“You Sound Like a TikTok Video, Dude”
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- Опубликовано: 14 окт 2024
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If I had a dollar every time Dave told this story i'd be a millionaire already
Fifty cents would get you there..😂
If I had a dollar for every person that ignored Dave’s story and thought they could defy the odds. I’d also be a millionaire.
He'll keep telling the story for as long as people keep asking the same questions.
To be fair its a good story
@@SoUnDMaN831billionaire
This is like writing into Scotty Kilmer and asking which model Tesla should I buy!
Perfect analogy
🤣
So true!
Love that guy!! He’s hilarious
Buy a Silica.
The truth is it just takes hard work, and a lot of it. Once you realize it's all hard work, it starts making sense why successful people are who they are, arent who they aren't.
It’s not just hard work. You can work hard and make very little.
@nathang2465 yes, you can. You can also work hard and outright fail. Most people do before they succeed, and that's why you keep working hard.
I challenge anyone to get further by checking out or giving up than by working hard.
@Celwood I never said any such thing. I said success, not money. I don't define wealth as the only metric of success, and if you do, like Dave said, you're unlikely to keep it, and that doesn't sound very successful.
@@MrMoonDollar that's because the one muscle that has to work hard, isn't working hard, and hasn't set itself up for success.
You can't just throw shit at the wall and hope it sticks, you have to put a little bit of adhesive on it.
Built a knowledge base and work slow, haste and ignorance are the enemy of success.
I just screenshot your comment@@gtileo
I'm from a line of business owners. I don't want that life. I want to give my employer 100%, take my check, go home and turn my phone off.
It's underrated tbh
Can we all agree that the 0 down landlord strategy is NOT entrepreneurship? You're not making anything new. You're not "creating a product everyone needs" or "creating jobs". You just want a get rich quick scheme that requires no work.
Well said.
you've just described the entire financial sector and investments.
It is tantamount to scalping.
you're giving people a roof over their heads.
@@roathripper "giving" is an interesting word for it. There's nothing wrong with being a landlord. Doing 0 down real estate and calling it entrepreneurship is the problem.
I live in Canada, grew up poor, in my early thirties, debt free apart from my mortgage, my wife is in nursing school finishing her third year of school. She does have student loans, but I cover 85% of expenses. I make 76000 a year, have a very secure job, pension plan that will pay about 4000-4500 a month. We live in a condo worth around 325000, with 184000 remaining on the mortgage, 30k in stocks and about 5 months worth of emergency fund. We’re in a pretty good place, most of her loans are interest free. I struggle everyday with thinking the world will flip upside down and I will be in the position I was in when I was a kid. I don’t really like feeling like this all the time, but it is stressful.
Sounds like you are doing well for your income! You must be very disciplined.
@@Joenzinator thanks! It’s hard to feel like that at times. I clear just a little over 4K a month, these last 3 years I have been working a lot of overtime, mostly to pay for an elopement and honey moon and also bought motorcycle 😬 both outright paid. Over time definitely helps
@@brads4475you should follow ramit sethi he talks a lot about money psychology and growing up how it affects our attitudes to money. He’s got an excellent podcast on RUclips weekly
I went to a conference last Saturday, and this guy named James Smith, did a whole “sales pitch” to sign up to take his real estate classes, but after watching this video, I’m glad I didn’t sign up!
I met him a few years ago at a conference. Though he was a captivating speaker, I felt the 'mirage' and selling of access, so didn't bite.
The only person I’ve ever seen that use debt to get rich was Robert Kiyosaki. And I’m not sure he’s 100% truthful on what he’s says in his books.
Yeah, I suspect he's gotten more wealth out of his books than out of the business he's describing in them.
Kiyosaki is another huckster who got rich by teaching others how to get rich.
The Kiyosaki model doesn’t necessarily emphasize a “0 down” strategy unless the asset gives a high enough rate of return upfront until you subsequently sell it for a profit. Rather, it uses debt to obtain cashflow to supplement your main sources of income until you are in a position to pay cash for assets that make you the real money, either by time or by selling your asset for enough to buy another for cash. It’s a “get rich quicker” strategy that purposely takes on more risk for faster return. It’s especially emphasized during a market crash where interest rates are low, real estate profitable, and is only expected to go up in value.
Yes!! I agree. Just wants to sell a book. I don't trust him. He is all over the place!
Didn’t he say he owes one billion dollars?
