Buying is great if you find a great deal in great location. It's not really a "profit" until you sell, though. So your networth will climb, which feels pretty good, but you would still have to pay rent or buy a new house if you were to sell. You would have collateral, though, which means you could borrow money for other things. Or you become a landlord like Graham and you get other people to pay your mortgages for your downpayment/investment. But owning a house will soak up a lot of your income compared to finding cheaper rent. Mortgages kind of suck, because they make you pay more towards the interest than the towards the actual ownership of the house.

@Cammimullens

2 күн бұрын

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2 күн бұрын

I've been in touch with a financial analyst ever since I started investing. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders

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2 күн бұрын

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2 күн бұрын

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@softy-bf5eg

2 күн бұрын

Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.

The root cause of the issue here is not knowing for certain how much the house is worth, so he can't adequately determine what a fair offer would be. I think Dave hit the nail on the head with this one.

@pamelaburleson2063

2 күн бұрын

He usually does.

@user-dq4ri6fi7b

Күн бұрын

no he didn't, he said 'take it' to the 360K offer, that's ridiculous going on this 25 year old guessing at the price

I love it when Dave breaks something down for people, and then slaps a “Honey” on there lol

Dave you have to give him a chance to talk my guy

@kokoskokso

2 күн бұрын

Dave honey 🤣

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2 күн бұрын

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2 күн бұрын

How do i reach her, if you don't mind me asking?

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2 күн бұрын

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2 күн бұрын

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2 күн бұрын

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That’s why I like Papa Dave, he would listen to you and give fair answer to everyone and he will call you out if you’re in the wrong, no wishy washy just straight shooter!

1. The uncle wasnt paying rent but the kid wasn't paying his half of property ownership. Taxes, hoa fees, maintanence, insurance, etc on a house that value are at least $3k a month. So that's probably a wash in terms of who owes who. 2. $360k is more than fair. If the kid were to force a sale, an old family house like that would need a lot of costly upgrades. He would probably end up with less than the uncle is offering, and lose his uncle.

@SleepCove

2 күн бұрын

Appraisals factor in age and maintenance issue. Can I buy your house for $200k less for…reasons?

@terriesmith2616

2 күн бұрын

​@@SleepCove Just because you listed the property at $1M doesn't mean it'll be sold for $1M. It could sell for $900K. It's whatever the buyer is willing to pay and the seller accepts.

@BadForYourKidneys

2 күн бұрын

I agree, he should try to fight for maybe 400k and walk away without issue. He did not do anything for the property and he will walk away rich AF for a 20 yr old.

@eile4219

2 күн бұрын

The offer is not that bad. He can try to sell the house, he probably will get around the same at the end after all the fees. Paying rent or not is family issue. He never ask for it. If the uncle did all the maintenance and put alot of work on the house. He can definitely threaten the uncle for money by selling the house.

@user-dq4ri6fi7b

Күн бұрын

@@terriesmith2616 or it could sell for a million 2

I'm glad they dove into the numbers.

@jessicaskankey1964

2 күн бұрын

Yeah, the guy started by saying it was hundreds of thousands, but it was only some tens of thousands

Id take the money and run. youd have to evict the uncle and drag this through court. not worth the 100k.

Unfortunately, this 25y/o seems a little lost. He simply doesnt know.. a lot. Dave's right; find the actual value, account for expenses and cut that number in half. Uncle may also be accounting for investments he's made in the property over the years. Might be a very fair offer.

@MakerBees333

2 күн бұрын

Even more unfortunate the kid is not just lost but deeply depressed, and probably for years. He has no chance at making a good decision even if it is Very fair he will never feel that way until his despair is addressed.

@jessewilson-music

2 күн бұрын

@@MakerBees333 you're absolutely right. If he is battling depression, that will likely affect every major decision he makes in life. Something like this would be overwhelming and draining to try and tackle alone.

Classic Dave call. Calls a family member a skunk then realizes this guy can’t do math

@jimmymcgill6778

2 күн бұрын

Then don't apologize?

@steelcastle5616

2 күн бұрын

@@jimmymcgill6778 That's the real issue here. Dave should have pulled back the "skunk" comment about the uncle and chewed on the caller much harder for being so immature, not doing the basic math, and listening to the "they say" crowd.

