“You Suck at This”
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Empty for 2 years? Wow. Dave's right. She's not landlord material.
She is going to do her own thing no matter what anyone says.
"Whateva! I do what I want!"
That’s life don’t need to do everything everyone tells you to do
Nice to be making money, paying mortgage, fixing up her home, living with mom and grandma because in her mind all is good. She can't handle the reality that she is wasting her money paying the mortgage on a house she wants to rent out. Things were all right till Dave burst her bubble. 🥺😅
Why call for advice then argue? Anyways, after building a rental property portfolio, I became exhausted with real estate market challenges and decided to sell. Now, with about $5 million, I'm contemplating investing in the stock market with solid positions. What are your thoughts?
With $5 million, one wrong move can have significant consequences. It's crucial to invest cautiously and diversify, with 40-50% in safe investments. Given your budget, I recommend considering financial advisory services.
Absolutely! Most undervalue advisors, but their expertise and risk mitigation strategies are invaluable for savvy investors. For those with busy schedules, monitoring the market is challenging, so we delegate to experts. I'm currently working with one, and my portfolio has grown to $1.3M, a 25% increase from last year, with robust diversification and inflation hedging.
This is mind blowing! As a young adult inheriting about $500k and new to stock investing, I'd greatly appreciate it if you could direct me to your advisor. I can't afford to make costly mistakes.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
Congrats.
She bought a house for rental, but it's been sitting for two years empty while she has been living with her family (not a bad thing) and putting money in renovations. She has no business in being a landlord.
That's the point that she fails to get
We live in the “HGTV era.” I really don’t believe anyone who buys a house and claims it MUST be repaired/upgraded/renovated unless I see it.
They use buzzwords like "outdated", "freshen", "more modern" to justify spending tons of dough to simply change the aesthetics of something that still fully functions.
I agree. A lot of the time, a new paint makes things livable. It's cheaper than a whole kitchen renovation, etc.
She'll make it all fancy and then the renters will destroy it in short order. That caller is so clueless it hurts my brain!
@@bobbylibertini you run a credit report and vet renters so this doesn’t happen. People would never buy rental property if this was this case
@@kathypatterson6813 It happens every day, even if one is diligent. My uncle used to rent a house out to teachers from SUNY on Long Island...good credit and all..they did $30K worth of damage which he was never able to collect for. Ditto a couple I know who rented the extra unit in the 2-family... A long time family friend was the property manager for a large modern apartment building- she'd handle the court cases. The stories she'd tell detered me from ever becoming a landlord, which I had ambitions of being as a teen and in my 20's. The landlord ALWAYS gets screwed. My late friend in FL had 5 rental houses....the tenants would steal the appliances after not paying the rent for months. Cops: "Did you see them do it? No? Nothing we can do". If similar things haven't happened to you, either you haven't been a landlord very long...or have been extremely lucky.
One of the weirdest calls I’ve heard in a while. She is doing everything wrong.
She kept interrupting Dave with all the buts….Waste of time because she is going to ride that ship to the bottom of the ocean.
Poor girl has a first class Titanic ticket! 🎫
Never tell Dave....."I live with mom, or I didn't have a plan."
Literally that’s where she messed up I live with my grandma cuz I help her Dave makes no sense sometimes
Yeah, when she said "I didn't have a plan", I thought uh-oh, Dave is about to give her hell.
Yeah it what bothers me the most about his boomer mindset. This idea that every unmarried adult should just live alone is asinine. Maybe the whole loneliness epidemic is because of that. Unless you have a spouse and children of your own, it’s better to live with loved ones. We aren’t meant to be alone is humans
The $3600 a month was the nail in the coffin in this conversation... That's insane!
That’s not an abnormal mortgage in California or DC
@@kathypatterson6813 but $3600/month is abnormal to be paying on an empty house for 2 years.
