 So Gary Vaynerchuk slams home ownership and says that in 50 years home ownership may not exist anymore Everybody will be renting Houses to live in and he wished he never bought a house and will never buy one again. What's up everybody? Ricky Kroothe here welcome back to my channel So I want to get into this debate that's going on where Gary Vaynerchuk said that home ownership is a thing of the past And will eventually die out. Everyone should be renting houses It's a poor use of capital to buy a house if you missed the video where he talked about this Here's a few clips right here. I do not think the American dream should be buying a home anymore. I Think it's full of shit. Tell me more that shit. It's fucking bullshit Yeah, it's a bad use of upfront capital and it ties you up and it's just not smart Like I'm pissed that I own a home. Yeah, I would literally rent in perpetuity now And I will like I've decided like I will never buy another new home and ever since that video He's been getting so much flack from so many people all kinds of people have made all kinds of videos Just like the one I'm doing right now And so many people have have a last back at him on social media and Twitter and Instagram And a lot of people in real estate see this as a slam to the industry So I want to give my two cents right now So you guys know exactly how I feel about this if you've been following me for a while If you're subscribed to this YouTube channel if you've been watching my videos and watching me on Instagram and watching me on Facebook If you're part of my absolutely free real estate coaching program, you know my philosophies behind business is a hundred and ten percent Unlimited forever Closings continue to happen every day regardless of market conditions competition does not exist So regardless if every one of the world starts to rent their house Those principles are still going to be in effect. And if you look at my four principles of success They are believe work hard adapt and be patient. This is where adapt really becomes dominant So first my thought is okay, Gary said that, you know, everybody's gonna start renting They're not gonna buy houses anymore. My first thought is that can never be right, but that's only my opinion Nobody can tell what's gonna happen. Nobody knows the future Okay, nobody. So let's go through the scenario that if it did happen Let's say that people did start to transition from home ownership to being tenants for the rest of their life and let's walk through that scenario and see How it affects the real estate market the real estate industry real estate agents in general if this were to happen Okay, this is what I think would happen and real estate agents would still be needed real estate agents Businesses would still flourish and there were still be tons of opportunities of this unlimited business Closings happening every day and competition not existing if you notice Gary Vee did not say that Homes were gonna go away, right? He just said that the form of ownership would change Okay, he's not saying that no one would own the home even he's just saying the people living in the houses would not own The homes okay, so what does that tell me if that scenario did come true? Okay, there would still be a homeowner I would still represent that homeowner buying that home to rent it to the tenant nothing really changes there I'll tell you what changes is a big positive Which is if this is the case if this really happened that means all the houses would now turn into rental properties and therefore Somewhat of commercial properties they would be looked at more of a commercial type of property That than a than a single-family home. What would that do to the value of the home? Well, it would change those single-family homes to more of a commercial type property Where the value is going to be based on the income of those properties This may or may not increase the value of the homes based on the income it produces But it is a possibility that prices could go up. Maybe okay, also investors They they turn and burn a little quicker than homeowners and primary homeowners. Okay, it's all about money They're trying to buy they're trying to make money a residual income. They may sell they may keep it long term Either way it goes there's gonna be a lot more turnover. I would believe in a commercial Property type scenario for single-family homes So I think that that wouldn't be a bad thing for the industry. It would completely change Okay, but I'm okay with change. I'm going to believe work hard and adapt I'm gonna do adapt to my environment. I'm gonna figure out what works. What doesn't work I'm gonna go with the flow of the market whatever direction it's going. I'm gonna find the opportunities What would this do to the majority of real estate agents? They would have to leave the business because they don't want to change They don't want to adapt they're gonna think that the business is over the industry is done They're gonna get out of the business It's gonna leave so much room for me to to build my business even bigger and stronger and deeper Another thing I would do if this scenario did come true is I would literally start a property management company if everyone is out there renting homes to live in I might as well represent the developer buying the home and Then represent him as the landlord and the person living there as the tenant and make a commission on the rent So I don't have a property management company. I'm not big on a property management company It's not something I want to get into but if this is the direction the market goes in Then I believe absolutely I would build one of the largest property management companies in the world So as you can see the direction I'm going with this and the stance I'm taking is is that it doesn't matter Everybody's slamming Gary V for saying this and I personally don't think it was a great move to be honest with you And I'm a huge Gary V fan. He is a big reason why I'm right here talking to you right now But he's doing a real estate event at agent 2021 There's tons of real estate agents that go to this event and other people in the real estate industry and for him to Say that I don't know was the smartest thing. He could have ever done. I think Gary doesn't necessarily care about what's right or wrong I think he's more concerned with just being who he is and Giving what he thinks is is his opinions on the world and they'll let everybody kind of decipher through it and Take a stance on it theirself. I'm not worried about any of these doomsday scenarios like Zillow taking over or You know technology replacing real estate agents or even people switching from homeownership to being tenants the rest of their life I think it doesn't matter. They're still going to be homes There are still going to be buyers and sellers for those homes And there's still going to be tons of unlimited opportunity for every single person who wants to be a real estate agent I hope this perspective really helps you With with determining these different scenarios where you know people might think the industry is coming to an end or You know, you should be scared of this. You should be worried about that. It's absolutely not true Keep your head down continue working. Believe work hard adapt and then what be? Patient that's the part everybody's missing is the patience part and Everybody most everybody believes you know out of that very few work hard out of the people there very few also adapt and if you can if you can somehow put all three of those together and Then be patient. Just put the work in and be patient all your dreams are going to come true So anyway with that if you guys made it to the end. Thank you so much I hope you got a lot out of it click subscribe and hit the bell and let me know if there's anything in the world I can do for you. I answer every single DM on Instagram right now. So with that we'll talk to you guys soon