Where Should I Buy Rental Property?

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 24 July 2024

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

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Transcript

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0:00.0	This episode is sponsored by SmartVester. Connect with an investing pro for free at Ramsey Solutions.
0:11.0	Com slash invest.
0:22.0	You're listening to Ramsey everyday millionaires where we talk investing, retirement, building wealth and outrageous generosity. So let's go on to Will and Scottsdale.
0:25.0	Hey, Will, welcome to the show.
0:27.0	Hey, what's going on?
0:28.0	I'm a huge fan of the Ramsey show.
0:30.0	You guys helped me.
0:31.0	Yeah, the dead several years years ago so thank you. Oh
0:33.7	I love to hear it for sure how can we help? Yeah I have an interesting question
0:38.9	so I may have it's so basically I'm debt free, I'm 27, I'm single not married, no kids, and I'm looking at doing one of two things I wanted to grab advice.
0:50.3	So one of the things I was looking to do is I'm originally from Chicago and I live in Arizona
0:56.1	So I like to go back and forth because I work remote and I was gonna buy a condo in Chicago and have my sister live in it as a renter,
1:04.0	a kind of almost like an investment property.
1:07.0	And I'm debating if I should do that or just save up for a primary residence here in Arizona. And I'm just kind of confused on what to do.
1:17.2	Do you are you renting right now for your primary residence?
1:21.2	Yes I am. Yeah I would save up for sure and buy a house for you first before you think about rental
1:26.2	properties.
1:27.2	That's kind of the step after your home has even paid off.
1:30.4	So when you look to invest, yeah, in rental real estate, or real estate in general,
1:34.8	whether you're going to do flips or long-term rentals, that will be with cash later on
1:39.1	after your primary mortgage is even paid off.
1:41.1	So I would, yeah, I would focus on, yeah, saving up a good down payment
	...

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