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A little drinky drink?
ОтветитьI know this happens all the time but the sophistication of the bait and switch mortgage escrow wire fraud to criminal account is mind blowing.
Additionally, when I was a Med student and then resident, I briefly hired a company to help navigate my student loan repayment strategies and PSLF. I paid this company. They got more and more difficult to reach until they disappeared. I know this happened to a lot of kids.
Everybody keeps saying that if you can't afford to buy a house, instead of renting, buy a duplex. This way, there's somebody else helping you maintain the home.
So, all those people from places like Bigger Pockets are wrong? Because renting is crazy risky. Landlords buy and sell. I've been thrown out THREE TIMES so they could sell. These all told us we could stay "forever."
Having 0 debt in boise is crazy. I live here and its expensive. Good stuff
ОтветитьReal estate seems cool but just isn’t for me. The capital commitment, hassle and the like just doesn’t fit my goals or preferences. But people who are able to build a serious portfolio and build a huge cash flow is pretty cool.
ОтветитьNot making up to a million before retirement is unfulfilled retirement.!! I am retiring next yr at 55 with 3 houses paid off worth 4.5 million. One is my place of residence the other 2 properties will give me $80,000per/yr rent . I will have an income stream of $20,000 per mnth through my super biz which gives me total $240,000 a yr to live comfortably. I have no debts ... Giving credits to Roch Dungca-Schreiber, (my fin. adviser), she saw me through the process. Look-Her-Up. Stay Motivated!!!
ОтветитьHe needs to update.. he is giving same advice from decades.. why would I pay off my 2% mortgage when I can put that money in just a savings account and get 5% on it. Or better, I bought 2 rental properties in 2020 by not paying off mortgage and putting 30% down on them. Both properties are up 100k each.. By Dave's advice I would still be paying off my 2% mortgage
ОтветитьNormal ppl arent able to save 3-400k cash like that. Lets say you're able to put away 2k a month towards it. Itll take you over 20 yrs to buy your 1st Real-estate property.
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Ответить12% ROI when the stars align with good tenants, no vacancies, no evictions, no major maintenance, etc, or 10% ROI doing absolutely nothing with mutual funds? Yeah... it's NEVER okay buy a rental property
ОтветитьDave must be sponsored by the IRS.
ОтветитьYou don't need to pay of your mortgage to buy rental property. I own 9 properties including my own home, I owe nothing on 8 properties and the only mortgage I owe is my own home. It may not be the case today because of rising mortgage rates, but two years ago, I refinanced my own house, and bought rental property cash. I also cashed out my IRA, paid off the taxes on it, and bought another property cash. As long as you buy a good valuable income property, with decent schools, and in area with high employment, it's a great investment!
ОтветитьLove this call.
ОтветитьI don't get it. How is utilizing leverage with a low rate on an asset that grows with inflation a bad idea?
ОтветитьFor average people who makes 70k-120k, saving to buy rental with all cash? most likely will not catch up with rising property price and inflation. One may not ever buy a rental... what I did was learn to run the numbers right and conservatively just in case things happens... and things will always happen. then get a investment mortgage based on this numbers. Sorry but buy all cash just not reality for most people.
ОтветитьTook 5 yrs to save for our personal home. Paid cash. 7 yrs later and making a family on the way and I’m about to pay cash for a rental. In a very expensive market
ОтветитьDave's advice on this topic isn't good anymore. It's outdated. And I have enough cash to drop on a rental property cash. It would take 16 years to make back my cash investment. Dave never talks about cash on cash
ОтветитьDon't think i could ever save up in order to buy a house for rental all in cash. I currently have 9 houses, 8 of which are rental properties. How we did it? Just paid the 20% down. As of right now... I have about 5 houses with mortgage and 4 smaller homes paid in cash. Renting most of them and fixing up 2. Not sure what Dave would say about the way i went about it but the renters are paying my mortgage so to speak and making profits since the rent is higher than the mortgage and have equity on every single house. For us... it's the long run that we're in for.
ОтветитьSure, Dave. I'll just pile up $750,000 real quick to pay cash for a fixer upper rental property. It'll only take 40 years since homes in my area have tripled in price over the past few years.
ОтветитьI'm not rich by any means, but I was able to pay off the home I live in early by following Dave's advice. Every $1000 that 's paid early in the loan can save several thousand dollars in interest. The trick is to make the prepayments early in the loan. Prepay as much as can in the first and second year. Your extra dollars will have much more impact that way.
So I'm grateful to Dave for his advice in that sense. However, there's no way I would ever be able to cash out a rental house, at least not in the community I live in (Seattle). Homes, including rental homes, start at around $700,000.00 I'm currently saving about $40,000 a year. So it would take 17 years to save enough to buy a home for cash! And by then it would have at least tripled in price.
Advice worked so well when housing prices weren’t so astronomical. So many devout followers are Dave Ramsey ISH. Gee, wonder why.
ОтветитьThe problem is, the difference in prices depending on where you live. Here in Seattle, the cheapest houses (for fixers) are around $750,000. Nice houses start around $1,000,000. I've followed Dave's excellent advice on paying off my house early, and saved up enough for a down payment on a rental property. But I don't know anyone, anywhere, who has $1,000,000 lying around to buy a rental house. (I'm sure there are people, but not around these parts.)
