Don’t Make These Real Estate Mistakes! | Ep. 9 | The Best of The Ramsey Show
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0:24 - Why Is It Bad To Rent For The Rest Of My Life?
7:12 - We Bought a House We Can't Afford and Regret It
12:21 - Does It Make Sense For Me To Buy A House Right Now?
17:53 - Should I Buy A $1,000,000 House?
26:22 - Should I Wait Until This Housing Market Cools Down to Buy?
30:32 - Why Is Now a Smart Time to Build a House?
37:25 - Home Construction Prices Are Through The Roof! What Should I Do?
I don’t know what to do ❤❤p
I'm a Gypsy. What's wrong being a Gypsy?
Bought land 30 acres with good straight pine logs built a cabin, solar, good spring, lots good rocks for chimney. No bank would lend me a dime to get this project underway. Turns out this was a blessing. Built as the money came in.
You are living the dream man. I’ve been saving for 3 years to do just that. I have my eye on some land in the poconos to do the exact same thing. Well done.
I wish I were a man. I'd live the same way.
The pure value and volume of content on this channel continues to amaze me that TH-cam is free 🤯🤯
Don't give them ideas lol
I pay for TH-cam to keep from seeing ads.
@@thejuice33 We have NEVER actually had privacy anyway. Never.
@@thejuice33 Incorrect. Your point is that it cost privacy. How can it cost something you never had?
💯💯✔️
There really is an interesting irony to be binge listening to these shows while I sit in my office and write credit applications for clients through my work and see just how much they can’t afford these yet we still push them through because these are wealthy clients.
To the dude who wants to buy the million-dollar property on the water in Florida: You would be wise to check how much you would be charged for homeowner's insurance ... HURRICANES HAPPEN.
Also it will be underwater in a few years due to global warming
Please listen to Dave Ramsey show, Tackle your debt like there’s no tomorrow. I got out of debt because of this show. ❤
Loving all these compilations next to the talk series! Always giving remarkable and no-nonsense advice. Great work from all of you in this show!
Dave is right. Peace is better then water view ! Love his advise !
God has not given us the spirit of fear but of power and of love and of a sound mind praise God praying for everyone everyday God bless you all
So what?
Amen!
Amen 🙏
1 Corinthians 15:1-4
KJV Bible
[1] Moreover, brethren, I declare unto you the gospel which I preached unto you, which also ye have received, and wherein ye stand;
[2] By which also ye are saved, if ye keep in memory what I preached unto you, unless ye have believed in vain.
[3] For I delivered unto you first of all that which I also received, how that Christ died for our sins according to the scriptures;
[4] And that he was buried, and that he rose again the third day according to the scriptures:
Ephesians 2:8-9
KJV Bible
[8] For by grace are ye saved through faith; and that not of yourselves: it is the gift of God:
[9] Not of works, lest any man should boast.
Romans 10:9-13
KJV Bible
[9] That if thou shalt confess with thy mouth the Lord Jesus, and shalt believe in thine heart that God hath raised him from the dead, thou shalt be saved.
[10] For with the heart man believeth unto righteousness; and with the mouth confession is made unto salvation.
[11] For the scripture saith, Whosoever believeth on him shall not be ashamed.
[12] For there is no difference between the Jew and the Greek: for the same Lord over all is rich unto all that call upon him.
[13] For whosoever shall call upon the name of the Lord shall be saved.
John 3:16
KJV Bible
For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.
John 14:6
KJV Bible
Jesus saith unto him, I am the way, the truth, and the life: no man cometh unto the Father, but by me.
Amen
Caller three… buy a cool desirable Air BNB (research first!) and just block out the days you’re home. But Dave’s recommendation to stay at a nice hotel is great… be fluid and live stress free.
That second lady just doesn’t want the house. That mortgage is about average right now. She just does not want that house, buyers remorse must? Now that the houses are going down in price she probably feels like they could’ve done better.
house fever finally cured itself after she bought it
@@mannyjeanpierre4062 lol right.