One item that I disagree with is "buy a reliable $1000 - $2000 dollar car". Today you can carefully find a reliable $8000 dollar car. The majority of $1000 cars are close to junkyard heaven or Hell if you bought it.
You have no clue how to assess cars and it shows.
@@bradleymaravalli2851actually you're the one that's living decades in the past. This is the year 2024 and any car that actually runs today that's easily within a 15-year to 25 year age range from even a private seller is going to cost you more than $1,000 or $1,500 bucks. Factor chances of finding a decent running car that has 200,000 Mi and is 18 to 20 plus years old for less than 3,500 bucks in central Mississippi is slim to none
Yes. That's what they say on Ramsey. "Buy a hoopty to get you by, then after you get out of debt and build an emergency fund save up to buy a real car."
@@Ksee89 so what is wrong with that? Sounds a lot more adult than an idiotic kid who just jumps into a literally a brand new car payment he knows a good damn well he cannot practically afford in the Long Haul
Don't know about you, but no one is selling a 2000 dollar car that is worth driving that wont cost you triple that in repairs a week after you sign the dotted line.
No more calls from people struggling with student debt that they yell at to pay it off. 😂
Ramsey might have hundreds of millions of dollars in real property, but he didn't get those hundreds of millions through real estate investing. He succeeded by packaging fairly basic financial literacy with a southern grandpa schtick.
Do you do Dave's taxes?
@@alinatamashevich3354 Yes I do.
He succeeded through a combination of both. You do not succeed by doing one method, you succeed with multiple methods that reinforce each other
@@amireallythatgrumpy6508 Nah, it's probably 90% self-help books and 10% real estate. You just don't make that much on real estate investing.
@@alinatamashevich3354Dave Himself as admitted he sold books to poor people, it's fine, I believe in his program, and yes I have a smartpro invester, ( Thanks. Amy ) he made his millions of his radio show. Not trolling, have a great week.
“The number of people who borrow money to buy real estate and 10 years later are not bankrupt is almost zero.” This might be the most ridiculous statement Dave has ever said…
...precisely and almost are not the same thing...
...your blatant hyperbolic lie is what's ridiculous...
@@DericAnslum misheard it, you’re right. But still that’s an inaccurate statement to make
I caught that too. I don’t think Dave meant to say that. I’m not sure what he did mean to say though. I’ve been listening to the Ramsey Show for a long time and that statement doesn’t make any sense.
Regarding the calling of a bank note. I'm not an expert but in the 60-70s my grandfather was a builder, with a lot of new homes under construction. These are not owner occupied mortgages, they are business loans or investment loans. The economy was a wreck and the housing market died in the 70s, so the bank called his loans. He fire sold 40 plus homes and rented out ones he couldn't sell. He didn't go under, but he wasn't a millionaire anymore either! So yes banks did call loans, things may be different now but Dave's loans were called quite a while ago, so these types of loans existed then and probably still do now.
I learned to trade stocks its not consistent but its like owning a company without the liability employees and regulations. I would rather just push money back and forth and not actually contribute to a society that dosent want my skills.
Ken needs a big chair and book near the fireplace to go with that sweater.
"You gonna tell me the difference between this guy and that guy is luck?"
-Gordon Gekko
I went into the military with the goal of having enough money to buy a house when I got out. I ate army food wore army clothes didn't spend anything saved what I made got all the education I could while in the army got out after 5 years bought a cheap house went to work and have never had house payments.
be your own boss lol nah just work hard for a bit. now I live in a nice house and can buy whatever I want when I want and live off passive income from investing.
being debt free is the way to go. I been doing this debt free thing longer than Dave Ramsey and he is 1000% correct
is this Adam from PBD?? 🤣
Dude is a black belt in cuckery
Lol I wouldn't be surprised
2:24
Thanks Dave! His story illustrates why liquidity is way more important and makes net worth unreliable at best. Net worth can include real estate that can disappear in a second while the equity you can't eat or pay bills with. Yes, you can get loans against equity but guess what the lender will do if the collateral (real estate) makes the loan underwater? Basically real estate and equity is yours until the bank says it isn't.