3600 a month sounds very high on 96,000 a year
I was a landlord/owner on 3 properties from 1998 through 2016. It was good from 1998 through 2007. After that it was pure misery! I was damn tired of tenants and repairs. Sold in 2016 and good riddance. Tenants suck, people suck!
bUt YoU’rE jUsT a gReAdY lAnDlOrD wHo dID nO wOrK aNd mAdE aLL pRoFiT!!! 😡
true, many people think being a landlord is easy money
I bet you want to scream when people say "passive income". 😂. I sold too.
@@treasurethetime2463 💯
The world lies to us and we fall for the lies. Plus doing it all alone sucked. You need a support team on the exact same page with you.
Non-homeowners just don't see homes like homeowners do.
She spent 86k so far in mortgage payments on a house she’s not making any profit from and is sitting empty. Wow. And she’s ok with that because she’s “comfortable”. You just can’t help some people…
She's living that bossbabe tiktok landlord life where she thought she's just buy a house, renovate, and then live with passive income. Instead she has an albatross of a mortgage while failing to move out of her own mom's house.
@@Sizukun1well evidently she doesn't _want_ to move out of her mom/grandmother's house. Yes hee mortgage is ridiculous however with the housing market like it is in her area now she will still likely come out far ahead from what she paid for it despite having had no money coming in on it for the past 2 years.
@@PrimateProductionssomebody gets it. DC is very stand alone in real estate. Even in the worst areas she’ll still make a profit when renting AND has likely increased equity around $100k over the past 2yrs
Agreed. The bottom line, is being a landlord is extremely smart. And living with your parents for free, is also smart. If they let you. It sucks she’s paid a lot of mortgage payments while the house sits while doing renovations, and she probably should have found a better contractor to work faster- yes, but at the end of the day, being a landlord does pay off big time. Dave Ramsey is wrong here
@@Sizukun1 Exactly. She likes being able to say she's a landlord/real estate investor...but she's spending 60% of her take home pay on a property that hasn't made her a dime. What a moron.
She bought a house for no reason... with no plan.
What in the freaking world?
The caller is more confused than Dave and Ken on this one
Any time I question myself or feel dumb, I come here and feel better about myself.
Yeah, she sounded like a real dolt.
That's me exactly..... "At least I wasn't THAT STUPID!!"
We bought our home in 2017 and had an extensive home renovation done (completely new kitchen, new floors/ceilings/walls, bathroom remodels, new carpet, new lights, and a bunch of other stuff), and we had to fire the first contractor because he wasn't doing anything. Even the second contractor was molasses slow. It took 6 months to get it all done, and I thought that was an eternity (it truly should have taken about 2-3 months). I cannot imagine waiting 2 years. This contractor is stringing her along.
How did you find your contractors? Did your first contractor demand some money upfront?
@@misformargaret4028 My father in law had some connections - the first one was just a poor one I guess. We didn't have to pay much upfront for him, fortunately.
Not every hustle is for everyone. I noticed a lot of people getting suckered into the “second stream of income” life without properly considering everything that the second income entails. The phrase “hustling backwards” definitely exists for a reason. I hope everything works out for her regardless of what she decides.
This is SO wise, thank you for sharing!!
@@vale_rawrrrx3593 No problem!
She’s bringing home $5,500/month and has a $3,600 mortgage on a “rental” with no tenant for two years. Can’t make this stuff up. No wonder she can’t save up the money to get the maintenance done. Also, she blames the contractor for the delays, but then also admits that she doesn’t have the money. The contractor is not prioritizing her as a client because she is probably giving him work very sporadically every few months after saving up some money, rather than her just giving him the full project and letting him complete it. Why would he want to waste time doing research and writing quotes just for her to come back and say, I don’t have the money right now, can you just do parts A and B for cheap, and maybe I’ll come back in a few months for parts C and D.
She makes 96k. So that's 8k a month. Maybe like 6-7k after taxes and deductions.