Everyone should call Dave before buying a house.
bro im already finna do that
whats the number just so i can be prepared
@@NattyWRLD2 I believe the number would be on their Website.
In my opinion Maria has to consider a senior community 55+ where is cheaper than a condo.There are ones with small houses similar to a condo that take care of the exteriors
At a hefty levy each month … so, that appreciating levy cost each month needs to be weighed against maintenance costs.
There are rental/letting agencies that will offer mantainance and management of property for a fee. There are also young handymen that are looking for part time work.
Hell, here’s a crazy idea - maybe her kids (who will ultimately inherit the property) can do a little maintenance on it.
What we did with my mother in law - I built a condo on my property at my cost, I helped her sell her house, and she kept all the proceeds in her investments … and she pays zero each month and enjoys her life.
Becuase it’s a second unit on my existing land/home … there’s no additional rates or levies, and I already maintain the property - so it’s minimal extra work or cost.
Do not a night of bad dreams
@@JDAfricaMay I ask where you live that you added an additional residence & there is no property tax or additional taxes involved. I live in Texas & we were going to do the same thing but that unit would have been taxed on its appraisal value the same as the original home on the property.
@@bonniekerr6890 we had an outbuilding (garage), that I added on to - didn’t get permits or the council rekoning department fuckwits say so.
I’ve done 35 building projects over the years - so tackled the whole build myself with 2 Malawian laborers. Took me about a year of work on weekends.
we live in the kingdom of the Zulu in Africa.
Condo fees go up each year, you have to pay for new roof when THE HOA wants everyone to redo them. You have to pay for inside repairs. If HOA doesn't want to pay yo repair things like sprinklers even though they are suppose to then you have to. Yes, cheaper than owning a house but someone else spends your money as THEY see fit
Loved the show❤️❤️❤️🙏🙏🙏thank you for the amazing show every call I learned something 🙏🙏🙏🙏
We are downsizing to a new build 2 bedroom condo in a new 55+ community. All outside maintenance is included in the monthly fee. Use of two swimming pools included without my personally having to pay maintenance on it. Grills included with a club house and community activities. Electricity bill will be really low too. Waterproof floors.
Since Maria got 1 mil saved, condos has increasing HOA fees & paper thin walls. With unforeseen neighbors usu on all 4 sides of unit. She can pay to have maintenance done , big contractors are costly but get things done right; & go on dream vacation. Or Maria can 10:57 remodel existing home into one she dreams to update it. Landlords of condo assoc don’t care that much about one unit unless U are on board.
I just love the way Dave gives straightforward advice!
Thank you for sharing this information! Please continue to provide us with any information that may help prevent big business from taking advantage of people for their personal benefit or commission.
House with a pool..in Metro Detroit. Is it West Bloomfield? Or Rochester Hills?
Just deactivate the darn pool. And cover it up.
Margin is everything. That guy in Pensacola needs to make his $1M waterfront house dream a 3-5 year plan for sure. Save more money.
Good stuff! Thank you
16:10 I would have suggested that young gentleman to just continue staying with his parents. 4d/mo is basically just vising, catching up, and stuff like that. I doubt they will mind as he is getting ahead and saving for even more in the future.
Just bought a condo, sold house for same reason. Let someone else worry about maintenance. Moved to a lower tax State as well.
What state ?
Love it
Caller 2 needs to just reduce expenses. Bc if your monthly take home pay is 9k and your mortgage is only $2300 that’s not bad
Ah yes. Up north in Jacksonville. It can get chilly there sometimes though.
How can he make me emotional AGAIN? Thanks Dave! Love you.
A homeowner should enjoy the benefits of living there full-time, and not just have visitation rights.
2nd caller’s worried about $2400 on housing when they make $9000/mo? Can they not figure out how to live on $6600/mo? Sounds like they blow a lot of money, because I spend way more of my income on housing and don’t struggle at all.
