The Best Way To Buy A House - Dave Ramsey Rant
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I'm 26 years old and recently bought my first property with cash, 100% down. 416 sqft condo for $55,000 in a good neighborhood of Tampa, FL. I don't have any mortgage or rent payment. My only monthly expenses are $158 HOA (which includes water, sewage, trash, cable TV, outside maintenance, insurance, pest control) and electricity. When I rented I was paying $575 for rent and higher electric bills. Now by owning I've stabilized my cost of living and able to save over $500/month and am paying myself what used to be my rent payment. Plus I live closer to work, so spending less on gas, my commute is only 4.9 miles each way. I also own my car outright and still have over $16,000 left to my name after purchasing the unit and 0 debt.
J B god bless! Thanks for the inspiration
Wow I should do that. I’m 24 years old and I have just over 50k in cash, bought my car in cash and have zero dollars in consumer debt. Just need to save up another 15k which should be fairly easy and buy a two bedroom condo in Florida 😊 been thinking about this for a while..
J B that’s very admirable. $55k and in a good neighborhood? I wish Houston had that.
J B i wish i could do that in california 🙈
what area in Tampa ??
Buying a house when you're broke = "Let's have a baby, that'll fix all our relationship problems!"
Love it heard this more then once. David Jenson chicago
Thanks for your comment. HAHA. Funny.
If you are 'broke' how are you able to purchase a house? Who is this lender?
How that relates to people copulating is beyond me.
u and 210 people are going to stay broke forever
How do u think the 2008 housing crisis happened? Not all real estate agents and banks lenders are as honest like Dave Ramsey.
"Children do what feels good, Adults devise a plan and follow it through ". Best advice ever heard in my life
The home I purchased in 2023 has appreciated by $60,000 since my acquisition. However, the downside is the diminishing value of the dollar. I am currently contemplating strategies to reinvest $300,000 in the real estate market.
I just googled Angela and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII
I'm 42 and my net worth is now up to 700k. My son is just now turning 19 and has already paid for his car is debt free with a full ride to college. Thank you Dave!
Congrats!
Dude that's awesome! Amen! Now your son can to that for your grandchildren. Amazing work sir, your know how to raise a family.
If you don't mind me asking, how did u go about accomplishing this?
knowledge is truly power.
@@GavinDaGrey inheritance
What he said: get 15 yr fixed, put 20%down. You payment shouldn't be more than 25% your takehome pay.
Thank you
Including insurance, taxes, and HOA fees.
25% of weekly pay or monthly pay?
@@LuisRivera-qh9oe Monthly.
Take home means after taxes right?
This video is 5 years old. I remember the situation I was in 5 years ago. "A 15-year fixed where the payment is no more than a fourth of your take-home pay," with 20% down, which is what Dave recommends, was almost possible for me at the time. Things have changed for the worse
Dave Ramsey's insights have been a game-changer for me! His practical approach to financial management has empowered me to take control of my money and work towards a debt-free life. The Total Money Makeover is my go-to guide, and I appreciate how he breaks down complex concepts into easy-to-follow steps.
You can invest in stocks with Stefan Kunzs his into trading. You copy his trades and earn. With his help I paid off my student loan of $456,000 in 3 months.
By the time you save CASH to buy the whole house...THE COST WENT UP $100,000 to $200,000
There are many houses in the market that's not an excuse
Here in PA the cheaper the house the worse the neighborhood.
Dave isn't telling you what to do, he's giving out advice. It's your choice.
Avg 5% increase in home value
KENT ROBINSON
Wait for the market to crash like 2008
99% of these comments: I’m 9 years old buying my first house for 800k cash
Working more, spending less and Don't have children until you are financially ready.
@@Namiswwwan you went wrong from the first word: working
@@Namiswwwan and its not spending less, its making more so you can afford more
@@Splixy k
@@Namiswwwan didn't expect a latina to know this anyway
Honestly it was painful to only buy a house with a payment less than 25% of our take home pay. We are the strange people who bought a cheaper house than our friends. But we have so much flexibility in the budget and such low stress, it’s amazing.
You did it right. Don't buy a house to impress.
You did great Brendan, don’t go broke keeping up w/ the Jones. Congrats
Brenden, I'm curious what were the numbers?
If you can afford a second and a third later…who’s really winning?
