Social Media Got Me Into a $1,000,000 Mistake!
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- Опубліковано 17 чер 2024
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TikTok will never tell you the way most people build wealth is boring 😂
some do, but most people don't want to listen. the amount of comments or videos i've seen disregarding daves advise because it's slow and in their opinion outdated is ridicules
The way most people build wealth is inheriting half of it and then building on that. That is what those TikTok videos don't tell you. "My parents paid the down payment on my three properties and them transferred the titles over to me because I can't get a mortgage for a garden shed, let alone a house. Now I just pay them back monthly".
Its Patience.
Facts lol😂
Amen
"I can't figure things out but won't take any advice."
That's a bad combo.
He's a 🤡 I don't feel bad for a guy who makes $160,000 a year.
I sometimes think call in people just like to hear themselves talk and actually are proud of their situations secretively
Exactly, why did he even call?
You got yourself into the mistake. Not Social Media. Take personal responsibility. That is your problem.
It’s not a mistake if you do it deliberately. Mistakes are accidentally typing in the wrong password or taking a left when you meant to take a right. This is “I’m going to get rich quick by out-scheming everyone else.” I don’t think we should let idiots off the hook by abusing the term “mistake.”
@@dslunsford1 tru dat
@@dslunsford1it is a mistake tho. Accidents and mistakes are different
This guy just started buying a bunch of properties, including a $600k one, without being able to afford any of it.
$650,000- in Detroit. It must be 10,000 square foot.
I don't understand how people can have such confidence i would be terrified of losing my money, if i had money i would pump that into something safe and slow that makes money over 10+years
Welcome to America
He only makes $180k not enough money.
Who’s giving them those loans? It’s obvious that he couldn’t afford all those properties
It is never how much you make, always how much you keep. I wish Dave had been on this call to tell the dude, YOU’RE BROKE!
It’s both.
@@reese85 Yeah 1000% true. Doubling my income allowed for options that were not there years ago becaue ony so much can be done with 50% less cash!!!
A Dave advising Dave call.
It's not social media, it's you.
He was hoping the hosts would sympathize with him and blame it on the wife with him. 😢
Yeap
Officially on baby step 4 today 💪💪💪
Congratulations!!!
🎉🎉🎉 congratulations!!
Awesome! 🎉
Good job, champ!!
Someone sounds greedy. He could just live below his means and not be in trouble.
Some people Care way too much what people think and want to look “successful”. I have a brother in law who has a negative net worth and can’t pay bills but drives two bmws , ppl think he’s rich and living it up 😂
@@cnh7262The need to keep up appearances
you don't want to sell, but you need to to get yourself out of debt. This is way too much debt for anybody.
He wants to be financially free, but adds more chains to his wrists each month.
I never understand the people who call for advice and then argue with the hosts. Take it or leave it!
You mean like Jimmy?
Nobody is right all the time
@pauljansen6650 of course not, but if somebody calls in to this program they know the drill. Trying to argue with them isn't going to change their stance at all. Waste of time
@@pauljansen6650 Jesus has entered the chat
Have a huge Ego is worse than being stupd.
Ken was impressive, pointing out this guy's faulty mentality. He wished his wife made more, but she had to stop working because of the kids. Why, so he can squander her income too? It is a blessing that didn't happen as this guy does not know what he is doing.
She 100% did not have to stop working. She CHOSE to stop working. She didn't HAVE to stop any more than he HAD to quit his job.
$650k house in Detroit area? Must be pretty nice
That's about average for most of the northern suburbs
Expensive properties exists everywhere in the world. In the north or east suburbs 600k is the starting point!!
@@user-xu2it3fq7w In Detroit gimme a break, that's a really nice house in any of the non Top 15-20 markets, and Detroit isn't even close to a top market
@@TheDjcarter1966 you should do your research. For those who know, know!! Detroit is made of many different parts just to educate you a little. You should get out more….
@@TheDjcarter1966 Oakland County north of Detroit is one of the wealthiest counties in the entire country.