Interesting on the shadow banning. I was just about to start googling and Bo did it for me. Thanks!
I think this is what I need for my mom, a condo!
55+ christian community homes are the best and cheapest
Nice topic
I totally agree with Dave
Why not buy a newer townhome/condo? The condo fees will cover much of the outside maintenance.
I agree I wanted best of both worlds and got a condo.
Not really a good advice because some condo and townhouse have expensive HOA and HOA increases annually. There are cons and pros
@@nhuquynh6938 True and that is something to definitely to research and take into consideration.
But those fees will always constantly go up..
And you can hear the phone ring on the next unit. Can't wash car . No hot tubs . Associations act like dictators.
Here's the thing no one talks about with this. Their homeowners insurance, etc....
Insurance cost would be too high living near ocean I would think
2nd caller… Average home price Colorado 415k+, this is the new norm in most major cities. We need to pivot strategy and prepare mentally for higher mortgage payments. Your personal and family situation will influence how we pivot.
Capital gains is not a thing on personal property up to 500k for married and 250 for single
Actually want she needs is a townhome that has an association. There are townhomes that have associations that do all the exterior maintenance snd roofs etc…
Condo Associations ARE HORRIBLE!!! They are like the freaking Gestapo!! DO YOUR RESEARCH!!
@@ladyhawk9032 easy there. Just because you have had a bad experience dont throw then all under the bus.
@@michaelgerhardt7130 Again, DO YOUR RESEARCH!! Maybe you lucked out, but many don't. Just be thorough in researching the Association, know the governing documents and stay involved.
@@ladyhawk9032 where I live EVERYTHING has an association.
Dave math is A1
Great advise Ramsay as always, but that was just common sense. Why would anyone go from investing on themselves to investing on someone who really is paying for someone else to take care of the very things you said you don’t want to do by yourself. In Florida we have lots of condos and all the old people live in it comfortably ❤️
You mean why rent?
@@kbanghart exactly! Especially that she has the means to own. Makes no sense
@@bariatasudan well, some people just like to. They don't want to have the responsibilities of having to maintain a place on their own. Plus I think a lot of people get comfortable if they're lucky to have a place that's rent controlled, or have good neighbors. And also they just don't like change, maybe scared to move. I can see a lot of older people in that situation, although I don't know how old this caller is.
@@kbanghart you are right. I just don’t understand though 😃
Property taxes are getting ridiculous
They are. But voters are 100% responsible - they elected the people who made the decisions, they voted for the 2 1/2 overrides, they insisted the public schools prioritize ridiculous and expensive educational ‘bridges to nowhere.’
Caller 6…. Cheapest house best school district. Learn to remodel very simple things and after 2 years you can sell…. Tax free if primary residence! Then get a little better house.. etc roll net cash strategy until 3rd or 4th house is bought cash. This a great strategy for beginners.
Irene. This is my first time listening to you show How can I get in touch with Mr. Ramsey.
Condos have HOA fees and you may only own the inside. When buying a house you can hire someone to take care of something if needed. Should be less than HOA fees every month that could go up at any time.
Homeowner's association fees go up every year, so you face some of the same risks as renting.
So does roofing cost, electricity, insurance, labor costs, etc. Depends on the HOA...
I believe this was in Florida??? Consider property insurance and those hurricanes. That makes that lack of margin tenuous. Ramsey always has great advice.
To caller 1s question, would it be possible to rent out your current house through a property management company, to YOURSELF?
The PMC would charge a commission to take care of the property and you could control the rent amount
Hey Ramsey interest rate in Canada right now is 5.35 % is it worth it to get a mortgage.
Capital gain only applies if you don't buy another home.
Just financially speaking
would it be bad to buy a 4 unit building ... take one unit ... have a management company to handle the rest/issues
For me, it sounds like a bad idea because it's not something I want to do. For you, if you want to do it, and if you have enough money to pay for major repairs for 4 different units and have enough income to pay for all 4 units on your own in case you have issues with renters not paying, then by all means go ahead with it.
