How to Get Rich in Real Estate the RIGHT Way
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- Опубліковано 27 чер 2024
- Real estate investment may sound like a great idea, but it could ruin your life if you don’t do it the right way. In this episode, learn when house flipping can work for you, when to run the other direction, and how Dave Ramsey lost it all in real estate.
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just sold a property in Mexico and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains with months, I'm really just confused at this point.
Yes, 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
Very true. Despite having no prior lnvesting knowledge, I started lnvesting before the pandemic and pulled in a profit of approximately 950k that same year. In reality, all I was doing was getting professional advice.
How can I participate in this? I sincerely aspire to establish a secure financial future and I am eager to participate. Who is the driving force behind your success?
I'd say a little due diligence on " Dianne Sarah Olson" truly exceptional...
Thank you for this tip. it was easy to find your coach. Did my due diligence on her before emailing her. She seems proficient considering her résumé..
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Could you kindly elaborate on the advisor's background and qualifications?
The advisor that guides me is Sonya lee Mitchell, most likely the internet is where to find her basic info, just search her name. She's established.
I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip.
I advise you to invest in stocks to balance out your real estate, Even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. This is not financial advice, but buy now because cash is definitely not king right now!
One strategy for protecting against a recession is to buy equities. Investors, especially during a recession, need to know where and how to put money in order to make money while avoiding inflation.
It has never been easier to understand how to build your money than it is right now, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investtments, in my opinion, are complex.
@@LionTowercoporation would greatly appreciate if you could share some information about your financial advisor. I'm also interested in making positive changes to my finances this year, so any insights would be highly valuable to me.
Finding financial advisors like Colleen Janie Towe who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
@@LionTowercoporation Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
I believe investors should focus on under-the-radar stocks, especially given the present rollercoaster nature of the stock market. 35% of my $270,000 portfolio consists of collapsing stocks that were previously respected, and I don't know where to go from here.
To tackle investment risks, the safest approach is to diversify across various asset classes, such as bonds, real estate, and international stocks, to minimize the impact of a market meltdown. Seeking expert guidance is essential.
Many people underestimate the value of advisers until they experience burnout. After a challenging divorce a few summers ago, I sought out a highly qualified licensed advisor. Her guidance has been invaluable in keeping my company afloat and thriving, despite inflation.
how can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success??
Angela Lynn Schilling is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
I just googled her and I'm really impressed with her credentials; I reached out to her since l need all the assistance l can get. I just scheduled a caII..
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
@rachealhubert74 That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@rachealhubert74 I will give this a look, thanks a bunch for sharing.
Queen are you debt free? No mortgage, car payments, etc? Why is your savings dwindling? Wish you the best in 2024.
Want a change for better? do not vote Demo this Nov 2024. This current govt does NOT represent usa anymore, Theyve sold us out and protect only their greedy rich selves and snobbish rich kids with bad habits.
Aaaaqqq1
I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Charlotte Miller.😊l
The very first time we tried, we invested $1000 and after a week, we received $7500. That really helped us a lot to pay up our bills.
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.
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?
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
When you said "you thought that every house in foreclosure was a good deal" reminds me of what I always say when I teach newbie car dealers that just because your at a car auction they are not all good deals. lol. Great point Dave !!!!!
Love you Dave. You are right about your points with real estate. However, telling your audience to only buy real estate with cash knocks 99% of people from ever getting started with investment property. You know its a wonderful investment, but your advice keeps your audience away from it. You got burned by being over leveraged with short term debt. That doesnt mean the right answer is no leverage. Having fixed rate 30yr debt in the accumulation phase is completely safe when walking into equity, paying 20-25% down, really strong cash reserves, and maintaining great cashflow. Saving enough cash to buy the first property can take someone 10-20 years. How much appreciation and cashflow was lost? Its not an easy business at all but its good over time with tight management and finances. These people trying to flip for their first deal are playing a dangerous game. 26:22
I think his knowledge is probably outdated. Houses aren’t 7k anymore
@@damionwatson1366 its the least risky option at the expense of much lower returns on capital or never investing at all. Knowing how to prepare for and control risk are key. Buying real estate with cash is a staying wealthy move, not a getting wealthy move.
😮
I’m not sure if you guys actually listen to what he is saying… get a mortgage that you can handle …. Pay off mortgage… be disciplined… pay cash for first rental because you are disciplined…. Then you have steady cash flow with way less risk and it all the cash comes to you and not to mention the thousands and thousands of dollars saved by not paying to the bank.