@MarkRobbo96

2 күн бұрын

I mean, that comment was based on him living rent free there for 5 years

@Ka_Gg

2 күн бұрын

That's one of the more frustrating things with the Ramsey show is they automatically assume the caller is correct before getting more information. Obviously they will only hear one side of the story, but you can ask questions to get the details needed to make a better decision

@amireallythatgrumpy6508

2 күн бұрын

The family member is a skunk AND this guy can't do math.

Dave can’t listen. He said $900k is LOW END assessment. If he takes the $360k and the uncle sells for 1.2 million he would be getting screwed out of money!!

@terriesmith2616

2 күн бұрын

Even if the appraisal came out to $1Million, it doesn't mean it's going to be sold for $1M. It will be sold for whatever amount the buyer is willing to pay and the seller accepts. Lots of homes are listed for $1M to $1.5M but ended up being sold for $900K or $950K. Sometimes, less. It's whatever the buyer is willing to pay.

@rush8222

2 күн бұрын

not sure if you watched the whole video dave wants him to find whats the house actually worth not a approximate, if its worth 900k he should know what its worth divided after 12% fee. If its 1.2million same thing.

@jire9831

2 күн бұрын

@@terriesmith2616 Not in Seattle. Houses there still routinely go for way over asking.

@douglassmith9445

2 күн бұрын

Dave listened perfectly. He said if the house is worth 900k then the uncle made a fair offer. If it’s worth more, then take 12% off the value of the home for expenses and divide that number by 2. Point is the caller doesn’t truly know what his house is worth and was given a swing of 200k from an agent who didn’t truly appraise the home.

@TheJustReyes

2 күн бұрын

He addressed this with the suggestion of the appraisal.

I feel this guy's pain! I just had three real estate agents come to let me know how much my house could go on the market for because I am thinking of selling. One of those real estate agents low balled me to the tune of 120K below the other two realtors, and my sneaking suspicion is that she had a client looking for a house similar to mine, but with a. very low budget, so she was trying to sell my house to them and then take both sides of the commission! Needless to say she will NOT be my agent in the future when I do decide to sell, she has lost any trust!!

@jocarson5310

Күн бұрын

A client? More likely a relative or planning on purchasing it themselves.

@bettysmith4527

Күн бұрын

@@jocarson5310 Yup, and she conveniently forgot the comps to show me.

He should tell his uncle that his offer is decent but he wants a house appraisal first

Sometimes listen to the entire story before jumping into conclusion.

Oh Lord people, never leave property JOINTLY to inheritors. I went thru heck and still having problems. This case sounds awful.

@georgewagner7787

19 сағат бұрын

And make sure you sign all your beneficiary forms. Mom missed one and it cost 8k for the lawyer

Just have two appraisers do an appraisal and average the amounts and agree to that price. Only fair independent way to get a price.

He didn’t consider that the other people probably spent more money to fix it up. He’s not thinking correctly and that’s where the 1.1 comes in

@kdc3065

2 күн бұрын

@@nygreek743 Yes

@Big-Government-Is-The-Problem

2 күн бұрын

yep, he said it was grandpas house which means it could very well be a 50-80 year old house thats not been renovated. Seattle home prices are just dumb, i cant imagine paying $900k for a home unless its on at least 100 acres or lake front and still has decent acreage

@jessicaskankey1964

2 күн бұрын

That's assuming he DID fix it up. They way I see some people live, he could very well be trashing the place.

“Well the neighbors house is worth more” that has nothing to do with your house. They could have had a lot of new renovations

Dave needs to learn to listen. The guy never said it was worth $900,000, he said that the realtor said it could be as low as $900,000. He is right, he needs an appraisal, but was obviously trying to avoid expenses. Dave was the one that cut him off when he said the low end was $900,000, and said let's just say it's $900,000.

@megan2478

2 күн бұрын

It could only be worth $900K...if it's run down...all the nephew is going off is sq footage. So it's not a bad thing to work with the most conservative number. But DEFINITELY needs an appraisal...going of what others are just telling him isn't the best negotiation tactic.

@anthony5reece

2 күн бұрын

No, the caller said "everybody " told him...

@TheFlyingZulu

2 күн бұрын

And like a great co-host Jade stepped in and helped clear it up.

