I'm $900,000 In Debt, But It's Not All "Crazy" Debt...
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- čas přidán 30. 05. 2022
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I was this guy once. At 36yo I got rid of all the properties, cars, liabilities etc, kept the cheapest house and bought a cheap car with cash. Now I’m 40yo, 100% debt-free, paid off my mortgage and never felt more peaceful and satisfied with life. Massive struggle to get here, but totally worth it and I’m doing all the reno’s with cash. Thanks for inspiring me, Dave!🗽
Yes indeed😊
I've never borrowed a penny in my life
@@nifralo2752what's your credit score?
Rock on dude
Weird I'm 36 ticked off at having debt and on the baby steps to have said debt paid off in 22 months and a fully paid for home by 40....
I love Dave he just straight up said “Why you calling us”.
It was a good strategy when the guy was talking like he had everything figured out
I haven’t gotten to that part in the video yet but I feel it coming
Yep. You can’t fix stupid. Dave can’t agree with stupid either.
Exactly !!!
Yeah agreed . Overall his situation seems fine to me but he’s calling someone that is against the strategies he’s using so I don’t really get what he was after .
They make $275 a year and only $60k saved. Debt is killing them
Idk but I don’t think that included retirement
or maybe they been paying off mortgage debt over the years and have a ton of equity saved up... i would bet that when you were their age you didn't even have half of their net worth
@@abrahamflores2566 Bought my first house at age 19. And my second at 27. My net worth is pretty good at age 40. How you doing?
Wouldn't it not be considered net worth if they have debt
@@DianaMartinez-xm7il Yes. Your right. It’s like owning stocks. Unrealized gains, until you sell.
Everyone thinks the point is to make money but forget the point of that is to get out of debt and stay out of debt .
Without debt how is he supposed to make money? I don’t know a business owner who did not borrow to buy assets. And most home owners in my area had or still have mortgages.
I feel like most people know what’s right already and know what to do, they just want to hear it in a form of reassurance & then someee really just need a sense of financial direction
That wasn't this guy. This guy wanted advice on how he could keep doing what he was doing.
I sometimes think that, but not in this case.
Calling Dave Ramsey to ask how to structure his debt. He didn't want advice, he wanted Dave to tell him to stop, this was a cry for help
People pick debts instead of FREEDOM
Who is more free...the dude with no debt who is working 9-5 5 days a week for 40 years, or the guy who is 15 million in debt, making 40k a month and never having to set an alarm clock again for the rest of his life...this whole all debt is bad thing is just insane...the vast majority of wealthy people got there using debt..
"No student loans. Paid that off" he says lol
A 4-Family in NJ thats worth 650K and 450K debt on it is definitely cash flowing.
This caller 🙄. Hustling backwards 🤣😂
With a $275K income, $60K is an Emergency Fund!
I got 300k on two houses to include my primary which will eventually turn into my second investment. My fear got me to hunker down, rice and beans and pay off my entire debt.
I paid off my house in 10 years. Then turned it into a rental house and bought another. I make about 100k annually and I don't spend much. My wife and my cars are paid for and we have a good nest egg and savings for our kids
You paid off 300k? How?
I have 900k in debt with a nice little nest egg of 60k. This dude is clueless.
Well, I mean, he does have some assets against this debt. Neglecting that from your statement is unfair.
Great question from Dave, "Why are you calling us, how can we help".
Caller already has his own plan. That plan doesn't agree with anything Dave teaches. Keep doing what you are doing sir if you think it works for you😉
Didn't listen to Dave's response yet but my guess is Dave does not like any of it. Like pulling in and out of lanes so you can be a car length ahead.
Phil Lancer why not listen to it instead of making assumtions
@@mph5896 I did listen and not assumptions. Just a fun guess of Dave's reaction after listening to him multiple times.
My bug question is, how does he continue to get mortgage approvals with so much debt?
They have a strong household income. Banks will loan you money if you have equity in your current property(s) and you have a 200k+ household income.
You have a bug question? Kinda the wrong place to ask about insects
@@7vengeance1 lol
Claim big income, pay the IRS that a nother thing.
