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When Is It Okay To Buy A Rental Property?

Ramsey Everyday Millionaires 259 views

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Comment from : @RamseyEverydayMillionaires

Maybe if we lived to be 900 years old 😂😂
Comment from : @tomloiselle2785

Dude im sorry but this advice seems way outdated Housing prices are growing out of control Daves generation had way more disposable income by percentage than we do I think its necessary to buy even if you cant pay the whole thing in cash That being said, you should probably still have a significant down payment and ramsey serves a good role for a lot of people Not meaning to dismiss this show outright
Comment from : @devinstucky6948

You know it is a scam when your text says you toll is past due from Indiana You live in Alabama
Comment from : @keithhager199

I'm buried in school loan debt and that will continue to increase as I PLUS loan my kids thru school nearly $200k when all said and done I need to develop pathway out debt or face debt for a lifetime im looking at real estate as way out I have a few properties with lower debt but owe quite a bit on primary considering using 401k to bring in higher returns than the 10 penalty to build more wealth so that by the time I get to 70 (I'm 46) I can have cash flowing assets for my kids good plan or no
Comment from : @agraham916

Why can’t a rental house be baby step 4 investing for retirement? Thats how I think about it
Comment from : @jimray8122

Dave Ramsey is a nut
Comment from : @tipdril85

What's brutal is watching the taxes take such a bite out of your W-2 while you're saving once you're out of debt
Comment from : @franko2348

if you listen to David, you'll never own rental properties
Comment from : @abctrucker8601

Im on step 7 Seems like forever to save $400k cash to buy my first rental It took me 10 years to pay off my mortgage I guess another 10 more years of saving money again by age 50 I should have my first rental property Long slow process
Comment from : @armandoweckmann5699

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 below the $100k mark and in the first 2 months, my portfolio was reading $234,800 Crazy right!, I decided to reinvest a huge percentage of my profit and it got more interesting! For over a year we have been working together making consistent profit just bought my second home at the beginning of summer
Comment from : @MathewOliver486

Another fantastic video, can’t wait for the next one!
Comment from : @JohnWKoehler-q6r

If you're going to rent make sure the owner of the property is the one you deal with not a management company
Comment from : @roberthillis-qj8er

Sorry Ramsy, this is not intelligent advice Yes wouldn’t that be great if everybody could pay off their house and buy a rental property for cash That’s not the real world plus you’ve lost out on years and years of appreciation on the rental property had you bought it sooner
Comment from : @michael028

Do you need to pay off your home if you have such a low interest rate? I make more money putting it in the sp500bror is it like not just about building wealth, but paying off your house will lead to more stability??
Comment from : @Julianeternal

How can I make this happen? I already have 3 properties and the bank won't lend with no down payment I live in a highly competitive market, there's no such thing as no money deals I checked with three different real state agents who are also investors, they could not find ANY no money deals Not even land
Comment from : @Hannahbenowitz

Good advice Dave
Comment from : @larrymccormick1352

I don't understand why pay off house before buying a rental property, would it not make sense to spend 30 - 50k on a rental and use the cashflow to put towards your home to snowball?
Comment from : @scottmahony4742

I really respect and admire Dave, however, I have to disagree with this one I went through a divorce Made a significant amount of money when we sold out first Beachhouse Bought my own Beachhouse with a healthy 30 down payment Spent the first year getting it ready fixing it up and enjoying it This year is the first year we rented it had a wonderful experience and the home is pretty much paid for for the entire year with seven renters Is it work? I ask because I do all the cleaning myself But I get to share a beautiful home with wonderful families Most of them want to come back next year to vacation again My plan is to pay it off as quickly as possible However, if I would’ve waited until I had the full cash price, I never would’ve bought it Gotta disagree w ya Dave, on this one? oh- and btw The property value in 2 1/2 years has gone up $170,000 I have put a lot of work into it but that’s a hefty price increase that I could not get in the stock market
Comment from : @robynmoxham4255

what a joke
Comment from : @24_hours_music_station

ramsey would have ben richer had he just left his money in the sp500 hehe
Comment from : @dr_flunks

Scams - I know two woman personally who have been catfished out of over half a million dollars combined! Older single women may be very vulnerable, need to speak to them
Comment from : @LifeandLifeMoreAbundantly

If your paying less than 3 percent on your mortgage why would you want to pay off your house? Would it be smarter to use that extra money towards the stock market or real estate? Don''t understand the old school logic of paying off your house
Comment from : @derby7776

