He's 21 And Can't Afford His $500,000 House

The Ramsey Show Highlights

Ramsey Network

Education, Investing, Business, Self-improvement

4.5 • 838 Ratings

🗓️ 29 December 2025

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Transcript

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0:00.0	Brought to you by the Every Dollar app. Start budgeting for free today.
0:06.0	I was given a rental property that's been nothing but a headache, and I'm just wondering if I should allow the bank to take it.
0:13.0	I'm sorry, how are you given a rental property that has a mortgage?
0:17.0	I worked for a company that did flips, and they kind of gave me it. I was young and I didn't know what I was doing.
0:25.1	And so I just basically took over the debt. They covered the down payment and it's racked up some credit card debt as well.
0:31.4	Okay. So what is owed on the house?
0:36.7	$519,000. But you did not get the house? 519,000.
0:38.3	But you did not get the mortgage?
0:41.6	The mortgage is in my name.
0:43.3	It was the down payment was
0:44.9	fit to me.
0:46.8	Oh, so
0:47.4	if you give it back to them, they're going to foreclose
0:51.4	on you and sue your butt. You understand that,
0:53.4	right?
1:00.1	Yes, sir. That would not be a good plan, sir. What's the house worth?
1:10.4	I had it listed at 540, and it wouldn't sell. So I would guess $500,000000 I overpaid for it.
1:11.3	Who do you?
1:12.3	Yeah, shock.
1:14.8	And how old are you?
1:17.1	I am 21.
1:18.3	Oh, God.
	...

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