I’m Begging You Not To Do This
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- เผยแพร่เมื่อ 27 ส.ค. 2024
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He’s been renting out rooms for six months and thinks he knows how to be a landlord 🤦🏻♀️
You start somewhere you clown. You’re a classic Ramsey sheep. I did exactly what Cesar wants to do and now I have 11 properties, 2 million dollars in equity and have been a landlord for 10 years. I’d recommend it to anyone.
😂 Right.
That's how you can tell he's just a kid. He's smart enough to have called and seek the opinion of someone who knows better. I hope he's as good at taking advice.
When someone lose their job, he's not going to have extra money to make the payments on the home.
Yeah just needs to slow down lol
"Having renters is easier than I thought."
No it isn't. 😅😅😅
I mean for some it is and for others it’s not. We experience things differently
I good tenant doesn’t mean it’s easy. Trust me. 1 bad tenant can break you.
It’s easy until: turnovers, nonpayment, damages.
It can be if you find the 1 in a million, but good luck with that 😂😂😂
when there are no renters what do you do?
This kid will be calling in 2 years, “Dave, I’m $600,000 in housing debt. None of my renters are paying. And I’m $90,000 in credit card debt. My uncle bailed the country. He was my co-signer for all of this.”
🎉
You just think all tenants just don’t pay rent because he’s 20 and has rentals eventually? I did exactly what Cesar did and I have 2 million in equity and 11 properties. You are a classic Dave Ramsey sheep
@@19hundoc47You’re not a real person
@@19hundoc47how much debt do you have?
How much total debt do you have to go with that equity?
Do NOT do it. One investment property is enough. Pay it off. Be careful borrowing money. Having renters is high risk. My renter was perfect. Until….he lost his job. It took 6 months to evict him in the state of California. Be careful !!!!
1000
Said renter, would you rent out to him again
I didn’t think about that,
Do it Cesar. The risk is worth it. Worth 2 million now and have 11 properties and didn’t exactly what you said you want to do.
Check out this guy named Flash Gordon!!!!! He got his Moms squatters out legally- in 2 days!!!!!
Took six months to evict him, he wasn't paying, and guaranteed you were still responsible to keep the utilities on while that deadbeat tenant was living in your property.
I never felt rental properties were passive income. Dealing with people is a job.
If a bank won't loan you the money it means your plan sucks.
Not necessarily, it just depends on the situation.
banks only give loans when they know they are gonna get paid or have figured out a way to steal your shit
@tsaunders4684
Yes it does. Their actuaries have run all the scenarios already. They definitely know what has a chance of succeeding.
@tsaunders4684 Nope. Banks will already lend you more than you should borrow. If they won't lend it to you, then there's too much risk.
That's what makes your plan suck. We're not saying it can never succeed.
@roadrunner9622 Yeah it's unfortunate. When I started my business 7 years ago, the Credit Union only wanted to offer me a line of credit for 20k. I took it but luckly I never had to use it but it's available if I ever want to play with it.
What if the uncle passes away 😳 that disability income is gone and you don’t have him to lean on. DONT DO IT!
Classic Dave Ramsey sheep
@@19hundoc47 that has nothing to do with being a sheep. He already in a situation Dave would be against but he is making it work! Why not save more money to get in a better financial situation so he doesn’t have to depend on someone else (not spouse) to get another property?
@@19hundoc47 That's called risk. That is a real possibility and he doesn't have the resources to fall back on if something that drastic happens.
@@19hundoc47 Typical tic tak sheep...
When not if
"being a landlord is not as hard as I thought it would be" - Sounds like "Famous Last Words!"
As long as the tenants pay, on time, there's no big damage and no case of "life happens"...
My cousin did the same thing, borrowed money to buy a house and rent it out, then 2008 hit and her renter stopped paying rent, trashed the house. She had to take it to court and let the bank take the house. Why do people not account for risk?
Because the internet.
Because he's 20 years old.
Because most of the other times people did this it worked. They forget about the downside risks.
because house value will never go down. people will always pay the rent
Well if you account for risk so hard then you should never do anything. You’re all Dave Ramsey sheep. I did what Cesar did and I have 11 properties and 2 million in equity.
