This Stupid Housing Trend Could Leave You Houseless 

This is such a chaotic comment. I love it 😂 just Dave supporters calling in nonsense to get him riled up.

How about getting a HELOC to pay for the 30% downpayment of a 700k home and mortgage the rest at 8.50% interest? While also trading in your car for a 10% downpayment of a new Cadillac and loan the rest at 12% interest? 2 mortgages, a HELOC, and a brand new car payment all at the same time would be fine by Dave! Right?

yes!! call it in and watch daves head explode haha! @@Rockboygg

A friend was actually considering taking a heloc so that he could BUY A NEW CAR!!! I couldn't believe what I was hearing.

If you haven’t saved for the car down payment, you can’t afford to buy it.

yep

Unless you're willing to work until you're dead.

Having a HELOC *makes* you work until you're dead@@thesmockinggunYT

It's already at risk, if it has a 1st mortgage on it. A heloc really isn't much different.

@@Charlesbjtown right but having 3 HELOCs increases your chance of foreclosure and increases your monthly payments. Payments are always easy to make until you lose your job and the market turns. Best not to do them in the first place. The goal is to have your house paid off before you retire

Congratulations 🎊 how you did it ?

Congratulations! My husband and I did $142k debt payoff and ended up upgrading our house (moved states) and in the more expensive state I am able to be a SAHM! His program is a game changer for life!!!! 🎉

Yeah that’s easy to do if u have a great 100k a year job. I make $500 a week.

@@JustanotherLiz if you listen to their show and/read their book money makeover they have examples of debt free screams from low income to high. Single moms to two working parents or families on one income with 8 kids

Big ups! Congrats!

Absolutely!! Nevet move unsecured debt which could be eliminated in the event of bankruptcy to secured debt. That's just idiotic🎉

I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!

You are right! I’ve diversified my $450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.

Do you mind sharing info on the adviser who assisted you?

Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Margaret Johnson Arndt for the last five years or so, and her returns have been pretty much amazing.

I am grateful for your assistance. My finances have been in disarray, and I have experienced multiple losses in my 401k, IRA, and mutual funds. I hope that Margaret can provide me with the guidance needed to rectify the situation before it reaches a critical point.

Congratulations!

How sad, glad that you're finally free

Congratulations

I put a new roof on my family's shelter with a heloc. This prevented putting our basic needs at risk from water damage

What about if you are locked in at a 2.5% loan back in 2020 and your house has increased 30% since then. HELOC is a great way to remodel, repair a roof, kitchen etc to keep said home above your families head from falling in! You don’t want to refinance the original mortgage but releasing some equity to use for the purpose of improving your home is not a bad idea. Ramsay talks out of his ass a lot. I have friends who swear by his advice and they might be debt free, but don’t own a house, have a 15 year old car paid off and scared to open a credit card. Where is the financial freedom? Sometimes a calculated risk is necessary

​@@why6212💯

It’s actually not a bad idea. If you put a plan together to get the thing paid off in a narrow time window(1 year or less), it’s actually a great way to get some renovations or major work on the home done. Never take one out if you can’t easily make payments to get the thing paid quickly.

as IS Professor ROBERT JENSEN who sees Russia and Cyprus buying their wives and other countries daughters at a discount. and avoiding a large colossal FINANCIAL caldera.

Is LVRCH capital the new Bernie Madoff?

That is their only business, DEBT

Ah, the wisdom imparted by thy father is indeed a cautionary tale that resonates with the teachings found in the Holy Scriptures and advocated by The Church of Jesus Christ of Latter-Day Saints. In the Book of Proverbs, we are counseled, "The rich ruleth over the poor, and the borrower is servant to the lender" (Proverbs 22:7). In The Book of Mormon: Another Testament of Jesus Christ, we find similar cautionary guidance against avarice and imprudence: "Ye do not remember the Lord your God in the things with which he hath blessed you, but ye do always remember your riches, not to thank the Lord your God for them" (Helaman 13:22). Both Ramsey Solutions and The Church of Jesus Christ of Latter-Day Saints discourage the acquisition of debt and counsel their followers to be wise stewards of their resources. The Doctrine and Covenants, another volume of scripture, adds to this wisdom: "Pay the debt thou hast contracted... Release thyself from bondage" (D&C 19:35). I testify, with the sincerest affection of brotherly love, that engaging in financial transactions that bind us in debt often leaves us in positions of servitude, both financial and spiritual. This is contrary to the fullness of the Gospel of Jesus Christ as maintained by The Church of Jesus Christ of Latter-Day Saints. Therefore, let us heed the wisdom of thy father and that of the scriptures, living our lives free from the chains of financial bondage. Amen.

Banks take a huge risk in giving out loans. If you don’t pay, they have to claw their money back. Your only risk is not making enough money, which was always a risk in your life.