Because they aren't their primary residence...they don't care about your income really...it is more about your DSCR...if you are operating properly they will give you as much money as you want...
If anything, I would argue that "investment" debt is the CRAZIEST kind of debt lol
interesting. probably sucks you in and gets you addicted more than most hmm...
Yep, because they act like it is free of risk. When it’s not!
@marks90004 Investment debt is crazy, consumer debt is usually stupid.
No leverage, no rich
Why do you call it crazy?
Did he say 60k nest egg? I hope he meant emergency fund. No way would I have 500k+ in real estate and only have 60k in stocks.
I think he had done well considering renters tend not to be hood rich. However as long as someone pays why does it matter if his 60k is considered a nest egg or just an emergency fund.
He is insanely unaware of what nest egg is. Making 275 with that much debt means you are BROKE!
@@donaldlyons17 The point is he's not accounting for what can go wrong and something always goes wrong. Tenants can stop paying or he could have a costly repair, vacancies for some time, or job loss
My husband and I make less than 100k and we have twice the nest egg he called “nice,” lol, and we didn’t even start investing until five years ago….
All the tenants have heard for the past two years was they don't have to pay rents.
Just stop with that over used tried old argument.
@@jimmymcgill6778 you have no rebuttal tho
@@d_all_in People come up with the same old tied excuse all the time.
@@jimmymcgill6778 Just pay your rent! You can't live for free. No landlords owe you anything.
@@jeanlenor1858 True, though if you have enough rental property, you had better have a loss reserve for evictions and unpaid rent and a good screening system. When I was in NY, I was told by landlords and attorneys it generally took $6-8K to get a bad tenant out, plus the unpaid rent you aren't getting back. It takes a lot of months of profit on a property to make that back.
Not all “crazy” debt?! He’s just trying to minimize his foolishness by going further and further into debt.
I bet George looks like he’s 15 when he has no beard lol
It’s not a $60k nest egg if you have $900k in debt.
It is when that $900k in debt is on properties worth $1.5 million that bring income each month
@@abrahamflores2566 I was thinking the same. Sounds like money will likely flow in to offset debt over time!!
@@abrahamflores2566 No, it’s not a nest egg if someone else’s name is written all over it. This isn’t rocket science.
@@Originalman144 then nobody with a mortgage on their primary home has any savings by your definition. As for the $900k in debt Ill gladly take over the payments and properties if any one offers
@@abrahamflores2566 Savings for a rainy day when you are deep in debt is not a nest egg man. Go read the definition of “nest egg”
I feel like people are just bored and want all that stress in their life because it gives them a purpose but all that debt is is bad, yeah the guy needs some peace and try to stop chasing all the potential gains
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I feel like this comment is stupid
@@gregbaxter6162 Not really
This guy is probably doing very well and on his way to a lot of wealth, but he definitely called the wrong show.
If he is doing that well he wouldn’t be calling anybody for confirmation. Something he is unsure about that’s why he is seeking counsel.
@@kailit9984 even if he sells his properties today, he proved Dave wrong because he will walk away with hundreds of thousands in equity leveraging real estate.
Exactly
I was thinking this. You’re not following the Dave Ramsey plan so why call Dave Ramsey. Especially because he’s actually doing well on the investment side of things.
@@abrahamflores2566 Its not proving Dave wrong, in that some people gamble leveraging real estate equity and win, in the same way that some people play the lottery and win. that doesn't mean that its smart to play the lottery, lol
900k debt from a combined income of about 250 is alot worse than it sounds. People on these salaries and have this debt is total mismanagement . Their true income is much less because of all the outgoings
continuously helped me like you have. I thank God for your presence in my life. Thanks a lot!!!
This was by far the best call yet it was a younger version of Dave. I think Dave was taken aback by that hungry young buck.
A big difference is that Dave was doing hard money loans on flips, not fixed rate mortgages on rentals. Dave playing with a flamethrower
@@abrahamflores2566 more like dave was playing nuclear waste with bare hands and this caller is just playing tricks with knifes
They are nothing alike...This dude has low interest fixed rate 30 year debt on cash flowing properties. Dave was getting 90 day hard money loans. Dave was like a monkey dancing on a razor blade. The tiniest bump in the road and he got wiped out. The problem is that he continues to equate the very high risk stuff he was doing to buy and hold real estate investing...They aren't anything the same and he as a bunch of un-educated people eating it up.
