“This Guy’s Making This Up As He Goes”
ฝัง
- เผยแพร่เมื่อ 9 พ.ค. 2024
- 💵 Plan your monthly spending for free with EveryDollar- ter.li/vkumyr
📞 Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET or send us a message - www.ramseysolutions.com/shows...
🏦 Take Your 3-Minute Money Assessment - ter.li/fi5xhh
Explore More Shows from Ramsey Network:
🎙️ The Ramsey Show ⮕ ter.li/rqwdws
🍸 Smart Money Happy Hour ⮕ ter.li/tmj3vq
🧠 The Dr. John Delony Show ⮕ ter.li/s5yazz
💰 George Kamel ⮕ ter.li/dc2gee
💡 The Rachel Cruze Show ⮕ ter.li/a6emrr
💼 The Ken Coleman Show - Highlights ⮕ ter.li/v8n4u8
📈EntrLeadership ⮕ ter.li/g7s9g0
Ramsey Solutions Privacy Policy
www.ramseysolutions.com/compa...
![[UNCUT] ฝันรักห้วงนิทรา | EP.3 (1/4)](http://i.ytimg.com/vi/zVXAFD1OLZg/mqdefault.jpg)
Dave’s back in his Eastern European drug dealer tracksuit. I dig it! 😂
LMFAO he looks like someone you don’t want to owe money to 😂😂
He's rocking the slav tuxedo
😂 I like when he wears his olive green communist jacket
😂😂😂
"Hey Dave, we just got out of debt. What's the best way to get back into debt?"
I can help with that part.
In Alaska they call those "moron" houses because you continue adding more on 😅
Smart folks start with a small practice house to make their mistakes on, and then build something excellent separately.
@@sanniepstein4835 I like that 🤣
It would probably be better to build a new house on another part of the property then demolish the main house. You could then use a lot of the fixtures/details/trim from the old house to put into the new one so you would still have the sentimental elements.
That's great if you don't mind paying property taxes on a vacant house.
I'm not automatically thinking the contractor is being dishonest or sketchy.
It's very probable that the contractor knows this is going to be a money pit, and he can't give a good estimate because he knows once they get into this old house it's going to be problem after problem.
This is a money pit.
And plenty of contractors don't want to take on long jobs that have a high likelihood of being extraordinarily aggravating and endless. This means they have to keep going back and forth with a pissed off customer who doesn't want to pay further expenses, but now everyone's stuck in the middle of this dumbass money pit.
Dave is right. Trying to retrofit something to a house is incredibly costly, it's better to rebuild from scratch.
Dave is ......... 😂😂😂😂😂
Not always true- We had an addition done back in 2021. It looks great and increased the value of our property much more than it cost.
@@sinclairal A contrarian may be able to find an exception, but generally speaking, retrofitting a house is almost always expensive.
@@Tehui1974 My point mainly is you made a very objective statement that is not always true. It depends on many factors.
@@Tehui1974 being a contrarian is not always a bad thing. I never said it was always true either- just that it can be. You on the other hand made blanket statements like it is always true. I could say this is dogmatic of you.
If you're going to renovate the childhood home, it won't be the childhood home anymore anyways! Tear it down and start over.
Hire an architect to design the renovations, step by step while maintaining structural integrity, then get 3 bids and design the budget to work within it. I get the feeling the house may have been neglected for decades, be in a serious state of disrepair, thereby making the whole idea infeasible. Need an architect to do an onsite survey to evaluate the structure to start.
And engineering, since architects are designers and not engineers. They need both.
@@DoctorSmartyPants Agreed.
tracksuit Dave ain't playing.
Lol
True!!!!!!!!!😊
Wow, Dave’s advice is right on. I’ve almost completely redone my house in 6 years. I saved and did the kitchen, then a bathroom, then the 2nd, then the floors, etc. Slowly, smartly it became perfect and paid for.
When u have a Financial Advice Podcast at 12pm and a Break Dancing competition at 1pm.
He is the Grand Master fly man judge
Our house was built in 1879 as a small Victorian home. It was extended in the 1930s and again in the 1940s, with Art Deco additions. So, now it is an Art Deco Victorian home. It is a pretzel of a house.
it sounds beautiful
My reaction is that the contractor might be using the sky high price as a nice way of saying "You really don't want to do this. And neither do I."