@@marcuspezzotti9436 Im listening and understand 100%. I also understand how long it would take for a person with an average salary to buy a property cash in most markets. Maybe never in areas where property value appreciation exceeds the rate in which someone can save. Sure, paying cash is the safest way to own real estate, but it still carries risk. It should cash flow very well when paid in cash but also look at the total return on capital. In most cases it will be lower than a stock market index fund that requires no hands on management. What upsets me is Dave gives blanket advice to everyone. Its neither right or wrong but very nuianced. Again Dave got burned being highly leveraged while not using long term fixed rate debt. That doesnt mean the right answer is 100% opposite of that. Zero leverage real estate isnt a great wealth builder. The part that many of Daves followers dont understand is that he didnt get incredibly wealthy from non leveraged real estate and mutual funds. He made an incredible amount of money in business. He preserves his money in those assets. Who cares about returns when you have financial freedom many times over? He does a poor job explaining wealth creation vs preservation. Again, I respect Dave but you also have to understand his advice is geared towards people that have had poor money habits. Be honest with yourself. If you are highly compitent and know how to manage risk you can afford to take on some risk. If you have terrible habits and dont understand money well you need to keep things simple and very low risk.
Got 3 properties interest rates below 3% I’m not paying off those properties but if I buy any at these rates today I would pay it off quickly. The key is to have cash on hand to cover emergency situations. Keep 10-15k per property is a very safe way to manage the properties.
I could listen to Dave talk about real estate for hours!!! So much wisdom. Thanks for making all the mistakes so I don't have to, Dave. Lol
Asking a real estate agent if you should buy a home right now is like asking an alcholic if they think you should have a drink, lol. Homes in my neighborhood that cost around $450k in sales as 2019 are now going for $800 - $900k. Every seller in my neighborhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The other option is for many people to go bankrupt, which would also be bad for the economy . That is the only way to return to normal.
Home prices will come down eventually, but for now, it is best to offset some of your real estate investments and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now it's best you seek an independent advisor who knows about the financial market.
I can relate to that. When I began working with a fiduciary financial counselor, my advantages were certain in these circumstances, I would always advise getting professional help so they could help you through choppy markets and just give indicators and strategies for knowing when to enter and exit the market.
Impressive can you share more info?
"Bianca Harley Doran" I'd suggest you research her further on your browser.
Very much appreciated, I ran a Google search and came across her Website. Thank you for sharing.
You know what happens to a rental that you own it just stacks money!! That right there was a massage to my ears💆🏽♂️
That’s such an underrated point in owning the rental property outright. You can be gracious in times of need because you don’t depend on that money to pay your bills.
You can also be very selective in who you rent to because you aren't nervous about filling it.
@@jerrywilliamson2040 Even being selective isn't fool proof. Many people during the pandemic lost their jobs, good hard working dependable people, that out of nowhere couldn't make their rent payments.
I get the element of minimising risk, and that Dave has suffered at the hands of it, but its also a huge opportunity missed on leveraging the debt
Dave has this huge income from the Ramsey show and everything else he does, so it's easy enough for him to have such a substantial debt-free portfolio.
Let's say i was in a position to put aside £1000/month towards a rental (which I think is more than most). How long will that take for me to buy a £80,000 house with cash? Including fees and refurbishment cost, it would take about 90 months (7.5 years!) And there's a very good chance that same house will be worth about 120k by the time the 7.5 years elapse!!
Instead, I could save for 2.5 years to make up ~30k, get a mortgage on it, have inflation erode the debt and start making an income...and thats not even considering raising finance etc.
Thank you so much Dave Ramsey. I got what I need to feel confident in real estate
Thank you Mr. Dave Ramsey!
Over the past 20 years gold has appreciated. 400% and real estate has appreciated 200%. You don't have to deal with tenants when you own gold And no property taxes
Your effort is not wasted my man I'm 25 and I appreciate all the videos you make they truly make a difference for people like me
Same I’m 20 this is great to hear especially when everyone’s getting rich off selling shit corses an becoming “profitable” day traders 😂
@@user-yu1ve9oe5n I am 8 years old and this really hits hard
And me too in my early 5th floor
Dave. Take care brother. You good man
Timing is everything. And that time would be, not now.
The time to get involved in the market was from 2010 to 2018. Prices, interest rates, and inflation rates were low. To try to get involved in the market now is insane.