@@jimmymcgill6778 No, at 96k salary she’s paying about 30% in taxes. Maybe 28% if she’s lucky depending on her local taxes. At 28% taxes, that’s $5,760/month left, not including healthcare and retirement. So after $100 towards healthcare premiums via paycheck deduction and a paltry $150 for retirement, that’s $5,500 take home.
The only way she’s paying substantially less is if she has children and is getting the child tax credit. Otherwise 30% overall is the norm for a single person making 100k +\- 2% depending on whether you’re living in a blue or red state.
@@jimmymcgill6778I make 98k. After taxes and all deductions it's around 5-6000 a month take home. Or less depending on how much goes into 401k and other deductions.
@@Julian-zc9vm Read what I wrote. I said 6-7k after taxes and deductions.
@jimmymcgill6778 Your math is incorrect. The tax rate in Washington D.C. is 29%. Meaning at a maximum she's taking home a little over $5600/mo, if you don't deduct for healthcare and retirement. Subtract the mortgage from that and she has at max $2000/mo to pay for everything else. She's needs to either sell the house or get a tenant that doesn't mind a little construction ASAP. That house was out of her price range.
$3600 a month? At $96k a year shes making $8k/mo taking home $5600, so after the mortgage it’s $2000 a month. But she feels like she’s a home owner.🤦♂️
She gets to tell her friends she's a boss babe with real estate investments.
I'm single/no kids & also earn $96k/yr. I own a home, but my interest rate is 3% on a $100k refi, so I get ZERO mort int tax benefits, & ZERO other tax write offs, since my tax write offs are lower than my $13k standard deduction. I live in CALIFORNIA, & my net take home pay is $6450/mo (& Ca st tax is HIGH!). My combined Fed & St taxes amt to under 19% of my gross income. With HER HUGE home mort int rate tax write off, she's probabably netting $7k/mo. HOWEVER her Mort pmt is WAYYY above the 28% mort/net pay ratio which is universally considered "affordable mortgage" (hers is ~50%). So YES, she NEEDS to SELL this house, NOT rent it, NOT live in it!
She likely acquired the home with a huge interest rate and convinced herself of a grand plan to turn this into a handsome revenue stream. Unfortunately, her math is fuzzy and she would probably still not take anyone's advise.
@@ministryoftruth8588 you have the Republican 2017 Tax Act to thank for that, which capped the mortgage interest deduction write off at $10,000. Republicans knew this only affected blue states like California and New York.
I just did the same thing on my calculator if that’s her take home it’s 45% and if it’s her gross it’s probably 65% of her money going to a mortgage she doesn’t even use. Even if she did live there she would be better off selling it.
I’m speechless… people just have no clue
But tik tok makes it look so easy 😢
That’s why they call. Are you new here?
@@kay22100 I’ve been watching Dave for about 10 years… chill out
3600 a month making 90k and she thinks she can move into it and live there herself? She doesn't even understand what's going on in her own financial life.
De niel isn’t just a river in Egypt
As someone living in DC ... rent/mortgage here is expensive but I wish they had asked her how much she intended to rent this place out for. At $3,600 as the base mortgage payment, she'd have to charge, what ... $4,500? To account for emergencies and upkeep? Maybe I'm estimating too high. But that would be a HARD SELL for anyone who isn't trying to do a group home situation if this house isn't near a fun neighborhood/Metro station/is super updated. There are apartments with tons of amenities that are two bedrooms at that price.
lol she doesn't have the money to do repairs and hasn't had tenants in 2 years. There's nothing else to ask
More than $4500 a month...to also cover taxes and insurance too..... Even someone who knows what they're doing couldn't make a profit on this one. Actually, people who know what they're doing don't buy single-family houses as rentals. People who really know what they're doing don't become landlords...period!
@@mannyjeanpierre4062 disagree! She was skeptical of their responses; that question could've helped her understand what she really was trying to do and how futile it was.
I'm screaming! If she would of just invested all the money she spent on this house.
Exactly.