I appreciated the way they interacted with this guy and took time to address a bunch of his issues.
just one minute in, but he sounds a little special needs
My dad did this exact same thing with our paid-off family home after my mom died. As a result, I wound up homeless and went no-contact with my dad. Get-rich-quick schemes destroy families.
So now you know that your mother was the brains of that operation.
How old was u ?
You must be under 40 years old? NO CONTACT is the new PATHETIC term young people use when they don't want to deal with life. Your Father really needed you and you abandoned him. So he lost his wife and his money and his child would not speak to him? Wow!
@@PAIDFOR50 going "no contact" is typically used when a person is dealing with an abusive narcissist. It's done when someone feels unsafe around the person and is done to protect one's own mental health. People have a right to protect themselves from someone who continues to do them harm, even if that person is a parent.
@@Ella-Bella2024 Narcissist another word NO ONE used 30 year ago. Today of you dont like something someone says or they have a bad attitude they are called a Narcissist. Silliness. Very over used word. Each generation gets WEAKER. My Mom was mean to me. I better talk to a Therapist. Blah Blah
Imagine making 160k per year and you still manage to crash and burn your finances. How do you do that?
His wife was making $100k a year too!
Imagine a couple making a quarter of a million dollars(!!) a year and ending up like that.. how?!
Lifestyle creep. Trust me, you’d do it too. It’s easy to want nicer things when you start making more money. You guys aren’t immune to human mistakes. Hypocrites
Book smarts doesn't equal street smarts. He probably has a really good job from education but doesn't have life experience planning a budget. School doesn't teach you personal finances.
Greed. Pure greed.
It's like I've heard Dave say over the years, "You can't out-earn stupidity".
Smart Money Bro doesn't disappoint. It was stupid of me to sell $76,000 worth of NVDA stocks without reinvesting. I might turn to cash soon if I don't. Any particulars? (Buying bonds or CDs is not for me).
It’s important to consult with a financial advisor before making any investment decisions.
You're right, I and a few Neighbors in Bel Air Area work with such advisor who prefers we DCA instead of a lump sum purchase, Following this, my portfolio grew 40% in the last quarter.
I've been getting suggestions to use one, but where and how to find one has been challenging, Can i reach out to the one you use?
Melissa Elise Robinson is a hot topic among financial elitist in The US. She's gained some reputation for her works during Covid. All the info. you need to set up an appointment is on her web page.
Thank you. I just checked her out on the web browser, She seems really proficient. I'll follow up with an email. Thanks for the lead.
Sell and downsize
Sell to who ?
@@lombardo141 yes
Whats wrong w saying "I bit off more than I can chew"
Because society today doesn’t take ownership and blames others for their mistakes.
Because it is hard to swallow.
Because it's always someone elses fault
Sell everything or stay stupid. I'm going with stupid.
😂😂😂
When it's said and done, sounds like he doesn't want to give up his "cushey" lifestyle!!
He just wants to make excuses and for someone else to justify his poor choices.
My outlook on money changed when I realized someone making $200K can retire broke & someone making $80K can retire a millionaire. With the current market movement, you have $100K to invest. Where are you investing it?
You're correct!! I make a lot of money without relying on the government. Investing in stocks and digital currencies is beneficial at this moment .
I operate a wide- range of Investments with help from My Financial Adviser. My advice is to get a professional who will help you, plan and enhance your management skills. For the record, working with Stacey Macken, has been an amazing experience.
Honestly, I'm surprised that this mrs Stacey Macken is mentioned here, came across a testimony about her from one of the beneficiaries on the CNBC news, she seems to be doing extremely well.
You trade with Stacey Macken too? Wow that woman has been a blessing to me and my family.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn't know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super
And if he losses his job...
If you wreck the car, it's a loss. I've had many such losses in my adult life. One wreck my glasses were loose in the vehicle and I had to find them. If he LOSES his job he going to have an issue for sure
Sell everything you own. pay your bills.
