This is exactly what I was trying to explain to my friend. Real estate is something you do once you've already become somewhat rich, and then want become more rich.
This is absolutely the worst time to try to make money as a landlord renting to tenants. So many people are broke and can't pay rent, governments have put a moratorium on rent payments but usually not mortgage payments. It's a recipe for disaster.
He says 'Stay away from Get Rich channels on RUclips". Can't argue with that, but when someone calls asking if they should join a MLM scheme, his response is not nearly as strong.
That's because they aren't scams. Many people make money at them. But even more people don't. They are a legitimate business, though hated by many people, including me. He warns people about them though.
I think the issue for many folks is the idea of "rich". Rich is not lambos and mansions. It's limited debt, a home, a degree of financial independence for most "rich" people. The social media version of rich is total BS.
everyone wants to be rich of course but very few wants to do the work to get there. Their focus is on the result when it should be on the process. That's why people fall for these schemes and kids are investing their student loans into stocks
I know a couple who lived a frugal life for decades and never made over $150k combined. Now they're in their early fifties and have a net worth of over $4 million living in Hawaii. Anyone can do it. Sacrifice early, enjoy later. It takes time.
@@brainloading5543 There is no such thing as overnight success. All that stuff you see in the movies is fake. All rich people accumulate wealth over a period of 10 years at least. You start young and by the time you're 30, you should have accumulated a good amount of money. By the time you're 40, you should be set in life, but it take a lot of sacrifice. I wish I started earlier.
@@pixelzpusher why should I wait 20 YEARS to be able to truly enjoy my life ? If you're near 40 years old, you may have forgot that when you are young, you don't want and you aren't gonna wait 20 years to enjoy your life. And what you're speaking about here is investing, and having a job on the side. What about e-commerce?
@@brainloading5543 If it were that easy to get rich in your early 20s, everyone would be rich. You can try, but most likely, your chance of success is less than 10% in your 20s. All these get rich schemes don't work. The only surefire way is getting rich over time. Your choice.
@@pixelzpusher well, tell me why e-commerce is bad, just don't tell me why get rich quick channels are bad, just simply explain me why e-commerce won't be successful
@@jimroscovius Jim, you are blessed and I would be willing to bet a blessing to others. I love it, well done, keep chopping that wood good things will result : )
@@abrahamflores2566 Opinions, system or potatoes, call it whatever you want, I was born dirt poor in a Detroit ghetto and now I can retire inspired with much thanks to Ramsey teachings. I never sent him a penny btw, just watched his videos.
@@coniccinoc Thanks!! Except for a 10-year period where we both had a 401k plan, we've saved everything on our own. I'm an adjunct instructor and my wife has a great job, but neither one of us have benefits, so we buy our own insurance (not Obamacare) and save for our own retirement. We have no pension and we get no handouts. Kids are grown and successful. We were broke back when we were young, and swore we would never do that again. We're certainly not perfect, but we discuss things before doing. It works!!
Exactly! I always laugh at those RUclips ads of young guys going "I am holding in my hand my latest bank account statement of $2M. Do you want to learn how I did that...?"
it's funny how these "get rich quick" seminars never address the negatives... Especially now..Real Estate CAN "de"valuate, and you can become upside down in real estate just like driving a "brand new" car off of the car lot..It can happen with a horrible tenant... a neighborhood going from bad to worse.. a major employer moving away, and like what just happened this year
Real estate isn't a wealth builder. It is something you buy with wealth already created (for passive income). Dave is right on that point: too many people view buying a house as a financial secret shortcut. Even worse - some think just living in a house automatically makes them wealthy. Its like the saying 'A fool and his money are soon parted'.
There are no shortcuts. It’s exactly as hard as you thought it would be to get rich. Discipline + Time because the Get Rich Slow Channels are the ones telling the truth.
Too many people have the drive thru mentality that once they get some cash, they don't go to the sit down restaurant, they gotta have that quick fix so they run through McDonald's in order to get back home and binge watch Netflix. Get out of debt and pay off your home. The peace of mind is more than worth it.