Lol, NJ in the house. Newark in the house. "How you doin' Ramsey" soprano style
Tryna
Runabout
He is Saul's homeboy
I have to say, the guy with Dave really surprised me with how spot on he is with his advice. I remember him when he was in a different position and I never really thought he was ready for prime time. Glad to say I was wrong, he really has proven he belongs in that chair.
Good advice to the guy a little stessed . Two steps forward , one back . Smiling along the way sounds nice .
Don't worry everyone he paid off his student loans! :)
How does an Investment bring debt an investment brings a return not a headache cut that loose sir...Amen Dave
Preach Dave !!! Preach !!!
275k income 60k cash and took a car loan lol
The guy in greens reaction when the number was called.
When you make that much it’s not that hard to become a millionaire, just live on 100k and stack the rest in mutual funds. But he needs to keep up with the Joneses and inflating his ego with leveraging debt. And what does he mean it’s not all crazy debt? Having 900 k in debt is the craziest thing to do.
Well said!
ETFs not mutual funds.
How do you sleep at night with all that debt? 🤦♀️
Because he has a massive ego and, thus, is in complete denial regarding the trouble he has gotten himself into.
I couldn't lol I would just sell everything because that's stressful. Then, it's really a problem if he loses his job
Ok one thing everyone needs to understand is no matter what a debt looks like just because its a investment its still a debt. U know what not a debt when u pay a cell phone bill or a water bill or a food bill or Electric bill these are bills unless u dont pay them and they pile up. Then its debt you owed for the past months. People need to understand this if u knew this u would not be on as much debt as you are possibly in today.
good debt and bad debt thats the difference
By definition, bills are not debt, yes. What is the point you are trying to get across? If the bill is something that you cannot get out of, it's essentially the same as a mandatory payment on debt for all intents and purposes.
@@Michael-vf2mw yeah a bill isnt debt its a liability if it isnt helping you get richer
I can picture Dave wearing his headset in the shower
Dave you went broke taking out hard money loans on flips, not 30 year fixed mortgages on rentals
Does not matter, the banks still own ALL debtors, the type of loan does not matter.
@@alinatamashevich3354 you must not understand what hard cash loan is and a 30 year fixed mortgage is, they are VERY different. One is MUCH more risky than the other, and more likely to be called in. In fact if you bank with institutional banks like Goldman Sachs or JP Morgan you’re liable to never have you loans called in.
@@isaacdelaney4442 You must not understand debt. Both are risky, and something Dave and I do not do. You are foolish to think a loan cannot be called without notice. The bankers number one priority is to protect the banks assets, not yours!
@@alinatamashevich3354 you just not a risk taker, no issue but don’t come down on people that use debt for leverage for real estate. Dave keeps you working a 9-5 for the rest of your life and hoping you will retire in enough time to see your reward. People like me who has used debt as leverage are risk takers and don’t mind using real estate for equity and building on that. The man in the video clearly can sell all his properties and still use all of his money that he has in equity and come out on top
@@alinatamashevich3354 The type of loan ABSOLUTELY matters. Don’t use blanket statements like that without reason. Abe is 100% right, what Dave did in his 20’s is drastically different than buying investment properties with 30 year, fixed rate mortgages.
“Dave is wrong” - Saul Goodman
Dave usually is wrong though.
Then why are you watching him and making comments?
@@TedFarabee I’m not saying he’s wrong. I agree with Dave. I was poking fun at the constant trolling from Saul Goodman
@@aaront936 Nope, Dave has a 30 year track record of making millionaires. What do you offer keyboard commando?
@@dr.bradshaw I believe Saul, I will obey Saul, I will move to New Jersey...wait what?
I’m all out of nice for people like this. It feels like 2006 2007 right now. YOUR HAIR IS ON FIRE 🔥 GET OUT OF DEBT AS FAST AS YOU CAN, MAN
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I like how he says they have a nice nest egg of $60k.
