we’ve looked out a lot on this show is just kind of future economic trends, one of which being, you know, it’s kind of this

 

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New view with some of the younger generations of, you know, everything’s a service, right, not nothing’s owned everything’s a service. And we see that with Uber.

 

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You know, we have we talked to, we talked to, I talked to offline and she’ll be coming on the show later a partner at IBM who has a

 

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teenage son who says, Look, I’m not even going to get driver’s license, when I when I need a car. I’ll just hire a car to drive me where I need to go. I don’t want to. I don’t want to mess with owning a card on. That’s what a driver’s license.

 

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I guess some people are traveling around the world not owning a piece of property. What, what do you, what do you say to the people that just say hey you know why be bothered with all the trouble of, you know, a piece of real estate maintenance upkeep, etc.

 

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Well, if you’re a single person your life may stay that way and it’s made shoes. Very well. But as as you grow into a family and you have children. Other considerations come into such as you want to be in the stable community. You want to be having a long

 

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Term life in that community. The

 

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Family children. You don’t want to be switching schools, over time, you wanted to go connections friends. You also want the free to create the kind of home you want

 

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You may want to renovate it decorated the type of things you can’t really do in a rental type of situation.

 

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So there are just lifestyle choices that homeownership still

 

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Can crew a lot over a rental type of situation in a rental for your can be a landlord if you lease is up in here and

 

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Then you have to find in place.

 

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And

 

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There. There are also some tax situation that

 

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Now we know our President, recently built into those that there are still significant tax for property tax deduction, we

 

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Can get out of the $10,000 and you can still mortgage interest on your primary reason

 

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That those are

 

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You in a rental situation. Yeah.

 

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And I think, you know,

 

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Unfortunately, those, those tax changes they

 

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I think they they hit hard, places like New York with high real estate values right they

 

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They did. Because the real estate fact in the considerable and

 

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Wealthy suburbs that have property through $40,000 here and now those adoption don’t this so those Mark has been

 

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Another wonderful

 

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And as you build equity and you can obtain a home equity line of credit which, if you’re

 

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In need of money for college medical expenses or as you mentioned, perhaps by a second home.

 

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Yeah, you can use

 

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And why

 

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Like that. Right.

 

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A lot of people have used that

 

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And you know the home equity loans provide a lot of liquidity and some people looking to the future are expecting even more liquidity because they want to do some of this.

 

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Token icing or other transactions where they’ll be able to parse out part of the ownership to other people.

 

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So i mean i think i think that’s that’s been a long mainstay of it. And I think some people are working hard trying to take some of the transaction costs out of that to encourage people to even be able to use the equity in their home even more in the future.

 

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It’s true, and the whole mortgage crisis.

 

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Right away from

 

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Having an extra mortgage payments.

 

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That’s a personal choice.

 

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Yeah, well, what do you say to the people that are just scared by the size of a mortgage

 

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Particularly in a market like New York. I mean, what would you say to them.

 

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Well, it is it is something to be afraid of. Because if you

 

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Qualify for mortgages almost so you have sufficient income and losers.

 

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You’re in a an issue you have a problem.

 

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So I would say to people who are concerned about mortgage payment to make sure they have many months of reserves.

 

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Pacing so that will give them enough time to come up with a strategy.

 

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To sell the home.

 

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To rent a home.

 

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To have some plan the right, you shouldn’t go into that situation without sufficient pushing plan.

 

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Time.

 

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Around

 

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Yeah, because I mean you are sigh, a long

 

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Term obligation, you know, I guess, having some savings in there to keep the mortgage payments going for a while, at the head of disruption of a job or whatever.

 

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You know, and of course you know one of the one of the risks of owning the real estate to is it’s, you know, let’s say you get relocated your job, suddenly moves, you know, and you get the notice that, hey, you’ve gotta

 

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leave New York because the company you’re working for one she got another market and you’re given that hard choice between, you know, taking a new job or searching locally, you know, and sometimes he will get themselves in those types of situations.

 

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Yeah, some, some companies have nice programs.

 

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To help their employees and

 

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So coming to a new community for a job.

 

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They have any programs where they they will actually purchase the house from you.

 

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Have these again and be relocated here.

 

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So that, that’s, that’s nice.

 

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Of course, very negative. So, so the number of people who get everything is a service.

 

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That kind of thing that they’re concerned about our

 

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Repairs dealing with

 

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Maintenance of a home.