Majority like to keep up with the elite. It’s so much peer and society pressure to out-show others that your success lies in your big house and shinny car. If you drive or live in a normal house your rich friends will believe you are broke or either earning less.
We have a 13 year left on our mortgage and paying below 2k at 1.8% interest rate . Heavenly feeling
I've owned and/or managed houses all my life. This is the cruel reality. Dave is right. It's only a blessing if you can afford it!
Please write a book...sorry for not greeting you first, but it seemed more important...on a serious note the more voices we have on this the more can get helped...may Yeshua lead you in your writing of your book
So basically I need to move out of CA haha
You should run from CA.
Somebody has to pay the high taxes.
Yup. I did that 4 months ago. Moved to Texas. I make almost same as what I was making in California. Back in California I didn’t know what to do with that 20,000 per year saving. But here in Texas I am already thinking about buying multi family home.
California can be addictive. I know people living there for 8-10 years. They know very well that they can have a better life outside of Cali, but it’s difficult for them to give up the luxury of beaches, mountains, hiking every weekend.
Franky Baby im planning on moving away within the next two years
@@kshitiz06 There are beaches and mountains in so many other places.
My husband and I lived on one income, and saved then other income for almost 2 years for our emergency fund and down payment. We had no debt.
At ages of 21 & 26 we bought our first home, put 20% down on a 15yr mortgage and still had 15k cash to fix it up with (it was a foreclosure) Now not even 6 years later, we have paid some extra every month I no longer work but we learned to live on 1 income so we are fine. We have 4 kids, a good amount in retirement and only owe 40k on this house that is currently worth around 190k.
We both come from poor families never had any help from anyone. We did this ourselves by just keeping priorities straight. It works!!!
Amazing!!!!
Wonderful! Great job👍 U give me hope
and your jobs are what where you can buy a house at 21 an 26????? living wear???
just being honest I feel its sad to imagine a childhood where your parents put you on TH-cam for views. I feel fortunate to have grown up well before this era in humanity
emsea I was thinking the same today. My kids watch these families on TH-cam and the kids have to more and more outlandish things to keep people watching. I’m sure they’ll regret missing out on normal growing up and may even have physiological issues when they are older
Dave I just found you on TH-cam I used to have lunch with you everyday at work on the radio so it is nice to see who was giving me all that wonderful advice. Only regret is that I didn't learn sooner how to deal with debt. But now no debt cash is king own my home no mortgage and no stress now retired. Thank you.
I actually think this is amazing advice. We live in a world where everybody wants the biggest and best thing immediately. Whatever happened to a starter home and as you build wealth, you move up the ladder. I think the advice of no more than 25% of your takeoff pay is also great advice.
A paid off home mortgage is taking the place of BMW as the new status symbol ❤️
I've got one year to go .. or before I turn 50
His guote is " A payed for home is like diving a " New Mercedes"
I bought my BMW for $650 cash, most fun car I have every had
HA as if. All of my friends lease cars while I'm in the middle of saving for a house.
I bet all the people who listened to 4:45 and took that advice are now disappointed. Fixing your mortgage for 30 years at 1.5-2.3% interest rates, you’ll never get a deal like that anymore 🙄
I started stacking to SAVE wealth. I've always been the type of person to spend my entire paycheck. I hate having money just sit in the bank. I am under pressure to grow my reserve of $950k. before I turn 60, I would appreciate any advice on potential investments.
I can feel your pains. New guys need to realize the risks that come with all of this. You could lose it all and you could win it all. It goes both ways. Second, what works for A may not necessarily work for B and you should not be a bandwagon investor. A good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge.
@@sherryie2 Factos!! Since the market became extremely volatile and pressure increased (I should be retiring in 17 months), I took the decision to work closely with a financial advisor. It has already been 9 months and counting, and I have made approximately 600K net from all of my holdings.
@@kurttSchuster That's impressive, my portfolio have been tanking all year, tried learning new strategies to gain in the current market but all of that flew right over head, please would you mind recommending the Adviser you're using.
