Do NOT Ever Co Sign!!! - Dave Ramsey Rant

[@TheMeganExperience]

If she only qualifies for 150k that means the bank knows she can only AFFORD to pay for a 150k house! If you help her buy a 300k house then you are helping her have a foreclosure.

[@ek07305]

The problem with people is that they trust banks. Never trust banks. They make a living on screwing you. They may have qualified the lady but they don't take into account all of your bills that eat at your income.

[@agusal4487]

And that's not even taking into account that they usually qualify you for more house than you should actually buy!

[@linkmiles1235]

Dave Ramsey is going to be in business a long time with calls like this.

[@huzifiend406]

this comment tracks

[@jvolstad]

Six years before my Mom passed, she cosigned a mortgage for my sister who had bad credit and minimal income. Mom had to make my sister's monthly payment a number of times. Add to that, my sister became very disrespectful toward Mom right after the closing. As a co-executor of my Mom's trust, we are trying to get Mom's name off the mortgage that she co-signed. Lot's of legal costs involved. What a nightmare. BTW, I offered to pay for my sister to attend FPU. She wasn't interested.

[@fpl_bailey]

Here is how you help her out: Tell her to go get a 150k house

[@jvolstad]

koolyo2foots or better yet, have her join the military. It sounds like she needs the discipline.

[@gigi8528]

If you need a cosigner on a house, a HOUSE, then that is the biggest sign that you need to live somewhere cheaper!

[@davester1970]

If you need a cosigner on a house, then you don't need to be buying a house yet.

[@DollarDude]

The only time it's okay to co-sign is nope-o'clock.

[@sunshinefashionlove]

That's a great way to put it Dollar Dude! Just subscribed to you!!!!

[@LittleHatori]

Or half passed never

[@shondathomas7825]

😂😂😂

[@fightingbear8537]

One guy always disliked me for not cosigning with him. He wasn't a responsible person then.

[@davester1970]

Nothing wrong with helping friends and family within reason. Being asked to co-sign on loans in NOT within reason. If they need a co-signer, then they more than likely can't afford it. If you lose a friend because you won't co-sign, then they wasn't a good friend to begin with.

[@uniquespeed9221]

Dont ever cosign! People never follow through

[@Exxon300]

Leo's Cars my ex girlfriend tried to get me to co sign for her a expensive apartment. I said no and a about three months later she lost her job.

[@josiesedillo]

No

[@vaughnwalker1840]

So right I've been a young stupid soldier in my 20s never again

[@louiiviable]

Me lbs but it’s the other person to rules and regulations 😂

[@brittney1950]

🤦🏾‍♀️get a cheaper house or rent an apartment. He is 64! C'mon! Let the man keep his money!

[@mercedeswilkins9085]

I’ll never co-sign with anyone. If they can’t afford it by themselves that’s proof along that they shouldn’t have it.

[@arkansasgreg]

"She can't afford the house she's wanting....." Imagine that.

[@sunshinefashionlove]

Wow - this gal really isn't in a position to purchase a home! She doesn't even have $$$ for a down payment? Dad - definitely do NOT cosign. If she wants to buy a house badly enough, she should get a 2nd job or increase her income to where she is qualified for a $300,000 property and save up the 20% down herself. Ridiculous... I've owned 3 houses - a $64,000 condo in El Paso, TX, a $47,000 fixer upper in Florida, and now a new construction build in Atlanta for $169,900. We wanted to go much cheaper, but it was so freaking difficult to find something in our budget that was in decent shape. (An $80,000 house with extensive termite and mold damage is NOT a good deal!)

[@godsangel67able]

Jen Talks Forever truth

[@frankrizzo4778]

WOW🤤 Here in Vancouver the average detached house goes for $ 1.6 million.

[@BoogerDeluxe22]

BUT IT HAS THE OAK CABINETS AND THE BREAKFAST BAR NOOK AND EVERYTHING DADDY

[@sopascat7]

LOL!!! - "But Daddy U Promised"..."Buy Ur Own Darn House! - U Watch Too Much Kardashians Shows"

[@mercedeswilkins9085]

Unless someone is your husband or wife, never co-sign with them

[@davester1970]

If a person needs a co-signer, then there is an excellent chance they can't afford the loan AND the co-signer will get stuck with the payments.

