Dave’s Nothing Down Real Estate Horror Story

The Ramsey Show Highlights

Ramsey Network

Education, Investing, Business, Self-improvement

4.5 • 838 Ratings

🗓️ 17 May 2022

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Ramsey Call of the Day is a quick, daily dose of advice on life and money in under ten minutes. Hear from experts like Dave Ramsey, Ken Coleman, Rachel Cruze, Dr. John Delony, and George Kamel. Part of the Ramsey Network. Delivered to you five days a week. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Ramsey Call of the Day, part of the Ramsey Network.
0:10.7	Joining me today is Ramsey personality, Ken Coleman.
0:15.6	Chris is in Springfield, Missouri.
0:17.7	Hey, Chris, welcome to the Ramsey show.
0:20.4	Hey, Dave, this is an honor to be on the show here.
0:23.0	Well, thank you. How can we help?
0:26.2	I got, I want to know your opinion on, okay, I bought my first house last summer.
0:33.1	Me and a couple friends renovated it. According to my realtor, we increased the value by about 50 grand.
0:41.8	And I have some aspirations to become a small-time landlord.
0:47.1	I was wondering if it's a totally dumb idea to get a he lock on my current house
0:53.2	for a down payment for a second house and turn the first
0:57.5	one into an Airbnb or a rental. Yeah. Chris, how old are you? 26. Good for you. Cool. And what do you
1:06.8	do for living? I'm a plumber. Good. Okay. So when you say we did this renovation, do we own the house or you own the house and your friends helped you with renovation?
1:17.1	I own the house and they help.
1:19.2	Okay.
1:19.7	So it's completely in your name?
1:22.1	Yes.
1:22.7	And the house is worth how much?
1:25.2	Roughly 160.
1:27.0	Mm-hmm.
1:28.0	After the fact. Mm-hmm. After the fact.
1:29.0	Mm-hmm.
	...

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