For a 20 year old, Cesar ain’t doing bad so kudos to him. But I hope he takes Dave’s sage advice
Im 40yoa bachelor. $60k in bad debts!!!!! Renting. Fack my life!!!!! I was partying every weekend for 7 months last year. Blew $25k just partying and chasing girls. One bad choice after another. Smh. 😅😅😅
@@troytruong8246I was a heroin addict for ten years. In and out of jail, couch surfing, felony charges. Turned my life around now I’m married and a home owner. It was a lot of hard work but it’s possible. You got this, just got to put in the effort
@@troytruong8246dang. Do the hard thing and control your urges. Be a man about it, not a boy.
@@troytruong8246That is really good!!! That is better than a lot of 40 year olds out there!!!
I did what Cesar did and I have 2 million in equity and 11 properties. Stop being a Dave Ramsey sheep
Anytime someone tells me the tenants will pay the mortgage, I remind them of the eviction moratorium from just a couple years ago. Also, sometimes they lose their jobs, and or go through divorce, and or have to make car payments, which are always more important than you because they know it takes time to evict someone.
They are probably Hispanics and Hispanics are pretty reliable actually.
My tenants made it through cvd but then ran into trouble. It can happen anytime.
@@Prophezoradepending on what Hispanics you’re dealing with
I was co-owner of an apartment complex in California when Gov. Newsom imposed the COVID rent moratorium. One tenant didn't pay any rent for 2+ years, which was perfectly legal. Meanwhile, we still had to pay property taxes, insurance, utilities, maintenance, etc. Thank goodness we didn't have a mortgage on the property. California has become so landlord-hostile that we sold the apartment complex.
@@reese85 "doesn't take"
Ramsey is literally talking to his younger self 40 years ago.
Bo he's not. Because this guy is not taking out hard money loans.
@@jimmymcgill6778 Then please tell Mr. Ramsey he's mistaken. Set him straight Jimmy.
Travis bickle and jimmy mcgill goin at it over here
@@travisbickle1455He tries all the time.
no he isn't. He got his financing and his properties because of his incestuous family connections. Get real.
Had a neighbor years and years back who leveraged his house to build up an empire of 4 or 5 houses, getting 90%+ mortgages on all of them and renting them out. He used to brag to me about how well he was doing and I'd just nod my head thinking he was taking on so much risk and could lose it all in a heartbeat. Then the Great Recession happened and both he and his wife, who worked at the same company, got laid off. I'm guessing everyone else here can figure out what happened.
"We go halfsies" 😅
"halfsies" 💅💅
I'm surprised you don't have to be 21
I noticed that too. This kid is not ready for the deep end yet.
him says that kILLED ME lmfao
Said all that needed to he said
20 yr olds have no idea how young they are
20 is old man tf you sayin
@@TheWalamala he was pretty clear in what he was sayin
Brutal honesty is always the best 👍🏻
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I am personally going through sort of what Dave described. I bought more properties they I could take (leveraging mine and my family’s credit capacity) trying to take advantage of low interest rates at certain time, however when interest rates increased my monthly payments stopped being covered by tenants. Now Im working 2-3 jobs to keep up with the monthly payments while I sell one or two properties without loosing money in a moment where nobody is buying real estate. I wish someone had advised me few years back as Dave did it with this young man.
I bought my first house thinking my 2 roommates would make it more affordable. It was a nightmare juggling bills each month because they were never on time with rent. They tore stuff up, didn't respect the property. Even after changing roommates it wasn't as easy as I thought it would be. Never rely on someone else to pay your bills.
@blackwolf_1_164 - That's it exactly. Only rely on yourself, the one you know you can depend on.
"I lived this" has never rang more true.
Ya Dave took out a dumb loan that let the bank call his note at anytime. Mortgages aren’t like that guy. Stop being a Ramsey sheep
This poor kid, he doesn't understand why the bank won't loan more money while he's splitting a mortgage with another adult.
@@Sizukun1 do you kno why, cuz I don’t think it’s for the reason Dave said it was for.
