You HAVE to Sell The House!
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- Опубліковано 11 лют 2021
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They spent $350k on a house with $30k of income? That’s pure insanity by any standard.
It's Canada. His true income is probably $75K but after tax net is $32K.
uhmmm bo borrower or horrible lender because that income should qualify you for like a 100k home not a 350k home
or maybe they were making more then?
@@stud6414 Have lived in NY and we paid more taxes there than we do in Canada, plus you have to factor in what it cost for healthcare in the States, where in Canada it is included in your taxes. College tuitions are also about 1/3 of what you pay in the States, and we don't have tolls on bridges & roads to nickel dime you to death.
Agreed, but I live in the same area and I’m surprised they found a house this cheap
I cannot imagine the stress of this. I don’t mean this to sound hurtful but a husband who buys a home at 350k making 30k a year isn’t gonna continue to make the financial decisions.
@Jess I'm trying to figure out how they qualified for the mortgage in the first place.
@Google User 20% down is 70k, then the payments will be 1800/mo for a 30yr loan, Dave only respects 15yr loans, so 3600/mo, you should probably be making at least 90k, which is 5.3k/mo net. You could do it on less, maybe 60k, but not 30
@Google User At least $150k a year combined income....
She stated their house payment is only $1,183/month. She's not likely to find a rental for less than that. She already stated the rentals they checked on were over $1,800/month. The numbers in this video don't make sense.
@Google User 125-150k a year combined salary is a "comfortable" income range for owning a house in that price range. My wife and I gross 150k a year together and we owe 242k on our mortgage...Add taxes and insurance and it's almost $2k a month. The house was originally 285k before a small down payment and I feel like we would be stretching 350k honestly.
His entire paycheck goes to oil chages,gas and vehicle maintenance.
She said $31k a month initially. I was wondering why she was calling, until that got cleared up.
I was wondering too...I'm like she said 31K month that's a lot of money..Lol!
Toronto is insanely expensive so I don’t blame them for moving to the country, but a 3 hour commute is insanity. Burnout from that probably contributes to their poor decision making.
3hr for 30k unreal.
Hamilton is insanely better than Toronto , i dont care what anyone says.
They need to consider moving. Windsor is way cheaper. So is Kingston , so is London (Ontario). Or they could head to the Maritimes
@@christinebutler7630 they need to move away from Toronto. He can get a job anywhere for that low of pay. We are in Belleville he is literally making almost min.wage.
rayn1ful Toronto is like New York, Hamilton is like Detroit. Everyone has their own preference.
This call stressed me out like I was living it. Pray for your family, hope all is well
It amazes me. How people keep procreating children when they’re struggling to take care of themselves?
Lack of self-control and discipline.
31 grand is nothing especially in Canada.
Children are a blessing!
Quiver full Christians
I don't understand why people do that also. They know they don't have the money but keep popping out babies.
I still have PSTD over the loud intro music that used to be there.
I knew something was missing 😂
@@ETOOHUGO I click on the link to the video and reflexively tense up! hhah
I always brace for the loud music then I'm like oh yeah it's gone now 😂
I listened to one of the old ones one day with headphones on, almost blew an eardrum 😂
I love that intro music
Caller: We have one toddler and another on the way.
Dave: What's their average annual income?
@@k-mart7475 it's time for beans and rice my friend
😂
@@k-mart7475 What you make in a year on average.
😂
HILARIOUS!!
They knew about the commute when they bought the house, so why did they buy it? You don't buy a house with a 3-hr commute, and then complain about the 3-hr commute.
They thought they could get a job in town.
I know, dreams become nightmare.
@@AC-qo8oq He needs to get a much better-paying job. My gosh, I was making double that over 10 years ago!!
You could work anywhere and make that.. I'm not driving over an hour for minimum wage.
Minimum wage was meant to be a stopgap, not a living wage. You get that until you find something else. I was making $10.45/hr 20 years ago.
Dave, Stop interrupting your cohosts!!!!