My GF has a "nice nest egg" of more than that and makes around $50k per year.
I have a "nice nest egg" or around $70k and make like $45k per year.
How can he claim that's a nice nest egg with their pay?!
he got wife and kids, you'd be prob be proud to have a nest egg of $1000 with those liabilities
@@keokio7 "hE gOt a WiFe"....she works and makes money. You act like she is handicapped and costs money
Right! We make $160 and have $130k saved.
Who cares
$275K...$60K nest egg...interesting 🤔
Why doesn't he sell the 650k one and use that 200k difference to pay off his house and the other debt?
sounds like the caller loves to play "hide the pea"
That's not all he hides...
I have a question - I’m in the U.K. so can’t call in.
We have a hybrid car. It’s paid off. My husband is making noises about getting another car (more debt) and getting rid of this one. The battery is now only about 50% efficient. We can’t agree on what to do about this car.
We have no debt except the mortgage. I want to try to go debt free.
Exactly. Compare having a house you're renting out to people and almost all that money going back into the mortgage or the fixing of the property to that property being paid off and you put some of it back into the property and the rest in your pocket. There's more cash flow when you have less debt and one of the people at my previous brokerage wouldn't listen to how much of a problem it is to leverage debt. But it's alright. I hope she doesn't go broke.
You are calling the wrong guy! 😅🤣
I know a farmer who will take out a loan to buy a new piece of equipment only when they need it on the farm. He will not buy any other pieces of equipment until that first one is paid off. I feel like that's a good way to stay on top of your debt the best. I feel like if that guy did that with those properties, he'd be set. Buy one, pay it off, buy another.
Sounds like this dude is killing it to me
If he were truly “killing it”, then why call DR? This has more red flags than a Chinese parade
@@mikenelson8377 unless I missed something, his only debt was on income producing properties. Which are paying themselves ideally. If that’s not the case then get it fixed. But if so then keep rolling and building net worth.
Exactly...but read the comment section...there are a lot of Kool-Aid drinking Dave fans in here....
@@tstanley01 reading these comments had me feeling crazy.. 🤣 I want to be just like this guy .
Did you guys miss the part where Dave says he is playing the edges? Ignoring risk entirely? Dave's whole story is about going bankrupt doing this exact same crap. If you want real estate investment hype based on high debt and high delusion, there are a thousand other influences preaching that on social media, why are you watching Dave?
160K for a dock worker to unload cans? for that wage u would think it would run smooth as glass
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You came to that answer very fast without going over all the numbers. What are the state taxes hoa rent insurance mortgage rate etc.
If this is NJ property, he is doing well and going to be very wealthy. That said, Dave's program will have him pay off some of the debt. Not sure he called the right show.
True at that income they might be able to save up and pay off all the mortgages?
Robbing Peter to pay Paul.
I still don't understand why so many people take personal debt to finance their real estate investments. Either consider it a side business and structure it that way, or don't do it at all. It's literally called a Limited Liability Company, for a reason.
Many many people become millionaires with leverage real estate. Not with nothing down but with 20%+ down with a fixed rate 30 year mortgages. I personally know many millionaires and a large part of their wealth was built from owning real estate obtained with 20%+ down payments with a 30 year fix rate loan. Wealth was made by the appreciation of the real estate and by the eventual pay down of the loan.
Yeah, Dave's just trying to sell books.
They make renters pay their mortgage. I know many millionaires and I’m getting there myself.
if you owe it against something that doesn't make money, it's called DEBT and it's bad. If you owe it towards something producing money and paying itself, then it's called LEVERAGE, and it's great to become richer.
Many many have tried leverage with stocks. It usually doesn't work out well in the long run.
@@tortoisehead30 I’m talking about Real Estate
@@theforeignerinamerica1817 if his nerves can handle it then by all means. Clearly his nerves can’t take it that’s why he is calling. It makes money, but it’s not for the faint hearted
Until it quits making money. Then it's not leverage, but a liability. Anytime you have debt, it comes with risk.