12% selling expenses for all of the god damn leeches in the real estate business that have monopolized and legalized ways to suck your assets away from you whilst doing next to nothing. Reminds me why I hate all brokers, realtors, title/closing agents, county records managers, and lenders. Those are the real skunks in all of this.

@capajo02

2 күн бұрын

underrated comment

@kbanghart

2 күн бұрын

Oh, don't be such a whiner and deal with it

@kevinhofer8869

2 күн бұрын

Or go do what they do

@katiejon17

2 күн бұрын

@@capajo02 considering that Dave explained it would cost $100k in closing costs - that translates it’s a related comment.

@kbanghart

2 күн бұрын

@@katiejon17 why would it cost so much?

Be a man, tell the uncle what you want for it. The uncle acting like a baby is the issue. Man up dude. The 25 year old sounds like he's about to learn a tough life lesson of he doesn't wake up

@Neddie2k

2 күн бұрын

The uncle is being fair, if they sell the house, his uncle will probably deduct a lot of money for maintenance and repairs over the 5 years.

@jimroscovius

2 күн бұрын

​@Neddie2k No, he isn't. He lived rent-free for years.

@megan2478

2 күн бұрын

@@Neddie2k If the nephew was smart he'd say any 'maintenance and repairs' were in exchange for free rent living for at least 5 years, probably more.

@Neddie2k

2 күн бұрын

@@jimroscovius The uncle inherited the house from his parents, how do you think he got into the house in the first place. He probably lives in the house with his family.

@kbanghart

2 күн бұрын

Easy to say, we don't know the family dynamic, it could be the uncle has been a bully for a long time.

Yeah, that is common. I had an aunt who proposed a joke of a price for her to buy out my late grandmother's house from her siblings. Why? "because I'm your sister". F that. She had already been using it unethically for storage. There is nearly always one entitled sibling.

Dave is hard to stomach sometimes

@cashway0420

2 күн бұрын

he's a snobby little brat, you can tell got his wealth by back-stabbing and stepping on toes

@JoePuffenbargerII

7 минут бұрын

@@cashway0420 Can you demonstrate that? I'll listen

Offer to buy Uncles half for the same price. 😂

@kokoskokso

2 күн бұрын

Ahahahaha bingo!

This year's challenges will undoubtedly be more difficult. Looking back, I realized that I was so focused with my portfolio that I made disastrous financial decisions for the entire preceding year. I had to pick between increasing my investments and purchasing a house. After choosing to sell my investments, I discovered that the property I had purchased required more maintenance than I had anticipated. Trying to find out how much longer I can take this is becoming increasingly difficult.

@AlexClarkcompany

2 күн бұрын

Take things easy, we've all made mistakes

@AdamWright8fool

2 күн бұрын

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2 күн бұрын

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2 күн бұрын

Leah Foster Alderman

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2 күн бұрын

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leaving large sums of money or valuable assets for family to "share" when you pass away is a guarantee way to destroy the family lol

Money is not meant to control people rather it is meant to be put to work producing more money for you. You cannot build wealth without putting money in its rightful place.

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2 күн бұрын

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2 күн бұрын

Thanks for the advice! I'm new to financial planning and wasn't sure where to start. Any tips on finding a reliable financial adviser or resource to guide beginners?

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2 күн бұрын

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2 күн бұрын

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2 күн бұрын

I remember giving her my first savings $20000 and she opened a brokerage account for me it turned out to be the best thing that ever happened to me.

I would get an appraisal and then get a mediator to negotiate and make sure the deal goes through smoothly. Make sure it's done legally correct so both parties are satisfied.

This is a perfect example of only hearing one side of a story. This kid framed his uncle to be a little bit of a scumbag. Living rent free for 5 years, lowballing him by hundreds of thousands, and taking advantage of a then 20 year old after his mother died. Do you know what I think actually happened? This kid got emotional and disconnected himself from his family. The uncle gave him space. He came back with dollar signs in his eyes now that the house value went from 600k to 900k. He thinks he deserves to pocket 450-500k after his uncle maintained the house during the kid’s emotional hardship. Now, the uncle makes a perfectly reasonable 10% below market offer to family and the kid thinks he’s entitled to more.

@derekd1510

2 күн бұрын

That's not fair. He's a 25 year old. He doesn't know how to evaluate property value and he's getting poor or no quality advice. Dave should have given him the Ramsey University package. He needs a financial education.

