Why do rich people pay rent instead of buy property?
I agree, I think there is no one good answer to which one is better. A lot depends on personal preferences and goals.When it comes to deciding whether to buy or rent a home, there is always a heated argument regarding which option is the most financially sound. Both sides have solid points, so it's a little complicated. Renting has its own set of advantages, such as reduced accountability and greater flexibility. However, many people believe that buying a home rather than renting is the more cost-effective option. When it comes to determining which option is best for you, it's not just about the money. It's also about your well-being and long-term objectives.
This is not a bad idea, I guess this would fall under the method of "house hacking". It doesn't really answer the question, thoughBuy a property using 20% downpayment, then borrow money from the bank for minor renovations and have it rented out by other people that you will use to pay your debts and complete the payment for the property.