Things are only going to get worse. 😐
Nahh there are deals in any market!
Business is where you make your money--Real Estate is where you put your money after you make it.
This is one of the most powerful comments ever posted. It will go over the heads of many!!!!
Thanks, Mr. Ramsey !!!
Building wealth through real estate takes time. Rushing into investments without proper preparation can lead to financial setbacks. Patience and careful planning are key to successful real estate investing.
I own my current home with no debt, buying my second home and renting the first one to help pay for the 2nd one. First home is a 2022 new construction.
I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.
yeah investment is the key to sustaining your financial longevity but venturing into any legitimate Investment without a proper guidance of an expert can lead to a great loss too
Hello, I’m 37 and I am not worth much yet , please help me out. Bought my first house last month and I can't seem to make any other smart investment.
wanted to trade, but I got discouraged with the market price fluctuations
Can you recommend a guide for me?
How's He contacted. I really need his assistance
your name came up at financial class interested to learn from you about: Real Estate, Grants, Retirements, and Investment but most of all pay off mortgage in short amount of time. Thank you
Jade,”wow… okay… mhmm… right… mhmm… oh no… yeah… mhmm… oh my gosh…. Wait…. Yeah…. Yeah… mhmm… I know that’s right Dave!”
She’s incredibly annoying. She thinks she has to be heard at all times. He needs to remove her from the show. She is annoying.
@@frederickalexandermeade4054are you okay?
@frederickalexandermeade4054 I couldn't agree with you more. Probably the most annoying staff member he has.
I like her, I think she adds good points. Of course Dave is going to talk more, its his show, she is like a sidekick.
"The idiots on tic-tac!" - Dave Ramsey 2023 🤣🤣🤣
Never change Dave, never change.
8:40
Uncle G.
😂
Hello Dave, hope you're have a great day. Have you ever heard of what are called Oxford Houses which are clean and sober living houses ?
Everyone wants to get in restate but don't even know how a house or property is built maybe do research that first so you can get to do estimates knowledge is free And you can really use it to your advantage to quick estimating
Dave, awesome interviews , very enlightening. Thanks for sharing your knowledge
At 16:04 You said that you start stacking up cash like a bandit !!!! LOL !!!!! LOVE THAT !!!! Im there now !!!! And thanks for your help getting me there !!!! Now that my wife and I have 6 100% debt free houses IM FREAKING SHOCKED AT HOW FAST WERE ALMOST SAVED UP FRO THE NEXT ONE !!!! LOL !!!! ITS FREAKING CRAZY FAST !!!! THE CA$H FLOW IS INCREDIBLE NOW THAT WERE DEBT FREE DAVE !!!!
May I ask how you managed to save up to buy a house in cash? normal houses are 250,000 now and that would take me years to save up to hit.
We just bought a house cash for 100k in buffalo ny. 3 unit. Needs 25k in renovation that we will do. We were able to save up because we paid off our mortgage as fast as we could. Takes alot of dedication.
I think it's time to make it more appealing for potential buyers. the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, Essentially why i'm at large for exit measures with my $500k liquidity
"Overall, buyers hold a lot of the cards right now, and sellers are having to give out more concessions to close a deal." All the best, I am proposing cashing in, walking away and renting while putting the rest in the stock market.
Just because there are opportunities in the other markets does not mean you should dive in headfirst, if you're unsure if to remain in the housing market i suggest you consult a professional just like i did before making any move, That's how i've been able to stay afloat for almost 5 years with proper portfolio allocation earning about $1m in investment returns
@amandabellz4056 wow!! massive gains! my partner recently hinted on going same direction.. what did you invest in, and who is your CFP please, if you don’t mind me asking? in dire need of asset allocation
Can't divulge much but 'Monica Selena Park' deserves credit for my investing success as one of the finest financial planners out there, you should be able to locate her online if you are internet-savvy
thanks for sharing, after scrolling a bit i spotted her site just after curiously inputting her full name on my browser, she replied to my inquiry and we were able to schedule for an introductory business call. I find her highly qualified
Good Lesson 👏
My stupid kid brain too busy playing with Legos in 2009 instead of investing in distressed properties smh!
Right! I should've dropped out of high school and did investments
Love this! Investing should be and is simple and sets us up so well for the future!
My partner’s been considering going the same route, could you share more info please on the advisor that guides you?@Yiannise42
Dave is a blessing to America, thank you so much.