Give him time he is still transitioning the show to others
When your dream turns into a nightmare and you can't wake up.
🔥
Well they wanted the kids and the countryside.
good point.
This happened because they clearly didn't think through the whole situation before they just went and did it. You have to think and do the math before you make a dream a reality, because reality needs math.
How were they approved for a $300k+ house on only $31k income?
No kidding. Housing collapse 2008.20
Wife and I make a little over 100. We were recently approved for a 600k home. It’s pretty messed up how much debt banks are willing to give you
Exactly my though.. even dishonest lenders would not have taken that bet
@@matthewdavis5588 I have a mortgage for 700k which is 2800 a month it's not hard to pay I rent my basement for 1300 and a room for 750
@@matthewdavis5588 That's insane! I always hear how difficult it is to get approved for a mortgage so this is surprising to me
I wanna know how they got approved for that loan making so little money.
Predatory lending
Good point.
Definitely good point.
Almost anyone can get a mortgage. Meanwhile it’s the reverse for rentals where sometimes they want five times income or MORE.
FHA maybe
“Your little dream of living out in the country and growing veggies is over” 🤣🤣🤣 Dave cold hearted
Bless her heart. And sad that the banks approve these loans for people starting out on little to no income. I just don't understand. I thought those days were over after 2008.
The caller is in Canada. Perhaps it is different there as far as getting approved for a mortgage.
@@susanmarie2231 Different but eerily similar, Canada will see a similar decline very soon as the US did in 2010.
I would like to know how, I have more income, a downpayment and I can't even get in the bank's office or told sorry no.
Look at how many still paycheck to paycheck after 2008.
Don’t buy stuff you can’t afford. Problem solved
"Move to town", they live in freaking Toronto, are you freaking kidding Dave...? It is replacing a problem by another one.
Good point, but they don't have a whole lot of options either. they have to start making more money, no matter what they do.
Rent. Basement apt if needed.
@@rubez16 renting a basement apartment in Toronto would no doubt cost double what they are paying for their mortgage. I'm 1.5 hours away from Toronto, and a 2 bedroom apt will go for $1500 a month easily, I imagine it would be at least $2000 on Toronto
@@rubez16 still expensive
Dave, you're a nice guy, but quit interrupting your co-host. You're being rude. His commentary was valid, and added value to the content.
Don’t think Dave understand cost of living in Toronto and area. Sell the house and moving to “town” will get you in a worse situation lol. Sad situation.
And the amount of crime and violence in Toronto lately... shootings and stabbings every night and day now
Maybe they can rent an apt in someone's house in the country 🤷🏽♀️
That's not the point, they are losing the house and either they move closer to the job or he gets a different job.
@@leadnsteel1428 Sounds like your average multicultural paradise.
@@jutde there is no point. If you can’t make those mortgage payments that would be LOWER than rent how are they going to pay rent? They have to increase income somehow no way around it. Or move back in with parents but that option wasn’t mentioned in the video. Moving to “town” and renting was.
Making 30,000$ a year in Ontario basically means your homeless
$30000 canadian is probably $25000 American. With that, can't even afford a $100000 house.
@@nathalielady2592 and consider the fact that Real estate in Ontario is equivalent to California with the same level of taxes.
@@vince8520 wonder how they even qualified for that loan.
You’re
@@vince8520 I doubt its equal to California. It mite be high but California is
Super hi.
In the time that this guy spends to drive to and from work every day, he could literally make 31k from a side hustle/online business from home. Very poor decision moving that far away from town if he didn't have a career that was actually worth it. Move back to town, rent a 2 bedroom, and save up until you can afford to start your little "sustainable living" project in the country.
lol u must not know how expensive downtown TO is.....
@@bangladeshirealtor Don't live in downtown, but don't live 90 min away.
@@bindingcurve that’s the thing ....it’s hard to find affordable housing even 45 mins away from downtown lol
@@saulgoodman2018 My wife and I both worked, and we had kids. Dave should have brought that up.