Considering how crazy hot the housing market in Washington DC where she is located is right now despite having had zero income from the house for the past 2 years and having had to put some money into it via mortgage payments and updating/repairing it she is still very likely to come out way ahead if she sells it right now....far more than she would have made by otherwise investing that money!🙂
@@PrimateProductions Unless she plan to go through a broker for vetted high end renters, she's better off selling it. Get the wrong tenant and you can lose all the money you put into the house.
It sounds like a money pit.
@SayianWizard DCs TOPA laws means she has more protection than in many states. All of that squatter foolishness is moot. She has a single family home and TOPA does not apply. She need only give a 30 day notice and the tenant is out without a legal leg to stand on. You are correct if she had a MDU but the laws are different for single family here
How can anyone be making $90,000/yr and doesn't have enough sense to tie their shoes?
That's the normin America.
I bought a condo and lived in it for 20 years. Now I rent it out for $1,500 a month. I would never have bought it and never lived in it. The extra income now helps now that I am retired.
I also have SSI and a Pension. Sometimes I want to sell my condo, but then I think about the extra income has a bigger advantage then selling it for the next 10 to 20 years.
You’re only making $18k a year. If it’s worth more than $200k, you can sell it and put it into a mutual fund that makes 10-12% which is $20-24k a year
@@timchow924 I worked at an Auto and Home Insurance Company in California which had a 401-k and a 401-k Roth for 24 years. deposit15% and 8% saved money and retired early. Still growing in both, also SSI and a Pension. I am making $3,700 a month.
Please dude! I have a 401-k and a 401-K Roth. I have them both for 24 years now. I retired early from an Auto and Home Insurance Co. in California. It is in the top 50 best jobs to work for, listed in Forbes Mag.
Miss, you are burning up 44% of your gross income for a home loan that you don't live in or our renting! RED FLAG!
Not having anyone living in the house is bad for the house. It seems houses deteriorate quickly when left empty. Also have a risk of the unwanted moving in of various varieties.
There was a news story about a house that was built and never sold for over 20 years. The house was still in great shape.
@@strangeroamer3219 Only if the heat and a/c was running constantly and people were going in cleaning it periodically for 20 years. Even then after 20 years it will need a new roof and windows soon because the sun destroys shingles and window seals.
Not just that, but insurers won't insure a vacant house- or if they do, the rates are outrageous. She's either hustling the ins. co. or doesn't have any insurance. Either way, if the place burns down, she'll never collect.
Can you imagine if squatters moved into HER place? She's got enough problems with this place already.
Those tiktackers really have “influenced” this lady 😭
Another person who cannot face reality. These people have their heads in the clouds or something.
This is what happens when you do things based on emotion and not logic. Surely someone warned her but she followed her heart and not her brain.
you can hear what type of person she is just by her voice. its clear she didnt think this through more than a surface level impulse like those types typically do. i have a feeling she doesnt invest in the market because if she did she'd realize she's a fool for not investing that 86k+ whatever her down payment was+ repair costs etc into the market for way better stress/labor free returns. i get that real estate goes up, but 100k invested in the market also goes up...
Valuable discussion on the challenges of real estate investing! 🏠 It's a powerful reminder that managing a property requires not just financial resources but also a strategic approach to timing and skills enhancement.
It seems like half of Ramsey's callers problems begin with the sentence "I purchased a home"
The other half is I bought a new car
nah it's truck payments.
This lady could have been renting the house out this entire time, it’s just not updated to the point where it looks like a tv home. Get a tenant in, build cash so when the tenant moves out, you make upgrades then get a new tenant. Rinse, repeat until you have the upgrades you wanted.
💯👍🏾
This lady SHOULD have been. She missed out on over 80K in 2 years
But if it needs repairs she wouldn't be able to get a quality tenant willing to pay the $4500/month to cover the mortgage, taxes, insurance & maintenance to make it profitable.
@@megalodon1726 But she could have put someone into the home paying a good chunk of the mortgage. This would have allowed her to build up funds while the tenant was covering a piece of the mortgage and when the tenant moved out do whatever updates and repairs she could afford with the money she had.