@@tonicruger credits to NICOLE DESIREE SIMON, one of the best portfolio manager;s out there. she;s well known, you should look her up
@@kurttSchuster I looked up NICOLE online using her fullname and researched her accreditation. She seem very proficient, I wrote her detailing my Financial market current position, goals and scheduled an appointment. Thanks
Bought my first home at 47. I did still have debt but not bad. Didn’t have 20% to put down so I had PMI for several years. 7 years later I have no debt but our home, and a year of savings in the bank. Refinanced to 15 year fixed 4 years ago at a lower rate and our home has gone up in value over $100k. Our home is a blessing and if I had waited to get all of these steps in place I would have missed out on this opportune time to buy a home when housing prices were low, interest rates were low and right before all of value in home prices went up. I wouldn’t be able to afford nearly the home I have now if I had waited and we are in much better financial condition now because of it. Am I the exception? I believe God led us to our home and the time to buy.
God moves mountains
Yup!… Dave callers don’t live in NYC so it’s easy for them to save 100k there is no 100k house in nyc
@@Buggu3 move out of nyc
@@fkillah and work where??…. I make my living in NY so I’m not sure y I shud move?
@@Buggu3 you act as if you can only work in NY but then complain about the high cost of housing. You control your life, do what works best for you.
This is actually what I needed to hear i think thanks Dave I listen to a lot of what you say im not even making a huge amount of money per year and just practicing the ideas has helpped so much
I am basically a child in these matters.. though I am 57!years old.
Dave Ramsey you taught it in a way I could understand it. Short, sweet. Stories to support. Examples to help me see.
And a peek into some of those areas that would be completely unknown to someone at my understanding and experience level in the ‘buying a hone’ decision.
Thanks ve needed everything you laid out here and 70% I would not have even thought of.
You did the research, you did the trial and error and you’re living the lessons.
Who better to ask? And who better to teach it?
Thank you sir. God bless you. God bless your family. God bless your business.
Most of all, Blessed Be the Name of the Lord.
When buying my first house, I specifically wanted a house I could pay off in 3 years. My real estate agent and my mortgage broker both did all they could to attempt to convince me I was making a terrible mistake by not buying a more expensive home. I am so thankful I stuck to my guns.
how much was the house?
courageous1964
I did not realize you could get a mortgage on a house with wheels
We did the same thing.
I made a budget to calculate what mortgage payment I felt comfortable with. I was shocked what my mortgage broker was pushing- 3 x as much. I’m glad I stuck to my guns too. People need to make their own decisions. Banks etc are trying to make $ off you.
Well done!
Just bought my first house! i'm 22. I put down 35k after working for 5 years without parents assistance etc! I couldn't be happier :-)
Mr Eurx congrats 🍾
👏 that is Phenomenal!!! Congratulations
Well done 👍 now careful someone gets half of it
Bought where
@Deirdre Morris Partners? how do you know Mr Eurx is homosexual? the term 'partners' is what homosexuals use.
Seven years ago before I became a Ramsey disciple I bought my house, although I was broke. WHEW!. Man did I ‘luck out’!
Dude, that mortgage calculator is gold. So easy to use. Thank you Dave!
I'm 15 Dave and i have already started your courses and have listened to most of your podcasts. I love listening to you
I love your advice here! I followed your rules, even before ever discovering your channel. You've just earned a new fan!
Very good information. Your always giving great information and i appreciate that.
I like how you really putting knowledge out there!
One of the best videos you've put out! Thanks for the inspiration!
Anyone else addicted to these Dave Ramsey clips??
I'm sick of people saying I remember when rates were 15% or 20%. That was when houses were cheaper and you could earn money in a CD, also money was worth more.
Yes, also in 1999 gas was 99 cents per gallon. It’s not apples to apples comparison.
@Pat Yes. When I was paying a fixed mortgage rate of 15% in 1984, I was earning 10% on my savings account! With no risk b/c it was FDIC. It was incredible. Years later, when the mortgage rates dropped to 7% I was still earning 4 to 6% on savings. I planned my retirement based on those numbers. Then the gov't stuck their nose in and the banks don't want our money, they get it from the gov't who is making money instead of us.
Also that $42K house I bought with the 15% mortgage today would cost $156K @ 3 to 4%. Give me the 15% with 10% on savings any day.
It benefits the govt. to keep interest rates artificially low but it really hurts retirees with savings who are on fixed incomes. Some day, the asset bubble will burst (again) and a lot of people will go homeless.
We’re gonna go back to high interest rates, which will lower the prices of houses, but it could take many years
Yeah CD accounts were 18% for 6 months
i think this video needs to be updated for the current housing market LOL
Im so glad i found your channel subscribed for life.
I once bought a $100 DVD player with cash!