TRUMP?
@@RayNagin504 ya mama
Yes,change agent
I think what Dave is saying is this: Real estate is just for storing your cash. The real investing you need to make is in your career or in your business. That’s where you’ll get the cash to build your real estate empire.
Yes, combined with living far below your means.
tic tac .. lol, listening to Dave give me a push to do better in my budgeting and putting more money in my retirement.
Christopher i have a direct mandate to investors whom seeks possible funding and capital financing, for new business opportunities real estate and projects. 0:01
26:23 the Proverbs verse was a great ending!
Love u. So how you can do the cost of your own labor work as a expense .let say I fix flip home with my own hands. How I can included as expense??and if u back then what u will do?...
This video provides the most valuable advice in property investment. Most of the videos out there would be advocating using the bank's money to buy property without using your own.
So we are talking pay all cash and not taking out a loan for purchasing a home to flip or rent?
@@SamParrr aka i am a scammer!
Amazing
Went into millions of debt doing real estate hoping to make it all back pray for ya boy
“Those who want to get rich fall into temptation and a trap and into many foolish and harmful desires that plunge people into ruin and destruction.” 1 Timothy 6:9.
What’s the opportunity cost of paying cash for a house with a 5% mortgage when you could earn 7-10% in market?
So true
I just LOVE how he calls TikTok “Tic Tac” 😂😂😂 reminds me of how my grandma always mispronounce words 😂
If you buy 1 rental cash and tenant doesn’t pay, you’re immediately at a loss (tax, insurance, utilities, maintenance, management, repairs). Instead better use the same money and buy 4 rentals with mortgage, if 1 doesn’t pay you still make money from the other 3. Also when house price goes up by $100k you’ll make $400k vs $100k on a single.
I like how Dave days tic tac lol Thats a breath mint sir. haha
Nothing is wrong with failures. Failure is the learning curve cost. You only get over the curve playing the long game.
What if you live near a military base and set rent rates based on their housing allowance?
It makes sense to pay off primary residence in full before investing in more real estate if you are in a low cost of living area, but how would this work for those in areas where houses cost at least 500k+?
Renting for too long rents a sky rocketing . I'm climing like everyone in age,but don't want to continue. Qho should I talk with? Any Real estate broker will tell you what you want to hear. Can you direct me.
As a newbie that wants to invest, you must have these three things in mind
1. Have a long term mindset.
2. Be willing to take risk.
3. Be careful on money usage, if you're not spending to earn back, then stop spending.
4. Never claim to know - Ask questions and it's best you work with a financial advisor.
I'm favoured financially, Thank you Jesus $32,000 weekly profit regardless of how bad it gets on the economy.
Thanks to Mrs Maria Davis.
She's a licensed broker here in the states
YES!!! That's exactly her name (Maria Davis) so many people have recommended highly about her and am just starting with her 😊 from Brisbane Australia🇦🇺
I'm surprised that this name is being mentioned here, I stumbled upon one of her clients testimony on CNBC news last week.
What's the story behind the PODS container on the bookshelf?!
All renters ever pay is the massive interest on the amortization schedule and very little towards the principal. I agree 100% with you Dave that its a complete farce that renters buy the house for you. 30 years on a mortgage is way way way too long for a renter to supposedly buy your a house and also 30 years is far too large of a window of exposure to risk of a renter screwing you over. 100% paid for with CASH RENTALS IS THEE ONLY WAY TO GO !!!!!
Sounds Ike you don't know what your talking about
@@TheMrPorterwhy would you ever sell a rental property??? Literally no reason to ever sell a perfectly good property that is cash flowing each month
You’re right! Just save 150-200k in the bank then dive in to rental properties. Lmao so real estate investing is only for the Uber rich? Got it
@@hi-fd8eqto 1031 exchange it into a higher valued property that cash flows higher as well silly.
Your tenants give you the rent. Then you should dump rhe rent onto the principal of the loan...that shrinks the horizon of full payoff considerably.
But if you paid cash for rhe rental property, $ just stacks up, unhindered, except for nasty property taxes
Great show Dave. I’m an investor since 2007. I have over 40 houses. Keep it short and sweet. It’s the real world no tik tok. Working with contractors to meet deadlines going to kill you. Evictions going to kill you. But, I enjoy what I do. I take many vacations, I golf several times a week. So it’s not all bad. That’s all folks
What’s your advice for 2 18 year olds with about $10k looking to invest or start in this business? Or is it more so You have to save up $100,000 of dollars then you can start investing ?