@freakymrq

2 күн бұрын

​@@derekd1510 Life isn't fair

@oopsiedoopsieimuffeditupagain

2 күн бұрын

I think you're projecting

@kdc3065

2 күн бұрын

I agree with that assessment.

@tylersanders2388

2 күн бұрын

@@oopsiedoopsieimuffeditupagain how is that projecting? If anything I’m being a little unfair to the kid assuming he’s an emotional whiner

when it comes to money......family is always second

Not paying rent is fair if the uncle is paying to maintain the property. Just saying.

@jasonbailey6664

2 күн бұрын

I also bet he’s the one paying all of the property taxes. Which probably have gone up significantly in 5 years

@semosancus5506

2 күн бұрын

Wrong

@Ka_Gg

2 күн бұрын

Depends what "maintaining the property" includes. If the uncle's actually making it nicer and doing things like replacing a roof, then we can start to see the value in that. If we are talking about he just mows the grass, no that is robbery

@bvoyelr

2 күн бұрын

@@Ka_Gg Exactly. Rent on a million dollar property has got to be pushing $6,000 a month. If he's maintaining the property to the tune of $70,000 per year, then we'll talk, but we know he's not doing that.

@terriesmith2616

2 күн бұрын

His uncle owns half of the home, so why does he need to pay rent when he's living in 50% of his property? The caller could move in and live in the other 50% portion of the home if he wanted to, but he didn't. That's his choice, so why does his uncle need to give the caller rent money? And who pays for home insurance, home maintenance, HOA fees, and property taxes in the past 5 years???

But they aren't paying EXPENSES if the uncle cashes him out! So he IS GETTING $140,000 less than his fair share! If the realtors are saying 900k is the low end, its most likely gonna sell for more. Why is Dave deducting expenses when NO EXPENSES will be incured! If they sell & split, yes, otherwise without selling, the uncle just made 640k for his "half".

@josephcler3299

2 күн бұрын

I have noticed that Dave sometimes says things before thinking it thru.

@terileo1203

2 күн бұрын

bingo !!!!! we have a winner. If Uncle gives him 360k for 50% he is "paying 720k" for a house that is worth minimum 900k if he puts house on market and flips it next day. at least 90k profit with no cap. gains taxes. Sign me up. Plus add in no rent last 5 years and Uncle has/is 1000% trying to take major advantage of his nephew

@Neddie2k

2 күн бұрын

@@terileo1203 One thing you are not considering is the Uncles parents actually owned the home, that’s why the uncle lives in the house not him or his mum. The uncle lives in the house with his family.

@NealBurkard-ut1oo

2 күн бұрын

No expenses incurred is only with the uncles deal. If it's worth 800,000 after expenses any other way, you net 800,000 not 900,000

Hahaha com on dave you didn’t have to call him “Honey” 😂😂

This story takes a sharp U-turn at the halfway point. 😆

Who's been paying the taxes and utilities on the house? How long as Uncle been living in the house? Take the money and run..

I just wasted 5 minutes of my life listening to this call only for the nephew to have NO idea what the house is even worth.

This guy’s mother would want her child to receive the full value. I would be mad if my brother took advantage of my son.

@reese85

2 күн бұрын

How do you know that? You don’t kno the work/money the uncle to into the house while living there

@cutehumor

2 күн бұрын

The grandad gave his house 50 percent to the mother and 50 percent to the uncle. So it was fair

100K in "selling expenses"? Realtors are a racket. Period.

"But we're family!" Ain't family wonderful???

@aeroeng22

2 күн бұрын

it's probably easier for family to give you the shaft than strangers. You are wary of strangers, and thus less susceptible to scamming. But you irrationally trust family, so it's easier to get taken by them. (the uncle owes multiple years of rent, BTW. that should be first negotiated I think).

@FaithandPurpose828

2 күн бұрын

The math: Realtor - low end $900k, high end $1.1mil, half based on high end = $560k, uncle's offer $360k. Caller-uncle offered me $200k less than our property is worth. Caller didn't account for closing costs and other expenses.

@kokoskokso

2 күн бұрын

How about talking to the family and asking the uncle how he came to the amount he suggested, instead of asking half the village about their feelings and badmouthing said family on a worldwide show based on nothing but guesses. Maybe uncle had to finance some major repairs and even had an appraisal done? Maybe he's offering him more than a fair half would be. We don't know.