Cookie Franco I’m calling BS! 😜
I'm a Realtor in Florida. Dave's advice is spot on. I have been completely debt free for over 10 years. Paid cash for a condo. Lived in it for 5 years. Sold it for a nice profit and bought a house for cash. In 3 years I've gained a little over $60k in equity. One thing I have learned about being debt free is you fall out of the credit rating trap. In other words if you do not borrow money on a regular basis your credit score will plummet. At that point your options are few when you apply for a mortgage. If you can qualify for a mortgage after getting out of debt... a 15 year is the way to go if you cannot pay cash.
I love love real estate as well. It remind me when I was 20, bought my first house. Sold it 5 years later when the market was sky high, made a profit of 200k. Now 37 and I own 3 properties (2 rentals) and I love it!
I have inspired others to do the same.
This information was extremely helpful! I felt like you were speaking directly to me.
The first house I purchased (age 24) had a mother-in-law apt in back. I lived in the back essentially rent free since the front house covered the mortgage and insurance. A few years later after I was married we moved into the front house and rented the back which paid half the mortgage and insurance.
dobson777a That's so smart!! Lol wow. Wise thinking. 🤔
Genius
totally what happeds though when u rent you loose part of the discounts on taxes for homestead
atlas thats the way is done in florida
Y’all should go look up BiggerPockets. They have coined this strategy as house hacking. Many do it!
I am sure you are very happy now and stress FREE
I built a new house when I was 22 for what i was paying in rent, sold it 4 years later for 80k more and paid off all my student loans and built a better home. Pay attention to the market
I just bought my first home thanks to everything I learned about saving and budgeting from you Dave, thank you!
You can invest in stocks with Stefan Kunzs his into trading. You copy his trades and earn. With his help I paid off my student loan of $456,000 in 3 months.
Thank you for this Dave!!
A 15yr mortgage sounds fine until one spouse is out of work, or comes down with an illness. You still have to pay the full mortgage payment. With a 30yr you can still double up on payments. At least you have that fallback. If we had done the 15 we would be in that spot right now. When the situation improves we can make the larger payments. Saying because someone has a 30 they would never double up doesn't fit every person or couple. Better to have that cushion than have a catastrophe and lose your house.
Still higher interest rates so in the end it’s more expensive
@@ValerieMajor Actually my son figured it up and it wasn't that much different with the interest rates so low. It wasn't worth the gamble and they can still double up on payments.
30 year interest rates are higher.
Fun tip: buy a house with a 30 year mortgage and use a mortgage calculator to see what you'd pay on a 15 year mortgage. Take the difference and add it to your 30 year mortgage payment as an additional payment towards your principle and voila! Suddenly your 30 year mortgage will act exactly the same as a 15 year mortgage, but if the proverbial horse-squeeze ever hits the fan in your life then you can fall back to the cheaper 30 year mortgage payment without any negative consequences whatsoever (remember this was the monthly payment the lender expected all along) and you can ease your way through a tough spot.
Good luck doing that with a 15 year mortgage.
Genius!
This is an excellent tip. It Makes perfect sense.
Normally with 30yr mortgage the interest rate is gonna be slightly higher. So there's still a small price to pay for the flexibility.
Great tip but most no one will do it is the point
Nice way to put it, Dave seems to speak to people making 150k a year
Glad I stumbled upon this channel! Curious to know tips on finding a trustworthy real estate agent, especially here in LA
+A B He recommends specific agents, etc. on his website (called ELPs), if you want to set up something like that.
A B he has endorsed special agents. So they pay him to mention their services (one of the many ways those agents get their names out to the local population about their services). He however will only mention them if they follow the same line of thought as he teaches on the air and in his books. So no he does not charge you personally, however obviously the local agent will charge you for their services.
Move out of California, simple.
Sometimes people can't afford a 15 year note. For that I say get a 30 year note and just pay extra payments every month to the principal to pay if off sooner. Maybe 20yrs or so depending how much extra you kick in.
We sold our very expensive house where the mortgage was half our take home pay because we had our phd in d.u.m.b. and used our equity to completely pay off our debt and we bought a much cheaper home where our 15 year is only $649 a month so now we double our payment, have a very comfortable emergency fund, and now we have fun money that we never had for years. We get to go on our first vacation this year. It has certainly taken sacrifice and people that we were crazy but we can finally breathe and relax because the financial stress is gone! I wish I would’ve known this years ago!