The thing about Dave’s story is that he heavily over leveraged and used flipper loans that don’t exist anymore. Plus he went bankrupt which didn’t really hurt him personally that much. Set up a corporation and that will give levels of protection to you and your personal assets. Leveraging money to buy assets is a very valid strategy. Just be smart about it and don’t take more than you can handle. The only type of mortgage loan that can be called early is a HELOC.
exactly, it's just another way to acquire wealth
“I made $250k a year in 1983 leveraging money. You definitely don’t build wealth leveraging money”
Dave is a conman with a good message
Sorry but your newly formed corporation is not getting easy credit with no assets. The reason you as an individual get the loan is because you have either assets or salary to cover the loans. Let me repeat setting up a corporation will not help.
@@Art-is-craft I own 4 rental properties all in their own LLC. I purchased the 3rd and 4th one through the newly formed LLCs they are held by. True that I had to have 20% down for the bank to give me the loan for it, but with that giant piece of collateral, the bank had little issue giving the LLC a loan.
Ben Mallah became wealthy that way, but I understand what you mean Dave
Very few people can do it. The sorts of people that achieve it are maverick entrepreneurs and are not normal. The sort of person that has a feeling about it and wants to be wealthy independent does not have the mindset as they are just fantasising.
"Kaysh" for the first rental is even undoable for a median person with ZERO debt, unless the said "rental" is in certain very specific geographic regions of the continental US..
And only an idiot would even consider owning rentals. What's your point?
Caller you call the wrong show and ask the wrong person this question
It's so weird, because everyone I have ever met who has a ton of money either started a successful business, or did exactly what this guy is talking about.
You need more friends who aren't in debt
@@alinatamashevich3354 Then whos boats and jets will I get to ride on for free?!
Well thats very possible, but for each success story, there is a thousand failed stories from trying the same stuff.
I have to say the dumbest rich guy I ever met did accumulate his wealth in this way. He had a ton of apartments he was renting out and when I say he was dumb he really was kind of a dumb guy. but he was quite well off.
It is highly risky and I don’t have the appetite for it but it’s certainly not got a 100% failure rate
@@tstanley01
So you have met the 95% of business owners that failed?
As a real estate investor who owns 73 rental units and over 7 million million dollars of real estate I disagree with this. I have been buying real estate for the past 7 years and I have been using creative methods to finance my deals. Owner financing, subject to, Partnerships, BRRRR, etc...... I am a school teacher who recently achieved Financial Freedom through cash flow from my rental properties. It is possible!
Well I bought . Remodeled myself. Owner financed the properties. After five houses. I retired.. seven years ago. I am comfortable.
Ive done insurance for real estate for 20 years and ive never heard a bank calling in a note because the borrower was “only 26”.
presumably the fact Dave was severely overleveraged was a big factor
@@rvog6584 ok, he can be over leveraged but if he’s on time with the payments….why call in the note? Dave just wont admit the truth.
What I’ve never understood is why the bank can foreclose on someone if they are making their payments on time isn’t there a contract or something to prevent that?
They can't...He wasn't doing normal fixed rate debt 15 or 30 year loans. He was taking short term 90 days loans for 100s of thousands of dollars, that have to be paid back every 90 days, or they could be extended at the new current rate, if the bank wanted to. The 90 days came up and the bank said that they were not going to extend them and that he either had to pay back the money or they would take the houses. What the guy sent in on the letter bears no resemblance to the stuff Dave was doing. I don't understand why he conflates the two stories every time someone asks...
@@tstanley01 very interesting. That helps me understand a bit better thank you. I still don’t know why a bank would call a note on somebody who is making their payments on time. You would think they would want to continue being paid payments with interest every month, but I can also see how a bank could be afraid of a young guy in over his head and wanting out
@@Simpleharmonica
Banks get sold and new management want to make changes . Some changes are good some bad.
@@Simpleharmonica There could be a million reasons why they wouldn't recast the debt. Not all banks follow the same criteria when writing loans, so you could take the same product and terms to 4 different banks, and 3 tell you no, and the 4th tell you that they will do as many of those deals as you bring them. They could have had deposits slow or decrease and fell below their required cash minimums, so those type loans are the first to not get renewed because they have to get them off their books. Most people don't really understand what a bank actually does, or even what business they are actually in...
Wrong! Banks can and will call any loan to protect their assets! Read the fine print
Locke et al did not ever say pursuit of happiness. It was life, liberty, and property....
hell yeah shoutout to epictetus
Slowly paid off two houses. Slowly accumulated tons of money in a 401(k).
How is this complicated?
“TikThot”
I buy propeties by leveraging debt.
Am i wrong?
You'll find out.
