I never thought i would have this much debt.. But this debt has been a game changer for me. Its allowed me to leave my 9-5 it pays me every month and over time will make me millions in cash over the next 30 years.
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I’d be really interested in what you’d do hypothetically in Australia. Here in Melbourne the average house costs 1 mil AUD (650k USD) and the average working class income would be somewhere around 60-70k. A 1br townhouse or apartment would be over $350k and we don’t really have duplexes or triplexes (they are sold as seperate properties)
@GeorgeKamel this is for your next show!
Amazing video, l'm 20 year my mind start open ????
Get a home mortgage in a major city these days and you could easily be a million bucks in debt just from that.
When you live in Germany like me – houses and flats are the worst investments ever. For me it‘s better to not rent my flat in my house to anyone and leave it empty than to have the stress and cost by renting it ????. People destroy everything and I made every single year a big minus. Taxes are also high, but only when you have to pay them. If you want them back by investing in the property there‘s always a wall you ran against ????
Hi! Just curious do you let the people who lease your properties sublet or house hack to other people ?
If you can make money off the debt then go for it.
If it's something that's a necessity but you simply don't have all the necessary money up front then take out a loan but only buy what you need. If you need a car, you just need a car. Get a pre owned car in good condition. Not a new Cadillac Escalade. Pay it off ASAP.
Credit cards can be beneficial if you use them right. Pay off the balance in full every month.
And I thought I was spending too much. 162000 mortgage. Will be paying it off in three years
The real high-flyers do the same thing with companies. Buy a company with debt, then load that debt onto the company itself so there's no risk to themselves.
As the legend goes when a kid asked JP Morgan how much his yacht cost him
“If I knew how much it costs I surely couldn’t afford it”
good job ????????????
start a business will be always the best. a business you love and knowledgeable about. everything else is a gamble.
love the clickbait on leverage lol
So you're still in debt right now. If a person has not debt and only has say $100 to their name they are technically better off than you because they have no debt. They have more than you. They are free from the burden and pressure of debt. Depends on one's perception really and what one wants in life.
You need Dave Ramsey's Baby Steps!
Thanks for making this video! The average person has no idea how important leverage is. Taking healthy calculated risks in real estate is risky but the rewards are much greater. All problems have solutions, it's about what type of problem you're willing to take on. Keep REI content coming!
Gabe where did you get that investment detail calulation thing? I'd like to see how much $50k would compound into after the amount of years you said lol
Love the content! I would like to see a video or a podcast talking about what you would do to start investing in real estate if you couldn't house hack? Unfortunately I am not in the position to be able to live in one of the units but could do single family homes.
Thanks!
Emergency fund for self, 3 months of cash minimum somewhere. Emergency fund for properties is CapX – still an emergency fund of sorts. Dave is right for a lot of people. Dave and zero debt is really good when you want to FI and not work. When you can focus on the property, its a great investment tool like you are saying. Know your limits.
Don't let Dave Ramsey to see this video.
????and here I’am complaining about being 100k in debt
Kiyosaki, Cardone, Ramsey all declared bankruptcy at some point. Ramsey is the only one that learned his lesson. Worldviews I guess…
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When you sell these properties do you have to pay capital gains on the property that you’re not using as your principal residence?