This is absolutely the worst time to try to make money as a landlord renting to tenants. So many people are broke and can't pay rent, governments have put a moratorium on rent payments but usually not mortgage payments. It's a recipe for disaster.

"Actually she's the one that thought of it"

I completely agree with Dave on this one. I yelled “NO” at the caller before Save did.

This is exactly what I was trying to explain to my friend. Real estate is something you do once you've already become somewhat rich, and then want become more rich.

He says 'Stay away from Get Rich channels on KZread". Can't argue with that, but when someone calls asking if they should join a MLM scheme, his response is not nearly as strong.

@jimroscovius

3 жыл бұрын

That's because they aren't scams. Many people make money at them. But even more people don't. They are a legitimate business, though hated by many people, including me. He warns people about them though.

@bighands69

3 жыл бұрын

What MLM does Dave promote?

I think this is the closest Dave will say that things like MLM and Gurus are scams. He won't say it outright, because he has friends in those industries, but I think he WANT'S to say it.

@J.futch97

3 жыл бұрын

He will now.. watch the recent vids

@jordansaipaia4467

3 жыл бұрын

And who are his ads on youtube? The same people he lambastes.

@Berserk1Manga

2 жыл бұрын

@@jordansaipaia4467 He dosent have ads.

@jordansaipaia4467

2 жыл бұрын

@@Berserk1Manga Do ads play before his videos?

@Berserk1Manga

2 жыл бұрын

@@jordansaipaia4467 I misspoke my lil bro had premium 😆. So not sure.

“Hundreds of millions of dollars of real estate”gets me every time and keeps me motivated.

I had to replay Ken’s face like 15 times! The effort it took not to bust out laughing! 😂🤣

I like "get rich quick channels" They tell me exactly what not to do.

I trust the Ramsey system. It’s done well for me and mine.

@jimroscovius

3 жыл бұрын

Me too - paid-off house, no debt, decent retirement savings, and God.

@abrahamflores2566

3 жыл бұрын

Its not Dave Ramseys system as its not a patent lol. Its just his opinions how to handle finances

@coniccinoc

3 жыл бұрын

@@jimroscovius Jim, you are blessed and I would be willing to bet a blessing to others. I love it, well done, keep chopping that wood good things will result : )

@coniccinoc

3 жыл бұрын

@@abrahamflores2566 Opinions, system or potatoes, call it whatever you want, I was born dirt poor in a Detroit ghetto and now I can retire inspired with much thanks to Ramsey teachings. I never sent him a penny btw, just watched his videos.

@jimroscovius

3 жыл бұрын

@@coniccinoc Thanks!! Except for a 10-year period where we both had a 401k plan, we've saved everything on our own. I'm an adjunct instructor and my wife has a great job, but neither one of us have benefits, so we buy our own insurance (not Obamacare) and save for our own retirement. We have no pension and we get no handouts. Kids are grown and successful. We were broke back when we were young, and swore we would never do that again. We're certainly not perfect, but we discuss things before doing. It works!!

I just be watching this for fun and I’m learning from peoples mistakes at 18 love from the UK 🇬🇧🥰

@InvestToLive

3 жыл бұрын

Good for you!

@sagatuppercut2960

3 жыл бұрын

Sometimes I wish I was 18 again. I've made a million mistakes.

basically every youtube ad you see. avoid.

I know a couple who lived a frugal life for decades and never made over $150k combined. Now they're in their early fifties and have a net worth of over $4 million living in Hawaii. Anyone can do it. Sacrifice early, enjoy later. It takes time.

@brainloading5543

3 жыл бұрын

What if you want to get rich being young ? I don't want to waste my healthiest years.

@pixelzpusher

3 жыл бұрын

@@brainloading5543 There is no such thing as overnight success. All that stuff you see in the movies is fake. All rich people accumulate wealth over a period of 10 years at least. You start young and by the time you're 30, you should have accumulated a good amount of money. By the time you're 40, you should be set in life, but it take a lot of sacrifice. I wish I started earlier.

@brainloading5543

3 жыл бұрын

@@pixelzpusher why should I wait 20 YEARS to be able to truly enjoy my life ? If you're near 40 years old, you may have forgot that when you are young, you don't want and you aren't gonna wait 20 years to enjoy your life. And what you're speaking about here is investing, and having a job on the side. What about e-commerce?