"Straight cash homie" -Randy Moss
"I play when I wanna play" - Randy Moss
WhiteBoard Finance "When you rich, you dont write checks."-Randy Moss
A B same here!! He was quoted saying it smh
WhiteBoard Finance he’s got more than you’ll ever have ha ha
K Ooookay lol you're an idiot
In Auckland, New Zealand the average house price is around $900,000. I'm 28 and the property I bought is valued at $980,000. I had to put a 20% deposit because banks are strict here but could not afford to pay it off across 15 years. I have $740,000 debt on the property and the repayments are $3500 a month across a 30 year term at just over 4% interest. Home ownership is stressful here and wish we all could have $200,000 mortgages.
Your channel and advice are fantastic.Thanks for all you do!
I once bought a $200 TV with cash!!!
hahahahahahahahahahahahahahahahahahahahaha!!!!
I hope it was used. Buying new TVs is stupid.
😂
Lol
YAAAAAASSSSSSS!!!!!
I would rather build a forever home on a 30 year mortgage and have my family grow in that home than live in a apartment saving for a house that in 5 years I wont be able to afford. Average house price here has doubled in past 8 years.
Tru… if u put it off… by the time u save all that money the house is worth more u still can’t afford it😂
@@Buggu3 exactly. My wife and I bought a home we have trouble paying for, but it's in a school district we wanted, paid the minimum down, and now it's worth about 200k more than what we owe on it.
Dave, I love your rules: 20% down, 15 yr or less, 1/4 or less of your take home. Well done. I wish people had that much sense commonly. I think you hit on something with the interest rates: they artificially stimulate and sustain the real estate economy. The interest rates will definitely rise as the bond market wanes. Question: what incentive does a buyer’s agent have to push the price of the sale down? Repeat business is more based on relationship than buyer savings. There seems to be no check on sales prices and an entire system built to enrich realtors and inter twine household with with real estate to logic abandonment. Do you believe the average person is better served when artificial stimulus for real estate increases home prices? Thank you for any time you give in response and what you are doing to reduce the household debt of the nation. It is certainly a noble cause.
I love you!!!! You’re the best. ❤️❤️❤️ Thank u 4 sharing your knowledge and insight. 😊
My favorite video of TH-cam! I’m a first time buyer and I planing to pay off a house in 5 years!
We did a 15-year loan with 3% interest and 20% down payment in October 2016. We were so lucky. About 2 months later a bunch of houses in my neighborhood went on the market for $100,000 more than what we paid for our house! Now we're making double payments. Woohoo!
MyCrazyFamily well done! Make sure you have enough money behind in case no money is coming in anymore.
MyCrazyFamily My husband and I bought our house in 2011 forfor $65,000 My next door neighbor sold her house for $252,000 last year. All our houses are cookie cutter. I think we should sell our DC area home and buy free and clear a house in Cartersville, Georgia.
MyCrazyFamily 👍🏽👍🏽👍🏽👍🏽
+Katrina Umana you bought a house for $65k where?
2011. houses were that cheap after the crisis.
I love this channel.
I admire your wisdom and generosity for sharing it
I think some of yal are missing his point. For everyone saying its unrealistic because of the high costs in certain areas, he's basically saying if YOU can't afford those high prices, don't buy a house in those areas until you can afford to do so. Imagine if people used this plan, house prices would drop because people would stop buying houses they can't afford. If no one is buying, prices have to drop.
I forced myself to listen for two minutes (a friend sent me the link) and I cannot go any further. I'll bet this is a wonderful station for some people. God bless them.
Why?
with $35,000 down, i bought a house and made 10 times that amount back in equity by the time my 3 year mortgage term was up.
I am a real estate agent in San Antonio.When you don’t buy a house, and you still rent, the rent is higher than a mortgage to begin with in San Antonio. A year after you buy your house, rent has already surpassed your mortgage payment. Rent is outrageous here. I recommend you buy now. Especially when rates are rising and the prices of homes are in a Sellers market.
I LOVE YOU DAVE RAMSEY! Listen to him people. Get a head and stay ahead. Never try to keep up with the JONESES!
Thank you for the sound advice. 15 year is hard to afford with most of today’s home prices being so high. Wish it were easier said than done
As long as there are no early pay penalties, you can get a 30 year and pay it off early. That's what I did. I couldn't afford a shorter term mortgage at the time that I purchased my home, but I always paid extra, starting out at just $50/month and increasing each year after that. My house should be paid off next month, putting the term of the mortgage at just over 10.5 years. (I've since married, so my husband is going to throw some of his savings at the balance. Without that contribution from him, I could still have probably paid it off on my own in less than 15 years by sticking to my payoff plan.)