It is for that reason. He doesn't have any collateral to back another loan. @@reese85
@@reese85because of his debt to income ratio. He’s not making much and already has a mortgage. Hes too risky to lend to
@HoneyDooDoo nah it’s not that cuz he doesn’t really have any debt if I remember correctly. He can’t get the loan cuz of how Va loans operate.
@@reese85you have to pay off your existing VA loan to be granted a 0% down payment VA loan again.
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Shutup
Business & relatives DO NOT mix!
There was a guy forty-plus years ago who was a much more astitute investor than I have ever been. He lost it all. Even the best get burned. Greed, the love of money, and suddenly burned all go hand-in-hand. The three always hang-out together.
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Good I got here. Big Thanks
“Spend your life studying risk” 🙌🏽 GOLD!!!
@@WarrenHenry that doesn’t mean, you shouldn’t take em tho
Ya, and then be too scared to do anything. You’re a classic Ramsey sheep
@@reese85exactly!!
The dude is in for a huge wake-up call.
Yes, there is money to be made in real estate investment, but to say out loud that it's not that hard, WOW!!
Real estate is NOT easy money. And never let anyone tell you that real estate income is passive. Owning investment properties and being a landlord is very "active"!!
I great tenant can be a wonderful thing. But, 1 bad tenant can destroy you.
And you need cash for repairs
I own (mortgage-free) residential and commercial rental properties. Anyone who claims rental property generates passive income has never owned any.
@KathleenMcNe it does if you a multi family, especially if it’s mortgage free
@@reese85 Passive income is money that you don't have to actively work for. I actively work for the income generated by my rental properties (which have no mortgages).
In Germany the old guys say "don't do business with friends and families" period, if you can convince a bank to give you a mortgage without a co. and you know you can sale the house under ALL circumstances for at least 110% the amount you borrow, yes do it. If not stay away.
In Germany they also said Jews weren’t people 🤷🏽♂️
I ain’t listening to no German.
🇺🇸 baby 🦅
The good things about partnerships? There aren't any.
I believe the comment of VA not doing another loan, is because VA will only allow one loan at a time as one of their tenets is that you live in it also...
Correct
The live in requirement is only for a couple of years.
Not necessarily but you have to put more money down
VA loan requires no skin in the game...pay maximum interest!!!
@@kl3271 Yes, it does require 'skin in the game'. #1: you have to be a veteran. #2: you can buy down points. #3: I don't think the new version allows you to use it more than once. The old version (mine), you can re-use it over & over as long as it's paid back each time. I've used mine 4x so far and it's a lower interest rate than conventional bank loans, my latest one is at 3.5% fixed. There is no adjustible rate. There is no down needed unless you wish to.
At 20 years old, he's still in the 1/2 brain stage of life.
You’re a classic Ramsey sheep. I did exactly what Cesar wants to do and now I have 11 properties, 2 million dollars in equity and have been a landlord for 10 years. I’d recommend it to anyone. There’s your mic drop.
@@19hundoc47 So, you're telling us that this plan sounds like a good idea?? Two properties. Two large debts. He's got a measly $13,000 for any emergency here. Sure.
@@19hundoc47Mic dropped in the septic tank. I’ve been a real estate broker for 21 years and started building my portfolio right out of college. If I had it to do over again, I’d have done it Dave’s way and been even more successful.
@@19hundoc47 Your classic survivorship bias.
I disagree with Ramsey on almost everything, but fact is their is risk in leveraging yourself with more and more debt, and it DOES blow up in peoples face when everything doesn't work out perfectly. Dave for example had that exact thing happen to him, and he is spending the remainder of his life pretending it's impossible to succeed with leverage because he couldn't do it.
You can succeed, you can lose everything, both are possibilities and only morons refuse to accept either as possible.
@@19hundoc47 - all that with a 1/2 brain? Pretty good!
With $60k, I'm thinking about getting into the investment property market. Does anyone have experience with rental properties or REITs? I have seen a lot of negative comments here. What would you recommend for a newbie investor?
I understand the appeal of investing in property, but with $60k, you might want to reconsider. The real estate market can be volatile, and the initial investment often requires more capital than you expect for maintenance and other costs. Instead, why not seek out a financial advisor who can help you double or even triple your savings in the next two years? There are many other investment avenues that might yield better returns with less risk.