@pixelzpusher

3 жыл бұрын

@@brainloading5543 If it were that easy to get rich in your early 20s, everyone would be rich. You can try, but most likely, your chance of success is less than 10% in your 20s. All these get rich schemes don't work. The only surefire way is getting rich over time. Your choice.

@brainloading5543

3 жыл бұрын

@@pixelzpusher well, tell me why e-commerce is bad, just don't tell me why get rich quick channels are bad, just simply explain me why e-commerce won't be successful

*If it seems too good to be true, then it probably is...*

@stevenporter863

3 жыл бұрын

Real estate isn't a wealth builder. It is something you buy with wealth already created (for passive income). Dave is right on that point: too many people view buying a house as a financial secret shortcut. Even worse - some think just living in a house automatically makes them wealthy. Its like the saying 'A fool and his money are soon parted'.

Imagine how much of a headache and stress Dave saved this guy from. This channel is soo valuable.

@rolandofrancis5254

3 жыл бұрын

Absolutely

One of my favorite clips of this show.

Graham Stephan is typing...

I thought the dude on the left's head was about to fall off he was nodding so much

Well said Mr. Ramsey.

"NO! UNDER NO CIRCUMSTANCE! You wanna know why?" - Dave Ramsey 🤣🤣

@EmpressQueenB

3 жыл бұрын

I am DYING

@aurabless7552

3 жыл бұрын

lol

@crazykaitlyn

3 жыл бұрын

Wow. I admire this man so much 😂😂

@jeanlenor1858

3 жыл бұрын

@@crazykaitlyn Stop following Dave!

@crazykaitlyn

3 жыл бұрын

@@jeanlenor1858 ?

I think the issue for many folks is the idea of "rich". Rich is not lambos and mansions. It's limited debt, a home, a degree of financial independence for most "rich" people. The social media version of rich is total BS.

@Shane-fh4uu

3 жыл бұрын

everyone wants to be rich of course but very few wants to do the work to get there. Their focus is on the result when it should be on the process. That's why people fall for these schemes and kids are investing their student loans into stocks

@vildachaya6462

3 жыл бұрын

It’s like anything else. It’s cherry picked. People only see the rewards, Not the sacrifice

@Dani_13th

3 жыл бұрын

The social media view/version of everything is BS. Sad but true

@InvestToLive

3 жыл бұрын

@@Shane-fh4uu Agree 100%. Keep up culture has no room for slow and steady.

@InvestToLive

3 жыл бұрын

@@vildachaya6462 Absolutely true. The 80 entrepreneur becomes the "overnight success".

The get rich quick channels get rich off of you, not off of what they’re teaching

@theelephant2887

3 жыл бұрын

Exactly! I always laugh at those KZread ads of young guys going "I am holding in my hand my latest bank account statement of $2M. Do you want to learn how I did that...?"

@AdamGbl95

3 жыл бұрын

Not always.

Good info, thanks Dave.

Honesty only hurts a lie

Guaranteed after he hung up the phone and told wifey, she said "He's dumb" and they bought the real estate. They will learn the hard way.

@kidgoku2206

3 жыл бұрын

💯

@Ratkill9000

3 жыл бұрын

Some people need the swift kick in the balls from reality.

@beckygeer6480

3 жыл бұрын

Some people only learn the hard way

People taking advice from tick tockers 😂😂😂😂😂😂

This is soooooo true...

There was literly a get rich quick ad for this video 😂

I feel personally called out lol

And the next video recommended after this is a get rich quick video roflmao.

@EmpressQueenB

3 жыл бұрын

Lolllll

0:38 - The look on Ken's face when Dave said "NO!".

@Ratkill9000

3 жыл бұрын

He was really trying hard to not to laugh

@BritBrat444

3 жыл бұрын

@@Ratkill9000 right 😂🤣

Those videos are true. They make the youtuber RICH QUICK 😶

@jamesmartinezz

3 жыл бұрын

Accurate af

@murderouskitten2577

3 жыл бұрын

well , call it how you want , it still a snake oil .