@Kseb1212

2 күн бұрын

Family is a $10,000 discount not a several hundred thousand dollar discount.

@thehungrywolf69

2 күн бұрын

Did u finish the call?

Like many 25 year olds, he doesn’t fully understand the business of selling a home and dealing with family. Glad he called in!

It’s a real shame that mom did this. It’s like uncle was looking over her shoulder and forcing her to put him in it. Don’t do things like this to your kids. Protect them from greedy, ignorant family and friends.

Dad in law saw we were in the market for a house. His rich son offered us a “family price” of 550k. I said, normally I would barter you down to the median market price, but since you’re being a snake, I’ll pay not a penny more than 350k and you pay the closing costs. They didn’t like that much, but I’ve never been that popular in family get togethers anyway. I ended up buying for 480k from more honest sellers.

I think some people aren’t used to any kind of adversity or confrontation . Not sure how you get through life this way .

How about they take into consideration the rent the uncle hasn’t paid him in 5 yrs as well. That needs to be part of the equation too.

I wouldn’t give up a dime on the house. I would force the sale of the house, take my share, get lost, and never look back.

Take the 360K tax-free and run with it. Be done, and go on with your life. The appraisal could go the opposite direction, and the house is worth less.

@kokoskokso

2 күн бұрын

Gee, it's called negotiating. Ask uncle how he came up with the number, maybe he's been more than fair. Or simply don't take the first offer, say you'd be happy with 400 and make a deal. Yeah no, let's just ask half the villages for their opinion and badmouth the family you're so desperate not to lose on a worldwide show based on not much other than feelings. Well done 👌

@chazzkramer7676

2 күн бұрын

@gothducks Tax-free? Where do you live? Here, the profit monies from the sale of a house are taxable as income.

This guy is acting like his uncle is Tony soprano

I'm a real estate closing agent and I can tell you that 12%.Closing costs for a seller is way too much.Sellers don't pay anywhere near that for closing costs.

@jimmymcgill6778

2 күн бұрын

Aren't there also realtor commission?

@genxx2724

2 күн бұрын

Expenses, not closing costs.

@DoctorSmartyPants

2 күн бұрын

8% closing costs for a seller is pretty accurate. Dave's 12% is taking into consideration repairs or other things that need to be done to put it on the market or to close a deal.

Uncle made an offer. Did the guy get a fair valuation done Once he gets a fair valuation done then go back to the uncle with a counteroffer taking into account selling expenses. THEN if the Uncle wants to low ball you take action.

I know so many people who use their money to control family, I see it watch it and it’s sad

Funny how the tone of the conversation changed once more details were known. Real estate is in Dave's wheelhouse and he gave this caller some good information. One thing not discussed is that since this property is jointly owned, neither party can sell without the other's consent. Yes, you can take the other to court to force a sale, but that involves thousands of dollars in legal fees. Using the same ratios, if the house was appraised at $1 million, then the sale price to the uncle would be $400k. What I would do is counter offer the uncle with $380k and if he balks, then I would offer to go the appraisal route, agree upon a percentage of appraisal, and go from there.

Dave is so harsh with this young man. Chill dude and guide him respectfully.

@TheFlyingZulu

2 күн бұрын

Not really. You sometimes need be tough with people to snap them out of the weird mentality they could get into. This guy wasn't sure how much the house was worth and is trying to say his uncle is low balling him.

Call came from the basement of the Ramsey building..

I have three uncles. Two of them would give everything to help me if my mom or dad died. The other, unless he’s changed in recent years, would act like this guy’s uncle.

I get having a sentimental attachment but at the end of the day it is just a house. It is like Delony's story of donating his grandpa's old jacket, it's just a possession it doesn't take away from the memories you shared with the person. Put it on the market and share the profits 50/50 with the uncle. It is such a sellers market, I put my house up at noon on a Sunday got multiple offers and had it sold by Tuesday night. Will save you a lot of headaches and heartache in the long run.

@HOLDXSTEEL

2 күн бұрын

Family properties are treasures and my opinion is different from yours

@jimmymcgill6778

2 күн бұрын

And you'll pay more fees. It's less of a headache to just take the uncle's buy out.

@linuxsurfer2002

2 күн бұрын

I agree, but the uncle wants to live in it I think.