I agree with paying it off faster. Even though it’s a higher rate, having a lower fixed payment on a 30 is more manageable
I had a 15 on a condo when I was young, but with a family it’s much harder to get into a home with a 15. With I could be like Dave. I really do
Thanks, Dave.👏👐👍❤❤❤
Good points. I think it makes sense to buy a starter home and you can upgrade later. If you can get a low rate of interest and you can invest the funds with 4% or higher and have a mortgage at 3% it doesn't make sense to pay off the mortgage faster.
Thank you, I just subbed. This info is so useful
3:18 people rarely talk about the maintenance part of owning a house,. And possible HOA fees and taxes. And many don't mention how they got the down payment.
I 100% ABSOLUTELY AGREE WITH DAVE! DO NOT BUY A HOME WHILE YOU'RE IN DEBT.
So much valuable info in here!
Great advice! Thank you.
Best way to buy a house is wait for the Real Estate bubble to pop.
I'm self employed. And have lots of funds available. I'm prepared.
Yeah the FED reinflated the housing bubble.. as well as the stock market bubble.
It's definately a bubble. Only a idiot would buy when rates are at all time lows. Rates goin up now to fight inflation so everything will deflate or crash
Andre Moses Everything that is debt based anyway.
Angela but when you buy, you get some of that money you put in when you sell
Solid advice, don't make the house you want to own end up owning you. You just need a roof over your head , people are even converting their vehicles into homes these days, I've looked into small housing projects and there are even some built using sea-containers, there are many options out there. Don't give up!
Great content and a wealth of information!!
Watching this in 2024 is crazy to ponder about, especially when he says, “ these wonderfully low interest rates. So if you can’t afford to buy now, you won’t be able to afford to buy, ever.”
Everyone saying, "oh you can just make bigger payments on a 30 year mortgage and pay it off sooner." True, but the fact of the matter is that 99% of ppl will not make larger payments on their mortgage cause they would rather "save" that extra money and just make their regular payment. With a 15 year fixed mortgage, you have to pay a little extra and it keeps you on track to pay it off early and save thousands on interest. Also you get a much lower interest rate with a 15 year mortgage compared to a 30 year. I put 20% down and did a 15 year with a fixed rate of 3.375%. I'll have my place paid off by the time I'm 37!
They are a bit lower not much lower. If you don't have the will power to automatically pay extra then you won't have the will power to pay off any of your debts in the debt snowball.
And my interest rate of my 30 year is 3.5
And you're wrong. Interest rates are lower on 30 year than 15 because they want to make their money
This video doesn’t apply to Tampa or to 2022 unfortunately
This is great advice! Take on as little debt as possible.
Way way too cautious. Sometimes you just have to take a chance to get anywhere in life and you can do this safely enough with proper planning. Its called calculated risk.
He didn’t mention his wife as his love 😅
I noticed that too, then I caught that he specified it was "doing what he does"
That's how you become a millionaire! ; )
I'm 25 with No debt, decent savings account, and investing since 22. Looking forward to purchase a house whenever I finish my school with a decent job!
Patrick K Hey Patrick, I'm 19 and just started looking into stocks and ira's. You have any advice how I should Start? Or things you wish you learned when starting out?
Brandon Meuleman
Invest in foreign markets like DAX. Big saver a good profit
Patrick K God willing.
Brandon Meuleman Roth IRAs are the best ways to invest your money
I’m an agent in Texas and found this vid very helpful
Such valuable information
Rent here is 3/4 of the average wage. Which makes it hard to get anywhere...
Debra L makes it pretty easy go into debtland.
Exactly! Cost of living and everything is so expensive
Average wage or minimum wage ?
I got my credit score up and was handed the best deal for my dream home.
I just don’t understand how he can say “don’t do more than a 15 year mortgage” I don’t know where Dave comes from but here in New York(Long Island) 15 year fixed mortgages either don’t exist or are extremely rare. 30 year fixed is the standard. Especially since an average lower middle class home in NY goes for 500k or more… Get a 30 year fixed rate and TRY to pay it off as quickly as possible. That’s my advice.
Useful info - thank you!
