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Dave Ramsey: How I Lost EVERYTHING Flipping Houses

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I never had a flipping house business ! The only home I'm flipping is my home 😊
Comment from : @RhondaFike-hopefuldrag

so how did you lose everything in 1988?? Thats what im trying to avoid ?
Comment from : @BrokenWrenches

I’m thinking of getting into flipping houses But I am a certified carpenter and would be doing most of the work myself Could this be profitable and what should I know going into it?
Comment from : @nickalbert4467

My spouse and I bid on a HUD when we were 19 and got it in 1978 we fixed it up the best 2 young ones could carpet, paint, landscaping, some roof and gutter work over a 2 year period We sold it and made the astronomical amount of $11,000 We put that down on the next one and it’s been in every home we’ve ever had 🧐 About 5 homes between the first and the last Sometimes being young and dumb helps cause as an older person I may not have the interest or desire to tackle a house with so many unknowns We lucked out! Another wrinkle to this story we could quantify our first house but the next 3 we had to buy out others assumable loans with the equity we made on the previous homes The interest rates were 9 and as high as 17 or 18 The rates started moving down I believe in the early or mid 90s If not for the lucky first deal I may have been writing this from a park bench! 😂🤣
Comment from : @ClayAllison-y3r

Dave calling himself dumb idiot and moron for being naive at 23 and LOSING EVERYTHING is incredibly humbling and shows how you can come back from total failure
Comment from : @michaelmilian4336

I almost lost a finger flipping the bird
Comment from : @patrickfreeman8257

This guy is just way too cynical for his own good sometimes
Comment from : @michap21

She does not look 40 at all 💯😭
Comment from : @Konfiden644

I just think Dave isn't good with the people maybe Just a thought You can like people but you can't trust everyone
Comment from : @jayoung8639

Thank you for sharing this I need to hear this to help aging parents
Comment from : @annieoakley17

In the flipping business you have to be the contractor & realtor Otherwise, you end up broke
Comment from : @Djhhhn-y3m

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money I started investing with $150k and in the first 2 months, my portfolio was reading $274,800 Crazy right!, I decided to reinvest my profit and get more interesting For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family
Comment from : @BrandonIvan-c6e

This is why I buy houses cash
Comment from : @janedawson1398

Slave labour? How did he get away with that joke??
Comment from : @Romeo-sf7tw

But if you have not tried your first home flip experience, would you have become a rich person now?
Comment from : @Mini_Fans-aa

Tenants will not pay your mortgage no matter what anybody says Dave Knowles and through experience just like him I know
Comment from : @ajalicea1091

They have made it more difficult for people to sell their homes for a fair market price! Not everyone wants a gray and white home inside, this should not be the default color scheme Plus, not all people want the tubs to be torn out, especially if they have children They have raised the price of all homes, and set an unrealistic expectation for buyers!!!
Comment from : @belindaresor78

Don't gamble with houses, invest and flip Beautiful woman there
Comment from : @jamalsmith5073

STOP been too harshall businesses are the sameall about learning from mistakes and moving on When you went bankrupt another person became rich of doing same thing you were doing
Comment from : @anduru1978

It’s not for everybody
Comment from : @seymonetko1958

"The idiots on Tic Tac" 😅😅😅
Comment from : @SmarchitectMann

bro looks like Tom Hanks
Comment from : @driziiD

So he made lots of money initially with 90 day notes and that was working amazing until he started leveraging rental portfolios Now he is anti-debt completely but at the beginning it was working fantastic for him so I think debt as long as you don’t use it the wrong way can be very lucrative If he never bought those rental portfolios he would’ve never gone bankrupt… brbrPSI’m a first generation immigrant apologies for my broken English grammar
Comment from : @CaribbeanHustla

Dave Ramsey is a false tithing teacher posing as a "Christian financial advisor"
Comment from : @AdvancedMarketingGro

7:53 Thank you for telling us the truth!
Comment from : @warsin8641

There's a people factor with 90 of all businesses 😂
Comment from : @gabinojtorres4957

TIK TAAK
Comment from : @himynameisangel1

He’s the og of HGTV house flippers 😅
Comment from : @lindsayclark4009

The open concept trend is here to stay, and it's a wise choice for modernizing a property
Comment from : @ChicagoRealEstate411

Thanks you for sharing your failures and showing us that when we fail we can get back up again and be successful! Thank you for the hope Dave!! And the cold hard facts and truth and guidance! May God bless you always!!! ❤
Comment from : @elisabethpusta3533

He went bankrupt because he was STUPID!
Comment from : @LA-xj3tz

I think the tik tok idiot with the jet is grant cardone lol
Comment from : @riverrat5822

I bet he has skeleton in the closet If he's this smart he wont be giving advice on yt
Comment from : @Leo-bp5ns

The gambler's curse - you won the first game
Comment from : @altair1983

Test
Comment from : @huehahihiya5091

My portfoliio of $750k is down to $492k, How can I profit from the present market" , I mean I've heard of people making upto $250k in couple weeks during this crash and I'd like to know how
Comment from : @OttoLane-j9z

Hello Dave I learn so much from you By the way Kalamazoo Michigan is my home town We will stick with you we always learn something new God bless😊
Comment from : @mikesawyer4707

How did his marriage survive after bankruptcy? AMAZING
Comment from : @richprokop5155

The great thing is that even though Dave made mistakes early in his life, they were all part of his journey to financial success He learned from his errors I made a few costly errors myself, but it's one way to learn! 👍
Comment from : @psoteriou3884

Real estate is popular but it's not pretty
Comment from : @clevinjack1129

Thanks for the knowledge, sharing your experience, great sense of humor, awesome show
Comment from : @Mysticalifas

Hmmm year after 1983 was not 40 years ago But Dan being slick guessed 30 years ago
Comment from : @jmn1238