If he sells everything he’ll still have to find $2500 a month mortgage which is near impossible with 7% interest
I'm amazed at the number of callers who call in to the Ramsey Show because they're in a mess, and when they hear solutions to solve their problems, they start pushing back in the hopes that their call will be the one call where the Ramsey crew will tell them, "Oh, OK. Keep doing what you're doing, and you'll be fine." Newsflash to callers: The Ramsey crew hates debt, and their advice will always center around doing things that reduce it with an end goal of taking it to $0. If you're up to your eyebrows in debt and you don't want to hear about ways to eliminate it (that will definitely be painful to do in the short run because it will involve changing your behavior), then don't call the Ramsey Show. You're wasting their time and yours.
I would think paying $54,000 a year in mortgage would be very doable if the guy makes $160,000 a year.
Totally agree. The only thing I feel Ramsey is out of touch about is the 25% take home pay for your mortgage on 15 year fixed. It’s just not feasible in todays market. Sure if you want to continue to rent and not buy, maybe that’s a better idea. But making 10k/mo take home and saying you can only comfortably afford a $2500 mortgage payment is kinda nuts.
If you can keep fixed expenses to 50-60% of your income you’re gonna be more than fine. That leaves 40-50% for everything else you want
He said he makes about 10K a month so that 160k is probably before taxes.
10k a month is 120k before taxes not 160k 🤔
He is only
Making 10k a month. Which means he is bringing home 5k and mortgage, utilities, taxes and home insurance. Then insurance for 2 kids is expensive and all the other bills. For someone making 160k that is not a good lifestyle
@@tohaank54 It's the other way around. He salary is 160K but after taxes its around 120k which is 10k a month like he said.
Another I have an issue but don’t want change anything in my life
Yep, he just wants to keep everything as is and someone to waive a magic wand making his debts disappear.
I think people think they might win money or something on here the way they talk
Sell rentals, rent the house - start again & rent, build to pay in cash for a property
I love callers that don't want to do what the Ramsey Show recommends. 🙄
He was hoping the hosts would sympathize with him and blame it on the wife with him. 😢
@@JakeStewart1343 He must not listen to Ramsey very often. It's rarely the wife's responsibility to do anything.
@@GDuncan8002 troll
I'm still upset George told an 86 year old woman with cancer to get rid of her dog and go back to work with no compassion.
He did? Crazy!
Question, what should he told her? Keep doing what she was doing or go beg on street? What exactly would you advice?
@@user-fn9cs4dv8r normally dave will give the call to one of his staff to follow up. Something like introducing her to the church in her area to help her with her difficulties.
@@user-fn9cs4dv8r thanks for asking! I'd have told her to try and get disability since she had cancer. That could have helped with income. I would have suggested doing a yard sale of some of her items to get a cushion. I would have recommended that she start a dog care or small daycare business since she lived a in nice neighborhood. She said she was relatively abled bodied so that might have worked. I also would have asked if she had space in her home for a roommate. I was surprised neither asked that. Tons of older people live together these days. Lastly I would have said sell the place and find an older roommate elsewhere if she didn't have space in her home and if she didn't want to live with her daughter. Most importantly, I would have said this all with compassion which wasn't done.
@@user-fn9cs4dv8r There was some good recommendations in the comments of the video where it happened. I don’t have a preference for any of the hosts and just listen while doing background tasks, so I have nothing against George but it was absurd for him to tell an 86 year old woman to get back to work. Especially when he didn’t pull back that advice after she mentioned the leukemia.
This guy is in so much trouble. He is going to go buy some lottery tickets when he hangs up.
Oh gosh! That was hilarious!!
There's stupid and then there's this guy
Kudos to the caller for being receptive to criticism. He knew the answer, but just needed someone he could trust to tell him what he did wrong and what to do.
George: he said he’s upside down $120K in the current house…he can’t sell
They don’t listen sometimes lol. I like em, but they will blanket advice sometimes
I don't understand how that's possible to be underwater that much in today's market.
@@bradycone if you bought at peak a year ago , a lot of ppl in my area (Austin) are 100k plus under water. And this is just some people I personally know.
U guys should see what's happening in Australia atm. People are going nuts getting into max debt to buy property
He can move back into the smaller house and rent the big one out (assuming he can get rent to cover the mortgage). Then he can move into the larger one again in the future if he can afford it then. Also sell the house that he won't make a loss on and use it to pay one of the mortgages.