She couldn’t even rent 1.5 hours away from Toronto for less than her mortgage . It’s crazy here . She’s very off on the value of her house .
“Growing veggies in the country is a nightmare” 🤣🤣🤣
Love Dave’s comments!
I bet that house is worth about 20% more than she thinks it is.
Actually probably more as it is total insanity real estate prices here.
Toronto real estate is crazy expensive. Unfortunately being an hour and a half away, it doesn't help their appreciation.
@@briangasser973 tbh 1.5 hours way let’s say some suburb of Kingston or if it’s south somewhere suburb of London. Regardless, it’s going to sell first week with 50k over asking at least.
Everyone saying a home in the middle of no where is worth more than they think, extremely doubtful.
Everyone’s a real estate expert.
@@Chromewarrior Well some of us do live in the area as this caller so we should know! None of us are experts in backwards make no sense insanity that is real estate and everything today.
Caller: Hi Dave how are you?
Dave: Sell the house
Caller: Uh, we're burning through our savings to pay the mortgage.
Dave: Sell the car.
LOL
Caller: I have $10 in debt
Dave: Sell the car, sell the house, sell some organs, sell the kids, beans and rice rice and beans
@@thesaltyonion4899 Sell the beans, live on the rice.
@@aguyandhiscomputer dam, in so much debt that you can’t live on rice and beans only the rice
I watch these videos to feel better about my life.
Dave doesn't realize it costs more to live in town than out in the country. What planet is he on?
Exactly, Monthly payments on the home are 1183 dollars. Of course there are other costs associated with a house but a 2 bedroom apartment will cost you the same if not more. Another example of bad advice from Dave.
He does realize it. That’s why he said either the caller or her husband has to get an additional job. Implicit in the advice is that finding that extra job closer to his work, after moving, would be easier than finding it in the remote area they currently live.
@@FR-tb7xh True...the father would also have more time with his children, rather than commuting.
@@FR-tb7xh @F R still doesn't make sense to take on a more expensive living situation before you have secured that second job. It's a quick formula to get evicted and go homeless. The better advice would have been to focus solely on securing another form of income given that the monthly payments are reasonable. If the commute becomes an issue then you move.
more expensive than a condo across from the royal ontario museum maybe but not more expensive than the suburbs. if anything the suburbs are cheaper than rural even ignoring the cost savings of a shorter commute.
Stop cutting off your co hosts dave!!! It's getting irratating.
she needs to hurry up and speak
Glad I'm not the only one who noticed. He did it several times to Dr. D the other day. Didn’t let him finish his point to the caller and I wanted to hear what he had to say.
I don't care about cutting off the callers when they're rambling, but sometimes he cuts them off when they're NOT rambling, and ends up asking questions they were already getting to.
@@laanierhae Dave IS very rude. I think "that's" just him.
He knows everything there is to know about everything there is to know & he wants to tell you what he knows about how wrong you are.... 🙄
@@raallen1468 he is just being blunt and honest. Sometimes people do not want to hear the truth!
@@misssicily100 I am "one -of-the-first-in-line" when it comes to speaking brutal truth over a fawning lie. I am never rude when I speak the truth to someone... & Interrupting IS always RUDE. jmo.
Let your co-hosts talk Dave
He does... also im not sure if you know this or not but... it’s called the DAVE RAMSEY show. Chris literally has his own entire show. If you want to hear him then go click on CHRIS show, not Dave.
@@ugladden why do you sound so angry? Who hurt you
@@Kris0700T
How do they sound angry?
Just a 30 yr habit.
@@Kris0700T why do you read angry. Who hurt you
I am sitting here just wondering how they even got approved for the mortgage in the first place. its difficult to get a mortgage unless you have co signers.
My brother in law got a place recently he can afford. I think Canada Is soon have a housing crisis like the US did in 08.
Maybe an income change? I'm guessing they were a dual income family and she had to leave to take care of the kid and future kid.