This is sound advice but not reasonable Debt can be a good thing if you leverage it correctly Who can save up enough to pay all cash on rentals!????
Comment from : @joshflammrealtor2894

how about renting in new york, buying a property in another state in cash using your 403b money pay it off would it outweigh all the taxes and penalty here need income looking for desperate measures
Comment from : @bobdoyle5945

Impossible advice if you live in California ( Bay area)
Comment from : @saidchadly4845

I have a 3 flat that’s rent out by section 8 tenants on got it by a fha Loan 35 down Was it a bad idea not paying cash for it? It was 375k
Comment from : @JFVALUE

I predict a housing crash due to people buying homes over asking price, lacking equity if prices decline further Foreclosure becomes likely if they can't afford the house, and selling won't yield profits With anticipated layoffs and rising living costs, many individuals may face this situation
Comment from : @tahirisaid2693

How wealthy is this guy is the question you should ask because if I’m making 7 figures a year I’m not listening too this goofball
Comment from : @bugz742

Why would you pay off a house on a low interest rate Needs context here and in high priced markets like Seattle and SF good luck throwing in money m/m to buy 1M properties that keep creeping up higher in price You are better off using some leverage
Comment from : @tejinderpalsingh9482

YUP TO ALL OF THIS AND IM THERE NOW !!!! LOL !!!! THANKS DAVE !!!! Im in the SPEED OF CASH MODE NOW !!!! 6 PAID OFF HOUSES SOOOOOO FAR !!!!!
Comment from : @dropoutandretireearly1781

Stay away from LEVERAGE! My late husband and I sold a commercial property Financial advisors were telling us to use “leverage” to buy rental properties for twice the amount that we sold the original property for We were afraid to do that and didn’t want to go into debt, so we paid cash for the rental houses and commercial properties we bought Thank God we paid cash, because when covid hit, the restaurant we were landlords to didn’t pay us one penny in rent for more than two years and we probably would have lost it if we owed money on it I also learned that I NEVER want to own property in Washington state or any other blue state again After the covid debacle was over and Washington allowed restaurants to open again, we sold it and invested in Idaho
Comment from : @lisabaltzer4190

The new big scam is your phone number getting ported to scammer and they are now able to pass the 2-step at all your banks And now u have no cell service so can’t call your banks Phone companies should be held liable but most are run by 3rd party vendors…
Comment from : @landondc4739

Pay cash for a rental property, after your personal home is paid off??? This guy is INSANE You are not helping anyone build wealth with this terrible advice
Comment from : @bdawg6869

Paying cash for a rental is crazy
Comment from : @Brandon-tz5pn

A little drinky drink?
Comment from : @Nick-gk6hj

Having 0 debt in boise is crazy I live here and its expensive Good stuff
Comment from : @coopzcustomz693

Real estate seems cool but just isn’t for me The capital commitment, hassle and the like just doesn’t fit my goals or preferences But people who are able to build a serious portfolio and build a huge cash flow is pretty cool
Comment from : @Matt-cr4vv

He needs to update he is giving same advice from decades why would I pay off my 2 mortgage when I can put that money in just a savings account and get 5 on it Or better, I bought 2 rental properties in 2020 by not paying off mortgage and putting 30 down on them Both properties are up 100k each By Dave's advice I would still be paying off my 2 mortgage
Comment from : @abhitejpaul

Normal ppl arent able to save 3-400k cash like that Lets say you're able to put away 2k a month towards it Itll take you over 20 yrs to buy your 1st Real-estate property
Comment from : @blaze376192

Comment
Comment from : @dylankramer9249

12 ROI when the stars align with good tenants, no vacancies, no evictions, no major maintenance, etc, or 10 ROI doing absolutely nothing with mutual funds? Yeah it's NEVER okay buy a rental property
Comment from : @Thurgor_Supreme

Dave must be sponsored by the IRS
Comment from : @gregcampbell1729

You don't need to pay of your mortgage to buy rental property I own 9 properties including my own home, I owe nothing on 8 properties and the only mortgage I owe is my own home It may not be the case today because of rising mortgage rates, but two years ago, I refinanced my own house, and bought rental property cash I also cashed out my IRA, paid off the taxes on it, and bought another property cash As long as you buy a good valuable income property, with decent schools, and in area with high employment, it's a great investment!
Comment from : @ziv2liv

