How To Buy Real Estate?

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20 thoughts on “How To Buy Real Estate?”

  1. I need some advice.

    Im 20 years old, married, and have a 6-month-old, living with my parents. Next year I am going back to uni for 4 years (Hence why we are staying with my parents) so I will not be working but my husband earns well. Since we are so young, we have been saving a lot and I have been thinking instead of buying our first house, we could save up $700+ for two years to put a deposit on a house and rent it out to people as I study. After I find a job, we will either sell the house, move in or continue renting it out depending on the situation.
    My question is, Is this a good plan?

  2. Can someone tell me how one can save to buy a house in San Francisco? The price of house goes up 10+% each year. Cheapest tiny fixer upper is 1M+. How is it possible to save up and pay cash? Or even a down payment?

  3. I just listened to that lesson and Dave is right. Dave Ramsey has spent his life in the real estate market. If you are house shopping go to the web or do a site inspection with your county building inspector. If the house is bad DON'T BUY IT! If drugs were done inside it DON'T BUY IT! it will just jack up your repair bill. Never buy a house that has a repair bill that exceeds $50,000 it will just bankrupt you. Don't buy trailers, don't buy timeshares, and if you are not camping STAY AWAY FROM Mobile Homes and RVs! Never take out an ARM because it will just bankrupt you and stay away from tittle pawners they will repossess your home. If you are going to buy get a tittle loan from the bank don't go to a payday lender/ tittle pawner and avoid Debt Myths 8, 9, 10 and 11 The ARM helps know one, a 30 year mortgage will bankrupt you, a balloon mortgage is a bad idea, and you should not mortgage your home when you are paying your taxes it will just bring the loansharks. As Dave said think like a realtor when you are buying or selling your home.

  4. I’m going to agree with most of the comments below. I have 6 rental condos. I started 25 years ago. I bought each one a couple of years apart. I usually put the minimum down, 30%, except for the last one that I paid for with cash. My renters paid them off and I received a tax benefit every year for the past 25 years. Now, 25 years later they are all paid off and I receive about $5000 a month in rental income and I have about $1 million worth of paid for real estate that mostly my renters paid for!!! I feel like I had six people working for me. Yes, this is similar to how Dave Ramsey found himself in huge financial trouble. But I never got in way over my head. I was always able to make the mortgage payments even if my renters didn’t pay. But my renters always have paid. Perhaps my situation is unique but I rent to mostly young married couples near the local University. I love Dave Ramsey. He has helped millions. So many people don’t have a clue about finances. But perhaps people with larger incomes, who invest wisely, who have self-control already, do not need to go to such extremes. At the same time I invested similarly in 401(k)s and IRAs. I also think people should keep their credit score unless they have no self-control. I love Dave Ramsey and I think he helps millions but I have deviated slightly because I am an adult and I can do what I think is best for my situation.

  5. I mean. My parents get 5700 a month together after taxes from their job. We live in a house, we have food, and we eat out often.
    Now if my parents were to hypothetically double their monthly income, why would they spend the other 5700? Just save it up and in 10 months you have 57K. I think people will decide to move to a more expensive area and triple their mortgage, plus the property tax will go up, then time go out those 5 star restaurants with valet parking. Now you just spent the other 5700 a month.

  6. Terrible advice if you're responsible, bought right, and trying to grow fast. The only people that should buy all cash are those looking for a hobby.

  7. I like Dave's Save money conversations but his investment method are pure BS…. You don't want to get in debt blah blah blah bs. If you can't stay away from stupid worthless name brand spending then listen to Dave but when it comes to middle income family investing omg don't take any advice from this dude. You will be old as dirt before you have any real investment.

    Use a smart method:
    Buy Cheap Starter home, renovate starter home
    Save money & Pay mortgage
    Reach 25% down on another house
    then Rinse & Repeat.

    If you make over $100k don't buy a damn $300k house.

  8. I did the math once, and decide if I can take a beating then you can buy the property.   no money down 200k property bill 1500 rent 1550 cant take a beating at all.   100 k down 200k property bill 1500 rent 1500  a little beating.   150 k bill 350, rent 1500,   you could lose a renter and have a 30k bill to fix roof , take a loan bill goes to 800 rent 1500,  ok is  a deal,   so to me if you but 50 to 75 percent down, then loan for the rest, becosue you can take a beating with that much down payment,  less then 30 percent and if something bad happen you will lose it.

  9. Idk I feel a lot of these answers are very narrow. Obviously taking his advice is the smartest thing to do, but what about expensive areas? I'd need a million in cash to buy a house to start into real-estate. It will take me forever and once I get the money all the houses will be worth double. It's just not possible to pay cash for everything everywhere.

  10. If you listen to this advice you will never own any property. How can you pay cash for your house and then cash for your rental that would take what too long and you would be too old

  11. I can't believe some of the income numbers these callers claim they make. 150-225k at 34 years old? And he can't buy a rental property with cash? Gimme a break.

  12. If you buy a house for 100000 and charge 1000 dollars a month rent you won't see a dime of profit for 100 months maybe more! that's a very poor investment, and really risky.

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