@@palillo2006 Agree. And as soon as that second income was lost, they should have recrunched the numbers to have forecast this all.
This is why it's so important to tell your mortgage lender your goals (loan amount, monthly payment, and cash out of pocket) BEFORE you even start looking for a home!
You’re little dream of living in the country and growing veggies has turned into a nightmare. 😂😂
Dave has NO CHILL! 🤣😂🤣😂🤣😂
Could have made money off a farm stand?
@@joyaustin6581 that is not gonna help nor would it have
@@joyaustin6581 Lol, there is probably not a living soul besides them within 10 miles of the house.
That was hilarious.
The husband needs to raise his income after they sell the house
He makes 31k a month?
The Wife needs to control HER Spending!
@@kobeandgary It was a little confusing. Either 31K a year or 3.1K a month.
@@kobeandgary and they are having kids on that :(
Earning income is the responsibility of both of them
I paid off 40k of debt and all I had to do is sell all my dave ramsey books. Thanks Dave 😊
The housing fairy is REAL!! Idc what Dave says.
What’s housing fairy mean?
She needs to stop having babies and help her husband out. Just because she is pregnant does not mean she can't contribute.
Her working during the week would mean paying for child care for one child now, and eventually two children. I agree she could work weekends once she has recovered from childbirth, and he could care for the children those two shifts.
Dude needs to get a big boy job
@@theresa78201 many jobs are work from home now due to pandemic...my coworkers have the kids with them at home while working
She did not get herself pregnant. Taking care of a child is contributing. Daycare is expensive. Plus pregnancy can take a toll
I stinkin’ adore Chris. Great advice by both, but greatly appreciated Chris’ delivery.
Yes, agree !! 😁😁
I could listen to Chris's voice all day.
Sweet Natalie I’m so sorry you’re going through this. God help them make the right decisions now is my prayer. Blessings to Ramsey and Co. for good advice. 💕💕💕💕💕
I'm just glad they got rid of the opening loud as F music at the beginning of these videos.
He needs a second job or she needs to work when he’s not.
And stop having kids when you cant afford it.
He drives 90 minutes for 30 grand a year. That’s just idiotic.
He doesn’t have enough time in a day to get another job. And she can’t get a job because it would never work out.
How did they get approved for such a large mortgage w/ a 30K income?
Banks are thieves
Because they want debt slaves
The wife probably worked when they applied, then decided to stay at home with the kids.
She said he makes $31,200 monthly and neither she or Dave never clarified that. Did she mean that’s his yearly take home pay?
Because they foreclose and resell it. Keep running it through the system. $ every month
Get the house appraised!
No
I bet it’s worth about 20% more than she thinks it is too.
You don't even need it appraised to sell it duh
@@ape6355 that’s true - my main point was that they don’t seem to even know what it’s worth
@@LifeofKairo you are a bottom feeder. Got back to your broke channel. Don't be plagiarize Dave Ramsey
Over the years you can see Dave has lost a lot of patience. He literally wants to call everyone that calls “stupid”.
Dave’s right! People are stuuuuupppppiiiiid!
Yes people are. I blame the school system. Why isn't debt and budgeting taught?
🤣
Because a lot of us have made stupid decisions with money
No one living in Toronto is needing to travel 1.5 hours each way to make 31k...what's his skillset...potato? Maybe he bought in Niagara and travels to the other side of Toronto to be able to have bought a house for 350 a few years ago, but he could work in town for that and be able to have a 2nd job too. For her not to even know her house's value too...sheesh. I'm sure they could sell for near 400k now and rent until he figures it out.
What I find strange is that the monthly house payments are lower than the rent for an apartment. If this is true they maybe should keep the house.
@@m.3257 ya but they would save time and gas if they lived in the city and she would be able to find a job as well.
They bought their house a year ago so most likely they overbid on the house to begin with. Now they know they won’t get their money back because people don’t want to live in the middle of no where.
His commute for that income is patent insanity.
