I’m Begging You Not To Do This

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 2 August 2024

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

💰Need Help with your investments? Click here to connect with a SmartVestor Pro. Listen to how ordinary people built extraordinary wealth - and how you can, too. You’ll learn how millionaires live on less than they make, avoid debt, invest, and are disciplined and responsible! Next Steps: 💵 Start your free budget today. Download the EveryDollar app! 🏠To learn more about how to plan for Retirement, click here 🏦To learn more about Investing, click here 🎓Create a college savings plan for your child’s future. Click here to connect with a SmartVestor Pro. Listen to more from Ramsey Network 🎙️ The Ramsey Show 🧠 The Dr. John Delony Show 🍸 Smart Money Happy Hour 💡 The Rachel Cruze Show 💰 George Kamel 💼 The Ken Coleman Show 📈 EntreLeadership 💸 The Ramsey Show Highlights Ramsey Solutions is a paid, non-client promoter of SmartVestor Pros. Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

Transcript

Click on a timestamp to play from that location

0:00.0	This episode is sponsored by SmartVester. Connect with an investing pro for free at Ramsey Solutions.
0:11.0	Com slash invest.
0:22.0	You're listening to Ramsey everyday millionaires where we talk investing, retirement, building wealth, and outrageous generosity. Caesar is in Mobile, Alabama.
0:24.0	Hi Caesar, welcome to the Ramsey show.
0:26.0	Hello Dave, this is Caesar.
0:28.0	I wanted to ask you guys if I want to buy an investment property with my uncle who's on disability
0:36.1	I currently already own a home and I got that house for $156,000 at 6.25% APR.
0:47.4	My mortgage on that is about $1,200 per month.
0:52.4	I have two tenants that live there so they're paying off my mortgage. I have about
0:58.4	$13,000 in my savings account and I have no car payment and I'm giving about 10% of my payment
1:08.0	into a Roth RIA.. And what do you make? I make about four grand. I
1:19.2	Where do you live? If you rented out the house, what do you live in the house? If you rent it out the house, do you live in the house with a roommate?
1:25.0	Yeah, I live in the house, it's like a roommate sort of deal.
1:29.0	How old are you?
1:30.0	I live with my girlfriend. I'm 20 years old. Okay. And why do you want to buy an investment property?
1:36.8	So I want to buy an investment property because I saw that know, being a landlord is really not as hard as I thought it was.
1:47.0	I have the, what's more, like, the credit for it, and I believe that you know that's what I want to do with my life just buying homes either flipping them and renting them now
2:00.6	you know I have a home actually that is $300,000. I would me and my uncle who are splitting everything in the home is about we're going to split everything the down payment like absolutely
2:16.7	everything in the home it's with our house is worth about $300,000 we're
2:20.3	getting about 7% APR and we would be doing an FHA loan on that.
2:26.0	The thing is that my uncle doesn't live in the state so I would be in charge of maintaining the
2:31.0	property and we would go essentially half sees on the...
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Ramsey Network, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Ramsey Network and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.