@@Omar_Zazzle, when will I find out? Properties on average double every 10 years and I use the equity to finance more. I've been foing this for 35 years. I own 8 super cars and own 700 units. Tell me where I'm going wrong?
@@RabJ208 It's a house of cards that will come tumbling down. You say you have 8 super cars (I don't believe that by the way) like that's something worth bragging about.
@@RabJ208 Honestly... some people just want to say that others will fail. There is a whole community on bigger pockets of successful investors. Investors use debt
@@RabJ208 owning super cars and having mansions only impresses other douche bags lol take your supercars to Walmart to get groceries, thats impressive...
Your fan from South Africa...
So interesting story Dave. How, if you were current on your loan payments, how could a bank call your loans? I don't get that.
If you read the contracts of business based loans you will find that the leader can call in payment at any stage. Even house owners mortgages can be called.
@@Art-is-craft
Wow ... well I've had a couple of mortgages and I know I've read them and don't ever recall anything stating the mortgage can be called on a whim, sure if I default but not just because the lender thinks I'm young, or male, or christian, or conservative. Going to have to call my bank.
And Dave always leave out the part that he took out hard money loans. And he filed for bankruptcy for like 300k only. Not millions.
They called his loans according to the timeframe on the contract.
How much you declare bankruptcy for is irrelevant. You end up at the same place: 0, with bad credit.
That's because he paid off around 3 million in debt down to 300k, you forgot that part....
Um, no he didn't file bankruptcy at all. It's a business origin story he made up and you were gullible enough to believe.
Nobody is talking about getting hard money loans.
@@MrJimmy3459 He still filed when he had 300k left to pay.
Be good at sales is the answer to Adam's question of how do I make a lot of money fast. Dave is elite at sales, he sells his show he sells his books he sells his services and thats how he rebuilt his wealth after he busted out playing the leverage game in real estate. Dave is a different level of salesman though so don't use him as your threshold. But selling makes the capital markets go round and if you're better at it than most you will earn bigly. Now whether or not you're able to make those earnings work for you is another question.
I hope this guy lisen to Dave especially when Dave calls him Honey who say no to that come on!!
Forty years or so ago I read ‘The wealthy barber’. I am not a financial expert but my retirement is self funded. Go figure.
You can use debt as long as you don't NEED the money.
Dave please talk about the out of control OCCUPATIONAL LICENSING for k-12 teachers that's why we have teacher shortages I'm the author of EIGHT DAYS IN AN INNER CITY SCHOOL
I thought there were more millionaires in America than what Dave said. Out of about 335 million Americans only 15 million have more than one million in net worth. That is only about 4.5 percent of people.
Median retirement net worth in America is 1.5 million.
Dave really need to add to the fact that he got bankrupted cause he took out hard money Loans with adjustable interest rates and the loans can be called in full due anytime they wanted. Completely different from fixed rate 30 year mortgages with 20% down payments.
All loans can be called, for any reason or no reason. I knew some commentor would bring this up. So tell us what loan has a no call option, I'll wait
@@alinatamashevich3354Easy. Traditional mortgages. They can't be called for "any or no reason"
Stop spamming nonsense on here.
@@alinatamashevich3354 lol 100% incorrect. Most people with mortgages have fixed rate 15 or 30 year fixed rate mortgage and they cannot be called. Meaning the bank can just say you need to pay the whole balance now.
He didn't get bankrupted at all. It's just a story he made up.
Dave, you took out short term loans. 30 year mortgage is the least risky way (other than cash) to buy a house.
You leveraged up to your cheeks and if the bank didn’t call your loans the housing market crash would’ve bankrupted you anyways 😂
The risk between a 15 and 30 year mortgage is very similar.
@@amireallythatgrumpy6508 If it’s the same house and same down payment, it isn’t that close 🤷♂️
@@DudeMuscle during the 08 housing crash, buy and hold investors made out like bandits...people lost their homes, they had to live somewhere, so there were more renters than rentals...rent prices went up a lot...the tough time for real estate investors was BEFORE the crash...
@@tstanley01 I’m not talking about 08, in the 80s.
Why is Dave Ramsey implying that leveraging debt is a bad thing?
Because it is.
@@Omar_Zazzle, it's all well and saying "well it is". But why is it? Because Dave told you so?
