Is Paying Cash For A House Right For Me?

Is Paying Cash For A House Right For Me?

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• The Ramsey Show (Highlights):

[biggphillips]

I had 170k in the bank an purchased a 163k home. I admit it was scary using all my money but the house is now valued at 268k

[fsmoura]

Some people can't even change their tires without going into debt . . . and this guy is setting to buy a house in cash. Boss 😎

[videosandmore]

Best thing I ever did, in 2013, since then the property has increased nearly four times what I paid, taxes very reasonable, and peace of mind knowing I don't have a banks hand in my pocket for the next 15 or 30 years.

[GenExDividendInvestor]

I like the idea of getting less of a house with cash.

[inabina]

I disagree. Upgrading houses every few years costs a TON of money (closing costs, carpet if baby/doggy messes it up, repainting...). Either get a small mortgage and pay it off quickly or wait a few years before buying.

[beastfromtheeast]

This is a tough one, I would just do a 15 year mortgage with a 20% down. If he wanted to pay cash for a home, him and his family would have no life for 10 years from saving like crazy. That’s a long time.

[daveavemian]

really really horrible advice here. A 250K house in 10 years will be worth 300K so they would have to save another 2-3 years on top of it. Meanwhile, they're putting 20K a year into rent which has zero equity of value. For god's sake Dave, tell them to do a 10 year loan and pay it off ASAP. Oh and the "buy a 150K house" plan is also equally stupid. There are no decent houses for 150K anymore unless you live in middle of bumfuk Alabama. Moving is very expensive. Just buy a 300K house and pay it off ASAP

[sigor]

It would take longer than 10 years as prices go up and cash expenses come in.

[austinpatrick]

First time I've heard him say baby step 3B. I like it. I'm gonna try that myself.

[rossedwardmiller]

For this situation I think he should put down 20%+ and take a 15 year mortgage. He can always pay extra towards principle, but live in the house they want for their family in the meantime rather than waiting 10 years to be in their ideal home.

[robertmontgomery]

Cheap house = poor schools. Buy a house with good schools for your two kids. Pay/borrow whatever it takes.

[TheExcellentInvestor]

Pay cash! Let some else help the bank get rich!

[JK]

100k downpayment at 3 or less percent interest 15 years is 1200 a month for 250k. Doable. 130k home in Texas are usually shady areas...

[chartuck]

A mortgage on a house with a rock bottom interest rate is the one (and only) thing you should go into debt over.

[ZacharyLaid]

If you’re paying all cash for a house might as well just buy stocks for more liquidation and somewhat equal returns.

[msfoxable]

I was going to do a contingent for a house no banks involved when my house sold they were paid I still had plenty of money left they said no they literally want me to walk in and hand them physical cash the estate guy selling their home said they r crazy should I sell my home and pay cash or find a new home to buy

[frapeyou]

Or get a mortgage and pay it off aggressively

[Schmexy]

Merry Christmas Dave! And anyone who sees this :D

[sunshinelawfan]

What does $150, 000 buy in the Dallas real estate mkt?

[Daveyboy]

Man I know this is an old video but imagine buying a house in Dallas for under 200k now 🤦🏻‍♂️