Agree. The contractor knows there's going to be new problems coming up every single day, and that this house owner can't afford it. The contractor will be asked to make cheap solutions that he doesn't really want to do, because it'll feel like he's doing half arsed work. It'll be like going to a hairdresser who is expensive, asking them to give you an ok enough cut really fast.
In my country is a tactic known as "Ask to not doing the bussines", not uncommon with problematic costumers, rather than argue them just ask for enough money to not hire you, and if for some miracle they agree, well, be very careful with the contract.
Exactly. If they proceed with this it is going to be The Hydra of house renovations.
For every problem they solve two new ones are going to pop up, as a result.
Stay out of money pits
Sounds like a money pit. Unless it has true historic significance, tear it down and build from scratch on the property.
I work in construction,
For a project like this they need an architect that does design and has engineering, preferably one that does project development as well (permits etc)
Then do your research on contractors in your area, and do what’s called a closed bid. Where you ask the contractors to bid based off your design work.
I live in house about 100 years old. Forget using a level or square when doing renovations. And have plenty of drill bits, that old lumber is hard!
LOL, I'm currently updating my house which was built in 1900. You are 100% correct there!
Brother and SIL bought a 3 story (4 if you count the many gables) on a roof so high, only an eagle would be up there, 1800 era Victorian house; she majored in Historical Preservation and they thought with his carpentry skills and know-how, her insight and skills for other things (stenciling, historical accuracy, etc-she's also a published author of historical fiction), and their budget, they'd do it all themselves and gave themselves a 4-year start-to-finish target, which meant hand stenciling around the ceiling moldings, hand sanding, refinishing gorgeous winding wooden staircases, the 'piano' room where her piano would look beautiful, etc. The house is gorgeous now inside and out but they are always working on something, replacing, refinishing, repairing, painting. They like working together on things like that, but they've had the house more than 20 years, they're both retired now, and the house, while magazine-worthy, is always hungry for more. As for levels and modern tools, 'standard' anything - for - get - it. My brother has had to 'custom' everything with ingenuity, cleverness and just lucky guesswork.
Lol, I have a 1970's home with renovations and prior work... I have a large investment in a variety of screw bits, tons of do it yourself electrical wiring removed and unique structural add ins (bird blocks) hidden by drywall in the center of the home. Just saying it does not have to be 100 years old to be quirky!
Do people know they're calling the Ramsey Show? How do you call Dave and ask if you should get a HELOC?
Seriously! Does he not know who he is talking to?!
Great advice. I am in the market and every time we see a home like this it’s a turn off and it always has to drop in price before someone buys it - even in a good school district with land. Take your time to and think it through.
Yo whoever the new outfit designer at Ramsey found the solution. Dave looking like a boss 🙏🏾✝️
Dave is right on. My friend tried to add addition and her budget was double. They want to add second floor and expand the living area. Was budget 750k and end up spending double…. She told me later it would have been much easier to rebuild.
They want to expand basement and … the floor was not even, they need to pour concrete… a lot of headache.
When you have The Ramsey Show at 2 but you're running a 5K right after
Jokes aside, Dave’s mentality is wrong. Dave is acting like the business is obligated to do what a customer wants, at the price the customer wants it for, or the type of job the customer wants, even if the business doesn’t feel comfortable doing that. In the business world, both the business and the consumer need to agree onsomething. And if neither one of them can agree, then a deal is simply not made. Neither party is the bad guy for not agreeing to a specific deal. You cannot pressure the business anymore than the business can pressure the consumer. Both of them are giving something and both of them are getting something in return.
@@charlesg7926are you sure you watched the video lol
Are you worth hundreds of millions from starting and growing your own business? The man can wear what he wants to on HIS SHOW. If you're that concerned about his wardrobe, then don't watch cuz you're missing the point.
@@juliedewyer1366 who are you lol
Putting 250k on currently 250k valued home without knowing it's projected value after renovations is absolutely ridiculous. C'mon people
:27 seconds dave sneaking a cigar to go with the outfit
I would've asked about how much land it actually is to see if they could build elsewhere on the property.
that was my thought exactly, if its really a multi-generational farm/homestead they are trying to build he is going to need more than 1 house. Justin Rhodes TH-cam channel for example is like a 60 something acre homestead and they have 3 homes, so when the kids grow older they can have their own house on the farm.