Really? It's a loan! Go get ya some
@@alinatamashevich3354, absolutely. It would take the average person 10 years to save up for and buy a property. A house at $100K right now will on average worth $200K in 10 years. I'd rather buy now for $100K than wait 10 years to buy the same house for $200K. Dave doesn't know what he's talking about.
@@RabJ208 Dave Ramsey's story is going completely broke and losing everything because of leveraging debt. The story is even in the video. Hope this helps
Almost 0... that is simply not true.
This money thing never made sense to me. its a physical object. Mind and thoughts create physical reality. So I can just create money from mind and thought. From what youd call “nothing”
Go back to sleep or go back to your Pokemons kid
Wondering what a seed sweeter is
C-Suiter. Senior most executives at a corporation, i.e., CEO, CMO,etc.
"Oh brother" that's what I say when I see my wife with her yoga instructor at Applebees.
Now Chase Morbey is the king of scam real estate
Oh.. daves history is interesting. I didn't know that much detail. I remember when I was a young adult... quite a long time after daves bankruptcy.. hearing about this no money down process. Its probably the same group dave was part of. I'd have to go look and old records. I'm pretty sure in my early 20s I went to a seminar or something about it.
I remember being very tempted by it. But I was a poor person back then.. not a broke person. I was poor. The idea that I could have disposable income was incomprehensible. So the guy was asking me to risk money I needed for food. Survival was more important than thriving. So... I bought food instead. Probably saved me a lot of headache by accident. Or basically being too poor to make that big of a mistake 😂.
Real estate is a scam. my coworker owns apartments and he got a call from his property manager company to raise rates when minimum wage goes up. rents gotta stay in line with people's incomes.
Water is a scam
Real estate isnt a scam, and he is in charge of those apartments, property managers work for him, not the other way around.
Real estate when you are in control of your business, is the most successful way to make money, but it requires a lot more hard work than some people think.
Regarding Dave's story - I don't understand why a bank will call in a note when the person is making payments in full and on time, knowing that calling it in will likely set a domino effect in motion.
Cause he did it like a dumb ass it was all leverage if he did it properly he wouldnt be where he is now. He would be a successful slum lord not selling books to broke people on how to not be broke.
90 day hard money bridge loans, not 15 or 30 year fixed rate debt...the stuff he was doing is considered very risky by most real estate investors...
So ,what type of loan is not subject to being called? Might want to read the fine print. Banks protect their assets, not yours!
conventional 15-30 fixed loans are not callable under normal circumstance. Now if you do some sort of subject to or something else, they can call the loan. But traditional residential loans cannot be called if they it is being paid (including escrow). Are you in the United States? Because what you are saying is true in other countries. Almost no where else has long term fixed rate debt like we do.
@@tstanley01 WRONG! In my old neighborhood there was a nuisance property, the city sent a letter to the lien holder informing them they were going to seize it. The bank foreclosed on it in less than 90 days. Again, the bank can AND will protect is assets....not YOURS! No lien holder will put themselves at risk.
Tic tac
Work 100 hrs Work weeks
This is like a 20 second video. He said, " no" video over.
Why are the comments disabled on the previous video??? If you dont want comments, dont post it.
The type of loan you had in 1983 doesn't exist anymore and modern loans aren't callable the same way
Having huge amounts of debt that you can not cover any way other than to sell all you own is still awful. What he did was a bad idea way before they ever valled the notes.
Maybe the type and names of loans changed, but banks aren't making loans today they have no recourse for.
@joe, all loans are subject to being called, banks don't stay in business by not protecting their assets. Basic business 101.
Dave: you can’t get rich that way because I couldn’t!
People: oh, well then how did you get rich?
Dave: shut up stupid! Buy my course on how to get rich!
Did Dave just actually say "The amount of people who borrow money to buy real estate and 10 years later are not bankrupt is almost zero." REALLY DAVE? I've bought multiple rental properties with loans and never went bankrupt. I think you might be exaggerating just a LITTLE bit, LOL...
Love ya, Dave. I’m certain I must have misunderstood you, but to say no one has ever created wealth by leveraging debt is simply not true. Rare as it may be, they exist.
Perhaps you meant people that try to do it with houses. I know quite a few that we’re successful by leveraging on a commercial portfolio.
That’s hogwash 😂😂😂
People still ask these stupid questions 😂😂😂😂 you know dave is no debt
This guy sounds like he's been listening to Robert Kayosaki.
There are also a lot less C suite executives than individual contributors and middle management. Is that taken into account in the millionaire data?