@@tr5946 that's why I have little to nothing to do with them.

Yes comrade, businesses like to make money.

Consider investing in stocks especially during a recession . While recessions can be tough, they can also offer good chances to buy low and sell high in the markets if you're cautious. Just remember, this is not financial advice, but it's a good time to think about buying stocks since having cash on hand isn't always the best option.

@@ThomasChai05Mind if I ask you to recommend this particular coach you using their service?

Credits to "Camille Alicia Garcia", she maintains an online presence. Just make a simple search for her name online.

Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé

This reference seems valid.. Just looked up her full name on my browser and found her webpage without sweat, over 15 years of experience is certainly striking! very much appreciate this.

Good for you!! I bet the storage monthly fee would NEVER = the 2nd mortgage payment!! Sometimes, depending upon how far away the 2nd home is, the moving company will store your things for a few days, if you have them pick up a partial load & then have the rest of the moving loads picked up & delivered before yours!!

I’ve noticed a trend with wives making emotional decisions about houses. From my experience, us husbands aren’t that attached to them. It’s just a wooden box to (hopefully) earn some yield on.

@@InternetUser._ Can't blame it totally on the woman. I just wanted to be Mortgage free.. and, we did get there!!

@@Techreux O I’m with you. She’s certainly not all to blame, we willingly participate lol.

I will be happy to give you a loan for $5.00 with a repayment of 100,000 daily percentage rate per 12 hour double repayment per monthly missed repayments.

I think it can be used wisely in some circumstances. I knew someone who was very anti any debt (god bless him! I admired him for that) and be bought a foreclosed home that wasn't the nicest but you know what, he was able to move in it and live in it and most of the work himself) but he had something happen that he had to have fixed (I think it was wiring/plumbing related) his dad convinced him to get a HELOC because of the 0% interest he could get and it would increase the value of his home more than the loan. He was hesitant at first but went along with it. While he was deployed he rented the house to a friend of his that he was close to and trusted and sure enough he had the loan paid off and had some additional savings by the time he came back.

Interest only mortgages and paying off interest only, no endowment no savings? OUCH I was one of the last to get interest only however for me it worked in my favour , always putting into savings and throwing it at the mortgages , 3 mortgages just finished 15 years before time To buy my house now would be 17 times my wages, I’d have zero chance

That sounds horrible, since most pensions only pay you half of your gross Work Monthly Salary?

Median net worth is less than the median home sales price for every age group. Including retirement aged people. Don’t let the banker make your moves for you.

In Canada, the banks let you skip a mortgage payment once a year and during Covid you were able to stop paying your mortgage for six months. My buddy got a 200K mortgage 16 years ago and today he owes about $225K.

​@@johnSmith-uz8nll got a $191k mortgage 2.5 years ago. Currently at $50k balance. Will be paid off in 1.5 years at the 4 year renewal time.

17.5 years to pay off the mortgage then another year to save up to buy a few light bulbs was better than having taken $20k out to buy the light bulbs and gotten 12 extra years of enjoyment out of your house? You would have paid off the house in 18.5 years with less suffering.

@@chrisfoxwell4128 I said, "among other means of disorganization" and "mostly minimal improvements." Had I postponed all improvements, I would have had it done in about 15 years. I spent all my time working, so even if I had a nicer place, it's not like I could actually take time to enjoy it. I could have bought much more decent cars and enjoyed life a bunch more that way, too and had it paid off in 25 years. If you enjoy paying interest, I guess go ahead. Just don't expect me to pay for them or come to someone's rescue because "things are so expensive these days."

@@paulstandaert5709 , yeah, not taking about buying toys. I'm talking about adding comfort, enjoyment, and value to your home.

And now you will die…..you waited too long

We paid ours off in 12. Same thing. Delayed all non mandatory improvements until we finished then cash flowed renovations.

Where did you get your economics degree?

Sooo true!!!😢

There are many interesting stocks in many industries that you could follow. You dont have to act on every Forcast. So i suggest you work with a financial advisor who can help you choose the best time to buy and sell stocks or ETFs you want to purchase.

Only a good FA guide will be enough to guide you through the current market volatility. I've been talking to an advisor for a while now, mainly because i don't have the experience or stamina to handle these recurring market conditions. The fact that he made over $300,000 proved that there is more to the market than the typical person is aware of. The best course of action now is to hire a financial consultant, especially for people who are nearing retirement

Wow, would you mind telling me how i can use your service to get in touch with this financial advisor?

His name is Derrick Alan Sands. He has been providing both entry and exit points for the values i focus on. You can make a quick check on him.

He is on instagram

The scammers are really these channels hard.

@@ralphholiman7401 Your comment makes no sense.

@johnnastrom9400 , yes, it does. All these are scams. You know it. How many old retirees savings have you stolen?