[@mercedeswilkins9085]

Just because you can buy it doesn’t mean you could afford it.

[@letty4558]

Parents give everything to their kids and sometimes get nothing in return, and they grow up with that entitlement attitude and expect the world to do the same

[@mercedeswilkins9085]

Co-signing is not a favor especially a small favor

[@sopascat7]

She can sacrifice by renting a studio apartment or by renting a room ... The dad already sacrificed enough in life & deserves to be debt free happy.

[@sl4983]

Best comment on here.

[@miman-ck9jv]

How is she going to make a house payment and pay you back at the same time. While paying home owners insurance, food bill , gas bill, electric bill, water bill, winter summer taxes,car insurance ,car maintenance , plus the rest of the ones 👁forgot to mention , at 64 he’ll never see his money 😢

[@sidharthchand8072]

Have her buy a smaller house no shame in buying a condo or a town home

[@charveljammer]

sidharth chand actually there is a little shame

[@Khaltazar]

Buying a condo or town-home is a terrible idea. If the majority of the owners of the other condos or town-homes in your lot decide to sell, then guess what? You have to sell as well by default and you don't get the money you paid, you get the money your condo or town-home is appraised for. I have heard of several people having a condo or town-home paid off for several years and paid say $120,000 into one and they get a check for $89,000 and told to leave, you have to take that check and leave, you have no option. There are way too many risks that go along with owning a condo or town-home, if you must live in one, you should only rent unless you want to assume those risks (and the risks are much worse than an actual house).

[@bhbae1]

Khaltazar why do other condo owner have to sell as well? Please explain.

[@ImSeriously2123]

Khaltazar There were town homes selling constantly in the lot we owned ours in. We were only in ours for 14 months before we decided to sell and move 2 hours away to find better jobs. We made 10k off our townhouse. You have no idea what you're talking about.

[@sidharthchand8072]

ImSeriously2123 you take a risk buying anything, all those houses in Houston didn't think they'd flood

[@edbunting5125]

Wow...he must plan on living with her in the near future

[@sopascat7]

LoL !!! - she'd probably force her poor dad to move outta his own bedroom so she can have it

[@LaMaiStyle]

Judge Judy says the same thing.

[@sopascat7]

... LoL !!!

[@Tigerkem]

That's bad on the daughter for even considering to ask the dad to do this. I know it may feel like tough love for the parent but she will be perfectly fine with a 150k or less home or she can continue to rent and save in till she can personally afford what she likes.

[@ItsMeCynthiaG]

Tigerkem just playing devil's advocate here. We don't know if the daughter asked. Some parents are just like that and immediately want to help.

[@sunshinefashionlove]

Scary to think she doesn't even have the down payment... She should not even consider buying a home right now.

[@sopascat7]

... She also might talk Daddy into paying for the Insurance & Maintenance.

[@lamisharochelle]

Jen Talk Forever. If you don't have the down payement don't get it.

[@sunshinefashionlove]

sopascat7 - I get the feeling this guy is going to end up losing everything thanks to the daughter

[@letty4558]

This one had me in stitches, especially when he said, "Poor little thing". HEHEHEHEHE

[@marvinmcmiller6238]

Parent's need to say no!!! She should get a mobile home.$20,000-$40,000. Even the bible says each one should carry their own load.

[@sopascat7]

... Exactly !

[@steelcurtain656]

Do you know what is ironic about that? The bible also says to give 10% of your income to the Church.

[@askepticalcharmander9815]

The little princess is not going to be happy with you, haha.

[@LillyAnnHouston]

He's going to co-sign for his daughter, if he hasn't already. I could never ask my father to do that.

