|#121 MWAVC| - To live in a hotel? Yes, please.
Do you think it’s a waste of money to live in a hotel? Maybe you’re like me and the first time I got this question, my immediate answer was “Of course it is. Who would do that?” A family friend lives at one of Ghana’s 5-star hotels and initially, I thought he was plain wasting money. I mean the standard rate for this hotel is $400 a night. Basic calculations bring that to ~$150K a year and I thought he could do better things with that money. (Of course, it’s not my money so who am I to judge?)
But are the calculations that straightforward? No. Is he paying $150K to live there? Definitely not. There’s a lot more that goes into a making a decision like that and after discussing this and more about how such an arrangement could work with one of my mentors, I might just move into a hotel when it makes sense. Especially when there’s extra sweeteners to the deal. Depending on the lifestyle you aim to live, it’s really not a bad idea to make that your permanent base. Less stress, no money for maintenance, pool, gym, breakfast, discounted rates because you’re paying long term, figure out a way to add some value to the hotel and you’d get even more of a discount, no parking wahala, no need to pay for cleaners, probably get your clothes laundered for free etc. It actually just might make sense! But then again, it’s not for everyone.
Came across this thread on twitter last night. Someone asked Ayesha Selden: “what is your opinion on ‘rent where you live and buy where you invest’?” and her response is below. BTW, follow her for tips on real estate investing!
I own millions worth of the real estate but will never (I say never but who tf knows) own where I lay my head. I prefer renting my primary for a number of reasons. (The get ya panties in a bunch thread…). I don’t like assets that cost me money. If I ain’t getting that (cash) flow, I don’t want it. I NEVER bet on appreciation in real estate largely bc if you look at the historical rate of real estate appreciation it is trash. Let’s talk about that. Most investors are new to the game and only looking at the last 10 yrs. This decade is an historic anomaly and not at all an indicator of how real estate generally appreciates. Depending on the index used 3% to 5% is generally the average rate of real estate appreciation. Once you factor in having to pay taxes, mortgage interest, insurance, maintenance, HOA or condo fees if applicable...it’s a trash return (without any rental income to offset the costs). It works if you’re house hacking—renting units or bedrooms in your primary which I’ve done. I also like being flexible. If I wanna pick up and bounce, I’m not committed to a certain spot and I never want to be at the mercy of the market at the time I want to leave. I’d feel trapped like in an effed up marriage except to bricks. Only way I see owning your primary working is if 1) you’re house hacking or 2) the market crashes and you scoop up something at the bottom with damn near guaranteed appreciation in your back pocket or 3) you lucked up and stole it in a slam dunk deal. Last thing I’ll say is I work too hard to deal with maintenance sh*t at home. I just don’t wanna. I act like an entire invalid by the time I get home. My wall mounted TV broke and I dead ass thought...welp, I guess I need to move since this is a maintenance issue on me.
Article List— What I’m reading (10 articles a day x 7 days x 4 weeks x 12 months = 3360 articles a year).
Since people were complaining, here are some articles for you
Carlos Ghosn, Nissan's ex-head, flees Japan to Lebanon: Crazy man. Actually looking forward to understanding how he got out of Japan when all his passports were seized.
South Africa’s township foods are being remade as gourmet dishes by a new generation of chefs: Funny, was just having a conversation on this last night. Restaurant loading.
Digital lending apps are coming under scrutiny in East Africa for predatory practices: 🙃🙃🙃 Not fair. Migo (ex. Mines.io) founder tried to convince us otherwise. But I wasn’t convinced.
Sabyasachi Mukherjee: King of India’s Bridal Market: Luxury is trending.
Ghana wants to join new West African currency but ditch euro peg: Not fully getting why, but sure.
MOSQUE, SYNAGOGUE AND CHURCH BEING BUILT TOGETHER IN ABU DHABI: David Adjaye is at it again 👏🏾👏🏾
The Extraordinary Reason Exceptional People Avoid Mediocre Friends (They Rewire Your Brain): Watch who you hang out with.
Visa applications: emotional tax and privileged passports: This is mentally taxing. Damn. I don’t like stress. I’ll stay in my country.
Podcast— What I’m listening to (1 podcast episode a day= 365 podcast episodes a year) — Broadening my experiences through others’ stories.
Missing Crypto Queen is it.
Book— 1 Chapter a day x 7 days x 4 weeks x 12 months = 336 chapters. Most books have 10-12 chapters, so 1 year = 28 to 33 books. And my book list is nearing 1000 books. Send help 🌚
Christmas. We’re not reading now, please.
📱📱Quote of the day
“Success is all about character.” — AB
Remember: “Until the lion learns to write, every story will glorify the hunter.”