Caller: Dave is being polite but he is saying don't do it.
I think this contractor is actually pretty accurate in that he can’t give a solid estimate without getting inside the walls to see what’s actually there. Old houses are like that. Could be fine and solid, could be made out of duct tape and chewing gum, you could find a body under the stairwell.
that was my thinking. When I used to watch a lot of HGTV type reno shows they would constantly run into issues of opening up walls & suddenly the budget it needing to replace electrical, plumbing, fix improperly done structural issues, etc. I bet what the contractor was trying to relay is 'at face value this will cost you 150k. If we open up those walls & find nothing but problems, we could be looking as high as 250'. If remodeling a home, I'd appreciate a 'budget' being put like that, up front, and I wouldn't start the project until I could afford worst case scenario. Best case, I end the project with 100,000 still in the bank.
This is like when hispanics "hook up" a 97 Honda Civic. At the end of the day, it might look good but it's still a 97 Civic
A peso for your thoughts.😀
At least it can't be repoed and in my opinion the 1990 cars were better build quality and had better engines than anything built after 2005.
I don't understand these people. 😂😂😂😂. Your going to call dave & ask permission to barrow money? You know how that ends. Why are you doing it? He's going to say no to any debt. How is that not obvious. I figured that out with one episode.
EXACTLY!!!!! And while I don't agree with everything Dave says, I do fundamentally agree with Dave so why would you call OR why would you comment on his videos when you do not fundamentally agree. -----Speaking to your JimmyMcgill, LOL!!
@@GAFB1122what do you not agree with Dave on?
@@paleo704 There are quite a few things. Number one, I do NOT need to be an everyday millionaire so that affords me more flexibility in working his program. Sometimes I get the impression that he believes all have his motivations and I do not. All I want is comfort and simplicity. Number two, there have been times and are times when I will do something regarding my finances that he would disagree with but for me it was the right decision because time and experiences are more important than the amount in my bank account.
Case in point... many, many years ago we took my daughter to Disney when she was 6 years old. He would have said we were NOT in a place financially do to so. Well the look on my daughters face in Disney at 6 years old was worth EVERY PENNY even if it set me back from long term financial goals!!
Need I go on, LOL!! I refer to myself as a Dave RamseyLITE person and my finances are GOOD/STRONG!! Could they be stronger and better if I followed Ramsey to the letter, maybe BUT I DO NOT CARE. I AM HAPPY AS IS!!! [but fundamentally rejecting debt is a good thing. Debtors are slaves to the lender]
@@paleo704 Probably loans and/or credit cards.
*borrow* 🐴
Dave, this may be sign of the times. I was trying to convert my existing garage (around 500 sq feet). I got 4 bids and they were all wild! 180k for a renovation project!!! Its nuts. (I will add that I had design drawings created with electrical, plumbing, etc.) These guys are making money hand over fist so they could care less about smaller jobs. We decided to wait and do project when things cool down. But it really makes no sense- they are wanting more than the selling square footage cost for the area. Makes no sense and honestly makes me think we are in for a big economic reset.
When he says a country build it reminds me of the movie the jerk where they rebuild the shack into a bigger shack 😲
I agree with Dave - at that price, tear it down and build a new home.
This guy should watch "Money Pit".
You can do a lot of work yourself. It takes more time and effort but in the end you’ll save money.
Yes I can do my own painting and wallpapering😊
@@joyceboisvert9167 same. And tear out carpet and replacing shoe molding 😊
Most people might think they can, but they can't.
If the caller had the skills to do it himself, he would have gone ahead with doing it himself instead of calling this show.
If the land is big enough, can they rent out the homestead and build a new house?
I'm sorry, but I think the concept of a house evolving to suit the needs of the family living in it is an AWESOME approach. You need another bedroom? Throw on another bedroom. YES! We get so hung up on resale value and homes fitting into a particular mold and model that we don't leave room for people to enjoy their personal property in the way they want and need. Who cares if this new bedroom goes randomly on the end of a living room or kitchen or whatever, if it's what the family living in it will be happy with?