ОтветитьI have 8k left to go.
ОтветитьHow's someone going to save enough to pay hundreds of thousands on properties before they are like 50 years old? I love Ramsey's points but this I take with a grain of salt
ОтветитьGood advice, especially today with Biden's 10% inflation, high home prices, high loan rates, and the US
32 trillion dollar debt.
Managing RE is another time-consuming job and requires knowledge and experience.
I don't get it. Just get a fixed rate loooong term loan and buy a property to rent it out in case the differential between your loan and the cap rate is existent.
ОтветитьI like this idea, but in contrast to Grant Cardone philosophy it is the complete opposite. Most people cannot save enough to buy their own home, never mind a second or third property. When you say put your money into Mutual funds, how much are you stashing each time?? 50 bucks, 200 bucks, 1000 bucks or what?? Cos from where I'm sitting it'll take you years to build enough for your second property. Just curious because people on these types of shows talk a lot with no real substance and all seems mind bowing.. Of course it could just be me.
ОтветитьI have the option to buy my grams house for 50k and i can pay cash. It needs prolly 20k in fixes. I’m considering moving into it and selling my 275k home just to live debt free. I don’t like the house so i can always rent it and build one but I’m unsure which route to go which is how i ended up here…
ОтветитьPeople, if you save up for buy your first rental in cash, then yes it will take longer (Just like Dave said), and yes the one particular property that you’re looking at now will be out of your range by the time you have the cash. But GUESS WHAT, once you have the cash just FIND another property that you can afford. Why would you get married to one property that you can’t even buy yet. Use common sense people. Dave is not “out of touch” with real estate reality.
ОтветитьShould I pay all cash when it's my first time, for my first rental? To learn kind of with no risk in terms of a loan?
ОтветитьWhat do u mean save the money to pay for a house in cash? In the area I live in the median house is $1,000,000 even 100,000 would be a lot to save. So I’m curious how u would do that in todays market working a regular job
Ответитьramsey nah! wait until your house is paid off before you invest in a positive cash flow rental??? Ramsey sorry you're a twit! Folks you must be prudent Accept Christ as your Lord and Savior and repent. Tithe. Then enjoy the ride. If you have a good income and good equity in your home go get a rental be smart of course, but this guy is Ramsey is good if you want to live in an apartment all your life and drive an old beat-up car. then this is your guy!
Ответитьindians are the biggest scammers. I receive calls from IRS agents john, David and Jeremy almost every two weeks and i could tell it was Rajesh, sharma or anil immediately after listening their accent for few seconds
ОтветитьIdk how Ramsey thinks it’s reasonable for people without generational wealth to pay off their own home and buy a rental property in cash. Sure you can save up and do it but you’re losing out on cash flow in the years you’re saving up. Leverage can be used in a responsible way
ОтветитьFollow Dave's advice and you'll be in "baby steps" until the grave. Investigate the term "leverage" and never pay all of your cash for a rental property.
ОтветитьDave thinks I need his approval to buy a rental property? Uh, should I sell what I have now, and wait for his email?
ОтветитьThe best time to plant a tree was 20 years ago. The next best time is today. - Chinese Proverb
ОтветитьIn California you can’t buy a house cash, you need loans
ОтветитьTime is money waiting is for the stupid. Equity lost by saving for a property cash would be astronomical.
ОтветитьMan Idaho is like people scrambling to get up there because the housing market is hot
Ответитьthey're too old for a pool!
ОтветитьThis is terrible advice! Dave Ramsey is saying anything right now.
ОтветитьBoth Nigeria 🇳🇬 citizens and government are all scams
ОтветитьI want to see Dave dance on TikTok
ОтветитьWhy should I wait when I can buy today with 20% down? Then pay it off in 6 years with rental income plus about $20K per year of my money in lump sum. It would take me longer to accumulate the full amount without renter contributions.
ОтветитьWhy not just buy the rental property and use it as a saving account and throw all you extra money in to it ?
ОтветитьIs too much to save up 200,000 to buy a rental property. I’ll take 30 years
ОтветитьDave was a stupid kid who took out way more money in loans that he could ever afford on top of the fact that he was doing 90 day loans instead of 30-year fixed rate mortgages which are two completely different things Dave's just completely obtuse and has no room for debt in his life and because it worked for him it will automatically work for everyone else but what he fails to realize is that it is next to impossible to save up that amount of money to be able to buy a house and cash on the market moves the way that it does if that were the case then no one would be buying houses until they were in their 60s. I have two houses that I have leveraged one I live in and one I rent the one I rent pays for it's mortgage and the one I live in. I also make enough money from my regular job that I could cover both mortgages should my tenants leave. It's all about managing your risk and doing it smartly and not leveraging beyond your means Plus Banks cannot call 30-year mortgages whenever they want and expect you to pay up. That's not how that works but Dave doesn't know that because he thinks he knows everything. just say it Dave you had a bad experience and now it's colored your perspective on the matter of debt and leverage for the rest of your life and now you give bad advice to people
ОтветитьWhew, they must have never seen Blue Bloods! Tom Selleck is far from washed up!
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