That’s challenging. First u have to find a house at a super great price. Next do u two have the skills to rehab an entire house.
@@Johnside._ well it’s challenging to find a house at that price. If u do find a house at $10k do u have the skill set to rehab. Far as saving $100,000 would be nice but not necessary. If you’re serious about real estate work a good job or two jobs and build your credit. I was fortunate enough to have a good job after college that positioned me to buy houses.
@@champjohnson8614Hi. I have 110k in cash that I saved over the years from my 9-to-5 job and living with parents to save money. I’m ready to invest. Do you have any advice? I want to come out making money so I can keep it going and am having analysis paralysis. I don’t want to buy a house and be a slave to the house, I want to make money with this money first. It’d love your take on it.
Inspired content!! You can only remain in ruins when you live above your possibilities, spend less and invest more. Don't be in a quick to forget that liabilities feed on you while actives feed you. Start an investment and save your future. Crypto investment is a very good idea.
I agree with you. Investment is the key to sustaining your financial longevity, and not just any investment but an investment with guaranteed return.
I used to have a senior colleague at work who lived well but never had an investment, unfortunately his job was terminated so he went from living well to surviving with his family. If you had invested while you were still working, you would have had another source of income.
Investing is a prior decision to make for the future. If you are looking at this and don't have an investment, please make plans to invest so you don't end up like my colleague at work.
Quite impressive but HOW!!?😊 I know it's possible, my colleague at work got her first investment return of $57K after two weeks and she quit the job, I would appreciate if you show me how to go about it.
My first experience with Mrs Theresa Cann gave me the assurance and confidence that has made me to invest without fear of losing, I really appreciate her efforts and transparency.
I die every time Dave says Tik Tack LOL. Its tic tok but thats ok :)
Roasting Grant Cardone with ‘I have a jet’ 😂
The only thing that Ramsey's idea of cash only houses does not consider is where do I live whilst I save up? Obvious answer is to live with parents but what if that is not possible due to having a job else where or maybe not having enough space for you or you and your partner. At that point you are forced to rent, and most people would rather get a morgage with lower monthly payments then the rent whilst removing themselves from the renting cycle and whilst gaining equity.
I would really like a reply to this as this is a major issue here in the UK and I could imagine in the US.
now its really a bad time to purchase a home ; especially for flipping. In my neighborhood a house that cost 400k - 5 years ago is now worth around 650k...A house next to my house in the neighborhood was listed via a realtor for 550k and it was under contract within 1 week for 550k .. go figure....i spoke to the homeowner and he told me had had 2 cash offers on it within a week and he declined both of them because they lowed balled way below what he was asking
In the Netherlands it dosnt work like this we pay tax voor the income of our profit also if we have debt
This may be my favorite Ramsey video ever!
Sebastian i have a direct mandate to investors whom seeks possible funding and capital financing, for new business opportunities real estate and projects. 0:01
Smart man 🙏🏾✍🏾
if you make smart decisions and invest in the right places, you can reduce the risk factor, increase the reward factor, and generate meaningful returns. The majority of stocks will be at or near one extreme or the other several times a year. Stocks have a 52-week low and a 52-week high. equities fluctuate up and down; even rising equities will retrace and test previous supports. It's what they do, and I tend to buy much more frequently at or within 15% of 52-week lows. Although the market is out of my control, I can control when I buy
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation
*Whitney Kay Stacy* is her name. She is regarded as a genius in her area and works for Empower Financial Services. By looking her up online, you can quickly verify her level of experience. She is well knowledgeable about financial markets
Thank you for the lead. I searched her up, and I have sent her a message. I hope she gets back to me soon
Yeahhhh - done ✅
I guarantee the problem with the Austin house is choice of finishes
Majority of people can't save the full amount of the cost of the house, they need a loan to do that. What he is saying is very hard to do.
I bought my house on a hud auction, paid cash, never had a house payment again.
Investing in Real Estate is the best thing we can do. I started investing a few years ago and now I own over 100 units. Adding value to multifamily properties was how I got started. I recommend everyone to buy rental units, it will set you up for financial freedom quite fast.