Thanks for the advice. I hadn’t thought about the additional costs and risks involved. Can you recommend a trusted advisor who could help me make the most of my $60k?
KRISTIN AMY ROSE is a hot topic among financial forums in America. She's just a search away(on the net)
Thanks for the tip! I’ll definitely look her up.
I wouldn't bother with an investment property until you own your own home. The housing market is inflated af and to cover two mortgages might lead to you losing both properties, just like dave says in the video. Plus, the cost of owning two homes is not worth the risk. Just put your money into the s&p 500 and add 500 each month for 18 years at 11% per year, and you'll have around 750,000. Which will be making 75k ish a year after that. If you also put 500 into a 401k for those 18 years, you'll have around 350k, which can then sit for x number of years until you turn 67 and can access it. You live on the interest of ideally 1m, (up to 44k a year is tax free in some states, probably be like 65k in 30 years) for the x number of years until you turn 67. Then you have the original 1m+ since you're living on interest its accruing, plus the 1-5+ million that grew from 250k in your 401k while you've been living and waiting to hit 67. Also, I didn't add in dividends which would blow these numbers up compounding over time. There's a reason why dave preaches about doing it.
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First, he's doing wonderful for a 20 year old in this day and age....savings and a rental is great!
However, I do agree that he should NOT go into the deal with the uncle.
Social media has created a lot of starry eyed folks who develop fear of missing out on the next 'big thing'.
Take your time, you're 20! Nothing is wrong with his plan to be an investor but when you make decisions in haste and/or desperation they usually bite you back!
Pay down your current property, keep stacking and set a game plan to get a second property in the next year BY YOURSELF.
Best comment
I have a lot of respect for Dave when he calmly tells his bankrupt story to this young man.
Wow.
Most young adults don’t own a home at twenty.
He is already putting money away in an IRA and saving.
Yes, he has a lot to learn, but this young man is a go getter.
Most people his age are out partying.
He is also smart enough to ask for advice.
I say kiddos to him and wish him the best.
Exactly give him credit for wanting to better himself.
Absolutely 💯
True, but I think Dave just de-motivated him. Poor kid is going to be an alcoholic now.
Is he smart enough to take advice?
He makes $4k. I assume $48k per year. VA gave him (?) a veterans handout of a $156k mortgage (3X salary).
He has roommates that covers his mortgage.
Here is the problem. He didn't really qualify (conventional loan or FHA) nor has he demonstrated he covers the note on his own accord.
Saying he "owns his home" is implying he can pay for it. Earns enough for it.
I'm not sure that is true.
More like leveraged borrowed money.
I think you are overextending his position against his peers at 20.
Most of his working peers could get $156k loan and have people pay rent to cover the mortgage. Usually they buy college instead.
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Sounds like a person who views everything as easy because he discounts all the help he receives.
Take it easy and enjoy the ride before the real world treats you equally.
@@Mr.Boring_Man what help did he say he was currently receiving and how does it sounds like he views everything as easy, by saying. Being a landlord wasn’t as bad as he thought
@@reese85 because he is trying to take advantage of his uncle because Banks don't let him to buy the peripeties that he wanted
@@reese85 It helps that your current tenants are roommates that are easy to keep an eye on.
@289Mustang67 I’m not denying that and the same can be said. When you live in the same building as your tenants but where’s the help at?
The truth is a lot of people are struggling out there. We are suffering and we don’t know where our next meal is coming from. This caller wouldn’t need to get any help if he had a proper UBI and student debt relief. We could pay our bills and put food on the table. Why don’t Dr. John and Dave want that for us?
To the people saying this kid is doing well or whatever.... Anyone can borrow money to buy a property and go into debt. What he's doing is the equivalent or buying a car on credit and renting it out for a fee. STOOOOOOPID
You’re a classic Ramsey sheep. I did exactly what Cesar wants to do and have 11 rentals with 2 million in equity and have been a landlord for 10 years. I’d recommend it to anyone
@@19hundoc47 Yeah, and there are people who trade penny stocks and become rich. Problem is, 99% lose everything
@19hundoc47 and what happens when he has a tenant that loses a job and can't pay rent?