There was some guy on YT saying that we shouldn't do what Dave teaches. Instead do what Dave does. He was basically saying that Dave has a $15 million mansion and a business with millions of customers and followers from his book royalties and financial peace university and that this is how Dave built his wealth and that he somehow did that without doing the seven baby steps like the rest of us. He even went as far as to say that the seven baby steps keeps people in poverty because it mentions nothing about building a business and selling a good or a service that is worth money to the masses. I'm not saying I agree with this guy at all because I have a pretty good feeling that Dave in order to start his businesses(Financial Peace U, CFA, podcast host, book author, real estate etc.) he needed to get out of debt, keep an emergency fund, keep a written budget, invest 15% of his income toward retirement, give generously and pay off his house early. So if someone is trying to convince you that the seven steps are nothing but a slow ball n chain to your financial growth then remember that the seven baby steps is the foundation of your success and your business is the framework to your success. Makes sense?
What Dave meant to say is that he was able to take out loans that he didn't qualify for due to family connections and got called on the loans by the new bank owner.
Check out the returns on some of my funds.... My favorite top 10 Mutual Funds (YTD) are. MACGX (Mid-Cap Growth) CPOAX (Large Growth) MSEGX (Large Growth) SCATX (Large Growth) SAGAX (Large Growth) MSSMX (Small Growth) BFOCX (Technology) BGSAX (Technology) MAPPX (Large Growth) SGNFX (Mid-Cap Growth) Great ETF'S ARKK ARKW ARKQ ARKF GETTING YOU TO DO IT IS ANOTHER DEAL ALTOGETHER!
He is not crushing their hopes he is pointing out the facts. Does the caller have any sort of craft skills, can he price fixtures, does he have finance skills is he the sort of person that works 100 hour weeks. All important factors that a person needs to understand. I have meet very wealthy people that got into property but where not cut out for it.
My dad ran the family finances into the ground chasing after every "get rich quick" scheme that came along. He just about put us into bankruptcy just as I was graduating high school and planning to go to college.
@@Corpsecreate He followed his baby steps. He saved to start his business. He still has a budget. He pays cash for everything. Always has since he started over. He followed his steps.
MeetKevin isn't wrong though. The goal is not to make monthly income, it's to grow your investment through the equity in the property. Rent and pay the mortgage etc, sell to collect the equity you built.
Ever notice the "get rich quick" types in the videos all look like they just got out of college? And how about those stupid car insurance videos showing "how I afforded this car?" 😂 I think those HAD to be high schoolers.
@@streitrat The whole premise is based on getting a so-called affordable monthly payment, but if you follow Dave no monthly payment is affordable unless you are paying it to yourself.
These are called 'funnel ads'. All they do is dump you at another site where you have to fill out all the information again that you put in at the beginning of the process. You will never get the info they promise you at the start. Don't waste your time. Don't click on those ads. You want cheap, affordable car insurance with one phone call and end up with an actual policy 20 mins later, including an e-mailed copy of proof of insurance and notice to the DMV, then call AIS.
@@jdrancho1864 I never intentionally click ads on RUclips. I know what I want, and just buy it when I need it. Interesting info about the ads though, I was not aware of anything called a "funnel ad." I know what the term funnel means in a sales context. But hey, you learn something new every day. Thanks for sharing. 😁
90 day notes are not conventional loans. Dave leaves this small detail out in his story. He’s not wrong-$16k probably isn’t wise to start in most cases.
Agreed like Dave’s way out of debt advice. Using a conventional loan is different than Dave using 90 day notes (which IS STUPID and IRRESPONSIBLE) so its Daves fault not the rental property fault
Yeah if this caller said I am putting down 40% on a investment property with strong cash flow then I would be on his side. He was definitely rushing into it. I am all for levereged real estate when done right.....like avoiding 90 day notes
@Joshua Kelly Dave got short term financing because at level you cannot build that sort of portfolio that quickly. He simply would not have got anywhere with normal bank loans so there is no point any of you trying to twist the story. It is same thing no cash flow and you will not be able service a loan of any type bank or short term finance. Most of you leave the basics out in your criticisms.
EVERYONE SINGLE ONE OF THOSE VIDEOS IS JUST AN UPSELL TO BUY COURSES WITH BASIC GOOGLE INFORMATION. Then they show you income which is basically all of the money from the other idiots who bought courses too
@@drumyogi9281 yeah dave never mentions that he took out 90 day notes. Those guys take out 30 year financing. He did a stupid and projects his mistakes on the entire industry.