“Sell my house eh?”
oh F*ck ya bud
Land values here in Ontario are super high...their house will sell in no time. He should be able to get a better job because things are slowly opening up again.
He may have to find a better job, but they will need to sell the house.
They need to give the first kid to relatives and abort the incipient one and try again at raising a family when they can actually afford one.
@@christinebutler7630 abort lol. Probably not going to happen
Sometimes you need to be extreme with your finances.
I thought I had problems till I see the callers calling into Dave Ramsey. It's a cruel world out there.
The HOUSING FERRY!!!!😂 DAVE IS A BEAST!!!!!!!!!!
Simple solution: Sell the house, eat the loss and rent somewhere closer to where he works.
Having a proper work/life balance is more important than owning a house.
Canadians 🇨🇦 love Dave 🙌
I have half the house they have with double their income.... It’s not hard to live within your means if you do the math and makes sound decisions.
I wonder how much he spends in fuel a month with that amount of driving daily....
Sad that they were lent the money in the first place. This was clearly not a workable situation from the beginning.
That mortgage was VERY workable..... for the bank.🙄
Maybe the wife was working then or the husband had a better job at the time, that is my guess. Or had a huge down payment
@@avocadogaming3942 I was trying to figure out how they qualified for the mortgage in the first place, and your comment makes the most sense.
How is she going to lose money on a house around the Toronto area? Townhomes are selling for $1million. Maybe she's underestimating the price of their house.
1.5 hours away.
I sold everything to live in my 2009 Camry debt free with a trunk full of cash. I have no debt and no home to reside in but my trunk is full of cash. I am good and trying to figure a way to take it with me when the time comes.
Nice work 🎇✨🌠
Bank should be ashamed for approving the loan for starters...wonder if there is a cosigner?? In any case, they way overbought to grow rutabegas.
If it costs $1,800 a month to live in town then they need to figure out the job part first.
Houses are not liquid enough to expect sale in less than a month. They should try to work something out with mortgage company.
I live in CA, the foreclosure wouldn't happen for a while anyway. Not sure about Canada.
A 3 hour commute is a recipe for tragedy. It dramatically increases the probability of a traffic accident. Too many people die on the road.
Dave’s right. You can’t stare at your problems like a bird at a snake.
And they can't afford life insurance on the husband... which means even more risk than they know.
Start Over Big and Better
There's no ELPs up here in Canada. It would be great if you could set that up, up here.
Uh the obvious second choice is for this lady to get a job as well and make it work. It’s either that, or sell the house.
people always try to convince you to hold on to the house if you can even if its a huge loss
How can they not figure that out?
Oh it's figured out, it's in the back of their head but they don't want to deal with it because they have the pressures of all the bills, and kids, etc. I've been there personally and it sucks. It's just problem after a problem compounding on itself and people get stuck and don't know how to fix it. And then you add depression on top of that.
The husband and wife both have very low IQs. She tossed in the 'people of faith' card, but even Dave wasn't buying that.
Dave how i wish we had your show in spanish! I know so many spanish peakers you could help, specially my family :(
This is why some neighbors have a problem with my house's lack of great landscaping.
This caller and her husband are in complete denial. And this lady appears to the more saner of the two. Unbelievable.
Dave dropped the hammer 🔨
She seems like such a sweet lady but they need to face reality that they need to move. Either sell at a loss or it gets foreclosed on anyway. Either way they are losing the house. Might need to find a 2 br , small apartment. Im sure they can find that in toronto. They don't need extra space right now.
They can't afford an apartment in Toronto. They can't afford a parking space in Toronto. Send the kid somewhere else, they are going to be homeless for a few years until the can save up money to buy another place.
anything within 1.5 hour drive of Toronto is expensive, its unlikely they will sell at a loss. even for a fixer upper some rich person from the GTA will buy the property and just drop and rebuild the home, its happening all over the place round here.
I don’t purchase a house over three times my yearly income. 10x over is insane! I feel so sorry for them...