"The Real Estate business is the only business where people put glamour shots on the business cards". That's so true Dave!
Exactly!
I grew up in California, and its not as expensive as people claim. Yea, if you want to live a life above your means and you move to Brentwood, BH. Hidden Valley, Calabases, etc. Californians you know what I mean... you will pay the price. I purchased my first house in the 90s for 130 thousand, now the houses in my neighborhood are selling for 510 thousand. Purchased a couple of forecloses in other areas of the valley for under 200 thousand in old areas, but very nice, ranch style with 3 BR, 2 BA. and huge back yards, you just should know which cities to purchase in. Buying a house changed my world. Rent will consistently go up, your mortgage stays the same, if you have a fixed rate 30 year. If you have a variable, it will fluctuate but will cap at a closed % rate, Just be smart, otherwise you'll be paying a lot of 1st and last to rent nice apartments. In California 1st and last can be up to $4500 + your 1st months rent of 1700 - 3000 for a 1 bedroom...get smart people buy some property.
Crown OfHair yeah if u want a trap house
Check out Zillow...There is a 2 bedroom condo for $249,000. I just found a 3 bdroom in Long beach for 149,000, i'm looking at on Saturday as its smack in the middle of million dollar listings, going to see what the deal is... A trap house is paying above your means and loosing it in 5 years. I found a house 5 months ago in the hills of Claremont for 349,000 very dilapidated...but on an acre of land. purchased, torn down the house and sold the land. If you don't like the area, try to flip it. Believe me there is a way. Dave Ramsey is saying the same, you may have to move to a community where you get alot of house for little money. Its the area you pay for...there are some really nice neighborhoods out there in California.
What’s your email? I have a couple of questions to get started
The time to buy is when it collapses is getting ready time. Save as much money. When it happens I’ll be able to buy multi family deals with my partners. 20 more single family rentals my self. The smart people don’t buy when the markets high. Buy and hoping doesn’t work in this world.
@@josephkenner4651 trying to time the market can also kill you
That is true about us! We are fun and unique. Love it!
Just found the Mortgage Calculator under Tools. EXCELLENT !
In Orange County California, house prices are so high....
That's why I don't live there.
Move to a cheaper area.
I'm too Old to wait! I'm tied of renting apts / I'll at least save for Emergency and closing cost.
Wife and I bought a home in 2012 with a 15 yr 2.75% interest rate. Then, mom in law gifted 150k inheritance toward another home with a second bath since we had 2 kids. We decided to go ahead and get the 30 yr on the second place because that’s the only way the bank would allow us to buy it based on income to Debt. 15 yr loan interest was barely a Point difference time around.
We are keeping the first house and Renting it out for the mortgage payment. Our plan is to pay it off with Renters in 9 years, then we will start paying our new plane off faster with half or more of the rental income, paying an additional $1000+ a month instead of the $2150 only payment. Likely paying it off in 20 yrs when all is said and done instead of 30.
It was hard to take the leap, I didn’t want to lose our first place since the loan was so awesome and we still love that place. I hope to have an income property as an older person and a paid off live in home, too within a decent rate of time. I still have people in real estate saying don’t pay off the home too early because you’ll lose the right off. I’m not convinced. But maybe the rental could be an exception had it had the longer loan? Not sure, but it is what it is.
0:05 “😑”
-Sharon, his wife!
Lol, Dave!!!!🙈
His wife isn't one of Dave Ramsey's great loves?
I thought the same thing!
😂
I caught that too. Watch out, Dave!
🤣🤣🤣🤣ikr
Hes a Pharisee with decent financial advice. Most religious people I know would have said god and their family.
I didn't choose to wait but I don't really really regret. I bought a $76900 house when I was 25. It's a low maintenance and small. Mortgage is $535 and we are steadily increasing our income. Mortgage has only gone up $20 in the past 6 years. I'm working on paying down debt and haven't obtained any new debts. I'm happy :-)
citygurl0105 What state is that?
my car was more expensive then that, ha ha
@@timmyswrld8783 who would want to live there?
Key word is “we”
bsr8129 yup and i bet ur car compensates for something on ur body lol
My grandpa made a killing on real-estate over a 50 year period. He did 30 year mortgages ALL DAY LONG. Last 30 year mortgage he bought was when he was 74.
Watching marathon of this topic non stop in order to get the gumption to call my real estate agent in the morning and say “change in plans” lol