@@ducks-on-quack Yep. Dave's going broke story made way more sense when he mentioned 90 day notes. Using 90 day notes to finance millions of dollars the way Dave did is just straight up stupid. It's not even in the same ball park as a 15 or 30 year fixed apr loan.
Property in the US is way too expensive I will never be able to own a home. I'm starting a online business that I'm creating. Once is launched I'm buying property in Thailand because its about 70% cheaper than in the US.
Lol the 90 day notes Dave had are not 30 year fixed mortgages. Dave has to stop using his story as an example because nobody buys homes like that. But yes other than that he is 100% correct in his advice with only 15k down
Slight caveat: they should dip their toe into house/rent hacking. They could rent out a second bedroom to a lodger or on Airbnb and if that's going well slowly start to scale it like I have. Then they can put their profits to paying off debt/saving for a 20+ percent deposit on a home.
Don’t wast time trying to save cash for a cash rental property. But yeah definitely be debt free, have a decent emergency fund and then save up 20% for a down payment for a rental. Just make sure the property cash flows well enough
Finally a comment with brain, experience beats hard work, I made weak profit investing on my own honestly im not happy with my portfolio.. how can I play this huge decline and come out making 10s of thousands?
@@geillasley4117 Lisa Jill Grenell has actually been handling my investment for awhile now, she is really a great broker and she really listens to her clients, She does the whole thinking and research for me before investing a dime, which is what i love about investing with her, you should look her names up on the web and shoot her an email or a call, she's popular for her services.
@@dianajung6126 That's true, having a coach sounds like a reasonable idea, I've thought about getting in touch with a coach in the past but never knew how to go about it, it seems you use a coach, what is your experience like?
@@elizabethantonaccio3835 can’t disclose too much , but yea I’ve been using a coach since November 2020, growing my portfolio from $175k to $600k approx. It is pretty straightforward, not as complicated as it used to be.
@@muckymucks That will take a long time to pay cash for a house. Shouldn't it the other way around? The house we live in does not produce any income so it should be paid cash. And the rental property produces income so it could be financed?
A hotdog cart costs a small fraction of what a house does and has an exponentially higher ROI. It requires work, though. That's the part people don't like.
The goal is not to make monthly income, it's to grow your investment through the equity in properties. Rent and pay the mortgage etc, sell to collect the equity you built. Doesn't sound like get rich quick.
Exactly, as long as the rental income covers all expenses with a percentage left over, then that is what it is all about - CAPITAL GROWTH is the aim, not get rich quick
There are a zillion rental properties out there and somebody owns them. I doubt if every owner was a multi-millionaire before he / she bought them. Yes? No? Respects.
Most people are not cut out for anymore than taking the $15000 and setting up a shop. Those zillions of rentals you refer to have many bankrupt people in them, people that struggling, those that are successful and so on. But setting up any business on high levels of debt is asking for trouble.
He's right... Dave Ramsey's limit of goodness is equal to how willing he is to share his fully sound real estate empire with the lemmings (including me). He's not supposed to give it away, but until he realizes that the number of houses he owns will never solve all his problems, Dave Ramsey will forever live in the shadow of his choice to take more than he needs.
People always like saying in the comments that Dave’s plan can be altered... do yourself a favor... don’t alter it. Someone already has a plan and gave it to you.
Guys can someone please answer me this? How much do I need to start real estate investing? Like In the video, I though 15-25k would be enough but apparently not? How much do I need to save?
I guess you don’t like people learning life lessons from other people’s experiences. You also seem to think his story is for you. No it is for his callers they need to be educated.
Is it wrong that I'm so glad that the caller told Dave it was the wife's idea? Cause Dave already had it made up in his mind where he was gonna go next in his response....
When should you start buying houses taking into account a full paid house. Should I wait to have a enough money to pay cash for the next house or get a mortgage
That's why they call them a woman because they are generally smarter than us men! Whoa man... you are about to do something stupid! Thank God for my woman. She has definitely got me on a better path now.
I completely agree with Dave on this one. I yelled “NO” at the caller before Save did.
This is exactly what I was trying to explain to my friend. Real estate is something you do once you've already become somewhat rich, and then want become more rich.
This is absolutely the worst time to try to make money as a landlord renting to tenants. So many people are broke and can't pay rent, governments have put a moratorium on rent payments but usually not mortgage payments. It's a recipe for disaster.