So you're saying there's a learning curveshocking
Comment from : @1ooAcreWoods

Don't ever believe anyone on Tic TAC!!!
Comment from : @tunqihua

5:38 It’s $2,571 compensating for inflation
Comment from : @davidmilhouscarter8198

Low key shot at Grant Cardone thrown in there Using leverage for real estate isn’t always dumb
Comment from : @GideonHawk-j8i

Your first deal should be a house you can move into and learn how to do some jobs yourself, and if you need a contractor, have them do small jobs at a time and don't tell them you're going to flip Some contractors will take all your money
Comment from : @benjaminday3868

Great video Dave, I'd suggest making the most of the recession and inflation Recessions are an inherent part of the economic cycle, therefore you can only plan and prepare for them After graduating, I fell into a rut because my first job out of college was as an aerial acrobat on cruise ships I currently run my own company, serve as a vice president for a significant corporation, own three rental properties, make stock and company investments, and have increased my net worth by $500k over the previous 28 months
Comment from : @Blitcliffe

No doubt , about it , Greed is Toxic !
Comment from : @gregmijjares3725

wow this black girl is beautiful i see you dave meeting those racial quotas while enjoying the eye candy
Comment from : @cryengine_x

over 90 of homes are not good investment properties Finding good investment properties isn't as easy as it seems, it takes a lot of research and experience
Comment from : @LinuxGalore

100 financed foreclosures? I like that Dave spins the story to “bankers just wanted to ruin my life” uhhh no you were clearly over leveraged
Comment from : @christopher7725

The failures don’t post on TikTok So when you’re young and all you see if people in your age range being super successful online you think everyone is doing great except for you But again those that fail don’t post TikToks about it
Comment from : @raphymartinez

My uncle bought parking lot spaces in Manhattan years and years ago Best investment he ever made Super low maintenance and highly profitable
Comment from : @acepaul407

From 1985 to 1998 my husband who is a building contractor and I bought 23 rental properties in Scottsdale AZ We were careful who we rented to and all the properties had a positive cash flow During the same time, we also started flipping houses making some great money Housing prices in AZ had gone through the roof so two years ago we sold all 23 rentals before the market started to drop again With the price of houses now, even with the small dip in the market, I don't know that it's a very good time to get into real estate
Comment from : @ashleyjennings5224

Why is she so annoying , may be cause she acts like she knows everything but too young to know
Comment from : @diana7676

Buying and holding is the least risky real estate investment strategy Flipping is very risky and not tax efficient
Comment from : @anthonydooley3616

Yeah there’s too many variables for me 😝
Comment from : @lifewithmargot

I bet he used credit cards when he was at $0 , he had to buy food somehow
Comment from : @lifewithmargot

So far two inappropriate comments given your cohost 😮
Comment from : @lifewithmargot

Copper are the good pipes they last 80 years
Comment from : @jdb2722

The flip it or flop show always make flipping so easy and profitable Maybe it's all bs
Comment from : @sauronthegreat5799

I'm surprised MOST people I see on YouTube will have you believe that everyone makes money in real estate and that it's guaranteed income!
Comment from : @Essays4College

The fact he made money on the first one Make genius I lost on every house I own
Comment from : @daisykaren6584

We all learn from our mistakes Dave! It makes us the wise people we are today
Comment from : @kristinam2719

Yeah no thank you Any money you make is not worth the aggravation
Comment from : @Trple777

One lesson, don't use a single financial institution for all that leverage
Comment from : @c141bee

I wish the girl would just not talk
Comment from : @hulkhuggett

Not to mention a pandemic with executive orders that renters don't have to pay rent!
Comment from : @donnadagostino7717

Housing I'd the worst market fir business if just get out small place to live and be done with it, also nothing wrong with renting
Comment from : @astrahcat1212

Great stories, thought I as the only loser Renters are serious business, especially in my screwed-up State, Pelosi's Nephew is the Gov
Comment from : @robertdavis5714

There’s a guy on the radio who always says “I can make you rich” “I’m so rich” But you find out that it’s just an education program and you buy a “membership” His name is Del Walmsley
Comment from : @timothymacdonnell9079

In the housing crash of 2008, I had to relocate for work Not wanting to sell my place at a loss, I decided to rent it until the market rebounded Even though I was clearing about $500 a month, I never slept well there was always some looming threat that hung over me like a dark cloud Burst pipes, HVAC going out, noise complaints, renters who are always late with the payment it sucked One guys even snuck in a 100 lb rottweiler in spite of the "no pets" agreement That dog destroyed my wood floors Another guy threatened to sue me because he dropped a jar on his foot and broke his own toe (He thought I should pay his medical bills since it happened on my property)brOne of the happiest days of my life was when the housing market rebounded and I sold my unit
Comment from : @nonawolf7495

real slick Dave real slick Seems like every video he outputs bags on investing in real estate in any type or form
Comment from : @blipblop92

Tik Tak … :)
Comment from : @TheHoriginal

Did my first flip in 2018 made 50,000 haven't found another perfect deal since but I'm waiting patiently
Comment from : @Gooselip

Thank you for calling out the wanabe flippers It is so annoying
Comment from : @chasingsunsets87

PhD in D U M B 😅
Comment from : @sergiocortesgodoy

Did I miss something? He didn't explain how he lost those properties? He said some contractors bailed But on one property Did that happen to ALL his properties?
Comment from : @armandm2166

We had a carpenter who was a big roller building spec houses like 30 years ago and one of my friends who was a carpenter said he was doing it on too small of a margin When there was a slowdown in the economy, not a crash, he was done He ended up selling about everything My friend as gone on to be general contractor for some commercial projects in addition to residential work
Comment from : @joepfeiler5911