If you live in Pensacola you don’t need to live on the water… you can drive the 10 minutes it’s takes to get to the beach and chill in your paid for house
So the first caller Maria says I will just ask the question and then give the back story. Proceeds to give entire back story first.
Nerves. Also could just be her personality. As long as she’s a good person and good mom who worked hard to help get all 4 kids to college and be financially responsible who cares?
So Dave tells people to buy beaters and then he says his beaters broke down.
Hardest thing to do is buy a good cheap used car. Not easy. Lots of scammers out there. Especially on the used side.
That's why you have a mechanic to check it out
Maybe, but I got a 2000 accord with 68k on it now, bought cheap. (
That's why you have to listen to both Dave and Scotty.
@@kisong1960 scotty, my Celina is the best car ever?? Lol
@@mccoyji Celina is the best hoe ever. Celica is the best car ever. Lol
31:31 I’m in the same boat as this guy.
Modern day glamping comeing to a city near you.
Try a patio home.
No steps, etc , etc
Problem is that 350k condo in a nice part of any town does not exist.
That's not true ;)
Depends which town.... ours is valued at 500k (peak was 650k)
@@johnSmith-uz8nl You are correct, it does depend on the location for sure. Prices have skyrocketed but there are still places where you can obtain a condo/townhome under $350k.
Instead of putting money in an index fund for a short duration and risk erosion, the better option is to put the money in debt liquid or arbitrage funds.
Do you ever talk about pensions and annuities from unions?
Up north like Orlando 29:10
The guy thinking of buying a house and moving out of his parent's house continue to save and when he gets to the point of where he's able to be home over half of the month then buy a house with cash
Dave, is there a job somebody can do from their home who a disabled?
I bet the contractor did lock in the prices for him. He is not passing that on to the builder.
Love this first convo! ❤
Haha this video and his purchase on Sept 25th
Three days later beach houses get washed into sea by a category five. Why not buy a 800k or less. He's in love with the number +10
Million+..... not the house
Dave predicted inflation.
Like right before the speech at opis I’m demanding to be done after 20 hard years
Don’t knock the TH-cam videos. Lol 😂
Seriously buy the house! Pay a guy like me to take care of it!
Bypassed Florida living on the water, too much for insurance and too much hurricane risk. I now have a second home looking at the ocean, 90 minutes from my primary, bought for 121,000 worth 450k now. Cash flowed repairs. Florida on the water with hurricanes??? 110k income? No way. The insurance and flood insurance is going to suck up 10-20k. OMG find a safer region to buy on water.
Given the current economic difficulties that the country is experiencing in 2023, how can we enhance our earnings during this period of adjustment? I cannot let my $680k savings vanish after putting in so much effort to accumulate them.
Well the bigger the risk, the bigger the reward and such impeccable decisions are better guided by professionals
Yes true, I have been in touch with a financial advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
@@sheltonPston I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
@@sheltonPstonactive investing is statistically not smart
Shouldn’t he go ahead and start paying himself a house payment so when he goes to buy he will have a good down payment.
Buying a 1M house with all your investments....This is a horrible idea
Sell the house for 350k and buy for 350
He is not saying to use her savings, but to sell her house and buy a new condominium. Which make perfectly sense to me.
It wasnt about this call. That lady never said anything about a million dollar home.
If they are dead set on having a 1M house they could buy a 700-800k fixer upper and make it value 1M. Personally I wouldn't
@@AttyEK it's still a horrible idea to put all their assets into a non cash flowing investment
Good stuff
It's very common to fix things when moving into a 'new' house, but those costs taper down. When I bought my house 4 yrs ago, My gas fireplace needed repair. My gas dryer wasn't hooked up to the gas line. There was no plumbing line for my new fridge ice maker. I installed new modern garage doors. I installed a whole house circuit breaker and updated electrical outlets. Replaced old worn door knobs and exterior lights. These were just necessary. first year repairs/updates. I love this show.