I think he should sell his investment properties and stay in his primary residence.
Because based on his income he can afford this primary residence. He just can't splurge on anything for a while.
$4500/mo mortgage on $10K (per his comment) take home? No thanks.
@@ericdeer5887 I mean it's not ideal, but it sounds like he really likes his house. So he might as well stay there, take the money he's going to make on the investment properties and put them against the primary residence.
$1 million is not a mistake. It was intentional.
And he called why?🤔
So he could get patted on the back and then to say "do it the way you want!"
He was hoping the hosts would sympathize with him and blame it on the wife with him. 😢
NEVER..sent Money to the Internet..
Honestly, I don't understand why you're discussing these dubious schemes. There are plenty of options like Unimantic and similar ones that are fast and profitable.
All the best and good video. In my opinion it is still a good time to invest in different stocks like gold, silver and digital currencies. This is one of the most important skills to learn and everyone should invest instead of saving. Some may agree, some may disagree. My big compliments to Natalie Rose Strayer for improving my portfolio!!....
I'm surprised that you just mentioned Natalie Strayer here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
The very first time we tried, we invested $2000 and after a week, we received $9500. That really helped us a lot to pay up our bills.
Natalie Strayer has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's
This sounds so good and I would like to be a party to it, is there any way I can speak with her?
After I raised up to 125k trading with her I bought a new House and a car here in the states also paid for my son's surgery
Glory to God shalom.
I feel this guy. Those get rich quick people are very convincing. My half-brother fell into their trap. He's 60+ living with his mom.
A fool and their money are easily parted. They are NOT convincing. Only foolish naive and quite frankly stupid people fall for it.
And if his mom dies?
I know someone who did this before the weight crash and he lost his house now he wants to do it again because things are different
You work for a 40yrs to have $1m in your retirement, meanwhile some people are putting just $10k in a bitcion coin for just fe months and now they are multimillionaires thanks to Charlotte Grace Miller
I'm surprised that you just mentioned and recommended Charlotte Miller, I met her at a conference in 2018 and we have been working together ever since.
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I'm new at this, please how can I reach her?
Really you people know her? I was even thinking that I'm the only one she has helped walk through the fears and falls of trading
Sunken Cost Fallacy: when you’ve already invested so much money into something that you keep moving forward with it even though it’s already a loss, but you keep hoping it will turn around.
Like Kevin O'Leary says, "Sometimes you have to take it behind the barn and shoot it."
I spent a month in Detroit one night.
Then took the midnight train to Georgia. 😂
To sell the rentals would be so dumb. He would net $60k and he’s cash flowing $900 on just one property. That’s an ROI of roughly 15% considering vacancies and maintenance just in that property.
Definitely downsize but those rentals are golden and rent will increase over time while his term is likely a 30yr fixed w interest rates lower than inflation
Dumb advice. Look at it from the perspective of a stock. Although over time, the price and dividend will go up, if you bought at multi decade top, you will always be in the hole. The best option is to sell and buy at a lower price. You will get the appreciation and the dividends. Same here. He bought at the top. He should cut his losses short and buy at a lower price.
@@sblijheid better advice.
@@sblijheid not good advice at all. You don’t realize a loss in any asset unless you sell. If you are cash flowing (less the allowance for vacancies and maintenance) that means you are making money, period.
If you liken it to stock, overtime real estate will gain in value while simultaneously your cost base will be reduced to zero (principle pay down leading to a paid off loan) unlike a stock where your money will always be the money you put in unless you sell and take profits off the table.
A key distinction in single family vs multi family commercial loans: The bank cannot foreclose on a SFH that is paying on time. Whereas in commercial if you’re upside down and outside the DSCR covenants of your loan, they can request you put money in to the loan which can cause foreclosure. Not the same for SFH
Lastly, It’s likely his interest rates are locked in for 30 year fixed that is under current inflation rates today. Yes he paid more for the home at the time, but values of homes in my market have increased since 2021 and same nationwide. Some markets are different
But you should do your own research in your community to see how much SFH values have “dropped”. Bet they haven’t.
