Lawyer Reacts To Dave Ramsey Advice On $2M Fixer Upper

Buying a fixer-upper home priced around $2 million requires careful consideration. At this price point, the property is likely in a desirable location or has unique features, but substantial renovations can quickly add to the overall cost. Buyers should evaluate the home's potential after repairs versus the cost of purchasing a move-in-ready property in the same area. Assessing the extent of necessary repairs and estimating renovation costs is crucial. Hiring a professional inspector and getting contractor quotes can provide clarity. Financing options should also be considered, as renovation loans might be needed. Additionally, buyers should weigh the time and effort required for renovations against their lifestyle and future plans. While a fixer-upper can offer significant long-term value and the chance to personalize the home, it's essential to ensure the investment aligns with financial goals and lifestyle expectations.s

Tiffany Webber is a real estate attorney and owner of Thomas & Webber, a real estate law firm in Mooresville, North Carolina. They handle both commercial and residential real estate closings, estate planning, and business formations.

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Thomas & Webber
514 Williamson Rd.
Suite 421
Mooresville, NC 28117
704-663-1600

[---kjxt]

PLEASE ASSIST IRONLANDD!!!!
ALL HAIL IRONLAND! LONG LIVE IRONLAND!

[hawktangerine]

A house flipper isn’t holding on to the house or mortgage for the entire 15-30 year term. If they remodel and sell in 2-3 years, the interest saved from going the 15 year is marginal

[jasonjulius]

Borrow 1.5 million for 15 years it’s about 15, 000 a month . That’s prob half of their take home pay. That’s not wise in the least . Plus all the other costs that come up with a 2 million dollar house .

[SwedishSteve]

We here in iron land need your assistance

[AlwaysBeClosing]

I don’t agree, they should do a 10 year loan at most. Very high income no reason to pay on that house for 15 years. They should try to pay it off in less than 10, it can easily be done with that income.

[MissJellybean]

Personally I would get the 30-year mortgage because that $520, 000 a year is not guaranteed forever, a 30-year mortgage will be cheaper and allow you to keep your home if something happens. What I would do is make 1 to 2 extra payments a year, They making that amount of money could probably pay a few extra mortgage payments a year and pay that thing off in 10 years. You can pay it off in 20 years that way or 15 years with just one to two extra payments a year Make sure you tell your lender that is to go directly to principal. That's what I would do I was a mortgage broker for 20 years.

[laragreene]

There is something about Dave Ramsey that I have never liked. He seems to think hes smarter than he really is.

[aaronfritz]

It’s math problem. I’ll be less concerned about the $2 million and more concerned about their ability to remodel a house.

[Pecunia]

At that income, why not cash. Even the 15 year mortgage stupid. She said she’s been looking for 9 years. Duh.

[jdotoz]

Dave's love of the 15-year blinded him during the time of low interest rates. You have to remember inflation - there were a lot of mortgages issued with rates below inflation. I bought with a 2.75% and got a loan for some improvements at 1.5%; why should I pay any more than the minimum before I sell the place?