I sold my house in 2016, downsized, rented a small apartment. My children are successful adults and I travel several months a year…
Life is comfortable today. I thank God everyday. I’ve walked through hell and have the burns to show. I admire the caller who saved 1 million! She too walked through hell. 🌷
They guy said the house was 1.3 and Dave simply can't comprehend it
Except new condos and appliances are junk.
Yes. Don't rent. Buy a small condo.
So what I’m hearing from these people is they’re not good at thinking and they need a thinking check. This stuff is not complicated but people can’t think big picture
4th caller… no way you should buy $1,000,000 primary residence. Why not buy a vacation home targeting good Abnb market and try to break even… then only 25% down (250k) vs all eggs in basket. But your gross income will probably almost definitely not qualify in lenders eyes. Look cheaper and sell “up” and eventually you’ll have have a paid for vacation property… on the beach. Basically everything Dave said to do go do it.
Buy into a lock n leave neighborhood. You own it but they do all the landscape for u.
The 7:12 lady needs a warranty.
Mortgages go down with time but rent doesn’t.
Keep in mind real estate taxes, maintenance, insurance and repair costs don’t go down either. Renting doesn’t require a down payment that could be invested. If you have to move you don’t have to worry about losing money or tying up substantial funds. Home buying can make sense…caveat emptor.
Dave must be sleepy...you don't pay taxes on profits from the sale on a primary residence 250k single 500k married.
Only if you buy another house within a certain amount of time.
Dude, just stay with parents when in town
To the roof
I have a mortgage through Wells Fargo. Not sure who to switch to. Also, is it a good time to refinance somewhere else since the interest rate is up?
Don’t refinance..use a mortgage calculator to see the difference in ur payments
Question? Should you buy at house or rent at 83 years old?
probably rent. at that age you can't keep up with home maintenance. Unless you have children and grandchildren or friends to help you. Or buy a new condo. But a house with a lawn is something i would avoid. I'm exactly half your age and I'm so over it.
If you have the money to maintain it and live comfortably, I don’t see why not
Buy, but expensive one to enjoy the rest of the life.
Overthinking
Why tf does she have 6k credit card debt and 24k in the bank😂😂😂😂
The first call, financally it doesn't make sense.
But if she want's worry free. Then if she want's to rent, then so be it.
She can rent out her house instead of selling it.
A condo, she will still have to pay taxes, HOA fees, and if anything breaks inside the condo, she will have to pay for it.
Also her net worth have nothing to do with what area she lives in.
The third call. Dave asks where he get all that? Really? He worked for it. If you only there for a few days a month, it doesn't make sense.
The forth call. I would not use all my savings to pay for a house in all cash. Take out a mortgage. He makes a good income to afford it.
The fifth call. Get a job before you move.
The sixth call. It would be cheaper to by used, and just fix up.
Is it supply chain issues, or price fixing?
You have two of the biggest meat producers that were sued this year for price fixing.
They will be more coming.
On the fourth house. You have to figure as much as 10% of the houses value, on it in maintenance roughly over a year. That’s 100k if you own a house that’s a million dollars. He would end up being house poor plus houses near the ocean need extra maintenance. I know from personal experience.
Me- buy a brand new duplex with a mortgage.
Is housing really a better investment than the market?
(Additional homes for rental income.) we own our residence with mortgage)
I wonder if Ramsey solutions goes back and listens to old advice on shows. Could be interesting and enlightening.
Don't buy a property with stairs.
Why not?
@thexorode you must be a youngen.
@@captainkrunch6372 yes I am young, so why are stairs bad?
You will find out if you live long enough
@@captainkrunch6372 thanks for nothing
He could buy a nice piece of land!!!!
This is what I was thinking.
Of course if he doesn't know what area he wants to end up in that might complicate things.
🙏✝️
PLEASE DO NOT BUY A HOUSE now as we are having a huge housing crisis worse than 2008. You will get s super deal for waiting.