I’m Begging You Not To Do This

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[tracymcnichol]

He’s been renting out rooms for six months and thinks he knows how to be a landlord 🤦🏻‍♀️

[BaconMountainMan]

"Having renters is easier than I thought."

No it isn't. 😅😅😅

[Themoomabides]

This kid will be calling in 2 years, “Dave, I’m $600, 000 in housing debt. None of my renters are paying. And I’m $90, 000 in credit card debt. My uncle bailed the country. He was my co-signer for all of this.”

[kathleencooney]

Do NOT do it. One investment property is enough. Pay it off. Be careful borrowing money. Having renters is high risk. My renter was perfect. Until….he lost his job. It took 6 months to evict him in the state of California. Be careful !!!!

[robloxvids]

If a bank won't loan you the money it means your plan sucks.

[ashleyjones]

What if the uncle passes away 😳 that disability income is gone and you don’t have him to lean on. DONT DO IT!

[sahleom]

I never felt rental properties were passive income. Dealing with people is a job.

[stephengamber]

"being a landlord is not as hard as I thought it would be" - Sounds like "Famous Last Words!"

[dennisd]

Had a neighbor years and years back who leveraged his house to build up an empire of 4 or 5 houses, getting 90%+ mortgages on all of them and renting them out. He used to brag to me about how well he was doing and I'd just nod my head thinking he was taking on so much risk and could lose it all in a heartbeat. Then the Great Recession happened and both he and his wife, who worked at the same company, got laid off. I'm guessing everyone else here can figure out what happened.

[RetirementbyDesign]

For a 20 year old, Cesar ain’t doing bad so kudos to him. But I hope he takes Dave’s sage advice

[rafaelcardenas]

I am personally going through sort of what Dave described. I bought more properties they I could take (leveraging mine and my family’s credit capacity) trying to take advantage of low interest rates at certain time, however when interest rates increased my monthly payments stopped being covered by tenants. Now Im working 2-3 jobs to keep up with the monthly payments while I sell one or two properties without loosing money in a moment where nobody is buying real estate. I wish someone had advised me few years back as Dave did it with this young man.

[travisbickle]

Ramsey is literally talking to his younger self 40 years ago.

[wendynguyen]

My cousin did the same thing, borrowed money to buy a house and rent it out, then 2008 hit and her renter stopped paying rent, trashed the house. She had to take it to court and let the bank take the house. Why do people not account for risk?

[SAJEERSAJU-wfny]

Adrian Ruthnik's dedication to their clients' security needs is evident in their thorough and effective methodologies. Their proactive approach ensures we stay ahead of potential threats. Adrian's meticulous methodologies involve thorough risk assessments, detailed planning, and proactive implementation of security measures. They continuously monitor and update our systems to keep pace with evolving threats. This dedication to staying ahead of potential risks has been crucial in maintaining our security.

[Sizukun]

This poor kid, he doesn't understand why the bank won't loan more money while he's splitting a mortgage with another adult.

[timothydillon]

Anytime someone tells me the tenants will pay the mortgage, I remind them of the eviction moratorium from just a couple years ago. Also, sometimes they lose their jobs, and or go through divorce, and or have to make car payments, which are always more important than you because they know it takes time to evict someone.

[AdamB]

"I lived this" has never rang more true.

[blackwolf__]

I bought my first house thinking my 2 roommates would make it more affordable. It was a nightmare juggling bills each month because they were never on time with rent. They tore stuff up, didn't respect the property. Even after changing roommates it wasn't as easy as I thought it would be. Never rely on someone else to pay your bills.

[SADFORIAN]

The good things about partnerships? There aren't any.

[eaton]

20 yr olds have no idea how young they are