I Have Money All Over The Place, How Do I Get Organized?
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- Опубликовано: 22 фев 2022
- I Have Money All Over The Place, How Do I Get Organized?
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My wife and I just paid off our home, so we're debt free now!!! YAY!!!! Next step, building that emergency fund and going wide-open on college funds! It feels so flippin' good to get that mortgage out of the way.
This guy is in good shape and he recognizes he needs some organization. This guy has three rentals and a business. He's getting pulled in four different directions every day. That's just life as a small businessman.
42 years old: debt free and 190k + 160k in rental houses, 72k IRA, 120k mutual fund, business 70k and emergency fund 60k. Household income 80-120k. He’s doing well! Most people would spend all that money and have 100k in non-mortgage debt.
NEWS FLASH: If you owe 300k to the bank for anything, INCLUDING RENTALS, you are NOT debt free! 🙄
He is still in a good position. Just need to clean things up a bit
@@bee12355 just needs to pay off $300k to the bank. No biggie 🙄
@@TheTurdballs420 Yes, he owes 300k in rental ‘debt’ but the income he’s getting from the rentals is paying down the mortgages and he can invest his money at 10% a year. Ever heard of good debt before?
@@TheTurdballs420 no need to yell, I can read. Troll
YES! I'm well-meaning but no plan. Today my husband and I spent the entire day creating a document with all of our retirement accounts, HSAs, insurances,etc. On to the next thing!
On no Planet do you pay these rentals off. He's positioned himself well because of leverage and discipline...keep doing that.
Let the 120k grow and let the renters pay off your rentals
Sell the house you owe the most on and then use whatever is left to pay off the one you owe the least on.
I like this one. hmmm house much pos. cash flow does the mortgaged rentals do?
There's nothing to do here. You're trying to shuffle the deck chairs.
Your rentals are your business. You do not use personal income to pay your business.
You use the rent to pay the mortgage.
Caller has $350k debt in real estate loans and a combined savings of $320k and Dave says "Good job"? How is that different than borrowing $350k just to pocket it after losing $30k in fees? I'm in real estate, I don't have a problem with mortgage debt for those but I didn't start saving money until I paid almost all of our debts off through debt snowball. I did that before I heard of D. Ramsey. I have combined between two loans about $50k, I can pay those off and will soon. It wont put a dent against my reserves.
I am happy for this caller though, he's deffinitly on the right track. Just don't over leverage, I hear a lot of investors doing that and I cringe.
agreed, hopefully the value/rents are well above the costs. Baby step 6, Dave advised, move to pay those off, though not gazelle intense, be intentional with a 3-5 goal.
$14,400 per year mortgage. You pay 160k and wipe out the mortgage, it will take 11 years to get your 160k back. Terrible return, don't know why Dave would suggest that. Let the rentals pay themselves off with the tenants.
Yoyo.... Represent Newark!!!!!! Keep up the great work....
Do not pull 120k out of a mutual fund to pay off a rental! If anything go and refinance the rental to invest it!
Should you withdraw from your 401k to help get the 20 percent of a house / co op? If you don't have any debt
Real estate is not liquid. But it does provide cash flow.
No reason to pay off a property if you’re locked in 3% or below. Take the cheap money
Proving that even people with money haven't a plan how to manage it properly! Makes all of us on average salaries far more knowledgeable...
I wouldn't say that
😂 the times it's the substandard rental properties that cause animals to have problems I rented several apartments in with my cat or my dog or both and the apartment was so filthy and nasty and the other house that you know it's not out the cat didn't like it and cats and dogs like clean areas so people need to rent pet-friendly places that animals would enjoy look at Motel 6 I mean I know it's a motel but still they know how to make sure everybody's happy so I think a lot of times it's people the pink camels like clean environment that's why they prefer to be outdoors cuz it's cleaner Outdoors it's not the cats it's the owners
Balloon 🎈
Comment
"if the renter was gonna pay if off they would own it."
I wish I had money all over the place!
So Dave doesn’t have a problem with this guy having 300k debt for rentals but gets upset when people don’t pay off their 3% mortgage and invest in the S&P? Hypocrite much???
It's because they are rentals...if things go completely upside down it doesn't matter the guy has a place to live (his primary residence) and he can sell those rentals since it sounds like he's got lots of equity already in them.
@@TheDjcarter1966 sure because housing bubbles never happen right…right? Oh wait, 2008 just called and wanted to say sorry for crushing your ridiculous theory
@@TheTurdballs420 I agree with you, I have 3 properties paid off in the Bay Area here and bubble does not effect me one bit, the 2008 fiasco did nothing to me either. Sure properties value went down but I was able to ride it out since I have no mortgage.
@@jml9550 I would think by now, especially living in California, you would know you don’t own anything. The government can step in at any time and say your tenants can stop paying rent while continuing to live in “your property”. That’s commiefornia for you
@@TheTurdballs420so I should expect the National Guards will show up one day and seize all my asset? BTW, the eviction moratorium was issued by the Fed during the pandemic and not the norm.
He needs $2.4 million to be financially free to make $96k/yr probably less to keep his lifestyle.
The reduced expenses and increased cash flow from eliminating his real estate debt may be a faster way to financial independence
So I am financially free? 3 properties here in the Bay Area worth $3.5M all paid off. Making $200K at 49. But I don’t feel comfortable yet living in the Bay Area though.
@@jml9550 You shouldn't in commiefornia.
@@djpuplex I hear you, but commiefornia made these $3.5M for me.
@@jml9550 count your blessings and move to a red state :)
Realizing only rich folk call this show -
Zero risk taking this advice.
The caller is doing fine for his age but is not debt free. His net worth is actually negative $ amount.
I have 3 paid off properties here in the Bay Area. Let me tell you, having no mortgage is great. Rental money just flowing in every month and all I have to worry about is property tax and insurance and repair.
I'm sure he has equity on the two rentals in addition to the two paid off properties. I don't think he has a negative net worth by any means
His Networth is definitely not negative. He owes 190k on a rental house but there was no mention of what the value of the house is. Might as well be worth 500k. Same goes for the 2nd mortgaged rental. Now he also mentioned having a 3rd rental which is paid off and a paid off primary residence. So this guy could easily be worth $1.5 Million or more
Everything was good until the baby....😏
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I can help you with that problem! I’ll come over to your house with a wheelbarrow and take that cash clutter off your hands for free!
Having money al over the place is better than having laundry all over the place. Must be nice.
The best way for you to transition to a wealth mindset is to leave money IN your laundry, and then leave your laundry lying around. Then all you have to do is get rid of the clothes, and hey presto, you have money lying around everywhere
@@thecurrentmoment
Technically, if you leave your money “in your laundry” then “get rid of your clothes” then you would get rid of the money too. Let’s try to think these things through before we say something dumb.
@@BobbyCommas that's true, although you have laundry lying around you probably wouldn't be doing laundry. I was more meaning that if you ignore the clothes or take them out of the equation, then you are left with money all over the place