I Was Scammed by the Promise of Passive Real Estate Income

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Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 5 October 2022

⏱️ 10 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. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy 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.
0:10.6	Up next, we have Anthony from Canada.
0:14.7	Hey, Anthony, welcome to the show.
0:17.2	Hey, thanks for taking my call.
0:18.8	How are you guys doing?
0:19.6	We're doing well.
0:21.7	Thanks. How can we help? Hey, so I taking my call. How are you guys doing? We're doing well. Thanks. How can we help?
0:29.3	Hey, so I was in the passive income scam with real estate.
0:31.8	And like I was, there's nothing passive about it.
0:35.6	So we realized we got to sell some homes that we have.
0:39.6	And we had a house from hell in particular. That just like had problem after problem after problem and it was like it was going to take my life um yeah we sold that and we still
0:46.5	made a profit um so i'm happy about that but uh we have about a hundred and uh sixty thousand000 from this rental property that and and we have our personal
1:00.0	residents and we have about $170,000 in there so both $300,000 to $320,000 and we just purchased our
1:08.0	like our dream home we We really like it.
1:11.1	It was $500,000.
1:12.6	So my question is, what do I do with the $300 to $320,000?
1:18.3	Do I put a 20% down payment and then invest the rest?
1:22.1	Or do I pay it off as fast as I can, especially with the really high interest rates for mortgages.
1:30.1	I just, I don't know in this situation what the right thing to do is.
1:34.5	So let me recap here. Your personal residence, you bought for 500. Is it paid for, or do you
1:40.1	have a mortgage on it? You have 170 in equity.
1:43.3	Sorry, we just bought it on Saturday.
	...

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