Should I Sell My Rental Property Right Now?
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- Опубліковано 22 вер 2022
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CALLER!!! Hope you read this! Recently transitioned out, work on your VA disability, get a sleep study and keep good medical records.
yeal, grab those free handouts
@@warrentrout I'm sorry your disabilities weren't service connected.
@@warrentrout not free he paid with his Service to country. Something you obviously have no clue about
@@warrentrout When you pay taxes, then talk.
@@chaselesser3191 I get 6k a month for doing 20 years! Can’t beat it!
This is a major decision for this couple and deserves more thoughtful response than an off the cuff "you got muh baybee steps out of sequence. Sell."
Questions not asked:
What is the "financial mess" you are referring to?
What are you going to do with the proceeds from the sale?
How long has this been a rental property?
Are you looking to buy a home when you get out of the service?
What will be your capital gains if you do sell?
When all is said and done, perhaps the correct course of action is to sell the property. Perhaps not. Hopefully, this caller will talk with someone who will give him a more thoughtful answer.
@@protomon says Mr Proto
@@ElBadu no it really is crashing though. But that doesn’t necessarily mean that you should sell it. You should only sell it if you’re planning on selling it later. If you want to keep it as a rental forever, then it’s fine
Good analysis @Lee_CPA.
Buy and hold real estate.
I have a rental property in fayetteville nc, fort bragg. Rent as well as the value of the house have doubled. I get calls daily on it. North Carolina is red hot, it has been. Fayetteville is getting ready to open two new plants creating even more jobs.
“If you didn’t own it today would you buy it today” is Dave’s advice here.
“You make money on real estate at the time of the purchase” is also advice Dave has said in the past.
I agree with the second quote, and am curious why Dave seems incurious about this guy’s numbers. Buying it today isn’t the same as buying back when he did.
In business you always need to think you make money when you buy not when you sell which means don’t over pay! However the caller was making money renting the property you still don’t want to over pay but it also wasn’t a flip.
I think the thing that really made Dave go where he did was because the guy said that they were going to financial struggle.
That's all he needed to hear.
If the guy had said that they really don't mind being landlords and they kind of love having the rental property and it's no stress Dave would probably say to keep it.
But he said he's in a rough patch financially so that's the perfect time to offload a stressor and take the equity and then have a goal of having another rental property in the future when you're not in a financial rough spot
Straightforward advice LOL. But totally agree with Dave's advice since he's transitioning from the military. Good luck, Sir. Thank you for your service!
Agreed with the advice but Dave's example is horrible. Going by his example 'Would you keep a fire extinguisher in your home if there is no fire?' Dave would answer 'no, don't need it at the moment'
I have a hard time selling my comic collection sentiment wise but getting lowball offers makes it easy to abstain
Do you want to buy mine?
It may take longer, but piecing it out yourself will net you a greater profit. Collectors will try to get a discount for taking it off your hands all at once.
Don’t go to stores or collectible shows. They want to buy it just to sell it.
Low ball is a term that is subjective, people will pay what it is worth.
@@takeastandorbeenslavedby-left norcal is full of cheapskate hucksters. A collection valued 700 to 900 pre grading shouldn't be selling for 100 bucks.
He could just live in the rental home, work at the prison, and just pay it off. If he sells it, then what kind of home could he buy with $50k 🤷
Yep, probably want to keep that low interest rate. Gonna be renting awhile.
Agreed. Dave Ramsey is kinda stupid tbh, either that or he’s purposely giving bad advice
Heard this story before. Is this a re-post?
Great sell
No Way. Rent sky high sellers are dropping prices like crazy
Insane how many people spend so much time in the military receiving free housing and benefits with no much financial freedom to show for unless they are injured or something. Very interesting.
bright people...
There’s a caveat to that man. If you don’t get BAH you’re maybe getting $2k-3k a month. In some areas you can’t live on a base, so BAH can be an extra $1000-3600+- for income.
So yea, you’re getting the benefits but not a lot of pay.
Keepppppppp itttttt.
Fayetnam represented!
Horrible advice from Dave, do not sell a cash flowing asset.
Wouldn't they need a place to live after leaving the military since they live on base now? Why not keep it and live in it?