@Amitkrjain99

3 жыл бұрын

@@murderouskitten2577 ever heard of SARCASM

@murderouskitten2577

3 жыл бұрын

@@Amitkrjain99 Nein .

Right? And people always say "I'm following Dave's plan" but they really aren't

I love Dave’s comment: “You need to stay away from get rich quick channels on KZread”

@youngtimer964

3 жыл бұрын

I agree. And this was a perfect opportunity for him to call out MLM’s. But he has shown himself to not criticize them.

@kevinrehberg8758

3 жыл бұрын

it's funny how these "get rich quick" seminars never address the negatives... Especially now..Real Estate CAN "de"valuate, and you can become upside down in real estate just like driving a "brand new" car off of the car lot..It can happen with a horrible tenant... a neighborhood going from bad to worse.. a major employer moving away, and like what just happened this year

@Jimbob-hj6qp

3 жыл бұрын

I see them all the time! “Prosperity Warrior” I see that guy all the time.

@ChesterMcCoyJr

3 жыл бұрын

Not all MLMs are created equal for sure

@youngtimer964

3 жыл бұрын

@@ChesterMcCoyJr yes, they range from bad and destructive to horrible and catastrophic.

Get rich quick never works. It's really that simple. So grateful for the Ramsey team.

There was some guy on YT saying that we shouldn't do what Dave teaches. Instead do what Dave does. He was basically saying that Dave has a $15 million mansion and a business with millions of customers and followers from his book royalties and financial peace university and that this is how Dave built his wealth and that he somehow did that without doing the seven baby steps like the rest of us. He even went as far as to say that the seven baby steps keeps people in poverty because it mentions nothing about building a business and selling a good or a service that is worth money to the masses. I'm not saying I agree with this guy at all because I have a pretty good feeling that Dave in order to start his businesses(Financial Peace U, CFA, podcast host, book author, real estate etc.) he needed to get out of debt, keep an emergency fund, keep a written budget, invest 15% of his income toward retirement, give generously and pay off his house early. So if someone is trying to convince you that the seven steps are nothing but a slow ball n chain to your financial growth then remember that the seven baby steps is the foundation of your success and your business is the framework to your success. Makes sense?

Ramsey a GODSEND 🙏

Super Quote, The Greatest Challenge in Life is Discovering who you are.

@princealmighty5391

3 жыл бұрын

I got a get rich quick video in this channel

Confucius say “Listen to people who tell you how to save money, ignore those who tell you how to make money.”

@MartinLabuschin

3 жыл бұрын

"get a job" "nah, confucius said i shouldn't listen to you how to make money"

@kcarch25unkown27

3 жыл бұрын

@@idk-hp3md its a joke

@briandoran8260

3 жыл бұрын

Good saying never heard that 👍

@diyanaabdullah4255

3 жыл бұрын

👏👏👏

Ken sounds like a sports broadcaster 🤣🤣🤣🤣

@honestfriend767

2 жыл бұрын

Right

Dave watches Graham and Kevin == confirmed!

@zunedog31

3 жыл бұрын

Graham isn't nearly as reckless as Kevin is.

@AliasProductions801

3 жыл бұрын

Neither of them preach getting rich quick either. They all say it can take a decade or more.

@KnowArt

3 жыл бұрын

@@AliasProductions801 that's quick for grandpa dave

All those landlords and property owners suffering from the "eviction moratorium"

Dave Ramsey is literally the coolest billionaire.

Every call... "Hi Dave, I'm calling to tell you why I'm ignoring all of your repeatedly stated baby steps. What do you think?"

@gimpinmypants

3 жыл бұрын

You don’t get it: they’re special.

Lol the 90 day notes Dave had are not 30 year fixed mortgages. Dave has to stop using his story as an example because nobody buys homes like that. But yes other than that he is 100% correct in his advice with only 15k down

Yes, I too share the sentiment that best advice usually emphasizes that these things take time.

Over 95%of “real estate investors” fail. I don’t hear that fact a lot. But don’t crush their dream Dave. Let them go ahead and learn the hard way.

