How to Get Rich in Real Estate the RIGHT Way

Real estate investment may sound like a great idea, but it could ruin your life if you don’t do it the right way. In this episode, learn when house flipping can work for you, when to run the other direction, and how Dave Ramsey lost it all in real estate.

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[NicholasBall]

Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

[dylanmoris]

I advise you to invest in stocks to balance out your real estate, Even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. This is not financial advice, but buy now because cash is definitely not king right now!

[RebeccaGorin]

Amazing. “How to build wealth, do this..”*

[dropoutandretireearly]

When you said "you thought that every house in foreclosure was a good deal" reminds me of what I always say when I teach newbie car dealers that just because your at a car auction they are not all good deals. lol. Great point Dave

[queenidowu]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[cz]

Love you Dave. You are right about your points with real estate. However, telling your audience to only buy real estate with cash knocks 99% of people from ever getting started with investment property. You know its a wonderful investment, but your advice keeps your audience away from it. You got burned by being over leveraged with short term debt. That doesnt mean the right answer is no leverage. Having fixed rate 30yr debt in the accumulation phase is completely safe when walking into equity, paying 20-25% down, really strong cash reserves, and maintaining great cashflow. Saving enough cash to buy the first property can take someone 10-20 years. How much appreciation and cashflow was lost? Its not an easy business at all but its good over time with tight management and finances. These people trying to flip for their first deal are playing a dangerous game. 26:22

[rebekahsommers]

I could listen to Dave talk about real estate for hours!!! So much wisdom. Thanks for making all the mistakes so I don't have to, Dave. Lol

[Toolfanboy]

I own my current home with no debt, buying my second home and renting the first one to help pay for the 2nd one. First home is a 2022 new construction.

[TheFirstRealChewy]

Our grand debut into real estate went badly. If it can go wrong it will go wrong had never been more real. Vacancies, repairs, tenant not paying, tenant intentionally destroying the house, unable to evict tenant due to city rules, contractors lying, contractors taking money, police being called, illegal stuff going down, OMG, the list goes on.😱 When we finally sold the property we were excited.

Yes, you can buy and rent a house but things don't always go as planned. To say we learned a lot is an understatement.

[angolabobbyakhenatenbobby]

Thank you so much Dave Ramsey. I got what I need to feel confident in real estate

[shidderboy]

Jade, ”wow… okay… mhmm… right… mhmm… oh no… yeah… mhmm… oh my gosh…. Wait…. Yeah…. Yeah… mhmm… I know that’s right Dave!”

[daily_lyfe]

"The idiots on tic-tac!" - Dave Ramsey 2023 🤣🤣🤣

Never change Dave, never change.

[grabthemappodcast]

Building wealth through real estate takes time. Rushing into investments without proper preparation can lead to financial setbacks. Patience and careful planning are key to successful real estate investing.

[ericnewman]

Got 3 properties interest rates below 3% I’m not paying off those properties but if I buy any at these rates today I would pay it off quickly. The key is to have cash on hand to cover emergency situations. Keep 10-15k per property is a very safe way to manage the properties.

[islandvoice]

your name came up at financial class interested to learn from you about: Real Estate, Grants, Retirements, and Investment but most of all pay off mortgage in short amount of time. Thank you

[dropoutandretireearly]

At 16:04 You said that you start stacking up cash like a bandit !!!! LOL LOVE THAT !!!! Im there now !!!! And thanks for your help getting me there !!!! Now that my wife and I have 6 100% debt free houses IM FREAKING SHOCKED AT HOW FAST WERE ALMOST SAVED UP FRO THE NEXT ONE !!!! LOL !!!! ITS FREAKING CRAZY FAST !!!! THE CA$H FLOW IS INCREDIBLE NOW THAT WERE DEBT FREE DAVE !!!!

[Assertiveman]

Everyone wants to get in restate but don't even know how a house or property is built maybe do research that first so you can get to do estimates knowledge is free And you can really use it to your advantage to quick estimating

[intuitive_duck]

That’s such an underrated point in owning the rental property outright. You can be gracious in times of need because you don’t depend on that money to pay your bills.

[RYSEAmato]

What’s the opportunity cost of paying cash for a house with a 5% mortgage when you could earn 7-10% in market?

[calvintory]

25:47 those foreclosures/ subject too s they can call those loans at any time under the terms 27:22