Just here for the tracksuit comments 😂
Dave is channeling is inner Gopnik.
Bald and Bankrupt salutes you
Dave looking like the final boss of the Debt Free Mafia.
Needs a cigar, big deli sandwich and a gold chain
Some sort of tracksuit kingpin
Lmfao!
😂😂😂
"So, you call to me on the day of my daughter's book launch." 😂
'country built' = the winchester mansion
Thats funny AF
Except it is in the city, but yah
@@greggpurviance7252it wasn't originally
Yes, get an architect, not a general contractor who thinks he's one.
How can you be on Baby Step 6-7 and still ask if a HELOC is best?
Why buy a family house if it needs that much work?
He wants a bigger house & keep wife's family home dream
Totally agree $100,000 off is not a budget. Hire a contractor who can break down the project into smaller chunks
what's the value when repairs are complete?
$25,000 to demolish the house, get a decent RV/camper to park near by and build new for that price
I feel like I feel like it's a little glib to say that you as the customer get to decide how and in what intervals large construction jobs get done.
Number one, the decent contractors might simply not be interested in taking on the work in chunks like that. Sure, the 70k bit might be worth their time, but the 10k part? Hard pass. It's just the world we live in -- there's a dire shortage of good construction workers, so it's just a reality that we're constrained by what they're willing to do.
Number two, even if you DO have a contractor willing to take on piecemeal work like that, there are costs associated with starting up and winding down jobs. If your piecemeal job entails him coming and going half a dozen times, that's adding thousands of dollars to the total cost of the work. At that point -- when there are actual, material costs in refusing debt -- it becomes pretty prudent to consider the HELOC.
Say the piecemeal work will cost $10,000 extra when all is said and done. If the HELOC's total interest is less than that when you aggressively pay it off in one or two years, then just take the debt. Or just tolerate the bad living conditions until you can afford the lump sum work if you really can't allow yourself to incur debt.
Or he could not be in a hurry and save a few years.
I would build a new house. This is a mess.
Going into a first mortgage on this is no biggie, but why get involved in this old house that needs to be so drastically expanded anyway?
ridiculous
Because its the wifes family house and they bought it from MIL. Clearly its sentimental value and love in it
@@countrymusicandcher8593 A house is a house. There are plenty more. Move on.
because feelings
@@countrymusicandcher8593 The man needs to think logically. So what if its MIL house? The hell with sentimental value. Stop acting like a wimp and act like a man with some logic and common sense for Christ's sake.
Been listening to Dave for a long time. I'm surprised every time by callers that can have such a high income, but still struggle with money and other issues.
Hi Dave, I have the following question and hope you can answer it. My home mortgage is 480k at 2% interest rate. We have emergency fund, 401k setup, 529 getting saved monthly. Any extra savings that we get should we repay the home loan which is at such a low interest or should we save in mutual funds. My husband and I have a debate on this and unable to decide. Would appreciate your advice and reasoning behind your advice.
He would tell you to pay off the mortgage. 100% of foreclosures happen on houses with mortgages! It’s a matter of reducing your risk, which paying off the mortgage would do.
@@Nashville4N6 thank you 🙏
If the property is as good as he says they should look at building a new, second, house on the property as the primary dwelling and keep the old one as a utility building or whatever other use they might have for it (or even possibly subdividing the property).
I'm favoured, $27K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America.
As a beginner what do I need to do? How can I invest, on which platform? If you know any please share.
I know this lady you just mentioned. She's really good with and on her job. She's helped a couple of families and individuals' finances
She is really a good investment advisor.
I was privileged to attend some of her seminars, that's how I started my crypto investment
I have heard a lot of wonderful things about Sonia Duke on the news but didn't believe it until now. I'm definitely trying her out
Started with 5,000$ and Withdrew profits
89,000$
Yup took two years rebuild my ol farm house an it's way more work than just building bran new
Look yall need to git on dem rice n beens😂😂😂😂
Folding Oaks is a great, Texas-based designer who can get you reputable builders. This plan ain't going to work without it.