@bighands69

3 жыл бұрын

He is not crushing their hopes he is pointing out the facts. Does the caller have any sort of craft skills, can he price fixtures, does he have finance skills is he the sort of person that works 100 hour weeks. All important factors that a person needs to understand. I have meet very wealthy people that got into property but where not cut out for it.

Any get "get rich quick schemes" always end up badly. Long term financial decisions create wealth.

DAAANG! Dave just said he's worth $100s of millions. I suspected as much but wasn't sure.

@jimroscovius

3 жыл бұрын

And he shows everyone how they can get there.

@lionheart93

3 жыл бұрын

Ya about 500million

@Corpsecreate

3 жыл бұрын

@@jimroscovius Yeah by starting a business, not by following his baby steps.

@jimroscovius

3 жыл бұрын

@@Corpsecreate He followed his baby steps. He saved to start his business. He still has a budget. He pays cash for everything. Always has since he started over. He followed his steps.

@mcznbd234

3 жыл бұрын

@@jimroscovius he also had mommy and daddy help him out, they owned a real estate company. He didn't just do this on his own

90 day notes are not conventional loans. Dave leaves this small detail out in his story. He’s not wrong-$16k probably isn’t wise to start in most cases.

@tonysoprano6265

3 жыл бұрын

Agreed like Dave’s way out of debt advice. Using a conventional loan is different than Dave using 90 day notes (which IS STUPID and IRRESPONSIBLE) so its Daves fault not the rental property fault

@abrahamflores2566

3 жыл бұрын

Yeah if this caller said I am putting down 40% on a investment property with strong cash flow then I would be on his side. He was definitely rushing into it. I am all for levereged real estate when done right.....like avoiding 90 day notes

@zunedog31

3 жыл бұрын

"Don't watch those videos" -Radio star getting killed

@bighands69

3 жыл бұрын

@Joshua Kelly Dave got short term financing because at level you cannot build that sort of portfolio that quickly. He simply would not have got anywhere with normal bank loans so there is no point any of you trying to twist the story. It is same thing no cash flow and you will not be able service a loan of any type bank or short term finance. Most of you leave the basics out in your criticisms.

I wonder how many people fall off the baby steps once they get that emergency fund? Seems like that money was burning a hole in their pocket.

@aaronxavieruzcategui2455

3 жыл бұрын

I won't be one of them, that's for sure. I'm still on baby step 3, I can't wait to finally get that fully funded emergency fund completed.

@pennyw201

3 жыл бұрын

You are right there Jeff. We did

@jeffkline9191

3 жыл бұрын

@@pennyw201 so did you restart and progress?

And while you are at it..SELL THE CAR!

At the very least you should have your own home that you live in 100% paid off before you even think of looking into rentals.

He is definitely coming at Graham Stephan

"I don't know how to get rich quick. But I do know how to lose everything quick. By trying to get rich quick"

@Eapp1480

3 жыл бұрын

A bar 👌

@AR-me9jy

3 жыл бұрын

Facts

There are no shortcuts. It’s exactly as hard as you thought it would be to get rich. Discipline + Time because the Get Rich Slow Channels are the ones telling the truth.

@insideoutsideupsidedown2218

3 жыл бұрын

Too many people have the drive thru mentality that once they get some cash, they don't go to the sit down restaurant, they gotta have that quick fix so they run through McDonald's in order to get back home and binge watch Netflix. Get out of debt and pay off your home. The peace of mind is more than worth it.

@InvestToLive

3 жыл бұрын

@@insideoutsideupsidedown2218 Well said! Great analogy.

Funny there was an advert for one of these get rich quick schemes before this video

I thought about real estate, but then you find out the profit is only like $400 to $500 a month. I literally make almost double that from a side business I started, and if I lose a customer all I lose is that profit. I dont have to then still pay for a mortgage on TOP of that. Owning a business is a smarter move, which is why that's why most people become rich doing that.

@markg999

3 жыл бұрын

What type of side business? Agree I think rentals are not all they are cracked up to be after taxes, repairs, tenants not paying... I prefer investing.

@i9incher

3 жыл бұрын

@@markg999 I run a lead generation call center.

What's the process for rental property? Is it same as buying your own home? 20% down; 15 year payment? Or is a 30 year payment acceptable?

@gimpinmypants

3 жыл бұрын

You’re suppose to save up for a rental property and pay it in full.

