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The Ramsey Show Highlights

Should I Buy a House With My Brother?

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6682 Ratings

🗓️ 30 December 2023

⏱️ 7 minutes

🧾️ Download transcript

Summary

Today's episode features Jade Warshaw & Dr. John Delony. The Ramsey Show Highlights 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, George Kamel & Jade Warshaw. Part of the Ramsey Network. Delivered to you seven days a week. 💸 Budget for free with EveryDollar: Click Here 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

Brought to you by the Every Dollar app. Start budgeting for free today.

0:06.3

What's going on, Dana?

0:08.7

Hi. So I am 29 years old, and I've been planning to purchase a home, but I'm planning to, like,

0:17.5

purchase it with my brother. So is it a smart idea to like have my brother as a co-owner

0:23.2

of the property? I mean, majority of the down payment is going to come from me and so is

0:29.1

mortgage. Yeah, no. Nope, nope, nope. How old did you say you were? I'm 29. 29. Okay.

0:36.5

Why can I just can I understand why why are you guys doing this together? What's the purpose

0:41.4

in your mind?

0:43.7

Um, we've been living together, um, like for like three years and we've been planning

0:49.3

to purchase a property. But why? Why is my question? Um, well, we just, we're like both single and we

0:59.6

don't know, like, we wanted to stop renting and we wanted to have like our own property.

1:05.3

So this is your way, you felt like you couldn't afford it separately. So you're doing it together.

1:10.4

Is that accurate?

1:13.5

Yes.

1:14.2

I think, I mean, personally, like with the current housing market, I don't think I can afford, like, the monthly mortgage.

1:23.7

Well, let's look at it.

1:24.5

What do you make every month?

1:27.2

What's your take-home pay do you make every, what do you make every month? What's your take home pay?

1:28.6

I make around, uh, around every month. Yeah. Yeah, around six, two hundred.

1:35.1

6,200? Yes. That's your take home pay. Okay. So what type of home are you trying to buy? Like, when you, when you say, here's what I need and you're realistic about what your needs are

1:47.7

and you're not going overboard, what does a cost, a home like that cost you in Los Angeles?

1:52.3

Because I know it's going to be expensive.

...

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