That’s awesome . Congratulations . Would you mind sharing how you went about to acquire those your rentals . Thank you
I wonder what Dave Ramsey would say about my investment strategies. "Just stupid!" 😅
0 down VA loans, rehab and rent the home after living there a year. Have 2 properties renting out, 6 doors. Combined, my husband and I are in debt over 1 million including our current primary. But we can put 5k in savings every month and we are in our 20s. I have mixed feelings on the Dave Ramsey method. bigger pockets podcast is where I pick up a lot of real estate investing methods.
We always love free things, that's why I always say to my clients to borrow as much as possible and file for bankruptcy. Afterwards its a fee ride for them.
I live in Australia. How can I apply Dave’s financial wisdom to property investing in Sydney?
Thank you
Hahahhhaa you can't. You'd be a fool to buy property in any Aus capital city.
What does he mean when he said they called all his notes at one time
Dave gives us a lot of numbers. the amt of real estate he had at 23. how mnay millions hes spending to build the new building now. the numbers ive never heard are immediately after he went broke. he said he vowed never to take a loan. just curious what he was doing for income then. how much was his personal residence he paid cash for and how long did it take to save it. how much was his first rental he paid cash for. and how long it took to save for it. how much he was renting that for. and how long did it take to buy the next for cash.
that would be interesting. if its in one of his books, id buy it.
Augustus i have a direct mandate to investors whom seeks possible funding and capital financing, for new business opportunities and projects. 0:01
I agree with you in this one, i used to own real estate and still do, my house is paid off. Even if I said all of my money up to this point, is still would not have saved enough cash to buy my own house now for cash. Second, I do not believe for one second that Dave did not use loans. It's financially and physically impossible for Dave to save that cash after going bankrupt. Dave always claims that he own hundreds of millions of dollars worth of real estate. Let's do some numbers. Let's say that Dave owns 100 million dollars in paid off real estate. That means that after he went bankrupt, for the last 40 years he would have to be making $1,200 dollars an hour and saved every penny for the past 40 years. I don't know a single person right now who is not a billionaire that makes $1,200 an hour. I am not saying Dave doesn't own the real estate and that he doesn't know what he is talking about but he is not giving a full story. I to would like to hear that story and those numbers.
@@NoName-jm4ev What Dave conveniently "forgets" to mention is that he has hundreds of millions of dollars of real estate which he bought by selling a billion books and operating a multi-billion dollar company. There is no way a regular John Doe is going to save a million dollars a MONTH and accumulate several hundred million dollars of paid off real estate.
I can answer part of your question. He started making money from the radio after he went broke and doing debt free seminars and then that grew to him writing books and creating the company around financial peace
This is nice... Do you have discord channel?
Very good advice! ❤😊
Ramsey sure knows how to SHAME people I would never work for him!!
One reason is the labor costs. If you’re not in a $300,000-$400,000 market or you do about 25,000-$50,000 worth of work yourself the contractor will eat up all your profit
@@TheMrPorter Sure the total rehab will be 150,000 -200,000 if you bought the house for 100,000 you’re already at close to 300,000.
The only thing i hate about Dave is that he is always flexing his experienced when answering questions. Like yes we get it you went from broke to rich and broke again and rich again. Just answer the questions directly. You can show off your experience in a blog or something.
You get the most out of Dave when you ask him about real estate, you can just see the memories and trauma that made him who he is.
I flip houses. On my 26 flip. Where do you get all this cash from?
I want to invest 100k liquid on a rental property 🏡 do you recommend getting a property manager to run it? My primary residence is paid off but I'm not familiar with rental properties 🏡 Also what do you think about air bnb's? Have a home in the Caribbean 🌴 that I'd love to do air bnb's with tourist visiting the island 🌊🌴💖💛💚
Man…. I see he means well, but it’s just not the full picture. He projects his failures on everyone else (which could happen to us) but that doesn’t happen to every single person. He was being stupid with debt, that doesn’t mean debt is the devil.
Good tenants are awesome. Bad tenants are the worst
How do you differentiate between good and bad tenants? Do you have a specific method for filtering potential tenants?
@@naughtywizard the ones who don’t pay are bad ones
@@jaredmartin3798 I’m asking how you would determine that before you sign them
that’s where a good property manager comes in. they will do checks on your behalf.@@naughtywizard
@@jaredmartin3798lol! That's a sure sign
A real estate investor for over 20 yrs, the takeaway is when everyone’s selling you buy & when everyone’s buying you sell. Be wise with Location Location Location! Herd mentality & FOMO make us poor!