What does that mean?
@@Art-is-craft Their millionaire study said that only 15% of the millionaires they interviewed were C Suite executives. That is a huge percentage considering how few C suite executives there are in the general population.
@@nathang2465
They could have a study that is 5% nurses, 80% cartoonists and 15% C suite. It could also mean the out come shows that 15% of millionaires they interviewed were millionaires but with a particular net worth.
I'm guessing that whatever things allowed Banks to call Dave's notes when they bought them is no longer a thing right? At least for residential 30-year notes under Fannie/Freddie?
It’s absolutely not possible for a bank to call a loan on a typical mortgage. As long as you are pairing as agreed, they cannot do anything about it. Period.
They also cannot call a HELOC although they can cut your ability to borrow more money against the HELOC .
No it still exists. No bank can be held down with a guaranteed financial contract unless it is negotiated but what bank would allow small high risk enterprise have such options?
Ben mallah did. And my friend steve.
How can a bank call a 20 year note due Dave?
they can, it happened to me in '07. moved loan to another mortgage, that bank was bought by BOA, then THEY called my loan. kept house ultimately, but don't be naive, it CAN happen.
Bank can and will do it, they protect their assets, not yours!
I love Dave and his way of getting out of debt, but here's were I get confused. If ur wanting to get into real-estate dont u have to get the money from somewhere. Not everyone has the money to get started doing it. I get being debt free but the way Dave makes it seem, u cant do any kind of business or own anything unless ur debt free, hell u cld be in ur 60s but the time its all said and done. there's gotta be a way
Dave points out that vast majority of leveraged businesses go under. The sort of person that can use large debt to build a business is rarely and there is nobody that can teach that no matter what people say.
No you can't start a business or run a business based upon debt but the point is Dave is trying to explain to you that equals risk and when you owe someone else in the end that money is not yours. And the more you owe someone else the less money you have in the end the less money you have the smaller your chances of being able to pay the necessities of life be it basic or business-wise he just wants people to be able to prosper debt-free. It's really that simple to understand
You are wrong Dave, it is 100% a proven plan to wealth. Most people cannot and should not do it and it will fail for most because they are incapable. However, myself and most of my wealthy friends and partners have all utilized this method successfully. It’s not a “stay in debt forever plan and get rich”. These debts are required to be paid off, and generally as fast as possible. Avoid interest and avoid taxes.
Your a bankers wet dream. Keep making others rich!
Like any plan to wealth, it only works for less than 10% of the population.
To the caller: don't use short-term loans like Dave Ramsey, and you will set yourself up in a much better position to succeed than Dave Ramsey. As usual, Dave is providing an apples-to-oranges comparison.
Wrong, any loan no matter the term is subject to being called. Read the fine print, banks protect their assets, not yours
@@alinatamashevich3354: And the chances of that happening are quite slim with a conventional fixed-rate mortgage.
There are many ways to do something. But what I know is, Ramsey teaches a specific way and he has stats to prove his way works and that is regardless of whether you're way works.
So if you don't agree with Ramsey's teaching, why don't you go and listen to someone who you do agree with!
I get it though (said with sarcasm), that we are more entertained by the negative than the positive. So even if you don't agree, you will continue to listen and comment. Typical!!
Can’t name one that’s been doing it 10 years? Ben Mallah…………
I want to see Dave and Ben have a discussion
Dave can’t borrow money because he had a bankruptcy on his credit. Interests rate are higher now it’s tuff to leverage yourself and cash flow. I have real estate at 2.5% interest it cash flow nice. Working like a dog to get ahead is stupid too, working hard and smart is your better ticket. I’ll bet if Dave told the real truth about his success he will tell you that he had some luck along the way. Of course he probably put himself in a position to have the luck, it didn’t have nothing to do with digging ditches all day.
These big corporations have been doing it for decades. And they are still in business.
They have access to something you and I don't - bailouts from their buddies in politics
That, and an army of lawyers/accountants who can help them bend the rules, exploit loopholes, etc.
@@gbear34 They don't get bailouts.
@@jimmymcgill6778 yes they do. It's not even a secret or conspiracy. It's an open fact you can easily google.
@@jimmymcgill6778 First-draw PPP loans were available for up to $10 million, with second-draw loans up to $2 million. Best of all, they were 100 percent forgivable for qualifying borrowers. Yeah there was a lot of fraud fauchi money given to corporations that were spent buying up houses. Just look up ppp loans to buy houses.
