'Shark Tank' star Kevin O'Leary: Ask yourself these 2 questions before buying a house

Buying a house is a big decision and potentially a good way to build wealth — if you're smart about it. That's why"Shark Tank" star and finance guru Kevin O'Leary says you have to ask yourself these two questions before taking out a mortgage.

The second thing you need to determine is whether you're buying a house you can actually afford. So, ask yourself, will the mortgage payment cost more than one-third of your after-tax salary?

MakeIt If I asked Kevin’s first question, I never would have bought my first home in 1970. I was making $8500 per year and the house cost $25000 with $3000 deposit. Years later I sold my third home and made almost 200% times my investment in my first home. Kevin is wrong .

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