They make 31k a year with another child on the way and are living in a 350k house with a mortgage payment of nearly 1200 a month. I just don't get it. Having a dream is one thing actually affording that dream is an entirely diff thing all together.
Rent sucks in Toronto. They may end up paying more. The income has to come in!
What lender is letting ppl buy houses 10x their income? Is it bc it’s out in the middle of nowhere?
Losing the house, next is a high mileage car.
I make about $45k-55k a year and I bought a $158k condo with a $916 mortgage ($200 of that is escrow).. After taxes insurance and the ridiculous prices of everything, I am left with like $500 to myself each month for discretionary spending or savings. I can't imagine owning $350k home with less income.
Hey Dave, I am curious if you can buy the land/house for 20-40k is it worth it or does it have tons of problems potentially especially if the place has nice sq footage? I live in Al so property values aren't the highest ever.
Wow that's cheap. Hmm make sure the inspection is good!!
How do they only have an 1100 payment on 280k?
Maybe they're paying only the interest? Though 1100 seems like low interest on a huge mortgage.
Thats just the principle and interest. Doesn't include Taxes and Insurance. The monthly payment on the $285k we financed is $1,220
Sell the kids, sell your soul...
i like the way Dave presses the button and cuts the person off when he dont want to hear anything more from that person
The money they save traveling to work (gas) would probably get the difference of rental and closer to work. The house should appraise for more than she thinks
Also he can then pick up a second job and she can find a job as well.
Soo much better without that loud intro sound signature. Thank you!
They should of got a room mate months ago and some kind of side hustle like babysitting!
Why make smart solution- based decisions when you can just get knocked up again and then sit around and fret?
$350000 home.
$32000 income.
Who told them this could work?
The bank 🏦. Lol
I said it before and ill say it again "You callers are gonna kill this men w/ y'all messy problems/investments"
look at his face 2:25 and its not even his debt... I need Uncle/Papa Dave to live long enough to help millions more
She should start a webshop selling the seeds that the food plants generates. Big $ in doing that.
Why aren’t you doing it then?
@@thedragonhouse4991 Cos I ain't got no food plants.
Did I hear her right that he takes home $31,200 a month? I'm guessing she meant a year because if it were a month she wouldn't have bothered calling Dave!
Dave was rude to the other man. Totally cut him off.
Men, quit letting pride get in the way.... act now!
You can make more than 31k working t at McDonald’s, what the hell is he doing driving 90 minutes to make minimum wage?
31k a month? @1:05 I think she's got stuff mixed up and its confusing me.
I think she misspoke because she began agreeing with $31K annually.
Okay I'm confused, because I clearly hear her say $31,200 a month...Really seems like Dave got his wires crossed on this one.
If they made that a month, they wouldn't be struggling to pay off an 1100 mortgage.
Ya I was confused by that too but as
@@e1bo mentioned if they were making 31,200 a month they would not be struggling to pay an $1100/mortgage.
@@JJs_playground I agree, but there is also the thing niggling in the back of my head which is that she said the reason he wants to keep the job is the great pay. 31K a year in the US is barely 1800 take home. No one can live on that in Toronto with the higher taxes and higher cost of homes.
@@alicelaybourne1620 they've also knocked out over 70k in their mortgage. No small feat on 31k a year! So it definitely sounds like 31k a month to me.
She probably made a mistake
Too much house will slowly kill you. Been there, slowly draining money and building debt. It’s awful. Buy less than you think you can afford.
1180 mortgage payment a month and I owe 280000 and paid 350000 🤣🤣🤣ok sure that adds up!🤦
Move in with parents for a year or two until debt is cleared and savings and income improve
At this point, all they have to live on is a polaroid picture of rice & beans.
After reading the comments things cleared up I was so confused I was like what, bruh how you having money problems making 31k per month
Does Dave recommend a mortgage on the house, with a 20% deposit , or try to buy a house freehold from the start ?
buy if you can or 20% with 15 year is what he usually says. Mortgage debt is the only thing he is ok with.