Prince Kaybee warns maybe now is not the time to buy property
While many “experts” would tell you there has never been a better time to invest in property, pointing to the interest rate and Covid-19's effect on the economy, Prince Kaybee has stressed caution.
Taking to Twitter on Wednesday, the hitmaker weighed in on the debate around investing in property at the moment and shared how so many people were using their savings and pension funds to buy property, in the hope of making a quick buck.
“We push the hype of property making money over facts about how many buyers put their salaries, pensions and savings at risk buying properties that will never make them profits sold under misguided 'buy property today get rich tomorrow' messaging,” he said.
He added that there were many success stories, but property could also “take away your riches”.
“From my personal experiences, rental property can take you from rags to riches but it can also take away your riches.”
He recounted his own experience buying from people who had risked it all and fell short.
“I think I have bought three, if not five, student units from people that sacrificed their savings/ pensions to buy rental property and they never see profit then being forced to sell for less than what they bought because they are desperate,” he explained.
His comments split social media, with some claiming he was taking shots at celebs who promote buying property as an investment.
It's not the first time Kaybee's take on money and investment has got tongues wagging.
Last week the star made headlines when he weighed in on alcohol sales under lockdown level three, calling on fans to save their money and not buy alcohol.
“Don't buy the alcohol, we need every cent,” he wrote.
He added that he had friends who were borrowing money to go buy booze, and said people should buy what they could afford and not go into debt to buy alcohol.