 

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Home even an apartment.

 

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In New York City.

 

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And they can be alive. There’s

 

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Hope so.

 

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Thank you. Very nice. In a situation that you don’t have

 

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Any tips and tricks for that piece of it. I know you you you own a couple pieces of rental real estate. Right. And so, you know, a tips and tricks on keeping up on the maintenance and getting getting that done the right way.

 

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You own a home just say it’s your own primary residence. There are some very nice companies that you can have a service contract and they will handle all kinds of things in your home heating air conditioning on electric all that so that you know you have one

 

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service company for and they will saw us kind of prepare

 

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So I would recommend service contract with a company like that.

 

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Or you like to be more involved. I just develop relationships with people that you trust us.

 

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Don’t, don’t try new people, each time. And also, although y’all was anxious don’t always look for the cheapest service person for important things in your home.

 

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Returning

 

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Yeah.

 

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And I think one of the trends. We talked a little bit as we opened it was this trend of people renting so I imagine there might be some people that want to be the owner of the real estate.

 

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Rather than rather than necessarily occupying it but actually becoming a landlord. So what would you say to those types of situations.

 

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I think it’s a great opportunity you want real estate because I think there is a trend towards

 

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Younger renting longer. So I think we have

 

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an abundant supply potential and

 

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I would suggest that you very carefully of that is

 

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You should credit checks. References

 

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In New York City getting out a problem and not paying can be very difficult.

 

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Some other areas where it’s also difficult so you don’t you want to avoid being in a situation and so doing background checks and it’s very useful. And also, just make sure you’re not like the property.

 

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Right.

 

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What recommendations you have for folks. Now, in the future, as they’re looking at their real estate needs and going forward a blanket recommendations or ideas you would plan in people’s head from your years of experience.

 

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Yes, I would. I would recommend that they buy a home.

 

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To

 

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sell a house.

 

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It’s not a guarantee that the House will go up in value.

 

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Short term.

 

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So a lot of a lot of excitement about how much money making real estate.

 

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Is real and

 

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You would hope it would work out. So don’t be afraid of buying a home, but just make sure that you really liked the location. I recommend renting in a particular

 

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City or area within that town or city to make sure you really liked it before you buy for a year.

 

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There’s no guarantee that the price go up so that

 

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Should also not

 

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As

 

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First, you should look at it as a player.

 

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You enjoying living there first.

 

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You should get value back and goes up in value.

 

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Yeah, that’s fantastic. Thank you, David.

 

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Just want to tell folks, you know, our goal with the show is get people thinking bigger get them thinking about the broader implications of things. I think you’ve done a great job with that David you’ve really helped people understand some of these issues and

 

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Be in the know we always ask our audience like comment share let more people know about what we’re talking about. Help your friends with these topics.

 

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By sharing and of course when you comment the search engines. Pick it up. It lets more people see these videos so they can start planning their future.

 

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We’re looking for a handful of people to work with us on the on the show. So if that’s something of interest to you check out planning done right comm slash insurance David haven’t folks get ahold of you and your office.

 

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Oh well.

 

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Email me at David

 

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At

 

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9111

 

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Yep.

 

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Yeah, and there are fantastic. I mean, they work with people on

 

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Setting up the stuff, the investor issues all the types of issues you’ve talked about. I know David’s office handles and helps facilitate that. So if you’re looking at doing some of these types of transactions.

 

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Whether it’s as an owner of property or as a landlord, etc. You know, jump in, give them a call. There’ll be glad to help you. And if you get an unfortunate situation. I think they can help as well.

 

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To work through the system and they have years of guidance. So check those guys out.

 

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There. Great, we revised you we’re not giving any investment advice or legal advice on the show. We’ve talked about some general things some general issues.

 

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Talk to your own advisor, particularly about your tax situation about the legalities of different things, make sure you get your own independent advice for your situation.

 

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As always, I want to congratulate those you watching on doing the hard work, investing in your future paying attention, these important issues and really making a difference in your future life.

 

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We’re glad you’re doing it. We’re glad you’re part of our team. We’re glad you’re tuning in

 

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And I remind you, you can see past videos at future done right calm. You can also see our upcoming guests and topics and what’s coming up. You can click the links to RSVP for them.

 

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And you can join our mailing list. If you want to get advance notice of some shows topics and ideas that we’re talking about. So check all that out at future done right calm, David. Thanks for joining me today.

 

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Thank you, Sean.

 

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