Well to be honest, the only way to buy real estate then is to increase your income. To save for it. Which realistically not a good path for me
I guess if he couldn't do it there's absolutely no one else capable of avoiding this mistake and being successful....
In the baby snowball method I seem to be at step 2. They advise me to put my savings in to eliminate my debt. I wonder if this also goes for low interest loans. I have a study loan in the Netherlands. For a morghage this depth is not visible. And I am having an interest rate of 1,7 % over 15 years. It costs me 800 euros a year.
Is the house ready to rent.
she has a great voice
How did Dave pay off his house quickly after going broke, then buy his first rental in cash and then quickly (his words) buy another in cash? Unless you're working another very high paying job (which hes never mentioned?) then that process typically is very slow. A mortgage free rental may stack cash but if its paying out say 7% its still many years before its enough to buy another house in cash.
He answers this in another video, forgot the title. He admits the first house was slow. He used his income put it into an index fund grew it and paid cash. Now he had a rental with no debt and all the income earned minus just expenses went towards buying his second much faster. With an even bigger cash flow buying the 3rd and on become so much easier and faster. He called it the purchasing snowball (the debt snowball in reverse). He said going debt route gets you in fast but has slow growth, his way gets you in slow but has fast growth. Compare someone who has 10million in assets but is 8million in debt to his way with 3million in assets and no debt. 2nd person wins and is in a better position to expand, the first is highly leveraged and is more at the mercy of the market on whether that leverage works for or against them
I think Dave as a younger man sold illegal something… maybe white collar crimes, lol
Read his books
Stacking money
@yeah thats how he made his money from selling his books lol
8:10 not many people file bankruptcy so your example is not the mass. Every state has tenants rights and in those rights states what landlords can do if tenant doesn’t pay. I have worked as a housing advocate and personally taken a landlord to court so I know what I am talking about. Buying a multi family house is a no brainer way to build wealth.
The moment I hear homeowners flex their equity or people make the argument that someone renting your room or place is paying your mortgage. Do not listen to them. Pros in real estate don't talk like that. They get into it deep and speak in terms of margins and costs.
if i bought a duplex and rented out the one next door. i would hire someone else to run it and collect rent therefore the renter would have no idea that i was the owner and wouldn't bug me lol
Recently my wife and I just sold two real estate properties for a total sum of $800k. We plan to purchase a new house next year, the cash is just sitting in our joint savings account What do you recommend we do? I will appreciate any suggestions.
Certain stocks and commodities are a good hedge against inflation, however you need to know what the heck you're doing or better still, seek help from a money coach/invt-advisor.
Concurred. was way easier for me to navigate the markets not until 2020 stock market crash, I had to source for a portfolio-coach to revamp my entire portfolio and hedge against inflation. Concisely, I’ve pulled off around $850k after subsequent investments, since using a coach two years and counting.
This is huge can you be kind enough with info on the coach that guides you please? I’m in dire need of one as I approach retirement
I take guidance from Monica Mary Strigle, you can search the internet for her basic info. She is often consulted via her site online.
Thanks for saving me hours of researching, I curiously looked up Monica Mary Strigle on my browser and come across her website, I hope I can allows interview Monica myself.
I’m a NY Real Estate Broker. Re: Nate in Austin, Change the realtor. 🤷🏽⏰🎯
That’s not necessarily true (at least where I’m at in Florida) for the bankruptcy. If my tenant goes into bankruptcy and they owe me past rent, they still have to pay current rent each month and make up past rent in a “reasonable time”. Can’t say the laws for other states though.
Owning over 2000 properties.... how do you even find the time to do that? That doesn't compute.
Gee Dave, I don't know. I bought a 1000 shares of Eli Lilly stock in 2011 @ $34.25 a share. It's now @ $830+ a share. That's an increase of over 2400% in 13 years. That's just one of several stocks that have been 10x or better that I've bought over the years.
I don't know of any mutual funds that can do that. Could rental real estate that was bought for $34,250 in 2011 be worth $830,000+ 13 years later ? My stocks don't call me in the middle of the night saying the water heater split open or their roof needs to be replaced. No maintenance costs, real estate taxes or insurance to pay. For that matter the SEC insures my holdings that are within the brokerage in case they go bankrupt. Yes, they can lose value, but that's what stop lose orders are for.
Stock investing is not for the faint of heart or for people who aren't willing to do the work to research and educate themselves on where they are putting their money and why.