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Inherited a House? Never Sell Assets!

hey it's Tom crowds with another

Rockstar minute inherited a house and

you're not sure what to do with it

here's what to do with it if you are

lucky enough to have inherited a house

in your life and we get that question

more often than you may think

keep the house in general you want to

keep equity and you want to keep assets

in your life you never want to sell them

now there's gonna be some situations

where for different family reasons or

personal reasons you may choose to sell

it but whenever possible you want to

keep assets in your life assets are

really difficult to accumulate and you

want to keep me get assets and you want

to develop equity I think there's a big

misconception or at least I was confused

when I was a lot younger between income

and assets I used to think I want to

build my income really high but really

the only reason you want to continue to

build your income is to acquire assets

so if you're lucky enough to inherit an

asset don't sell it and so that's kind

of like the personal reason just never

sell assets especially we get some

questions where people inherit assets

and there are you know income properties

their rental properties that are

covering their expenses we cut we

consider those productive assets where

the income from the asset is covering as

its expenses especially in those

situations you want to do everything

possible to keep that asset if you need

some equity from it try to refinance it

or put a credit line on it to extract

some of the equity and then use that

equity to go do something else but if

you can't if you don't have to sell the

asset keep that asset well work really

hard to keep that asset never sell it

now on a second there's a second way to

look at this on a big global scale when

the forces of inflation and deflation

are fighting each other right now so for

example in the Toronto real estate

market inflation is clearly winning

because we're getting appreciation like

mad but in the global world we have

deflation in technology we have

deflation in oil prices so there's these

massive forces fighting each other the

the financial system is very fragile and

in our opinion in that kind of situation

you also want productive assets and you

never want to sell them so assets that

are paying for themselves are valuable

things to have in your life kind of

separates you out of the financial

system a little bit so you want assets

you want equity really the only reason

you're earning an income in our opinion

or building your income is to build and

acquire assets in your life so hopefully

that gives you something to think about

until next time your life your terms yes

are we going

yeah we're good

[Music]