He says 'Stay away from Get Rich channels on RUclips". Can't argue with that, but when someone calls asking if they should join a MLM scheme, his response is not nearly as strong.
That's because they aren't scams. Many people make money at them. But even more people don't. They are a legitimate business, though hated by many people, including me. He warns people about them though.
What MLM does Dave promote?
Imagine how much of a headache and stress Dave saved this guy from. This channel is soo valuable.
Absolutely
“Hundreds of millions of dollars of real estate”gets me every time and keeps me motivated.
I think the issue for many folks is the idea of "rich". Rich is not lambos and mansions. It's limited debt, a home, a degree of financial independence for most "rich" people. The social media version of rich is total BS.
everyone wants to be rich of course but very few wants to do the work to get there. Their focus is on the result when it should be on the process. That's why people fall for these schemes and kids are investing their student loans into stocks
It’s like anything else. It’s cherry picked. People only see the rewards,
Not the sacrifice
The social media view/version of everything is BS. Sad but true
@@Shane-h4uu Agree 100%. Keep up culture has no room for slow and steady.
@@vildachaya6462 Absolutely true. The 80 entrepreneur becomes the "overnight success".
I know a couple who lived a frugal life for decades and never made over $150k combined. Now they're in their early fifties and have a net worth of over $4 million living in Hawaii. Anyone can do it. Sacrifice early, enjoy later. It takes time.
What if you want to get rich being young ? I don't want to waste my healthiest years.
@@brainloading5543 There is no such thing as overnight success. All that stuff you see in the movies is fake. All rich people accumulate wealth over a period of 10 years at least. You start young and by the time you're 30, you should have accumulated a good amount of money. By the time you're 40, you should be set in life, but it take a lot of sacrifice. I wish I started earlier.
@@pixelzpusher why should I wait 20 YEARS to be able to truly enjoy my life ? If you're near 40 years old, you may have forgot that when you are young, you don't want and you aren't gonna wait 20 years to enjoy your life. And what you're speaking about here is investing, and having a job on the side. What about e-commerce?
@@brainloading5543 If it were that easy to get rich in your early 20s, everyone would be rich. You can try, but most likely, your chance of success is less than 10% in your 20s. All these get rich schemes don't work. The only surefire way is getting rich over time. Your choice.
@@pixelzpusher well, tell me why e-commerce is bad, just don't tell me why get rich quick channels are bad, just simply explain me why e-commerce won't be successful
I trust the Ramsey system. It’s done well for me and mine.
Me too - paid-off house, no debt, decent retirement savings, and God.
Its not Dave Ramseys system as its not a patent lol. Its just his opinions how to handle finances
@@jimroscovius Jim, you are blessed and I would be willing to bet a blessing to others. I love it, well done, keep chopping that wood good things will result : )
@@abrahamflores2566 Opinions, system or potatoes, call it whatever you want, I was born dirt poor in a Detroit ghetto and now I can retire inspired with much thanks to Ramsey teachings. I never sent him a penny btw, just watched his videos.
@@coniccinoc Thanks!! Except for a 10-year period where we both had a 401k plan, we've saved everything on our own. I'm an adjunct instructor and my wife has a great job, but neither one of us have benefits, so we buy our own insurance (not Obamacare) and save for our own retirement. We have no pension and we get no handouts. Kids are grown and successful. We were broke back when we were young, and swore we would never do that again. We're certainly not perfect, but we discuss things before doing. It works!!
"Actually she's the one that thought of it"
The get rich quick channels get rich off of you, not off of what they’re teaching
Exactly! I always laugh at those RUclips ads of young guys going "I am holding in my hand my latest bank account statement of $2M. Do you want to learn how I did that...?"
Not always.
I love Dave’s comment: “You need to stay away from get rich quick channels on RUclips”
I agree. And this was a perfect opportunity for him to call out MLM’s. But he has shown himself to not criticize them.
it's funny how these "get rich quick" seminars never address the negatives... Especially now..Real Estate CAN "de"valuate, and you can become upside down in real estate just like driving a "brand new" car off of the car lot..It can happen with a horrible tenant... a neighborhood going from bad to worse.. a major employer moving away, and like what just happened this year
I see them all the time! “Prosperity Warrior” I see that guy all the time.