Gotta stop watching those fear videos on social telling you there’s a crash.
@@sblijheid not dumb advice. You don’t realize a loss in any asset unless you sell. If you are cash flowing that means you are making money, period.
Real estate and stocks are different assets. To make that comparison would be to say the dividend increases overtime with proven certainty (because that’s how real estate rent works)
Also the tenant is paying down your principle and reducing your cost base to zero, this doesn’t happen with stocks.
Home Values in SFH have increased since 2021 in my community and nationwide. I dare you to do research on your community to see if values have gone down.
Gotta stop watching crash videos on social
@@sblijheid real estate can also never go to a zero value - as opposed to a stock where every company has the potential of bankruptcy.
The analogy to a stock is simply not cogent
That loser wanted you guys to validate his argument to his wife on her getting a job. He wanted you guys to say she should work, too.
I really wish mortgage rates would vary based on whether the property is your residence or a investment property. Primary residence mortgage rates should be half of what an investment property mortgage rate should be. If current rates are 7% for homes, then investors trying to finance homes should be approved for 14% rates. This would drastically cut back on dumb investors and homes across the country being locked up as rentals.
Renters pay the mortgage if you do real estate properly and dont just buy a random house. My god
People biting more than they can chew
I would much rather invest on vnq for cash flow than have a rental.
Leveraging at 8%+ today definitely doesn't make any sense. The days of easy real estate money are over
@@thedopplereffect00 I agree, … but if you rent a property you have to to deal with repairs and some times people do not pay. On vnq I wouldn’t have to worry about that and I get some growth with a decent dividend.
This is the worst advice I've ever heard . The mistake that he might of made was that he bought his principal residence at the peak and stretched his budget. Other than that, both investments are doing fine. One property is making him $900 a month which is 10k a year tax free. The tenant is paying down his mortgage every month while the value of the property will most likely go up. His other investment is breaking even on cash flow but that mortgage is being paid by the tenant while that property has time to appreciate too.
As for his principal residence, Please run these numbers.. Subtract the difference from his old mortgage(900) and new mortgage(4500) plus the added cash flow(+900) the new difference is $2,700 more he is paying. As long as he has an emergency fund in place and the wife works part time to make up the difference of $2,700 a month they will be able to keep all 3 houses. Bottom line do not sell at a 150k loss(that's like losing 235,000k of earned income). Fight to pay your principal loan down and refinance , then re amortize. Why would you take a guaranteed loss? . Advice like this makes me so angry because I fell for this 10 years ago and sold everything. Kicking myself now. There is a time and place to be conservative.
How is the 10K from the rental tax free? Due to depreciation? So tax deferred?
I actually disagree, of that 900 he needs to be setting aside probably 450/month per house for maintenance. I would consider that minimum, the house that isnt bringing anything in is a liability. What if the HVAC fails? The roof leaks? What if the tenants move out and this guy is now having to pay both his own mortgage and that one? Its too risky if you have no operating cost coming in and youre barely covering the mortgage + taxes. I think he should absolute minimum sell the house thats not cashflowing and his primary residence to move back into the house that is profiting. He may take a hit but he frees up enough to pay that off and start saving so he can get into a mortgage he can afford in a positive equity position.
@@jeehill9592 if he dose not have an emergency fund which most real estate investors have that could be debatable. Bottom line we both don't know what he is working with. But in no way off the little info he gave would you sell the main house and take that loss. That would take so long to get out of that hole. However, it's fair to say to get rid of the house that's not producing cash flow if it will improve your mental state. Although I did this and missed out 400k. I've been through this exact scenario.
@@joeb1522 yes you can depreciate this. The positive cash flow is off set by depreciation. The only thing is once you sell the irs will recapture all that or you can 1031 it into something bigger and better.
He mentioned his income was only 10k per month and didnt mention any kind of emergency saving. I dont think he would have called if he was ok financially in which case i think they recommended the best protocol
I mean, he can just sell his rental properties and use part of those profits to pay off half or more of the mortgage for his primary house. Then he can put the rest into an index or mutual fund that outperforms the interest rate of the rest of the mortgage. I know it's not the Ramsey thing to do, but housing is way too much to pay off immediately. 15 year mortgages are the way to go.