Real estate investing in cash is like saving up 100% for a down payment. At that rate working your regular job you'd be buying your first investment real estate in your 40s or 50s. If you've done everything else "right".
Did you watch the video? I would call this Daves greatest video I have ever watched. Investing in real estate with such low margins isn't going to get you far. Prices on EVERYTHING and the deadbeat tenants are going to make you barely get by (or even loosing money monthly) for years with a ton of headaches. If you think you can do it, have at it.
This particular caller makes HUGE money. Think of all the $ he could have to invest if he wasn't playing the debt shell game. A couple years he could be out of debt, paid off house and really investing heavily debt free.
@@mph5896 Who says his margins are low?
@@mph5896 i’ll never listen to a person who says don’t buy real estate.
@@threestans9096 Who said "don't buy real estate"?????🤣
@@jimmymcgill6778 Dave did in this video. When you are stretched with debt.
The old restructure shell game...
He won't take the advice, he's gonna turn to tik tok for the "feel rich" advice.
well, that’s not always true. he can just live in leverage and control it very well if they are a finance geek.
Because he's not financially illiterate and understands how money works. Not all debt is created equal.
This is for Graham Stephan not Dave
Well suddenly my $50k debt is not so bad.
Yes, it still is, unless it's mortgage debt. Did you watch this so you could feel better about your bad situation?
@@boneyn3661 yup 🤪
@@lulu-dr4eh lol. Doens't that debt compound each month with interest? Scary stuff...
@@boneyn3661 nope 😉
This man sounds like my brother in law, except my brother in law is calm cool and collected about all of it.
Man! What a mess. WHY did they keep buying houses to renovate??
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Sell the kids today, Skip the Beans and Rice, Water Only if it's Free, Keep the Wife as long as she has an Income
Hahahahahah 😂😂😂
He called the wrong person if he was looking for permission to be highly leveraged...
having a paid for house then real estate investing all in cash is ridiculous I mean come on. ill be 50 before I I start
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160k as a longshoreman is dam good
George at 0:23. Those eyes get BIG
I don't think that guy who called will take their advice. I hope he calls back and says to Dave I done it!!!
The only thing most dont understand about Dave is how he conducted business in his youth. I would urge anyone to look into that and understand that he was very much into high risk high reward debt. There is nothing wrong with what he teaches today but most would not go about real estate investing the way he did. He was very much a cowboy that took on too much risk.
Correct. It was beyond cowboy. It was so risky that the lending practice is now illegal.
@@sullimd I just find it frustrating in how he calls upon his past experience and compares it to modern day real estate investors. Its very misleading.
Exactly. That is why he is so debt adverse, because he got into trouble with it. It doesn't mean someone else can't utilize low interest debt as a tool for additional wealth building.
@@kensmith2796 low interest debt for 'wealth building' is the cause of this millennium's bubbles and has ruined developed countries and their economies for the foreseeable future
they're just too eager to build wealth. be patient, there will always be homes to flip and properties to rent
Most millionaires make millions in property. That they have took out mortgages on.
Most millionaires have equity in businesses, not real estate. In fact, the wealthier you are, the less equity in real estate makes up in your portfolio.
@@d_all_in There are people that makes millions in real estate.
And you would be wrong! Quit listening to the internet gurus and fakers. They are in debt, nothing more.
@@alinatamashevich3354 You are wrong.
Anecdotally it seems like a lot of people that retire early have real estate. Wonder why Dave's survey doesn't agree...
Dude works in IT and needs IT help with that muffled connection
Debt is debt.
Not all debt is bad debt.
@@jimmymcgill6778 keep telling yourself that once you can't pay them back and get bankrupt
I dont care much for religion but if i were a religious man i would say that god sent this man an amazing purpose....
"Get rid the wife, sell the kids, your on the rice and bean diet until this blows over"
not in his case his wife makes 45k more than him keep her
I just sold my home but don't trust the bank with my money. I also don't like to keep large sums on me. I want access to spend it if needed. What do you suggest? Thank you.
Mason jar!
@@alinatamashevich3354 of course
This is why real estate can be a dangerous investment bc you can become over leveraged and over worked. I stick to stocks since I have to cash flow all of it.