[@triad6425]

This person only has 200k in their nest egg, Jesus that's scary small if you plan to retire in the USA

[@BadBrad119]

i would understand him giving her money for community college, but more than that would cost plus basically having a net worth of $0, nope

[@CrypticOwl2173]

triad6425 not unless you have a pension and youre collecting money every month

[@MsK_in_CA]

Cryptic_0-0 but most pensions seem to be insolvent anymore. I would never depend on my pension for my retirement. It's the icing on my other investments.

[@blackworldtraveler3711]

triad6425 I know many who ruined their retirement because they co signed and/or paid their kids school loan. Seen marriages strained and fall apart because the wife won't allow their kids to leave home and stop sponging off of them. One women I know in particular has her 32 year old son living there like he is 15 years old with no responsibilities. Used to say something about it but stopped long time ago. I was raised differently and was excited to leave home and hold my own. I just slowly separate myself from people like that now.

[@blackworldtraveler3711]

Cryptic_0-0 That won't work either and just plain risky. Especially when they don't leave home. Retired people have made their money. They can't go back once they retire. They have health,inflation,extra expenses,home upkeep,etc. to deal with on a fixed income....then pensions can disappear. My pension was frozen (but I will be fine and still retiring early). So a retired person in their 60s has a good 10-30 a more years with declining health and rising health costs and a couple hundred thousand may not cut it. People still have out of pocket costs with Medicare and many don't even know this until they qualify. These kids have 50 years or so to get their act together,pay their loans,etc... That bird needs to fly.

[@DavinR16]

Great video Dave

[@altha-rf1et]

My parents had a Farm, All of kids got a place to for a house, None of them did. They stayed at my parents house. I was the youngest. When I turn 18 I already had a camper put on my part of the land, on the other side of 120 acre farm...

[@AslansMane88]

I love when Dave mocks the callers. It's the absolute best! 😂

[@katrinaumana2127]

My parents gave me nothing. Didn't pay for me or my sister's college. So I knew I had to get Socarships and I had to work. Your parents aren't obligated to give you more then the bare necessities of life 🎤

[@thebuttermilkgirlisback]

Yes they are obligated. Who has kids to set them up for a lower class life?

[@CarlosFlores-xf2sn]

I personally just wanted to live with my mom till I can save up 50% on a house or buyout a condo.

[@lovebeauty3877]

Buy a house!! Pay it off and rent it out then buy a new one !!

[@CarlosFlores-xf2sn]

LOVE&BEAUTY repeat cycle 👌🏽

[@josephinebournes8212]

@@lovebeauty3877 You must live in a low cost of living region 🙄

[@thisisheaven2488]

I bet Dave's kids were told no more often than yes lol.

[@mltbkr]

hahhhah OMG this made me lol."hope i wasn't unclear" hahhhahha what part of NO!!!!! is unclear???? daddy needs to work till he's 70! and then go live with his princess.

[@johnazhderian5734]

This guy is 64 years old and already has very little to retire on. Therefore giving her daughter any amount (much less 20 percent) for a down payment on a house is stupid.

[@walstar20]

Literally cannot buy a livable house in Seattle for 150k.

[@ItsMeCynthiaG]

Kyle Cronk - same with Sacramento.

[@TheKalbo789]

Kyle Cronk are we talking about a tree or a person? Mooooooooove

[@drummergeorge9642]

This is why I love California. We don't congregate well with the rift raft.

[@ItsMeCynthiaG]

Drummergeorge *Riff raff

[@BoogerDeluxe22]

+cynthia Moreno thanks for clarifying that for me i had absolutely no idea what he was talking about until you came in and saved the day good job sport!

[@reyr.8552]

Lol daddy's little girl dont wanna live in a 150k house.

[@Goshawk-zh2pt]

I just can't even....These questions make me realize why people stop listening to this show. It's not Dave, but the astounding stupidity of many callers.

[@davester1970]

These people who are making the stupid financial decisions are the reasons why Dave Ramsey will always have a job. These callers are also the reasons why his daughter Rachel will get to inherit the empire. A wise man once said that pain, suffering and consequences are the three greatest teachers in the world. They are more effective instructors than any K-12 teacher or college professor out there. When you jack up, you refuse to heed to good advice or learn from the mistakes of others, then Professors Pain, Suffering and Consequences will happily give you some hard reality learning.