I'm favoured, $60K every 2weeks! I can now give back to the locals in my community and also support God's work and the church. God bless America❤❤❤
How did you do it? Do explain please 😯
My family have been into series of sufferings lately
It's Renee Marie Harrison doing she's changed my life. A BROKER- like her is what you need.
It seems like Renee doesn't just see trading as a way to make money for herself. She's been actively teaching others her strategies and helping them achieve financial independence too.
I do know Renee M. Harrison, I also have even become successful....
Absolutely! I've heard stories of people who started with little to no knowledge but made it out victoriously thanks to Renee Marie Harrison.
If you are doing a major renovation that involves structure, you need to get a set of plans drawn up by an architect. Spending a few hundred dollars up front can save you thousands in the long run. Sounds like the reason the contractor cannot give a good price is that the caller cannot give a defined scope of work. Figure out what you want done, get an architect to put it on paper, and then get at least three bids.
Due to the Biden inflation, the cost of building and renovating has gone through the roof. I recently got a quote for a simple room addition on one of my houses and it was about triple what I expected. Needless to say, those plans got canned very quickly.
Dave We are in debt for 23,000,000 for a house we bought,
and 12,000,000 for the cars .
DAVE: Whats yall household income?
If it’s a good sized piece of property, it’s smarter to just build a new house on the land. If you must keep the old house, rent it out or something.
Dave looks great since he joined RUN DMC.
Great advice! This project needs an architect's advice and plans or it will be off scale & off style ending up looking like crap and lacking in function.
"You can't make this shit up." KS
Using emotion to dictate finances is a bad idea. I'd be in favor of saving as much from the original home (woodwork, doors, cabinets, lighting fixtures, et al) that is recognizable as 'childhood home'. Level the house and build new, putting those elements back into the new house. You'll never make a silk purse out of a sow's ear.
I'm favored financially with Bitcoin ETFs approval, Thank you anna . $32,000 weekly profit regardless of how bad it gets on the economy.
Building wealth involves good habits and risks like putting money into solid investments like digital currencies,having a good financial manager is what people tend to shy away from,and it keeps hunting them in the near future after many losses, be disciplined and get certified advisor pray that anyone reading this will be successful!!!
I don’t really do but luckily Anna Dorris Arthur is the best I can recommend so far..
+1505
692
9505
Making 200k with no debt but can’t save up for a home renovation, hmmmm something isn’t adding up.
When you love something you will always over pay
Dave’s financial advise doesn’t jive with construction practice. To piecemeal it, they will pay way more for the GC to stay involved, trades will charge more for multiple trips and deprioritize the small jobs, more coordination of the work and rework for sequencing, overall will take far longer and cost more for less quality work. Bad idea for everyone involved.
Contractor’s advise was right. If that’s what the pro recommends - listen. And yes, come up with a complete design, agree on the price to do the work with at least 10% contingency and / or allowances for additional items that come up, and factor for cost escalation if the project doesn’t start within a few months. If it’s just cosmetic upgrades they could do themselves, room by room, that’s a different story and Dave could be right. This sounded like a major gut and rebuild.
Lol for 200k he can build another home in the same property
That won’t even build a 1000 square foot house these days.
Taking out a HELOC is like putting your house keys on the roulette wheel
😆 Dave is a contractor now 😆
Dave’s on point with his response!
Great advice. BTW, Jade is beautiful
No she isn’t. She looks like a KFC employee.
@@gustoppa358so does your mom
@@gustoppa358💀💀💀
this contractor is planning to buy a new 100 k truck with this build lol
i would just want to move at that point . Daves plan to do it in pieces will mean your home is constantly under renovations maybe for years , always having contractors around making noise invading your privacy its just not worth it
Get estimats from at least three contractors, not just one.
Split the lot, sell the home for the "$250K" then and build a new home on the land for $350 to $450K and have something actually worth what you spend or more.
for that price he should just build a 2nd home on the land. i wish they would have asked how much land he had and offered that as an option. if this is truly a multi generational farm/homestead you're going to need more than 1 house
He needs to talk to multiple contractors, too. Don't do that big a job without comparing numbers and getting bids. And yes, sometime needs p have done up architectural drawings so everyone is in the same page about what this thing is going to look like, etc. Do the planning on the front end, not halfway through.