@globescape4771

3 жыл бұрын

@@gimpinmypants That will take a long time to pay cash for a house. Shouldn't it the other way around? The house we live in does not produce any income so it should be paid cash. And the rental property produces income so it could be financed?

When should you start buying houses taking into account a full paid house. Should I wait to have a enough money to pay cash for the next house or get a mortgage

The 60k should be in stock, not real estate

@beckygeer6480

3 жыл бұрын

16, not 60

@johndone8045

3 жыл бұрын

@@beckygeer6480 oh, well still, 16k for real estate is not gonna work

What Dave meant to say is that he was able to take out loans that he didn't qualify for due to family connections and got called on the loans by the new bank owner.

@daveswcsful

3 жыл бұрын

Check out the returns on some of my funds.... My favorite top 10 Mutual Funds (YTD) are. MACGX (Mid-Cap Growth) CPOAX (Large Growth) MSEGX (Large Growth) SCATX (Large Growth) SAGAX (Large Growth) MSSMX (Small Growth) BFOCX (Technology) BGSAX (Technology) MAPPX (Large Growth) SGNFX (Mid-Cap Growth) Great ETF'S ARKK ARKW ARKQ ARKF GETTING YOU TO DO IT IS ANOTHER DEAL ALTOGETHER!

Thanks for this explanation on real estate Dave!! I'll stop hounding my husband to invest. Best show ever imo!

Ever notice the "get rich quick" types in the videos all look like they just got out of college? And how about those stupid car insurance videos showing "how I afforded this car?" 😂 I think those HAD to be high schoolers.

@streitrat

3 жыл бұрын

Yeah, those are the ones I don't *get*...then they start talking about the *insurance*...I wanted to know how much the actual *car* was!

@marcus3457

3 жыл бұрын

@@streitrat The whole premise is based on getting a so-called affordable monthly payment, but if you follow Dave no monthly payment is affordable unless you are paying it to yourself.

@streitrat

3 жыл бұрын

@@marcus3457 right....the whole ad goes "I'm going to show you how I afforded this new car!...My insurance originally was..."

@jdrancho1864

3 жыл бұрын

These are called 'funnel ads'. All they do is dump you at another site where you have to fill out all the information again that you put in at the beginning of the process. You will never get the info they promise you at the start. Don't waste your time. Don't click on those ads. You want cheap, affordable car insurance with one phone call and end up with an actual policy 20 mins later, including an e-mailed copy of proof of insurance and notice to the DMV, then call AIS.

@marcus3457

3 жыл бұрын

@@jdrancho1864 I never intentionally click ads on KZread. I know what I want, and just buy it when I need it. Interesting info about the ads though, I was not aware of anything called a "funnel ad." I know what the term funnel means in a sales context. But hey, you learn something new every day. Thanks for sharing. 😁

Don’t wast time trying to save cash for a cash rental property. But yeah definitely be debt free, have a decent emergency fund and then save up 20% for a down payment for a rental. Just make sure the property cash flows well enough

Guys can someone please answer me this? How much do I need to start real estate investing? Like In the video, I though 15-25k would be enough but apparently not? How much do I need to save?

Property in the US is way too expensive I will never be able to own a home. I'm starting a online business that I'm creating. Once is launched I'm buying property in Thailand because its about 70% cheaper than in the US.

Stay away from Tim Sykes... you’re welcome.

The goal is not to make monthly income, it's to grow your investment through the equity in properties. Rent and pay the mortgage etc, sell to collect the equity you built. Doesn't sound like get rich quick.

@Bacrenfencing

Жыл бұрын

Exactly, as long as the rental income covers all expenses with a percentage left over, then that is what it is all about - CAPITAL GROWTH is the aim, not get rich quick

I'm sorry but his advice for wealth building is work more hours at a job? Uh what????

I could have answered that one!😄

Hi, how do I call into the channel. I have a question.

@josephrichardson4678

3 жыл бұрын

1800 867 5309

@craigcarter400

3 жыл бұрын

Okay Tommy tutone LOL

@craigcarter400

3 жыл бұрын

It is at the beginning of every video

@jurikowhy359

3 жыл бұрын

@@josephrichardson4678 😂

I thought he said originally years ago his degree was in finance? Real estate or finance?

