Earlier quoted context omitted.
This idea of appreciation being a bonus is the most important concept in real estate ownership. Make the math work without appreciation, and you are doing it right.
So, so true. But if you have conversations with a hundred people about the math behind their real estate, it’s the only thing the vast majority are considering in my experience, which is such a big miss.
This is literally what creates real estate bubbles. If you are thinking that way, congratulations, you just reinvented leveraged investing.
A la ‘a short history of financial euphoria’.