Not all MLMs are created equal for sure
@@ChesterMcCoyJr yes, they range from bad and destructive to horrible and catastrophic.
Guaranteed after he hung up the phone and told wifey, she said "He's dumb" and they bought the real estate. They will learn the hard way.
💯
Some people need the swift kick in the balls from reality.
Some people only learn the hard way
Confucius say
“Listen to people who tell you how to save money, ignore those who tell you how to make money.”
"get a job"
"nah, confucius said i shouldn't listen to you how to make money"
Good saying never heard that 👍
👏👏👏
Get rich quick never works. It's really that simple. So grateful for the Ramsey team.
Honesty only hurts a lie
I like "get rich quick channels"
They tell me exactly what not to do.
I had to replay Ken’s face like 15 times! The effort it took not to bust out laughing! 😂🤣
I just be watching this for fun and I’m learning from peoples mistakes at 18 love from the UK 🇬🇧🥰
Good for you!
Sometimes I wish I was 18 again. I've made a million mistakes.
Dave watches Graham and Kevin == confirmed!
Graham isn't nearly as reckless as Kevin is.
Neither of them preach getting rich quick either. They all say it can take a decade or more.
@@AliasProductions801 that's quick for grandpa dave
"NO! UNDER NO CIRCUMSTANCE! You wanna know why?" - Dave Ramsey 🤣🤣
I am DYING
lol
Wow. I admire this man so much 😂😂
@@qwertykaitlyn Stop following Dave!
@@jeanlenor1858 ?
*If it seems too good to be true, then it probably is...*
Real estate isn't a wealth builder. It is something you buy with wealth already created (for passive income).
Dave is right on that point: too many people view buying a house as a financial secret shortcut. Even worse - some think just living in a house automatically makes them wealthy. Its like the saying 'A fool and his money are soon parted'.
0:38 - The look on Ken's face when Dave said "NO!".
He was really trying hard to not to laugh
@@Ratkill9000 right 😂🤣
"I don't know how to get rich quick. But I do know how to lose everything quick. By trying to get rich quick"
A bar 👌
Facts
People taking advice from tick tockers 😂😂😂😂😂😂
And the next video recommended after this is a get rich quick video roflmao.
Lolllll
One of my favorite clips of this show.
I thought the dude on the left's head was about to fall off he was nodding so much
There are no shortcuts. It’s exactly as hard as you thought it would be to get rich. Discipline + Time because the Get Rich Slow Channels are the ones telling the truth.
Too many people have the drive thru mentality that once they get some cash, they don't go to the sit down restaurant, they gotta have that quick fix so they run through McDonald's in order to get back home and binge watch Netflix. Get out of debt and pay off your home. The peace of mind is more than worth it.
@@insideoutsideupsidedown2218 Well said! Great analogy.
Every call...
"Hi Dave, I'm calling to tell you why I'm ignoring all of your repeatedly stated baby steps. What do you think?"
You don’t get it: they’re special.
basically every youtube ad you see. avoid.
Those videos are true. They make the youtuber RICH QUICK 😶
Accurate af
well , call it how you want , it still a snake oil .
@@murderouskitten2577 ever heard of SARCASM
@@Amitkrjain99 Nein .
I wonder how many people fall off the baby steps once they get that emergency fund? Seems like that money was burning a hole in their pocket.
I won't be one of them, that's for sure. I'm still on baby step 3, I can't wait to finally get that fully funded emergency fund completed.
You are right there Jeff. We did
@@pennyw201 so did you restart and progress?
There was literly a get rich quick ad for this video 😂
There was some guy on YT saying that we shouldn't do what Dave teaches. Instead do what Dave does. He was basically saying that Dave has a $15 million mansion and a business with millions of customers and followers from his book royalties and financial peace university and that this is how Dave built his wealth and that he somehow did that without doing the seven baby steps like the rest of us. He even went as far as to say that the seven baby steps keeps people in poverty because it mentions nothing about building a business and selling a good or a service that is worth money to the masses. I'm not saying I agree with this guy at all because I have a pretty good feeling that Dave in order to start his businesses(Financial Peace U, CFA, podcast host, book author, real estate etc.) he needed to get out of debt, keep an emergency fund, keep a written budget, invest 15% of his income toward retirement, give generously and pay off his house early. So if someone is trying to convince you that the seven steps are nothing but a slow ball n chain to your financial growth then remember that the seven baby steps is the foundation of your success and your business is the framework to your success. Makes sense?