@mph5896

2 күн бұрын

He cant put something on the market a 50% partner doesn't want to sell.

The simplest way to get a "fair" price for a home is to bring in a realtor and/or an appraiser. My brother and I are having to probate our fathers estate, and I've already consulted a realtor due to the condition (poor) of our fathers home. We are looking at major foundation issues, so depending on the remedial cost of the repairs, we may decide to do an "as is" sale, but at least we know what our baseline is.

Appraise the value. Split 50/50. He can cover the cost in lieu of rent.

Dang dave beat that poor kid up like he was the uncle

Gotta love Ramsey math. kid if you’re reading this you’re absolutely getting under bid on this especially not having a realtor to pay for.

Dave is wrong here. He needs to get a real fair valuation of the home. The uncle is going to buy him out and list it for 1.1MM and screw him over. I hope he looks at these comments. He needs to talk to a realtor without signing anything and have them help him get an actual value for the home. 10% selling costs are also very exaggerated. He could negotiate that down to a 4-5% commission EASILY

I would hire a real estate attorney. This mess is crazy, I would also consult a real estate agent, & put it on the market. You need to sell the house.

I can tell when Dave last bought a house 😂. In Australia we get ranges like 900-1.2m all the time...and then the house sells for 1.35m 😂😂

@bombshellmusical9566

14 сағат бұрын

Maybe he knows more about the American market than the Australian one?

If they sell without a real estate agent, each person's half would be $450,000 not $360,000- that is almost $100,000 difference.

There goes Dave with the name calling. Even after he found out it was not a lowball offer. He still won't take back what he said about the uncle.

@paulinoaz

2 күн бұрын

7:43 Actually he said he would take back what he said depending on what the house is actually worth .

@derekd1510

2 күн бұрын

He really didn't help the kid much either. Poor kid sounds like he has had ZERO financial education and will be dealing with a large sum of cash. Dave really should have given him the Ramsey University package so this $$ isn't a curse. Dave is getting grumpy in his old age...lol.

@frankcb11

2 күн бұрын

@@derekd1510we dk that much about the kid too much assumption

@jimmymcgill6778

2 күн бұрын

@@paulinoaz We all know that will never happen. This guy will never call back.

@paulinoaz

2 күн бұрын

@@jimmymcgill6778 He doesnt have to call back, it is not meant to be taken literally. You are blaming Dave for things he can not control. First the caller gave Dave bad information by saying the offer was "a few hundred thousand" below actual value. Then the caller gives Dave a ridiculous range of what the house MIGHT be worth. Dave can only go off of what you tell him and if that information is not correct than don't get mad at him for that but instead blame the caller for not even knowing what a house he owns 50% of is actually worth.

Dave knocked some sense into him

Do not take payments from your uncle, make sure he gets a loan to pay you off. Hire a real estate lawyer.

dave is missing the 100k in closing costs that Aren't there in if he justs transfers the title to uncle. that's a 100k difference

The caller should add the fair market rental value for the last five years and tell the uncle he will take the price PLUS the five years of free rent for his half.

Offer to buy his 1/2 half for what he's offering. If he accepts, sell the house and give him that 1/2 he agreed to and keep the excess. Bet he doesn't accept.

If it's worth $900k, it's either a gorgeous house in a low cost of living area, or it's mid-small in a HCL area. And Uncle has lived rent free for 5 years. I live in a high cost area, and rent on a small house worth $900k could be $2000 a month easily. So half of the missed rent accrued over 5 years should go to the kid = $60,000. That is not chump change, and should be added to the kid's portion. Even if reasonable rent is HALF that, the 25 yr old deserves compensation. I have seen tiny run down 3-bed row houses in my city (supposedly worth near 900k) get $3000/month. Half of that rent over 5 years is $108k. Seriously.

He said $900,000 on the low end, his uncle is skunking him out of at least $50K or what the low end would be. He should put it on the market and get whatever he can get.

I have family like that uncle and let me tell you that I am much better off far away from them.

Ah yes! A classic case of listening to your bar buddies who know zero about life. This kid really thought there would be no expenses with selling this house. He thought that Uncle should be paying him $450,000 for his share. I bet he already had plans for that money and it didn't include saving, stock, bonds or real estate.

You don’t pay rent on something you own.

@steelcastle5616

2 күн бұрын

What if you only own half?