@@mattprater8828 BINGO
We are not saying he is doing well because he wants to buy a second property, we are saying he is doing well because he is young and outright owns a property he is actively house hacking. He is doing well, and is trying to fk it up.
Don't Do it. just don't do it. don't do it. don't do it. It will destroy your relationship w/you uncle as well as many other things. Don't ever let someone else have say so in your life. plus many other reasons. just don't do it. you're welcome
Great advice...I'm a lender and he stated twice that he was going to commit Fraud by doing a FHA loan with a 6 month VA primary residence loan....every time a lie is involved it will bit you on earth or in the afterlife.
Has this dude ever listened to Dave Ramsey 😂
He is not always right.
@@jimmymcgill6778 I know but he never changes his principles
If you're spending a lot of time figuring out how you can make the payment(s) on something you want to buy, you can't afford it
If you qualify for a loan, you own it and can afford it.
How does the disabled uncle have all this money to give him if he's living off of the government? I dont think you make or can keep a whole lot of money!
SSI has limits. SSDI does not.
Arguably not living off the government. Living off insurance he paid for and is collecting. The government stealing the money from SSI or SSDI doesn't make it theirs...
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Typical house flipping call. DR doesn’t want him to do it-caller does. Caller WILL DO IT. So like always this call needs a follow-up to see who was right.
He’s not flipping houses you clown, he wants RENTALS. Do you listen?
Dave Ramsey, that was a drop the mic moment. Wisdom and great advice!
You’re a classic Ramsey sheep. I did exactly what Cesar wants to do and now I have 11 properties, 2 million dollars in equity and have been a landlord for 10 years. I’d recommend it to anyone. There’s your mic drop.
@@19hundoc47 uh…. Ok
@@FaithandPurpose828 Exactly the response I’d expect from a Ramsey sheep that doesn’t know what they are talking about lol
Good for this kid, he has the drive and he’s trying things while he’s young, I think he’ll be okay. Definitely should not do the deal with the uncle. Great advice from Dave.
Disability is not enough money to qualify for a used car loan, much less a house. What did he think his uncle could do? No bank will touch a person whose income is SSI or SSDI. Afew credit unions will work with 100% disabled veterans, but not Disability
SSI has an asset limit that would prevent buying an investment house.
SSDI does not have this limit.
The current maximum SSDI payment is $3822 a month.
Hypothetically, 50% of that is $1900 for DTI. Estimate about $300k loan.
That is 2 of the houses the kid bought.
I seriously doubt your statement.
And somewhat ironically, a mortgage lender CANT deny this SSDI individual a loan when they qualify.
So not only might his uncle get a loan, he might be guaranteed one.
Completely ignorant statement
Being a Landlord is NOT all fun and games.... the Wrong Tenants can Break You: Mentally, Physically, Financially
I cosigned with my parents to buy a house in 2012 a year after I first started working. When we refinanced in 2021, I took on the whole loan and paid them back the downpayment. Only regret is they had to record the "gift" tax because the house tripled in value.
The banks didn't call the notes due, the came due and didn't allow him to create new notes. This is not the same thing as what the caller is asking.
“I’m an expert on my opinion” I love that
Well said Dave‼️
Renting out bedrooms in your own house is a whole different story than renting out a separate property. I’ve never done it. Make no mistake of that but when something breaks in your house, you already know about it and can do the processes properly quickly to get it fixed if it breaks that another house that you own, you don’t know about it till you’re told then the damage that that extra time may do can affect things then you have renters that are ticked off because of the time frame second point I don’t think this kid is gonna listen. He’s way too young and he has that mentality I believe like many young people have it won’t happen to me. I’ll be different, I hope he does listen but time will tell
At 1min22sec is where the call went all the railes and I knew this was a naive immature kid who has a lot of growing up to do. Needs life to knock him around and I guarantee it will.
When he said, being a landlord isn't as hard as he thought it would be when he is talking about roommates just floored me.
The KID is looking for easy money and take it from me who has made my fair share of mistakes, easy money is a fairy tale and will not end well for you.
Did you own a home at 20?
Most young adults don’t own a home at twenty.
He is not naive and looking for easy money.
He is already putting money away in an IRA and saving.
