Never Borrow Money for a Rental Property

Ramsey Everyday Millionaires

Ramsey Network

Careers, Investing, Business

4.6 • 3.6K Ratings

🗓️ 24 July 2023

⏱️ 5 minutes

🔗️ Recording | iTunes | RSS

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Summary

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, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Rachel Cruze, John Delony, George Kamel & Jade Warshaw. Helpful Resources: Need Help with your investments? Click here to connect with a SmartVestor Pro. 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. Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

Transcript

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0:00.0	This episode is sponsored by Smart Vester.
0:07.2	Connect with an investing pro for free at Ramsey Solutions dot com slash invest.
0:15.2	You're listening to Ramsey everyday millionaires where we talk investing, retirement, building
0:19.7	wealth and outrageous generosity.
0:23.0	Stacey is with us in Canada.
0:25.2	I'm Stacey.
0:26.2	Welcome to the Ramsey Show.
0:27.3	Hi, thank you so much for this amazing opportunity to get your advice.
0:31.3	Well, thank you.
0:32.5	How can we help?
0:34.7	My husband and my family, we live on a farm and we pay really cheap rent where we are
0:40.1	because we help out on the ranch.
0:42.7	So that's a good situation there.
0:44.3	So we ended up buying a waterfront lake home to be for a legacy for our kids when they
0:49.6	grow up.
0:50.6	So we do have that paid off now.
0:52.6	So I guess technically we're done baby step seven.
0:56.4	So now we're looking at buying a house instead of staying on this ranch forever.
1:01.6	So I guess the question is what order should we do this?
1:05.4	Should we buy a house?
1:07.1	It would be about 900,000 we'd have to save for or should we just go ahead and save a
1:12.7	quick down payment on a smaller house in town that we could rent out and it would pay
	...

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