“Should I get a HELO…” “NO!”
Dave looks like Nice Guy Eddie from Reservoir Dogs.
😂😂😂😂😂
I think the guy should build a new house on three land, or a complete extension, instead of the hodge podge Dave is worried he will do
Dave isn't wrong - but doing it over time will probably be very difficult. It would be hard to get a contractor who can come in, do $20,000 worth of work, then wait 6 months for you to save another $20,000, do the work and then wait another 6 months etc. Also I am guessing that the total cost would end up larger than if you had just done the entire project at one time. But Dave is right that you shouldn't do the renovations unless you have the money saved up for it.
Dave is right. I live in So Cal and in Rosemead/San Gabriel there is a huge asian population. When you drive through the neighborhoods you will see where there used to be tiny starter homes on tiny lots they built awful gaudy looking mansions that look extremely out of place. Seems insane to me but apparently enough of them liked it that it became a thing. Definitely ruined the neighborhood imo.
Show us your shoes, Dave! I just know you're wearing the white ADIDAS with the blue stripes and no shoe laces.
Jade please just let Papa handle this one.
need to sell and go buy a new $500k house. the sentimental stuff is for the birds. the reason it's so high to repair is cos it's so raggedy. better be happy modern contractors even want to touch it.
Why would anyone do this?? "It's a childhood home." Waaah waaah waaah. My childhood home was sold and torn down. Big deal. A house is a house. There are lots of them. Move on.
A house is a house??????
My mother's family home is +700 years old.
It has a family cemetery on site.
A man with no relatives changed his last name
when he married the sister (my aunt).
@aolvaar8792 that's not a House, that's a Manor
I agree. I love my family. Good growing up. My parents sold my childhood home when they went to assisted living. The house was razed. It's all good.
@@aolvaar8792most people’s homes are not that you donut 😂
@@elizabethallen4353 Same here. We kids had a great childhood. My Mom still lives in our hometown and we visit every couple of months, but she's in an apartment and that's where we stay. When she passes, we won't even visit the hometown any more. Why bother? Life moves ahead and you keep the memories in your head.
Wow, big leaps of assumptions by Dave without asking more questions… Didn’t hear anyone say what will the renovated home end up being worth relative to the neighborhood. We live in a neighborhood where people regularly spend $150K to renovate/expand a $250-300K home and it pays off. The other key question is - what will it cost to buy a home with similar attributes to the one they will end up with.
But certainly, it sounds like that construction contract needs to be tightened up to reduce the variability. Surprises can be covered by clauses in the contract.
Architect is a good idea. If it has historic value needs good design. If it’s a shack then knock it down. I have seen good redoes on shacks though.
Definitely need to go with chunks. A crazy guy in college was so off the rails one weekend night and he told us the next day that he blew chunks. We said well that's not that crazy. He replied that chunks was his dog's name. 😮
WHAT?
I beg your pardon???
what
HUH?????
HUH
Why do slavs squat?
He’s just calling to brag.
The changes that they have to make? He has no clue of what he needs. We have done our house using income on a room by room basis. If we run into a structural issue, then you deal with it, if we find it. But we never start with a "we need this structural issue fixed in order to make an open concept" for example. When We purchased our house, the structure was already in tact. That has happened for each of the 4 homes that we have fixed.
Love your show Dave
Someone pleae do an AI Ramsey doing the slav squat
Gopnik Dave
Free Game
Oh no he didn't! Asking Dave about taking out a HELOC! Cue the Dave rant.
I’m thinking Dave is a fan of Breakin and Beat Street.
Just going to be more of the herd!
How is this guy making it up. This guy gave a budget of what he want to spend. The contractor just gave on estimate of the cost, of what the caller say's he want. He didn't get a detailed quote yet. That's if he did talk to a contractor already.
More then likely, this buy will have an architect.
It will not be cheaper to build a new house.
Agreed. Dave has clearly never watched anything by Mike Holmes. You can't know the full extent of the work until you do demo, and that's where the most expensive secrets are hiding. In fairness, I doubt the range is $100k, but there will be some variance, and it won't be a small number.
You can't make a silk purse out of a sow's ear.