When Is It Okay to Buy A Rental Property?

Ramsey Everyday Millionaires

Ramsey Network

Careers, Investing, Business

4.6 • 3.6K Ratings

🗓️ 6 December 2021

⏱️ 9 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, Christy Wright, Rachel Cruze, John Delony, and George Kamel.

Transcript

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0:00.0	You're listening to Ramsay every day millionaires where we talk retirement, building wealth,
0:10.5	and outrageous generosity.
0:14.0	Kevin's in Boise, hi Kevin, welcome to the Ramsay Show.
0:17.0	Hey, hello sir, are you?
0:19.6	Better than I deserve, what's up in your world?
0:23.0	Hey, and question, I was trying to find out when you and sort of think a smart investor
0:30.9	at Pro, at what point do you buy a property for a rental income versus investing it versus
0:39.2	to a investor at Pro?
0:43.5	Okay, well we won't, I wouldn't suggest you start buying rental property unless you pay
0:49.1	cash for it after your home is paid off.
0:52.4	And so if you're using Ramsay Lingo, that would be in baby step seven then.
0:57.1	Yeah, Kevin, where are you at financially?
0:59.1	Do you have a paid for house currently?
1:01.4	Yes.
1:02.4	Okay.
1:03.4	Yeah, we have zero debt, we have nothing.
1:06.2	Way to go, it's amazing.
1:08.4	Yeah, I would begin right now to pile up some money as fast as I could to pay cash for
1:12.5	my first rental if I was you.
1:14.7	And I think meanwhile you could probably say 15% of your income still towards mutual funds.
1:21.2	That's the way I did it.
1:23.1	I got my house paid off and then I just kept doing 15% of my income into retirement in
	...

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