[@spencerm5913]

The only time you should do that, is if you have the money to buy the house outright and still have money left over to live your life out the way you planned. What happens if she loses her job and has to work at Walmart? Now you pay the house note when she can't.

[@minecraftperson999]

This is why I love watching this guys' videos, He isn't afraid to speak his mind about stupid people. No reason the daughter can't rent until she saves enough to purchase the house herself with no co-signer or loans from family. I'm 19 and have saved over 15,000$ in the past 18 months paying 270$ rent out of an 800$ a week income. No reason she can't rent for a while

[@DarkroomMedia007]

2:20 🤣🤣😂😂🤣 "Poor little thang"

[@ethans7377]

150k may be in the ghetto. Dave's perspective on the world is that 150k buys a house in a decent neighborhood when that's just not true. I do agree the cosigning on a house is stupid: if you don't qualify for a safe house, don't buy a house yet.

[@slick_Ric]

I am a Persom depends where you look? in Los Angeles California where i live yes i think even in the ghetto houses are above 200k. that's suburban ghetto. otherwise you gotta live in the desert. don't know how Arizona's market is but if the houses in the desert here at 150 to low 200s are pretty decent to good, and in quiet neighborhoods, Arizona must have a nice selection in that price range.

[@oldhag2881]

Cosign?----I'll just take the daily nut kick option 🤣

[@nikolaig1]

150k houses do not exist😂😂😂😂

[@countrymusic30]

This video was posted 5 years ago, aside from that if you know where to look yes you can find houses for under $150,000

[@foxhound34]

Ok so she buys a house for 300K puts 20% down and gets a mortgage for 240K which is still 90k above what the bank said she could afford based on her income. How long before she is behind on the payments? Ridiculous.

[@logophile92]

Yeah. It doesn't make sense to co-sign if you yourself can't also help.

[@abdullahjamal3063]

Yup I see this all the time. People not affording what they're going into and rip someone else off with them. Be it education, mortgages, car loans ,, you name it.

[@WhiteKitta]

really hope he will NOT Co sign,....she obviously can't afford that house...very very bad idea!!!

[@gabemarcus7926]

This was released in 2018. In 2021, if she had bought a house at $150000, she would probably have $300000 now

[@talawoods25]

How will this poor woman survive when daddy's gone in the next 30 yrs?(sacarstic tone)

[@BoogerDeluxe22]

i volunteer but i have VERY high standards that must be adhered to

[@samonshivastar8981]

This guy is paying 20% of the house worth $300K and that constitutes 30% of his saving.... how much this guy saved for his retirement?

[@jmonte5896]

based on basic arithmetic $200K

[@SilentPlayer1999]

Co-signing! Why let us [Lenders] take the risk when you can do it yourself?

[@stevemyopinion423]

well since she has no money she cant get a house, she can buy one when she has the down payment, and only a 150k house.

[@reyr.8552]

I know some great townhouses in good neighborhoods here in Florida for 150k

[@droptozro]

This has to be made up by the questioner....really?...is someone that foolish?

[@nightfly1985]

My parents had to co sign do to a much complicated reason. Was to drop from 14% interest to 2.4%

[@starlitopensky1]

The dude needs to not do it.

[@shaochiavang]

So he is going to down pay $60,000?

[@triad6425]

shaochia vang and this person's nest egg is about 200k.

[@shaochiavang]

triad6425 I know. just did the math. $200,000 is not enough to give away $60,000. I don't even think he can give her a fourth of that like how Dave suggested.

[@sopascat7]

... @ 2Bad , LOL !!! - and she be like, "Go rent a room daddy. I need my own private life"

[@KPad87]

Lol

[@a.i.f.k.2273]

Aouchhh😅

[@pablofr74]

Huahuahuahuah

[@RebelliousOutlaws]

Your my fav scam artist