His point exactly. Big corporations can get away with it, individuals can't.
I want to set up debate with you and kiosaki who promote good debt. Maybe kiosaki will win. Haha
How many odd jobs and "side hustles" did Dave do after his BK ? ZERO. He went right back into Real Estate. I LOVE Dave for so many things...but he has NO CLUE what a "side hustle" or a part-time minimum wage job is - and how that goes NO WHERE fast. So he "over leveraged" himself, did a Chapter 11 "Re-Organziation" - and went right back into real estate. He did NOT go to delivering for Domino's Pizza and working overnights at Walmart. Be REAL Dave. What did YOU DO - for work and to CREATE INCOME when you declared bankruptcy? What did your WIFE do for work?...We love your STEPS but what did you DO FOR WORK and CASH? .... How did you GET back in to real estate then, your podcast? ... Let's hear it. I want to know how you EARNED INCOME after the fall, you and your wife. This is a legitimate fan question.
He never filed bankruptcy. That's a business origin story he made up.
@@amireallythatgrumpy6508 I can find nothing online supporting the idea that he did not declare bankruptcy.
You could have just told us that you are in debt up to your eyeballs
I haven't heard him talking about this portion of his life in great detail. But the bit i know is.. he kinda did. His baby steps came about from things he did. He sold his cars. He went from rich millionare driving fancy cars to driving something most people are ashamed of. He has talked about these type things.
He didn't talk about his side hustles. But I would be shocked if he didn't have one. His entire Ramsey solution might have actually been his side hustle. Idk. But I know he started this Ramsey business around the time of his bankruptcy.
My guess is with the zero down group he probably was presenting for that group. "Look at me how successful I am. This could be you!" He probably flipped that on its head and started doing his own presenting with his stuff instead. But this is just an educated guess. The point is dave does generally practice what he preaches from what I've seen.
Let's not for get people borrow money and take out 30 year loans and are find too.
Lol that's what Dave did
Lol dave the pro real-estate guy who lost everything. Real pro.
He hasn't lost anything for 35 years.
So where exactly the fuk are you supposed to get hundreds of thousands of dollars for real estate without mortgages?
You're talking as if Dave Ramsey has a problem with you having a mortgage that you can actually afford.. if you're debt-free then that means you have money to save up for a 20% down down payment to avoid PMI and you can actually afford a reasonable mortgage.
Good grief so many of the exaggerated what he states it is unreal y'all need to learn how to listen properly instead of hearing what you want to hear
@@motoryzen
Quote from the video: "If you wanna buy some real estate you do it after you get your house paid off, and you pay cash for your first rental."
What else could that mean other than what it says? Where the fuck do you get the money to do that unless you're already rich?
@@VampireKa1n when you don't owe anyone any money that means aside from federal and state taxes that you can do whatever you need and want with the money you have left over after taxes from your paycheck which includes saving up money which can include pumping a high-yield savings account of around 4% ish interest... to save up for that rental property it's not rocket science anyone with half a brain knows that if you cannot afford to save up $200,000 for a decent rental property inside of 4 years or 5 years tops then you need to aim lower or you need to do a different plan
Stop making excuses and start looking at all the facts and all the possibilities
"Yeah but I'm smarter than you are, the market has changed and that can't happen anymore, I've got a new way to do it that nobody's thought of before". Throughout history those lines have been said time and time again, and financial catastrophy often follows. I wonder which one of them the fellow here is going to use ;)
He wants everything the world can offer with minimal work required.
That is not what I heard him say at all...He has a place he wants to get to, and realized in about 4 minutes that Dave's plan wont get him there with a normal W2, so he is looking for other avenues...plenty of people have done it successfully...unlike what Dave claims...
People are gullible and easily impressed..I love all these people using buzz words..as a current and former real estate investor..no such thing as passive income, your own boss and easy side job. You have no idea what it takes and amount of work and personal investment to do this. None of them tell you the bad tenants and shit that comes with. I know a lot of friends who own businesses and they make money, more than I'll ever make but THEY WORK..they dont take off as I do, they don't get paid as I do, they don't work they don't get paid. Yes you are a boss but you work your ass off.
You might get one luck person who has a few good tenants that do well but the majority do not have that experience.
Ben Mallah
BK in 5 years
Everything in life is about luck.
It’s easier to accumulate real estate when houses when 50-90,000 Dave. lol. How the heck will an average person today accumulate 500k to buy houses ?