If you do it correctly. House hack, live below your means, bet your tenants, know where you are investing, you can slowly id the best

He needs to invite cofeezilla to talk about these KZread scammers

It depends on the deal dave

Looks like shots have been fired at Graham Stephan and Meet Kevin haha

@drumyogi9281

3 жыл бұрын

Graham didn't take out 90 day loans and he isn't a big spender though.

@ducks-on-quack

3 жыл бұрын

@@drumyogi9281 yeah dave never mentions that he took out 90 day notes. Those guys take out 30 year financing. He did a stupid and projects his mistakes on the entire industry.

@censormedaddy

3 жыл бұрын

@@ducks-on-quack Yep. Dave's going broke story made way more sense when he mentioned 90 day notes. Using 90 day notes to finance millions of dollars the way Dave did is just straight up stupid. It's not even in the same ball park as a 15 or 30 year fixed apr loan.

💯

There are a zillion rental properties out there and somebody owns them. I doubt if every owner was a multi-millionaire before he / she bought them. Yes? No? Respects.

@bighands69

3 жыл бұрын

Most people are not cut out for anymore than taking the $15000 and setting up a shop. Those zillions of rentals you refer to have many bankrupt people in them, people that struggling, those that are successful and so on. But setting up any business on high levels of debt is asking for trouble.

Buy a 16k turnkey rental property..mobile home on land if you can find it..cash

Him: I Wanna invest in real estate Dave Ramsey: No, sell the car !!!

Stay away from Primerica 🤷‍♀️🤔

Easy for Dave to say buy all investment real estate with cash and no leverage.

@ddfamf88

3 жыл бұрын

It works.

@Ratkill9000

3 жыл бұрын

If you cant afford to use cash, then you cant afford it. Not a hard concept to grasp.

@marcosaguilar8504

3 жыл бұрын

I love Dave’s personal finance advice, but horrendous when it comes to investing.

@Jes1919

3 жыл бұрын

@@marcosaguilar8504 what do you mean on the investing part. I do agree that he is wrong on the mutual fund part.

The caller says he's in Baby Step2.......but he has $16k in savings. He's not doing Dave's baby steps.

Well now I’m lost.

Got an ad before this video for a KZread finance scammer LOL

My dad ran the family finances into the ground chasing after every "get rich quick" scheme that came along. He just about put us into bankruptcy just as I was graduating high school and planning to go to college.

He should throw the money into an index fund.

He’s def talking about meet Kevin

@whatshisname2497

2 жыл бұрын

MeetKevin isn't wrong though. The goal is not to make monthly income, it's to grow your investment through the equity in the property. Rent and pay the mortgage etc, sell to collect the equity you built.

Good cop bad cop 😂

He said doo doo 3:41

A lot of the MLMs promote a “get rich quick” pitch.

*Grant Cardone has left the chat

A hotdog cart costs a small fraction of what a house does and has an exponentially higher ROI. It requires work, though. That's the part people don't like.

Dave is kinda wrong... most ppl buy realestate on loan. As long as you are right numbers wise, it works really well.

In fairness 16k could buy a home with cash in Ohio

@malcolmparham1991

3 жыл бұрын

In particular, Dayton

@josephrichardson4678

3 жыл бұрын

A trailer?

@craigcarter400

3 жыл бұрын

That might be 10% down in West Jefferson

@Bigdog5400

3 жыл бұрын

Not a nice one

@insideoutsideupsidedown2218

3 жыл бұрын

And do what with it?

At 2:50: the bumbling husband and his wild goose scheme brought back to reality by is prudent wife --- no wait ...

I hope Dave will explain his next specific steps to get back on his feet after he went broke in his 20s. Phenomenal comeback.

@stephenshapiro8404

3 жыл бұрын

@@caliopeknows844 Thanks. What a spectacular reversal for Dave!

@stephenshapiro8404

3 жыл бұрын

I guess the heart of the matter is Dave learned the lessons well, and DID NOT GIVE UP!

I almost made the same mistake as this guy. I’m so glad I found Dave first.

I like to watch info show never purchased anything watch just for entertainment