25 and can't do simple math...I see why the uncle's slapping his head 🤣😂... make it make sense 🤔..duh 🙄

Hire the appraiser then give a fair family discount. Unwise penny pinching only causes heart aches.

Who has been paying the taxes and insurance the last 5 years?

@ebransc09

2 күн бұрын

Uncle Skunk I wager

@amireallythatgrumpy6508

2 күн бұрын

Almost certainly NOBODY.

He had me in the first half not gonna lie

I have a lot of skunks living off my grandmother right now. The uncle really should have been paying a cut for living there, but if he only profits $400k and would rather keep it in the family, then I’d take the uncle’s offer. Just remember if you put it on the market and uncle isn’t on the same page, he will need to be evicted either way.

This caller is annoying as hell

I agree that he should put it on the market and see what they get.

Low = $900,000. High = $1,100,000. Get a lawyer to draw up an agreement to buy you out at $500,000 and let the uncle have the damn thing. It ain't rocket surgery!

Sounds like his uncle is reasonable and his friends are foolish. Whatever he gets, he will still have to pay capital gains on it.

Sorry but $360,000 is way too low. You only pay 6% maximum in selling.

@steelcastle5616

2 күн бұрын

Consider that's not the only expense when selling a home. Add in all of the other costs (taxes, lawyer fees, etc) and the stress of it all, and 360k, if the caller's basic numbers are correct, is a good offer/place to start the negotiations. Dave tended to think so.

If it's so one-sided why not just flip the tables on him? Say you'd rather purchase him out for that same amount and see what he says....... Simple

Just watch the uncle sell the house on the open market after the deal with the caller is closed..

Caller needs to get a realtor to represent him in the sale.

Why cant they just sell the house and split the equity?

Hahahahaha the part when the kid is wrong that he’s being lowballed is too much . He probably talked to a realtor “friend “.

My thing is this - why is the uncle offering $360K to his nephew? Why not offer him the full half or much more close to it? Why do family always what discounts? This is a NEPHEW; not a brother or someone older than the guy. Let this be a lesson to people that only one person should inherit a house (if you have only one house - which should be put in a trust, have multiple children and they do not all agree to keep the home as a “family vacation home” , then force the sale of the house upon your death. Your children can each then use their proceeds to go and buy their own house.

I was expecting skunk uncle, then it took quick turn. Did not expect that

I don’t know how to approach a family member as far as regards to money….take out the “as far as regards to” and insert “regarding”… holy crap

Giving Him Free Rent is what gives more Value to him the price should be a bit better for caller like +$80K and +$10K for the Death of the Parent

My uncle lowballed me too one time...

Note to self don't call Dave if you don't have your ducks in a row. Kid is clueless. He needs someone to walk him through this.

@derekd1510

2 күн бұрын

Dave should have given him the Ramsey University package. He needs a financial education.

Skunk is being nice. His uncle is way worse than that. He has taken advantage of a 20 yr old. He owes him rent for 5 yrs.

@reese85

2 күн бұрын

He doesn’t owes him rent, if he was living there maintaining the property

@jimmymcgill6778

2 күн бұрын

They both own the house. There is no rent. He gave him a good offer.

@BetsysMama

2 күн бұрын

In my opinion, morally the uncle owes the nephew half of a very reasonable rent. Not much monthly money, but a little, because assuming the uncle is maintaining the property, that is all well and good; but the uncle is also getting housing. The nephew deserves some kind of return on his half of the property, while right now he’s getting nothing while the uncle is getting everything. I also think that the nephew needs to see a professional counsellor about his lack of backbone. Not meaning to sound mean here, but five years of waiting for this to be sorted seems excessive to me.

@qcspt

2 күн бұрын

The uncle was also likely paying for the property taxes, home insurance, and maintenance costs, which the nephew wasn't contributing to. It's not like there are suddenly no expenses at all when there's no mortgage.

You should just sell it. Get an appraisal that will fix it.

Family will rip you off more than you know

@steelcastle5616

2 күн бұрын

It depends on your family or specific individuals in your family. My family has helped me a lot, both financially and morally. But there are some individual members we all know not to loan a half-filled glass of dirty water to.

The problem here is the appraisal will be for current market value. The appraisal should be from the point in which he inherited the property 5 years ago. We don’t know when in the timeline his uncle offered the 360,000 buyout.