Just throwing in my two cents here…while some people do manage to profit, and profit incredibly well, from real estate, the average American is not in that position. They buy the house they can afford, give the bank a ton of money, and hope for the best. I have owned two homes. I’m educated, rational, and very conservative with my money. Lost my shirt on the first house, and imagine the same will happen when we sell the one we are currently in because, as James pointed out, sometimes things just don’t work out.
We had $70,000 in the bank. Now we have under $7,000 and the banks won’t even work with us on a short sale until they have sucked up every last cent we have still in savings.
Kudos to you for being part of the very small minority that is able to cash in on real estate. I’m genuinely happy to hear that it has financed so many good things for your family. But before you accuse James of misleading millenials, take a few minutes to look up some actual figures on how these investments tend to shake down for the same millenials, as well as their parents. I’ll save you the time: most people are damn lucky to break even.
James wrote his article from a place of personal experience. You started to write your response from the same place. I’m unclear as to why an apparently successful and educated individual such as yourself would choose to then attack the words and intents of another author. Just doesn’t add up.