No it doesn't, you're missing a crucial word. You know it. Maybe you mean "The scammers are really *hitting* these channels hard"?@@ralphholiman7401

strange because insurance covers roofing if there was a disaster

You're probably right, but you never know. If it's the exact right house, exact location, with the sun hitting the house a certain way, and all the squirrels across the way, and you're tired of looking, you might agree to a contingency. But I'd ask for a couple or more thousands off, to agree to the contingency. Make it worth my time.

And put your entire packed up household into storage? Yeah, doesn't sound stressful at all.

I just saw it happen so yes it does. As sales slow down you will see sellers making more concessions to the buyer.

Really? Since when. It's standard practice where I live.

Literally happened to my mother September 2023 soooooo it does happen.

Go girl! Same here 👍

And who the hell is "Mr. Cooper"? "Mr. Cooper, meet Betty Crocker." 🤣

@@johnc2438 A MORTGAGE company

I know Mr Cooper aka Nation Star 😅

Same here 😂

WOW! Thanks for sharing!

@Sashowindfeather my condolences to your deceased friend’s partner. Reverse mortgages and Helocs are extremely risky. I would never recommend either one of those loans. But if anyone should ever decide to take one of these loans, protect your house and family with a life insurance policy that will cover the loan balance and the mortgage. Some people purchase mortgage insurance to avoid a required medical screening. And sometimes the minimum amount of insurance available is 10’s of thousands of dollars more than the balance of the loan. But these types policies are paid directly to the lender. And no matter how much insurance money remains after the loan is paid, THEY are the only beneficiaries. That’s why a term life insurance policy is better for coverage of home loans. You can get a higher value policy for a smaller monthly premium. But there’s no equity built in the policy, and if you outlive the term your policy ends. So if you’re still young enough, a whole life policy will not cost too much, but the policy values are usually less than term life insurance policies. However, they can cover smaller Heloc or reverse mortgage loan balances, and build equity to borrow from, (with interest, so keep that in mind, so that the beneficiaries will have money left in the policy). Premium rates are locked in for life and based on your age when you purchased the life insurance policy. Your beneficiaries can choose to use the money to pay off your home loans and use the rest of it for other expenses. Or they can allow the lender to foreclose on the house, or do a forced sale. The remaining equity,(if there is any left), can be used along with the insurance money for a new home or another investment. I’m Not an expert or an agent. And I’m not a lawyer. So anyone reading this reply should consult with those professionals first before they decide to invest in any of these things.

That's so sad. It's such a difficult thing to lose one's partner. But having all that additional financial stress and losing one's home on top of that is just awful. :(

I used it that way as well, actually the loan threshood was below that of the requirement to get an appraisal so it was more of just a sig loan. We bought a new house and I used the proceeds to wipe out the loan. Never again will I carry cc debt.

Good for you. You have more discipline than most. For most, it's best to avoid the HELOC I think.

You are too smart for Dave Ramsey now. move on to other investment channels. Ramsey is for chicken littles who don't know how to do math.

Holy crap. How much cc debt did you have to save thousands?

Dave loves to use strawman arguments.

You were going to borrow on your house to pay off your house?

​@@darkgalaxy5548IYKYK

​@@darkgalaxy5548lol.

In an eerily similar situation ourselves 😢

wisdom!❤

That's BS why? RENT is the cost a mortgage and everybody needs a place to live.

@@RoofDRyxe306hell, rent is more than the cost of a mortgage nowadays. OP will never build wealth with his stupid mindset. I can guarantee that my house has increased in value over what I paid for it by double and I only have about $50k more in it than I paid.

@hadtocheathimtobeathim6549 I hear you. But 90% of what he teaches is valid and works. BUT the house being a libiliaty rather then asset is where he gets me. I understand where he's coming from when he says it but it should have a statement following it as WHY it is.

@@RoofDRyxe306 technically, he’s right. There’s no wealth added until you sell it, assuming the market goes up. And when hasn’t the housing market gone up? Maybe in very short spells it doesn’t, but it always recovers and goes up at some point.

@@RoofDRyxe306 Obviously, you didn't read the book, as the author isn't necessarily an advocate of renting. His point was that the house you live in should NOT be viewed as an "investment".

If you were paying 26% on credit cards... you may consider a HELOC BUT you need to be serious about your debt.

@@johnSmith-uz8nl Problem is the kind of people that get that far in debt on credit cards are usually serious about building debt but not necessarily paying it off.

@@channell11 I agree, becoming rich is not about how much you make it is more about a mind set.

An atm that you pay interest on and if you can’t pay it you lose your house

Congratulations but the world is not interested in your personal business.

Same ! 👍🏻😊

They don't worry about Dave. Only a small minority of people who need to listen to him actually take his advice and put it into action.