I have no sympathy for people who live lives way nicer than mine while racking up debt. None.
Thats how they live nice because of the debt.
Yeah, fuck this guy. He has one very specific problem: the house he can’t afford. Will he do anything about? Nope, absolutely not.
Most Americans don't know math , don't know to count.
All these properties, but no actual ownership 😂
This recessions harvest is going to be so satisfying.
I can't wait. It's people like this who are going to make house shopping so much fun! So many fools, so many options. Good deals to be had by all who are prepared.
I'm with you guys. I'm hoping to upgrade in style in this next housing collapse. Debt free and saving like crazy. Hope it holds off one more year 😊
What employer pays these incompetent people such incredibly high salaries? Where can I apply? Do these people use their debt to also artificially prop up their qualifications? Taking the job away from an actual productive member of society that could do a better job in that position. I just want to know what kind of careers reward this kind of behavior so that I can apply and take their jobs. Please contact me. I'm tired of working hard.
Bruh, any employer that reads your attitude and mindset on this comment won't want to touch you with a ten foot pole. You're an HR problem waiting to happen.
I wonder what he does for a living?
IT departments struggle with this thought company wide...With people making crazy money but strugge to open a PDF file.
social media influencers aren't often doing what they're telling you to do. They make money off of giving "advice"
This guy would be right at home in Canada, the kingdom of House Obsession.
I’ve been listening to you guys a lot and went from a $900 mortgage to $4500 lol!!
Social media did not get him into a million dollar mistake - believing this particular social media is what got him into the million dollar mistake.
Dude is absolutely in a hole 🕳 even with that income. Just wow, get off Tik Tak my friend
Caller thinks he is smarter than everyone else.
Ken wearing the shirt from the Lalo Salamanca collection.
Do you want some cheese to go with your wine?
Very fine imported cheese. 😂
Social media didn't get him into anything. His greed did. And instead of realizing he was in trouble he doubled down. It's his fault, not social media's. People need to stop blaming the ads for the way they spend their money.
The guy making 160K a year is incapable of living comfortably below his means and falling for social media bull crap real estate advice is straight up unfathomable! The guy has got margarine for brains.
...... Instead of margins on investments 😢
Want versus need
well the wife working absolutely changes that scenario. if they really want to keep all of these properties she needs to step up and work for a few years making 100k a year. making 100k a year she can absolutely afford a baby sitter, or maybe if her parents are in the country they could help also with babysitting as most grandparents would love to do that.
He made a series of bad decisions, his wife making 100K would just give him a bigger shovel to dig deeper into the whole. Having 2 kid is a JOB and takes emotional maturity.
There's no putting a price on the value of staying home with your children in the early years of their life though. They're only that age for a short time.
@@rebekahmontesdeoca565 agreed, and for them to afford that luxury he is going to have to keep grinding hard until the kids are in school and them live somewhat frugally, or sell some homes.
1:40 “Both the other houses/investment properties are more or less self sustaining”
I love how people, who try their hand at real estate, say this stupid crap. Yeah buddy, they’re self sustaining until your tenants decide to move out for a better job elsewhere and you can’t find another person who is willing to pay what you’re charging on the properties.
Or worse, they stop paying rent and it takes months or even years to get them out. Meanwhile your responsible for the taxes, Meanwhile your responsible for the taxes, insurance, and upkeep. And the utility companies will send you the unpaid bills too.
He is Indian, I know the type since I am too. He’s 100% putting pressure on his wife and so is his family.
That's too bad. I think he was expecting for them to say the wife needs to go back to work. He sounded disappointed that they didn't say that.
I suspected that from his slight accent and Asian Indians are all about appearance of wealth. Not a racist statement, I know b/c all my Indian friends and associates are like this. You’re poor lowlife if you make less than $100K 😂😂💰💰💰
@@DoctorSmartyPants He sounded Indian to me as well.
If the rentals are cash flowing positive, I would downsize the house or move back into one of the rentals. Selling both rentals isn’t changing is position.