What Dave meant to say is that he was able to take out loans that he didn't qualify for due to family connections and got called on the loans by the new bank owner.
Check out the returns on some of my funds....
My favorite top 10 Mutual Funds (YTD) are.
MACGX (Mid-Cap Growth)
CPOAX (Large Growth)
MSEGX (Large Growth)
SCATX (Large Growth)
SAGAX (Large Growth)
MSSMX (Small Growth)
BFOCX (Technology)
BGSAX (Technology)
MAPPX (Large Growth)
SGNFX (Mid-Cap Growth)
Great ETF'S
ARKK
ARKW
ARKQ
ARKF
GETTING YOU TO DO IT IS ANOTHER DEAL ALTOGETHER!
Ken sounds like a sports broadcaster 🤣🤣🤣🤣
Right
Any get "get rich quick schemes" always end up badly. Long term financial decisions create wealth.
Right? And people always say "I'm following Dave's plan" but they really aren't
Over 95%of “real estate investors” fail. I don’t hear that fact a lot. But don’t crush their dream Dave. Let them go ahead and learn the hard way.
He is not crushing their hopes he is pointing out the facts. Does the caller have any sort of craft skills, can he price fixtures, does he have finance skills is he the sort of person that works 100 hour weeks.
All important factors that a person needs to understand. I have meet very wealthy people that got into property but where not cut out for it.
My dad ran the family finances into the ground chasing after every "get rich quick" scheme that came along. He just about put us into bankruptcy just as I was graduating high school and planning to go to college.
Graham Stephan is typing...
All those landlords and property owners suffering from the "eviction moratorium"
DAAANG! Dave just said he's worth $100s of millions. I suspected as much but wasn't sure.
And he shows everyone how they can get there.
Ya about 500million
@@jimroscovius Yeah by starting a business, not by following his baby steps.
@@Corpsecreate He followed his baby steps. He saved to start his business. He still has a budget. He pays cash for everything. Always has since he started over. He followed his steps.
@@jimroscovius he also had mommy and daddy help him out, they owned a real estate company.
He didn't just do this on his own
Well said Mr. Ramsey.
Dave Ramsey is literally the coolest billionaire.
He’s def talking about meet Kevin
MeetKevin isn't wrong though. The goal is not to make monthly income, it's to grow your investment through the equity in the property. Rent and pay the mortgage etc, sell to collect the equity you built.
Ever notice the "get rich quick" types in the videos all look like they just got out of college? And how about those stupid car insurance videos showing "how I afforded this car?" 😂 I think those HAD to be high schoolers.
Yeah, those are the ones I don't *get*...then they start talking about the *insurance*...I wanted to know how much the actual *car* was!
@@streitrat The whole premise is based on getting a so-called affordable monthly payment, but if you follow Dave no monthly payment is affordable unless you are paying it to yourself.
@@marcus3457 right....the whole ad goes "I'm going to show you how I afforded this new car!...My insurance originally was..."
These are called 'funnel ads'. All they do is dump you at another site where you have to fill out all the information again that you put in at the beginning of the process. You will never get the info they promise you at the start.
Don't waste your time. Don't click on those ads. You want cheap, affordable car insurance with one phone call and end up with an actual policy 20 mins later, including an e-mailed copy of proof of insurance and notice to the DMV, then call AIS.
@@jdrancho1864 I never intentionally click ads on RUclips. I know what I want, and just buy it when I need it. Interesting info about the ads though, I was not aware of anything called a "funnel ad." I know what the term funnel means in a sales context. But hey, you learn something new every day. Thanks for sharing. 😁
90 day notes are not conventional loans. Dave leaves this small detail out in his story. He’s not wrong-$16k probably isn’t wise to start in most cases.
Agreed like Dave’s way out of debt advice. Using a conventional loan is different than Dave using 90 day notes (which IS STUPID and IRRESPONSIBLE) so its Daves fault not the rental property fault
Yeah if this caller said I am putting down 40% on a investment property with strong cash flow then I would be on his side. He was definitely rushing into it. I am all for levereged real estate when done right.....like avoiding 90 day notes
"Don't watch those videos" -Radio star getting killed
@Joshua Kelly
Dave got short term financing because at level you cannot build that sort of portfolio that quickly.