When they tell you "I also dabble in real estate" without any explanation, this is likely the chaos. She wanted to be an owner with no clear plans. Closed in 30 days... still vacant for over two years at 3600 a month. Working on the contractors schedule? Funds are likely tight. God forbid she has employment disruption and this house of cards comes Tumbling down.
She burned 70k in two years. She doesn't understand opportunity cost.
3600x24 = $86400!!
@@novakd1530 that is crazy!
Reluctant landlords never end well.
I bet you anything she drives a white Mercedes.
Why a white one?😂😭
Man! The house has brought in no rent money for two years?? And she's never lived in the house herself? AND she wants to borrow money to continue to fix it up? OMG -- AND the mortgage is $3600?? She absolutely needs to SELL it.
Dave's advice is solid gold! I wish he was around 25 years ago. I cashed out my PERS (the equivalent of a 401k) and deferred comp, paid the 40% in fees and taxes and have never recovered. This was just before Y2k. My husband and I also have rentals with a mortgage on it and the income never works out the way you expect it.
She’s not going to sell 😂
Nor should she. Dave's advice is nonsense here.
@@OtisFlint Have fun being broke.
3600 on 98k is not good. Post tax that’s over half of the monthly income
Don't forget the vig for the insurance mafia.
I listen to Dave Ramsey and his callers to reaffirm I'm doing things right... because there are so many people doing stupid stuff. It's hysterical .
$3600 * 24 months = $86,400 + call it $10K on new HVAC + whatever she has paid this ‘contractor’ over the last 2 years (I’m guessing not much) = $100,000+ into this place without collecting a dime in rent
or living in it. Absolutely crazy.
If one of my properties wasn't tenanted for 2 years I'd be freaking out!
She’s made at least that in equity
@@whosaidthat9265 Only if she sells.
@@whosaidthat9265So she's broke even. Pretty sure the whole point was to make profit. Which she could have for the last two years if the house really was habitle like she claimed it was when she bought it. 🙄 Woman needs more than financial help, she needs guidance in several areas. Dave wasn't the right person to call.
Grace just got some really good advice on her 2 issues. You have to have a strong stomach to want to be a landlord. lol!
Calls in for advice, then argues. Dumb.
The point was to do what...withdrawal money early from a 401k 🤣
Jumped on a house rehab issues with no rehab money 😮
Glad he pressed the button to shut her up
She would have made money saving that $3,600 for 24 months in a high interest savings account versus nothing to become a landlord
I feel dumber listening to this call.
A house sitting empty is losing money.. each month it sits empty you're losing the rental value and the cost of capital on the loan
If she would have just put $3600 in a simple etf like VOO back in April of 2022 and added $3600 per month to that, she would currently have $108,919 (a gain of about $19,000). It’s possible the house could have appreciated by a similar amount, but the added stress of it would not be worth it.
Exactly. Also, the taxes and expenses.
Over the past 2yrs in DC, it definitely has appreciated in value by around that amount. Easily
That is exactly what I did. Bought VOO is 2022 and I now have 100k sitting in liquid assets still growing.
Bro lives on finfluencer tiktok
You're comfortable....until your 95 year old mother passes away. She ain't going to live forever
…? Her grandmother certainly isn’t contributing financially, she and mom are caring for her (probably physically + financially), which is a very heavy burden. My mom is doing the same. It’s sad, but when grandmother passes, things will actually get much easier.
Her mom isn’t 95
But being a landlord is so easy. They don't do anything!
She makes $96,000 a year ... she proves that just because you make decent income doesn't mean you are wise or smart
Good income*******
She’s in DC. 96k is basically doing “ok” there.
She has a govt or NGO job. She didn't earn it.
@@TRC296 tell that to people earning 40K there
Dentist here. I’ve heard that doctors are among the dumbest with money, and I agree. I know a handful of colleagues making over $250,000 who are living paycheck to paycheck.