Love this call
Comment from : @SimplyDavid78

I don't get it How is utilizing leverage with a low rate on an asset that grows with inflation a bad idea?
Comment from : @glennshaffer2682

Took 5 yrs to save for our personal home Paid cash 7 yrs later and making a family on the way and I’m about to pay cash for a rental In a very expensive market
Comment from : @ryanhenson7636

Dave's advice on this topic isn't good anymore It's outdated And I have enough cash to drop on a rental property cash It would take 16 years to make back my cash investment Dave never talks about cash on cash
Comment from : @L6901Malice

Don't think i could ever save up in order to buy a house for rental all in cash I currently have 9 houses, 8 of which are rental properties How we did it? Just paid the 20 down As of right now I have about 5 houses with mortgage and 4 smaller homes paid in cash Renting most of them and fixing up 2 Not sure what Dave would say about the way i went about it but the renters are paying my mortgage so to speak and making profits since the rent is higher than the mortgage and have equity on every single house For us it's the long run that we're in for
Comment from : @gabrielram9795

Sure, Dave I'll just pile up $750,000 real quick to pay cash for a fixer upper rental property It'll only take 40 years since homes in my area have tripled in price over the past few years
Comment from : @joshward6917

Advice worked so well when housing prices weren’t so astronomical So many devout followers are Dave Ramsey ISH Gee, wonder why
Comment from : @jamesbondinspector

I have 8k left to go
Comment from : @mariam6822

How's someone going to save enough to pay hundreds of thousands on properties before they are like 50 years old? I love Ramsey's points but this I take with a grain of salt
Comment from : @ohmy9007

Good advice, especially today with Biden's 10 inflation, high home prices, high loan rates, and the US br32 trillion dollar debt brManaging RE is another time-consuming job and requires knowledge and experience
Comment from : @miketracy9256

I don't get it Just get a fixed rate loooong term loan and buy a property to rent it out in case the differential between your loan and the cap rate is existent
Comment from : @lorenzmuller3542

Should I pay all cash when it's my first time, for my first rental? To learn kind of with no risk in terms of a loan?
Comment from : @simonhuber6859

What do u mean save the money to pay for a house in cash? In the area I live in the median house is $1,000,000 even 100,000 would be a lot to save So I’m curious how u would do that in todays market working a regular job
Comment from : @Clearmind-meditation

indians are the biggest scammers I receive calls from IRS agents john, David and Jeremy almost every two weeks and i could tell it was Rajesh, sharma or anil immediately after listening their accent for few seconds
Comment from : @yh8383

Idk how Ramsey thinks it’s reasonable for people without generational wealth to pay off their own home and buy a rental property in cash Sure you can save up and do it but you’re losing out on cash flow in the years you’re saving up Leverage can be used in a responsible way
Comment from : @Addison737

Follow Dave's advice and you'll be in "baby steps" until the grave Investigate the term "leverage" and never pay all of your cash for a rental property
Comment from : @GregSmith-jd7zm

Dave thinks I need his approval to buy a rental property? Uh, should I sell what I have now, and wait for his email?
Comment from : @mt-nv4jd

The best time to plant a tree was 20 years ago The next best time is today - Chinese Proverb
Comment from : @davidrpriest

In California you can’t buy a house cash, you need loans
Comment from : @keiraportillo5073

Time is money waiting is for the stupid Equity lost by saving for a property cash would be astronomical
Comment from : @jameskeating3258

Man Idaho is like people scrambling to get up there because the housing market is hot
Comment from : @elchapojr6219

they're too old for a pool!
Comment from : @nchinth

This is terrible advice! Dave Ramsey is saying anything right now
Comment from : @yusufhasaan8781

Both Nigeria 🇳🇬 citizens and government are all scams
Comment from : @benpeter4970

I want to see Dave dance on TikTok
Comment from : @yowmemperor

Why not just buy the rental property and use it as a saving account and throw all you extra money in to it ?
Comment from : @daniel52267

Is too much to save up 200,000 to buy a rental property I’ll take 30 years
Comment from : @daniel52267

Whew, they must have never seen Blue Bloods! Tom Selleck is far from washed up!
Comment from : @7livelaugh

My answer before watching the video: pay with cash and don't let real-estate be more than 20 of your net worth Let's see what dave thinks
Comment from : @timb787