It’s more of his ego. He wants to show off that he is in the real estate business. I don’t think that he is or will sell any of his properties. Poor of his wife, she probably had to go back to work because her husband wants to show off.
Sell the one rental, keep the one that is cash flowing around $900 a month, now he’s closer to his primary residence only being a 1/3rd of his income, and the wife working only adds to it. Boom done.
He's not obligated to take your valuable advice, Ken.
Move back to your rental and sell the other houses your mortgage payment should be a lot lower …that’s what I would do…then wait 5 years find a much cheaper house with a $2500 mortgage and your set …start over you screwed up…
That's what I would do. He can fix this if he acts now. If he waits, he can become even further under water.
10,000 a month and they can't live.
Everyone saying not to sell the rentals on here seems to be stuck in tik tok land where "investment properties" never have issues. Roofs dont need to be replaced, hvacs dont fail, windows dont need to be updated, renters just stay forever/never miss a payment, septics dont fail.... You have to make enough to save for emergencies at all of the properties. You need money set aside for a renter to stop paying and tie you up in court for a year while you have to keep paying that mortgage. 900 is maybe enough to float 1 property but not enough for 2.
The banks should call in his loans. That'll teach him not to believe tik-tok bozos!
Well that was hard to follow!
He is blaming everyone, but himself! It baffles me how many times he tried to skip ownership and put it on his kids or his wife… YOU WERE WRONG! Own that!
Borrowing is slave to the lender even for homes
Borrower
Move back into one of the rentals with low interest rate
This is the same guy that goes to a family gathering and tells everyone they need to get on board with his plan if they want to be successful.
sell the primary, keep the rentals...
Luckily it’s in real estate which he can sell and soften the blow or maybe come out even.
I earn more than him but my check is lower. How much is he putting into retirement?
Good question.
Calls for advice then won’t listen or change. Why do people stay broke again 😂
I think it's not as bad as they say. Putting 50% towards your mortgage isn't ideal, but it's still possible. Most people put 50% just towards rent. He could raise the rent on the rental properties and get his wife to do some online job. He had a alot of bad timing, but it's not screwed just yet. However, his life would get way easier selling a property, selling his house, and focusing on invest all the extra
"the kids the kids the kids"
I love when ppl use their kids as an excuse for poor financial decisions.
Lol, it's not that bad. Where I'm from, people are spending 50% of their income on RENT. At least this guy is getting equity out of it.
Man in $1.2M debt expresses concern about “possibly taking a hit” by selling a house.
in Detroit make $160k is a great amount of money but purchase a more than $1M primary home with one income 4 mouth in Detroit is a dump decision. It's not going to appreciate and even if you are not going to survive until then.
Social media didn't get him into debt. He got him into debt. People take responsibility for your actions and choices. Stop blaming everyone or everything else. And there are no accidents, you made a choice. Accept that.
What about interest rates? If he bought that primary residence at the peak of the market, he probably has a much lower interest rate on it than what he’ll get today. That will drastically affect his options for refinancing or purchasing a new home, even a smaller one.
yeah those 3 interest rates are very important details, they dropped the ball not asking about that.
For sure. If he’s worried about monthly cash flow, then “downsizing” is putting it lightly in terms of getting to a reasonable mortgage with today’s interest rates. He might be better off selling everything, stashing the equity, renting a smaller house, and saving up for a down payment in the future when rates start to come back down.
How is someone making this much not smart enough to see his problem…. His biggest problem is his pride im thinking.
He has a 203 year old baby??
This guy made a mess and comments his wife should be working.... Even if she made more he would just waste more money!
He wanted them to tell him that his wife needs to go back to work. He probably won't take their advice. If he doesn't he will regret this for years to come.
Well but it would allow for more expensive mess.... or a faster fix and avoidance of problems.
@@donaldlyons17 nah he takes advice from TikTok. He wants to get rich quick. He will just find another scheme to fund with her money.
We don’t know if the wife also wanted that 650k house. If she did, she is responsible too.
@@fluffyblanket1398 if ifs and buts were money we'd all be rich. 🤣
Wish Dave had taken the call
You fcuked up ! 😂 Sell the house