Income and titles don’t mean squat when it comes to financial education.
there's an exception for first time homeowners to pull from 401k without penalties. they really need to stop assuming they know every detail about every caller before they get all the information. it really doesn't matter that she never moved into it. her grandmother could be about to give her a house, and she's just trying out a rental property. the problem was her trying to get the house perfect. if she can rent it for $4000, why not keep it and let someone else pay it off
Whoa Dave. He is in a mood !!!
I earn a little more than her and I cant fathom paying 3600 a month. She is saving the bare bare bare minimum for retirement.
She better watch out that swatters don't move in.
You could not give me a free house in DC lol
I will take a free house in the DC area. Of course I will sell it immediately
I’d like to know how someone can just be okay to pay $3600 a month and have it not be a livable space. Mine is 1/3 of that and haven’t had to put in the work she’s been doing. She got a bad deal/taken for a ride to pay that much for something that you can’t live in
My two bedroom house is paid off. Not even close to 3600, more like it was 540 a month.
ok boomer
Going to be alot of vacant houses out there. I am confused how they qualify for the house loan??
So she makes $96k a year and has $3600/mo mortgage. She’s not living there cause she can’t afford to. Mom and grandma are paying her living expenses outside of the mortgage payment. She has to sell the house.
Half-way into this video, the only word that repeatedly come to mind is "Delusion." Of course, with all due respect.
I feel like I'm watching a tennis ball bounce around, trying to follow this one.
If the issues remaining are only cosmetic- get a tenant in there asap...
That contractor is "working with her" because he knows she will be a constant source of money. This woman is not going to make it as a landlord unless she smartens up fast.
Spending 2/3 of her after-tax income on a mortgage for a non-producing rental property that the lender probably thinks is her primary residence. 2 years and she’s still $25k from completion and wants to “borrow” from the 401k. A basic financial proficiency test and counseling session should be mandatory for situations like this.
I agree that she shouldn't take out a 401K loan to do this, but that's the only part I agree with. Maybe she's HAPPY living with her mom and grandma -- especially if it's her grandma's final years, and she's perfectly content to gradually work on improving this other house in the background as a sort of hobby and future investment/future place to live (years from now, after grandma passes). I think it's VERY plausible that home values in DC will be such that she'll come out ahead on this deal eventually. It's fine if she's not in a rush if she can afford to continue making the payments and building equity while otherwise enjoying her life, lifestyle, and time with family.
Dave is the person says .....Do what what I say Not what I do !
How long before squatters enjoy the fruits of her labors amd money?
Did she say she's earning about $96k? And she's paying $3,600 a month for an empty house? How does she think that makes any sense at all? There's no way she's going to be able to live in that house. (I hope that $3.6k includes escrows for taxes and insurance.)
She has one of those income streams she saw on a tik tok....problem is the stream is going wrong direction 😂
😂😂😂😂😂
❤❤ good advice!!
New h vac for my daughters house…last yr…was 15 thousand…she has an 800 sq ft house
she basically got ripped off ;(( for 800 sq ft house ;(( did you have at least 3 estimates??
Wow, that is an expensive mortgage!! YIKES!!
Why not put tenants even for a lower price? Coz that atleast gets you some money and put all that towards the mortgage too. 😢
Don't blame the contractor cornpone. She's probably trying to pay as she goes or "on the side."
How did she even get approved for the loan? Her debt to income (without any debt) is 45%. Wonder if her mom co-signed?
I also wonder if she got an investment loan, since the house is not her primary residence.
@@wrecklisseve Do they have a homestead exemption in DC? If so, she's likely missing out on that, since she's living elsewhere.
Shes taking advantage of her mother.
Maybe she wanted to get into the market but wanted to still help her mother and grandmother not sure when she’d move out.
I'm in a similar situation and it's working out well for me. My mortgage is $2100 and I'm renting my house out for $3k. That pays my mortgage and my car while I'm snowballing my debt and living with my family.