Yes, he has a lot to learn, but he is a go getter.
Most people his age are out partying.
He is also smart enough to ask for advice.
I say kiddos to him and wish him the best.
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That was a kind reply
I have a sneaking suspicion that this young man has already done this deal and he called Dave so he could hear someone tell him he did the right thing. I hope I'm wrong. My advice would be to stay away from deals with relatives. They almost NEVER turn out right. Don't loan them money. Don't borrow money from them. Don't co-sign loans for them. "Never a borrower or a lender be." Also, don't buy investment property before you can afford to buy them. This guy is young. There's no reason why he can't take a deep breath and wait a few years to start purchasing real estate...ON HIS OWN. Leave uncle out of it.
FHA loans are scams anyway but even if you do them, you can’t rent them out for a year. You have to live in them at least the first year.
The bank is also protecting you from yourself.
He has too little safety money to consider getting another mortgage. He doesn't even have enough safety for his own life and job.
If you don't have enough cash to cover at least 50% of the home price, I would not recommend getting a mortgage for an investment property because the risk is too high, especially in the current environment.
Since he's thinking about owning 2 houses, he definitely would not have enough. You need at least 5 years of mortgage payments saved up for each house incase something happens to either the renter or your job.
He's barely got enough for 1 year.
Bro's living on the edge for his financial situation. I don't usually agree with Ramsey when it comes to mortgages, but for this guy's situation, he is.
Cesar - if you happen to read this comment. It's great that you have this mindset. But do NOT go into business with your uncle. or any family for that matter.
You can figure it out without him. DO NOT DO THIS
I bought a second house for cash. I was told to buy several houses with a top up loan but I resisted. In 10 years the house is worth double and has given me a significant income which is about 60% of the original purchase price. I have no debts and the money has been put into tax effecuent pension investments. This single investment has delivered 500k into my future pocket. There is no need to have lots of properties and debt.
Little bro just stopped talking😂. He just stayed quiet while Ramsey crushed all his ambition
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Dr. Deloney- What you're referring to is a PEDULUM (like in a grandfather clock). A FULCRUM is the center support piece for a LEVER, such as a see-saw.
“A Roth RIA”
That's just his southern accent
And probably coupled with nervousness. Give people a break.
😂
but we all know what he meant. chill!
!!!
I used to be an inpatient 20yr old who borrowed too much money. I'll get out of the hole in 6 years. I'll be 40.
You’re a classic Ramsey sheep. I did exactly what Cesar wants to do and now I have 11 properties, 2 million dollars in equity and have been a landlord for 10 years. I’d recommend it to anyone.
As soon as I heard, “Me and my uncle” I knew that this would not be a good idea.
Yup, Dave always says, "Never buy a house with someone you're not married to".
Ramsey is smart, he created the every dollar company, and uses it as a write off by sponsoring the show, which airs for free on youtube. Shrewd!
It's not easy when shit goes down.
Thanks Dave!
This was a real hard talk, i learned alot from this.
Don't invest with ANYONE else.
Ahhhh yes, youthful ignorance, gotta live it😂😂😂.
APR is not APY...
If you are going to have rental properties, please, please, please hire a property management company to be the landlord for you. 90% of real estate investors think that they can be a landlord. The only landlord experience that most people have is being a tenant.
I have 10 properties in 3 states that I don't live in. I've never met a tenant and I've only actually step foot in 2 of the properties. The management company does the "landlord-ing" for me. I've never received a phone call from a tenant either. The property management companies are worth every penny.
There is an easy way to do it, but if you listen to Ramsey, you'll be scared to death.
Having said all of that, this young guy is not ready. The fact that he needs his uncle tells us that.
The mortgage note will be in his uncles name.
He still has a house in his name.
If the investment goes sideways, uncle will be upset. But you walk.
Take the deal.
You can't use an FHA Loan home as an investment. You have to lI've in it for the year and then convert the loan into a conventional which means that you have to have private mortgage insurance. In the beginning. Before converting it to a conventional.
If the bank won't qualify you, you definitely can't afford it
Literally did this exact same thing Caesar is trying to do, and I built 11 properties and have 2 million dollars in equity. It works. Dave took out a dumb loan that had a note in the loan that said they could call the amount due at any time. Normal mortgages aren’t like that.