Dave says you never want to move back in to a house after you have rented it lol
They most likely are not originally from the area they’re just stationed there
@@nickm4662 i think i would hate what they had done to it even if the people were clean clean
No. I would not be selling.
Dave really know nothing about what's going on. He did not follow up with any questions.
You only sell it if you are make no profit on it.
But Dave always use strawman arguments for everything.
So you sell every rental ever since they NEVER make any profit.
Can we call this one slippery slope? Him keeping the rental is contradictory to the ideal chain of events that should follow ( i.e. Ramsey's baby steps).
@@front331 People have to learn that it is not a 1 size fits all.
Yu can do it out of order. Or not follow some of them.
Yes!!!!
Some times it's about the type of property. Florida High-rises are a nightmare, they rent well, but insurance, maintenance, taxes, restrictions and special assessments will make you wish you never bought it. Too often the the decision to sell is about paying $50k in taxes now and turning a semi passive 7% yearly return into a passive 4% return. I have something like this I want to sell, but it's not like I have any better plans for the money beyond not wanting to own it and thinking we are about to wish we had sold it. Seriously thinking the best return on money will soon be the freedom and time it will buy. Prices can't keep going up and my concern is we are running out of crazy suckers in this econony.
No sacrifice, no victory. -Sam Witwicky
Dave said house prices won’t go down and he is sorry for misleading them.
No he isn't.
Not sure where you live, but I have not seen any discount in prices. What you are seeing is sellers trying to "hail Mary" a price hoping others will bite.
@@alinatamashevich3354 70k drop on 500k original tag: 14%
@@memecat84 Again, not in my neighborhood! Those are trash properties where the owners are trying to cash in, nothing more. I can put any price on my home and then "mark it down" to trick people. Stores have done this for decades, and people fall for it. "A fool and his money....."
@@alinatamashevich3354 WRONG! Next door same build/floor plan no upgrade sold for 560k in 2021.
In my opinion, the only situation in which it makes sense to sell your rental property is when you're experiencing significant negative cash flow and the property's value isn't consistently increasing. Additionally, if your property requires frequent repairs and maintenance, it may be best to part with it.
What if you're no longer happy having to deal with all the crap of being a landlord?
If being a landlord doesn't make you happy, consider other investment options.
@@path2049 that's what I'm going to do it. I think I'm going to sell all my stuff although I have no idea what else invest in but for the time being I'm going to get rid of it and finally be free
@@JohnSmith-pg9ns Sounds good. Take a break and think about what you want to do next. ...
Didn't understand Dave's logic...
He has a hard time actually answering questions. Mostly he just babbles.
More like “can” you sell your rental property right now? Too late Buddy!
It's near the base. Those are constantly bought & sold.
@@I_like_turtles_67 Even the entry level homes are being heavily discounted to sell now.
Don’t go work at a prison lol
How many millionaires are made through real estate ?
@5:45 sold their motorcycle...maybe that motorcycle is to offset the miles to their vehicle(s) Sell the boat; maybe that boat can be leased by the hour and generate income.
Me n Dave used to smoke dope together
whats to stop the current tyrant from handing out free rent AGAIN?
A prison guard or a cop 👮♀️ sounds like wishful thinking 💭
You have no idea what you’re talking about. A huge percentage of people in those two lines of work are hired just for being veterans.
Or an astronaut
💪✝️
I call it "Slaughtering the Sacred Cows". When you are in a rough patch and don't want to go into further debt, slaughter some sacred cows. Well, what are they? The truck is not up for discussion. Cablevision is not up for discussion (football). My new iphone is not up for discussion. Our 'forever home' is not up for discussion. My gun collection is not up for discussion. My gaming systems are not up for discussion.
Whatever is not up for discussion is probably what has you stuck in a rut. Slaughter those sacred cows!
Her husband is already retired?? Did she marry Benjamin button???
She said that he retired after seventeen years. If he started young it makes sense.
These day, lots of cops are retiring.
Either because of mandates. Forced retirements. Or that every little thing you do is scrutinized.
I know, right.
Like how old is she?
She married Danny Glover.
@@v.m.4453 Exact same thought. Does she just look too young?