We Own 2 Homes in California and We’re Broke

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 21 August 2024

⏱️ 5 minutes

🔗️ Recording | iTunes | RSS

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Summary

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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 uh i'm calling i own a small
0:09.4	construction company uh married my wife's a nurse we own two homes in uh in san Jose and uh
0:19.3	and we're broke.
0:25.8	Why are you broke if you're a nurse and you got a construction company?
0:29.6	Because I don't know how to manage money.
0:31.4	Oh, okay.
0:33.7	How much debt do you got?
0:40.8	So I have SBA loan for the company, 130.
0:43.9	I got a he lock on one of the houses for 150.
0:51.6	One of the houses I owe seven, 100 on, and one I owe 600 on.
0:52.7	Okay.
0:53.8	What about the one you live in? The one that I live in, I owe 600 on.
0:59.0	Okay. So you're 700 on plus 150 Helux 850. What's the other one worth? The one that I live in? No, the other one. The other one is worth about $2 million, between $1.8 and $2.2.
1:13.1	Okay.
1:14.2	And so if you sold it, you could be debt-free.
1:19.1	Yes.
1:20.9	So why are you hanging on to the investment property?
1:26.1	Because for my kids, I imagine, I mean, that's because I don't have a 401K and I kind of figured that would be my money that I can, you know, give to the kids.
1:39.8	Okay.
1:40.7	Well, and then you call me and you're broke, so this is not working.
1:47.8	Yeah, so I'm looking for a plan.
1:49.5	Basically, you borrowed a HELOC and SBA loan and kept a home mortgage in order to buy an investment property.
	...

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