Claire Corlett

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Sind Immobilien eine lohnenswerte Investition? | Ken Fisher | Grüner Fisher Investments

Sind Immobilien eine lohnenswerte Investition? | Ken Fisher | Grüner Fisher Investments


real estate can be a perfectly fine investment but it usually isn’t and the reason it usually isn’t is simply that most of the time people don’t take into account the full costs of owning the real estate which includes the taxes the interest payments the deferred maintenance and all of the rest that go into calculating the real total return of the real estate historically the real returns have been someplace much lower than stocks but much higher than cash and that means they can be ok the problems include usually you got to run them yourself which is labor on your part or you got to pay somebody to do it and they largely take you to the cleaners usually that the cost of property management are high and then thirdly you got to do it in the right place in the right location there’s residential there’s subsets of non-residential and then there’s the old saying location location location when you actually look at the way most people however think about real estate because it’s non-volatile they like it and they tend to not look at the full cost so they tend to think their returns are higher than the returns actually are and so real estate has a better image then it’s reality now there’s one final feature which is that with real estate you can lever it really heavily but remember you could leave her almost anything else also and so people calculate the return as if it’s levered where they should think about their total financial situation as if it was comparably levered that is that’s a piece of a pie that they’re allocating that return to when their overall financial situation has a certain piece of the pie that’s leveraged over all real estates ok it can be bad it can’t be good it’s usually worse than people think it is and it tends to fall in a spectrum of Total Return that’s in between stocks being higher in the long term – being lower in the long term and at being in between you

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