BTW if you start stopping going to restaurants you will also start curbing at other impulsive buying. "It works." You will start to see your financials will improve.

Me too, they act as if it is "free money". Why would you risk your house, and how many times do you want to pay off your house? People are so dumb when it comes to finances.

@@ehderguyyashootadeerorno2313 It should be taught in all public schools in all schools

Banks are hungry.

@@mrlion2022 I agree. Most people wonder why they have no money and thousand dollar car payment or get to retirement with nothing saved but they always had a brand new boat. Most people do not have money because of their own decisions. What I’m shocked by is most people don’t put enough in 401k and the number one reason for 401k loans is to pay off debt (which they will do again) and number 2 reason for a 401k loan is to go on vacation.

@ehderguyyashootadeerorno2313 So true, I tell many of my loved ones something very similar.

We took equity money out of our home decades ago, to help out my father in law who was supposed to pay us back monthly. Ya, he never paid us back and when we sold our house, that loan was deducted from the rest of the equity we had in the home. Less profit. Grrrrrr

@@cjhoward409is this because it was in the second lien position?

Not if you are in a position where you have plenty equity and a mortgage locked into a low rate.

@@cjhoward409 not being paid back is the issue here not the loan. Bad decision for you in your situation, not all equity loans are bad

I'm surprised you know her. I've been making a lot of profits investing with her for a few months now.

Thank you for this. I'm gonna check her out and try to reach her. I hope she gets back to me before my portfolio is completely gone.

I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.

Thank you for this tip. it was easy to find your mentor. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé

That's an option, although in a lot of areas with housing being in such high demand sellers may be less inclined to do it.

@@channell11 for the buyer, hedging the risk is worth the small premium they might have to offer to incentivize their conditional offer. e.g. years ago I sold my home, had an open house and received 2 offers, the first was no conditions at all at ~2.5% over the list price, the other offer was subject to an inspection and financing but was ~5% over list price, I ended up accepting the conditional offer for more money.

So what happened?

Wow

He whooped that trick?

How can the husband not know tho? Does he not pay attention at all and tolerate lies from everyone in his family? Wife is a scumbag for doing it, but he was negligent in letting it get to that point and marrying a woman/raising kids who would do that.

It can be seductive but I glance at my mail while walking back to the house and all solicitations go in the trash the instant I walk in the house :) Stay strong my friend :)

@@curiouscat3384 will do! Thx!

best one ive heard

That's assuming the new owners aren't planning to move into it?

Unfortunately, lots of people don't learn the right lesson from their failures. They just limp along from one thing to another their whole lives. I've seen it first-hand.

I cringe when anyone in 2023 buys a home😂

I cringe that Realtors say there is NO bad time to buy a home, sure, they make money on ALL transactions.

@@alinatamashevich3354 I would argue that as soon as you can get the 20%(mostly to avoid PMI but usually get a better rate too) and assuming the end mortgage/escrow/insurance cost isn't more than 1/3 of your monthly income then right now is the best time to get out of renting. Housing is just going to increase in price and by the time the rates get lower your home equity mixed with the rates will make refinancing a breeze. A friend of mine went from a 30 year 3.5% down home in 2017 to a 2020 refinance into a 15 year and his payment only went up 10%. He also received a portion of his equity as cash that he used to pay off a credit card and rolled the rest back into the mortgage. To be fair the 2020 rates were a dream and saved me a good amount of money too. I think people need to also start as small as possible and try to bring the monthly cost down as much as possible. Equity is too powerful to ignore when the government restricts construction.

Ok relax@@alinatamashevich3354

There are always opportunities out there

what is your wealth?

@@danielsinfronteras Google it. What’s your penis size? What’s your religion? What’s your political status? How many women have you slept with? What’s your debt to income ratio? Are you pro life or pro choice? Answer those questions and then I’ll tell you my wealth. 😉

I wish people would understand that the layering on of restrictive zoning laws since the 1970s is the biggest driver of high housing costs.

What do you think a mortgage is?

My boss said today that he's going to do heloc to renovate his house. I said "oh, how nice!" That tells you what I think of him.

It’s a consequence of people viewing housing as an investment instead of a necessity

If they suck at remodeling and selling, but some people are very talented. As with everything in life only so many people can become professionals or highly talented at this process, Majority of soccer players suck, we only watch about 1000 of them every day, and really only pay attention to 5 of them 😂

I remember hearing a sports broadcaster on the radio in Tampa saying that your house is your ATM, SMH

I'm 53. I've got friends who have paid off their houses and never borrowed another cent. I've got friends who have used their houses as an ATM. I can assure you that as people my age start staring down the barrel of retirement, retrenchment or redundancy... whichever comes first, those with nothing owing on their homes sleep a lot, lot more comfortably.

@@davidbrayshaw3529 heck yeah!