He simply would not have got anywhere with normal bank loans so there is no point any of you trying to twist the story.
It is same thing no cash flow and you will not be able service a loan of any type bank or short term finance.
Most of you leave the basics out in your criticisms.
I feel personally called out lol
At the very least you should have your own home that you live in 100% paid off before you even think of looking into rentals.
The way these people on real state RUclips have become rich is by selling courses to people who think they can become wealthy from just real state.
EVERYONE SINGLE ONE OF THOSE VIDEOS IS JUST AN UPSELL TO BUY COURSES WITH BASIC GOOGLE INFORMATION. Then they show you income which is basically all of the money from the other idiots who bought courses too
Isn’t that how Dave got rich bu selling his books and courses on how to become rich?
@@Joe_T-oj8vr basically
Looks like shots have been fired at Graham Stephan and Meet Kevin haha
Graham didn't take out 90 day loans and he isn't a big spender though.
@@drumyogi9281 yeah dave never mentions that he took out 90 day notes. Those guys take out 30 year financing.
He did a stupid and projects his mistakes on the entire industry.
@@ducks-on-quack Yep. Dave's going broke story made way more sense when he mentioned 90 day notes.
Using 90 day notes to finance millions of dollars the way Dave did is just straight up stupid. It's not even in the same ball park as a 15 or 30 year fixed apr loan.
Funny there was an advert for one of these get rich quick schemes before this video
Property in the US is way too expensive I will never be able to own a home. I'm starting a online business that I'm creating. Once is launched I'm buying property in Thailand because its about 70% cheaper than in the US.
Lol the 90 day notes Dave had are not 30 year fixed mortgages. Dave has to stop using his story as an example because nobody buys homes like that. But yes other than that he is 100% correct in his advice with only 15k down
Slight caveat: they should dip their toe into house/rent hacking. They could rent out a second bedroom to a lodger or on Airbnb and if that's going well slowly start to scale it like I have. Then they can put their profits to paying off debt/saving for a 20+ percent deposit on a home.
💖💯💯💯💖
Grifter who makes money selling courses detected...
@@Del_987 haha nope.
Him: I Wanna invest in real estate
Dave Ramsey: No, sell the car !!!
Don’t wast time trying to save cash for a cash rental property. But yeah definitely be debt free, have a decent emergency fund and then save up 20% for a down payment for a rental. Just make sure the property cash flows well enough
And while you are at it..SELL THE CAR!
He needs to invite cofeezilla to talk about these RUclips scammers
I'm sorry I will stick to day trading and consulting with my advisor over traditional investing and retirement savings.
Finally a comment with brain, experience beats hard work, I made weak profit investing on my own honestly im not happy with my portfolio.. how can I play this huge decline and come out making 10s of thousands?
@@geillasley4117
The ups and downs actually makes it a good time to invest.
@@geillasley4117 Lisa Jill Grenell has actually been handling my investment for awhile now, she is really a great broker and she really listens to her clients, She does the whole thinking and research for me before investing a dime, which is what i love about investing with her, you should look her names up on the web and shoot her an email or a call, she's popular for her services.
@@dianajung6126 That's true, having a coach sounds like a reasonable idea, I've thought about getting in touch with a coach in the past but never knew how to go about it, it seems you use a coach, what is your experience like?
@@elizabethantonaccio3835
can’t disclose too much , but yea I’ve been using a coach since November 2020, growing my portfolio from $175k to $600k approx. It is pretty straightforward, not as complicated as it used to be.
What's the process for rental property? Is it same as buying your own home? 20% down; 15 year payment? Or is a 30 year payment acceptable?
You’re suppose to save up for a rental property and pay it in full.
@@muckymucks That will take a long time to pay cash for a house. Shouldn't it the other way around? The house we live in does not produce any income so it should be paid cash. And the rental property produces income so it could be financed?
A hotdog cart costs a small fraction of what a house does and has an exponentially higher ROI. It requires work, though. That's the part people don't like.
A lot of the MLMs promote a “get rich quick” pitch.
This is soooooo true...
I hope Dave will explain his next specific steps to get back on his feet after he went broke in his 20s. Phenomenal comeback.