I just hate the single family home rental business! Everyone always assumes that the tenants will consistently pay their rents, and this is seldom the case. The only real estate rentals that make any sense to me is commercial rentals, where you are renting Office space to companies. Unfortunately, to get into this type of business you need to have deep pockets, or you need to be in partnership with maybe two or three other investors. I don't understand why people who have such great incomes can't see that if they would just live a little frugal for a while and invest a significant portion of their income in the stock market or a mutual fund for just a few years, and then reduce the amount slightly, they would be well on their way to building significant wealth over a ten year period. In this example, these people should be investing about $60,000 per year!
Marketing is strong with this one, and he laughs about it. Not serious!
“Investment debt” = oxymoron
I admire this guy’s drive.
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big question
Calling Ramsey to figure out how to "structure" your debt!?... liquidate everything you can to do the baby steps and use the snowball method to get to baby steps 4,5,6 as fast as possible.
No...just no...
Not the best advice
@@abrahamflores2566 Exactly. I have well meaning people in my life telling me to sell my rental properties to get the quick cash. Yet they are far from wealthy. And now the dollar is losing value - look at our 401ks, stocks, etc. I think I'll hold onto my real estate.
Never heard Dave talk like this 😳
I'm sorry I don't speak Jersey. Can someone understand what he said his wife does for a living?
So he's got 200 in equity on rental a, paid for rental b, and I'm assuming because he said nest egg that's not just 60 sitting in a savings account somewhere. 130 in debt between rental b and his personal non mortgage debt making 275 a year at work. I gotta disagree with Dave, it'd be different if they made 90. Sell the one you owe 450 on, take that 200k and put yourself at 4 5 and 6. Every penny from the rental plus more going toward their primary mortgage and they knock it out in 18 months to 2 years easily. Then you're piling cash and looking for the next real estate deal.
Probably not llamas - alpacas were big in the late 90’s lol
For what?
I think he called the wrong show. Y’all won’t believe how my dad played this type of game in real estate and he became a MULTI millionaire. With a ton of properties all paid of now. And they are generating mad income.
This game is not for everyone. My dad keeps telling how to do it but I simply don’t have the heart for it. One thing my dad did was lower is his own expenses he did nothing but pay his debt and pour money into the property to buy more and more property’s. I had zero idea he was a wealthy man till I was going to college even then he didn’t spoil me at all I still underestimated his wealth. My is just now considering his first new car.
It’s a risk but the rewards are crazy high. Just not for me. But don’t call this show.
is he selling homes, or renting them out?
@@commonsense-og1gz rents them all out.
@@shachede6828 while it is a hassle, it does seem like it would be awesome to gain 10k a month on 20 homes.
Mind sharing your fathers methods?
This isn't a good time to sell securities. It is a good time to sell real estate.
Rice and beans are expensive tho.
Help yall, I have a 2 family. Owe 148k. I live out of state and looking to sell. I am +1100 on rental income but looking to cash in and sell to put down on a family home. Could sell it for 330-350k and profit 180k-ish. Should I sell or sit on property.
$1100 per month would take 13.6 years to make. Or $180k in a few months.
Sell it. Managing a property out of state sounds like a nightmare.
Love you guys. Thanks 🍻
Investment debt? I thought investments were supposed to earn money????
Dave know he Dave has call screner.
More like investment LIABILITIES!!!!!
He called him Ramsey...Definitely doesn't know the show or Dave. Its ok bud
Yeah. This is a question for the money guys.
They just borrow money for everything...you never get ahead that way.
Why does Dave hate it when people have real estate?
His renters are paying the mortgage, taxes, maintenance.
Dave is always bring up his story from decades ago. But he hardly tells anyone that it was all his fault for taking out hard money loans.
Another eviction moratorium. Tenants can again live for free 😂😂😂
@@jeanlenor1858 That is an old tried excuse.
It's how he sells books, fear mongering into followings only his plan. He doesn't teach people to make their own financial decisions, he teaches you shut up and follow the baby steps.
It is because Dave Ramsey failed at this strategy
Having rentals is great UNTIL the tenant can’t pay the rent.