The only similarities are that you and the caller both own a house. That’s it! I wouldn’t even waste my breath with this person. She is going to do what she wants to do. She is most likely going to borrow against her 401k also I imagine lol smh
You're not in a similar situation at all. She has an empty house that makes zero money and has done nothing but waste almost 4k a month for 2 years straight. And apparently needs renovations that have been ongoing for years.
You have a significantly positive cash flowing rental property with an actively paying tenant.
How are your situations "similar"?
She only takes home about $6000 per month after taxes (if she’s lucky) so this house payment is roughly 60% of her take home pay. Even if she WAS living there, it would be crazy.
Not sure where she lives but I doubt she would even make any money if it were rented. After the mortgage, taxes, insurance, the payments on the debt associated with the renovation and saving for future repairs/issues, there’s no way she makes any significant amount of profit.
She's in DC
@@analyticalchick3064 So?
@@analyticalchick3064should be making double what she makes to own a home in DC. Or be married with a combined income well into six figures
Her decision to pay a mortgage for a house while leaving it empty, just does not make any damn sense.
And the missing piece of this is what type of mortgage she has because it makes a difference whether this was a personal property or investment property. I believe she would need a certain type of mortgage for it to be an investment property. And that she couldn't just have an FHA or VA loan on a single family home and just never lived there and rented out. I believe that would be mortgage fraud and she will be required to live on the property for either one of those loans.
Pretty much it was never at her discretion to just turn into investment property if she had never had the right loan for an investment property. She would have to refinance and then declare it to be an investment property.
3600/month for a person on a 90k/year income? That’s crazy land.
Failure to Plan = Plan to Fail.
There’s absolutely no way I’d pay this woman $3,600 a month. I don’t care how nice the house is… She has no idea what’s going on.
$96k a year, lives with her mom, but doesn’t have 10k saved up?
This lady seems like she can’t even manage her daily schedule yet alone a rental property. Sell it and move on.
What are you talking about? There is no way you could discern that based on what we heard in this call.
@@PrimateProductionsyou buy a house you don’t live in and can’t get it repaired for 2 years while you’re paying a mortgage not making any profits while choosing to live at home? It doesn’t take much to decipher this. My comment was also sarcasm btw but an inkling of truth.
WTF even was this call 😂
If she'd invest/save a decent chunk of the money she's spending monthly on that house, I believe she'd have the money to buy it and make repairs in a few years
Why would you buy a rehab that you don’t have the money to rehab. I wish Dave would have said that lol
2 years with no tenants. It should not have taken 2 years for work on it. Making no money.
HVAC? Get some window AC's.
At this point, either sell or rent it. AT $3,600 payment, she cannot afford it with it just sitting emptied.
No, no, no! It has to be a mint palace for the new section 8 tenants, so their spawn will have nice clean walls to draw on, and nice floors that'll scratch easily!
She's probably legally required to fix or replace the HVAC before renting it out.
@@megalodon1726 You are not legally require to have AC in a rental.
A window unit is just as good.
@@bobbylibertini She said nothing about section 8.
@@jimmymcgill6778 depends on state and local law, especially if the house was already equipped with an HVAC. And even if she got somebody in there who would tolerate a window AC, it's not going to be a high quality tenant who will pay over $4000/month and not trash the place. Reliable tenants who can pay that much will have options for other houses with a proper HVAC.
I would say she's undercapitalized to make this investment. You can't buy a house with the intent to remodel and rent it out if you don't have the cash to do it, which she clearly doesn't. Sell sell sell!
WHATTTT
Did the 86K include taxes? How much down payment? How much in rehab so far? Other cost?
2 years to rehab and still not finished!
Everything about this is bad!
Societal construct has turned many into dummies. Her thinking she’s going to be a big shot now that she has a “rental” is her problem. Real estate isn’t as easy as a UA-cam video would make it seem.
Or those HGTV shows where the house is renovated in record time. Yeah, sure, if you have a team like Chip and Joanna can afford!