Bro you wrote this like 10 times ok good it work out for you but look at the odds just read the comments and see you are the only one saying it has worked out like this everyone else has said it failed so the odds say more people fail doing what you did I ain't risking my time and money on something with the odds Soo low good for you it worked out though
Best advice ever!
You’re a classic Ramsey sheep. I did exactly what Cesar wants to do and now I have 11 properties, 2 million dollars in equity and have been a landlord for 10 years. I’d recommend it to anyone. There’s your mic drop.
@@19hundoc47 so did I. It didn’t go well. I lost all my properties when the real estate market corrected. I ended up bankrupt. Some investors don’t have to worry about market corrections, risk, holding costs, law suits, contractors walking off the job, vandalism and others do. Turns out I was one that did. That doesn’t make me a sheep, but I can certainly appreciate Dave’s advice and I get you too. I have heard it a million times, but when things get tough people like you are no where to be found. I am glad you lucked out.
He lost me when he said being a landlord isn’t as hard as he thought it was going to be.
Good clip.
I had 1.2m loan against 10 flats and a house. I had an awful divorce and lost most of the properties, it took me 10 years to dig myself out of the hole. But I managed it, but it was a prison sentence. I’ll never get a mortgage again (or get married!).
Wish I’d seen this clip 20 years ago although I probably wouldn’t have listened!
Dave’s story is so inspiring. Love it 😍
"Slow your butt down," gets me every time lol
VA/FHA he already has a loan and it is supposed to be for his primary residency not a rental property. He better not let that cat out of the bag!
@@AmyBethB idk how va loans work but you can definitely get a rental property on a fha loan. You just gotta live in one of the units/house for a yr
@@reese85 VA is primary residency only.
@AmyBethB as I mentioned. I can’t speak on va loans cuz I don’t kno how they work but I do kno a thing or two about fha loans and you can definitely get a rental property on an fha loan.
"roth RIA" explained it all ;P
Owning a $600M property outright without any loans also seems unlikely given how the tax system works and the advantages of carrying SOME debt to reduce taxes.
This young man is nowhere near "Too Broke" he has money in the bank, vision for his future, & a willingness to work & learn. He simply needs good guidance & and sound wisdom, which he is clearly seeking here.
He is. It's too early. He has to pay down and save. I had 2 loans and called for a 3rd. They were surprised
He is. He needs to have more cash.
If I'm not mistaken, those FHA and VA loans are only for the house you live in, not to acquire rentals.
@@jeffwombold9167 you can get up to a 4 unit house/rental property on a fha loan. You just gotta live in one e if the units for a yr
@@jeffwombold9167 I can’t speak on Va loans but you can definitely acquire rental properties under an fha loan. You just gotta live in one of the units for a yr and it can’t be more than a four family house
Take a cold shower!😂😂
If only more people did this before making a...decision. Dave's got that right!
Years ago my husband owned an apartment building in San Francisco. With few exceptions most the tenants were from hell and refused to pay rent due to tenant laws that made it impossible to evict. Eventually my husband sold the apartment building and was never so happy in his life.
I’ve thought about buying a second property but never felt comfortable with it unless I save up enough to buy straight up with cash. I’d be traumatized if I brought on a second mortgage and either failed to rent it or tenants that didn’t want to pay.
Doing business with family? Great if it works, but if it goes sideways it can change how y'all see each other.
I actually don't even like seeing my dad's brothers and sisters as they're a bunch of envious a-holes. That's why when I get married I'll live in a different state.
Ive listened to the kid twice. He states he cant get another mortgage payment.
I assume the uncle will have the mortgage?
Why does the uncle need him? To manage it?
To boil down this call- "Dave, I'm really yound and doing really well for myself with a fully paid off home and I'm even house hacking it for some extra income. Would it be a big deal if I completely fucked all that up?
Bless you, Dave!! 🙏🏻☦️
People are saying they are not Ramsey people! I told my friend how Ramsey said you need a budget, and she said, "Budgets don't really work for us." Everyone, everyone, everyone needs a budget.
"Hey Dave, I'd like to buy a property with..." "No."