@@caliopeknows844 Thanks. What a spectacular reversal for Dave!
I guess the heart of the matter is Dave learned the lessons well, and DID NOT GIVE UP!
The goal is not to make monthly income, it's to grow your investment through the equity in properties. Rent and pay the mortgage etc, sell to collect the equity you built. Doesn't sound like get rich quick.
Exactly, as long as the rental income covers all expenses with a percentage left over, then that is what it is all about - CAPITAL GROWTH is the aim, not get rich quick
Good info, thanks Dave.
I thought he said originally years ago his degree was in finance? Real estate or finance?
There are a zillion rental properties out there and somebody owns them. I doubt if every owner was a multi-millionaire before he / she bought them. Yes? No? Respects.
Most people are not cut out for anymore than taking the $15000 and setting up a shop. Those zillions of rentals you refer to have many bankrupt people in them, people that struggling, those that are successful and so on.
But setting up any business on high levels of debt is asking for trouble.
The caller says he's in Baby Step2.......but he has $16k in savings. He's not doing Dave's baby steps.
I'm sorry but his advice for wealth building is work more hours at a job? Uh what????
If you do it correctly. House hack, live below your means, bet your tenants, know where you are investing, you can slowly id the best
Ramsey a GODSEND 🙏
He is definitely coming at Graham Stephan
He's right... Dave Ramsey's limit of goodness is equal to how willing he is to share his fully sound real estate empire with the lemmings (including me). He's not supposed to give it away, but until he realizes that the number of houses he owns will never solve all his problems, Dave Ramsey will forever live in the shadow of his choice to take more than he needs.
Huh?
The 60k should be in stock, not real estate
16, not 60
@@beckygeer6480 oh, well still, 16k for real estate is not gonna work
Stay away from Tim Sykes... you’re welcome.
Easy for Dave to say buy all investment real estate with cash and no leverage.
It works.
If you cant afford to use cash, then you cant afford it. Not a hard concept to grasp.
I love Dave’s personal finance advice, but horrendous when it comes to investing.
@@marcosaguilar8504 what do you mean on the investing part. I do agree that he is wrong on the mutual fund part.
Super Quote, The Greatest Challenge in Life is Discovering who you are.
I got a get rich quick video in this channel
I almost made the same mistake as this guy. I’m so glad I found Dave first.
People always like saying in the comments that Dave’s plan can be altered... do yourself a favor... don’t alter it. Someone already has a plan and gave it to you.
Guys can someone please answer me this? How much do I need to start real estate investing? Like In the video, I though 15-25k would be enough but apparently not? How much do I need to save?
Got an ad before this video for a RUclips finance scammer LOL
Stay away from Primerica 🤷♀️🤔
What Dave doesn't talk about is that he would never have gotten where he is now without that previous experience.
Now, he’s telling us, so we don’t have to learn the hard way.
Christ. Dave's origin story again. How many times do we need to hear the same story told to different callers?
I guess you don’t like people learning life lessons from other people’s experiences. You also seem to think his story is for you. No it is for his callers they need to be educated.
Everyone wants to become rich quick, probably 0.001% succeed. RUclipsrs collect views while teaching Nonsense.
Yes, I too share the sentiment that best advice usually emphasizes that these things take time.
Dave is kinda wrong... most ppl buy realestate on loan. As long as you are right numbers wise, it works really well.
He should throw the money into an index fund.
Is it wrong that I'm so glad that the caller told Dave it was the wife's idea? Cause Dave already had it made up in his mind where he was gonna go next in his response....
Her wife thought it? SELL the wife.
At 2:50: the bumbling husband and his wild goose scheme brought back to reality by is prudent wife --- no wait ...
Yeah who else literally had to skip a get rich quick YT Ad just to watch this video?
Buy a 16k turnkey rental property..mobile home on land if you can find it..cash
In fairness 16k could buy a home with cash in Ohio
In particular, Dayton
A trailer?
That might be 10% down in West Jefferson
Not a nice one
And do what with it?
When should you start buying houses taking into account a full paid house. Should I wait to have a enough money to pay cash for the next house or get a mortgage
That's why they call them a woman because they are generally smarter than us men! Whoa man... you are about to do something stupid! Thank God for my woman. She has definitely got me on a better path now.