Why would the average person accumulate 500k in debt that will probably be 800k by the time they fully pay it all off? In what backwards universe does that logic make sense? Just so you can say, "I'm a home-owner" when you're actually not?
Paying cash for rentals is not as applicable as it was decades ago. Honestly, this channel needs to recognize that. Average home prices are $385,000, with an average household incomes below $75,000. Just a personal home alone, on a 15 year, fixed, at 6%, you would need to take home $125,000 a year. You'll have to forget getting into buying rentals following the Ramsey Solutions method.
That's what makes people above average. Increasing their income and/or buying less house for their personal use , they can save enough cash 1-2 years after paying off their mortgage for a rental condo paid in full.
@@dr_pinna543 You proved my point. Your income has to be above average in order to follow the Ramsey team's method, otherwise you're not getting into buying rentals with cash for decades, if ever.
who doesn't make 6 figures?? ive seen forums where, especially in tech, people start at 100k and earn up to 400k.
@lolwtnick4362 the majority of Americans don't make 6 figures
Hmmm, I paid cash for my last rental property which was just last year. With rates and prices where they are cash deals cash flow much better than financed deals right now for the most part. You know not of what you speak my friend.
How can a bank tell you to pay off all your loan if u sign a contract that you finance it?
Because in many of these loan contracts with many pages of legalese that people do not read, banks reserve rights to exercise on the loan including acceleration.
@@jrowlet false
The bank he was borrowing from sold to a different bank and they wanted all the money back
Callable notes are not common anymore. Dave’s advice on this matter is outdated.
@@joecross1561 Do you read all of the pages of a mortgage? It tends to be 100-150 pages (I speak from experience as a loan signing notary public agent).
I guess this guy saw a glimmer of hope that making money on rental properties and other "flipping" real estate would be more promising after DeSantis declared war on squatting in his state
Called his loan? Something sounds weird?
A type of loan that went extinct in 1990.
Great
“The number of people that borrow money to buy real estate and ten years later are not bankrupt is almost zero”. Really Dave? That’s a very bold and false statement. Casey Franchini (Brick by brick wealth), Dion talk financial freedom, Ryan Pineda, Michael Zuber (One Rental At A Time), Grant Cardone, etc have done and teach others how to conservatively not over leverage debt but still use fixed debt to buy appreciating income producing real estate over time. Why would you pay all cash for a property that’s going to appreciate? Not to mention in real dollars that mortgage payment will be cheaper over time. The everyday person would never be able to and that eliminates over 95% of people of becoming real estate investors. You still think Ramsey is on the side of poor/ middle class people? Great for getting out of debt poor for instruction on buying assets.
Hon, how many times are you gonna tell the same story? Do you have amnesia?
Same I bought real estate in 1983, I became rich then the bank screwed me.
Sound*
Thank you :)
what is a c sweater? maybe I didn't hear that right but first time I heard that phrase.
CFO, CEO and so on.
C Suite. Chief executive officer, financial officer, etc
i cant stand this debt narrative. play a long game. buy only what you can afford and 'swim' with when the waters rise. Take it slow. Get rich now methods are going to send you to zero.
I borrow money. I love debt. I can write it off on taxes. My net worth is a little under 5M. AMA
How much liquidity do you have?
What are you borrowing money for? Thanks
Sure I’ve got a question: what debt are you writing off? Personal, mortgage, student, and business loans are not tax deductible. Only the interest is.
@@TonyCox1351 Probably in real estate...you guy borrow a million dollars worth or real estate with 20% down. You get on cash return of 7-8% on that down payment per year, but get to depreciate the entire million over 27.5 years from purchase. So that is over 36k a year on tax deductions against the cashflow from the asset. If you or your spouse are employed in the real estate industry, then that deduction can also wipe out gains from your W2. That is how people who own a bunch of real estate can make 6 figures a month and not pay any taxes...
@@pinkkfloydd 120k
That sweater tho ….
And cue the Dave trolls. Banks protect their assets, not yours. Case in point, there was a nuisance property in my old neighborhood. The city attorney sent a letter to the lien, holder that they were going to seize the property. The property got foreclosed on. The bank owns the property until its paid off. Never forget that.
Yes, that is how foreclosures work
@@patty109109 Try telling that to the "experts" in this comment section. They truly believe they can not have a loan called if they are paying on it!.