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@randallanimal3 жыл бұрын
Guessing games are fun!
@theelephant28873 жыл бұрын
Don't buy property with family. No matter how good your friendship is.
@LifeofaLandlord3 жыл бұрын
Why not? Save money and stress.
@AtomicQuotient3 жыл бұрын
@@LifeofaLandlord Maybe save money but not stress, did you not listen to the video ?
@AtomicQuotient3 жыл бұрын
Agreed, so many people make this mistake when the relationship is good, but it almost never ends well.
@unnamedchannel12373 жыл бұрын
Yeah my brother was pushing to buy a rental with him and I wasn’t against it but I wasn’t for it. So glad it did not go ahead
@AtomicQuotient3 жыл бұрын
@@unnamedchannel1237 Great move, you did the right thing. It's surprisingly how quick this turns into a nightmare
@nkyryry3 жыл бұрын
He knows he can’t afford it by himself. That’s why he doesn’t want to buy them out. Brother in law wants out of a bad deal, but he can’t afford his life without him.
@peartfaldo10 ай бұрын
users
@MillionaireMindsetClub3 жыл бұрын
We have all made 'non-Dave' decisions..
@TeamSwagGod3 жыл бұрын
Even Dave, that's the beautiful thing.
@jdstep973 жыл бұрын
Yes, but some non-Dave decisions are worse than others.
@JoeGarofaloII3 жыл бұрын
Oh yea bud...🤣
@mscosnelmar043 жыл бұрын
And that is why we keep seeking his financial wisdom.
@ivanaandric57033 жыл бұрын
Even Dave has made some non Dave decisions son.
@ImVeryBrad3 жыл бұрын
My wife tried to get me to do this with her sister and husband. I said NO!!!!!
@Joss313 жыл бұрын
Smart guy !!!
@ecclairmayo41539 ай бұрын
Never do anything with in-laws including take money from them
@VoiceOfReason9194 ай бұрын
Swingers
@Kysen103 жыл бұрын
The moment he mentioned his take home pay it became obvious what the hold up was. He knows he can't afford to buy out his brother in law. The house is as good as sold and he wont be living in it.
@karimbennett56513 жыл бұрын
They should just sell the property and split the proceeds equitably. He doesn’t sound like he can afford (or want to) buy the other folks out.
@fishroy19973 жыл бұрын
Pro-tip: Don’t go out to dinner with family if you can’t afford to pick up the whole bill. I.e., don’t expect to split things with family. Sometimes it works out, sometimes someone gets stuck with the bill.
@cooperscreditconsultingint67923 жыл бұрын
💯
@ecclairmayo41539 ай бұрын
In laws
@dancebrittany233 жыл бұрын
This is why you NEVER buy property with anyone other than your spouse
@wrongwayeric3 жыл бұрын
I'd go one step farther than that.
@urfriendcharles3 жыл бұрын
The only issue might bump up to with Daves plan is that the brother who wants to sell half of the property only has a trailer on it so it’s probably not gonna be worth as much as a half with the house on it. it’s probably a bad deal his end.
@jonl13193 жыл бұрын
Considering it's Fresno I would think that the land its pretty valuable.
@TruthSayer20073 жыл бұрын
The brother in law is/has been paying mortgage for the house! lol the caller can complain all he wants, but his mortgage has been paid by his brother in law for years.
@leanderrowe280018 күн бұрын
Exactly, the brother-in-law got the short end of the deal and the less valuable 10 acres.
@berlintapondjou37443 жыл бұрын
I don’t ever think I will agree to pay equal mortgage if I am not getting equal value. He wasn’t clear on the equal monthly mortgage payment.
@Fishouta3 жыл бұрын
Exactly and the manufactured home may not even contribute anything to the total value.
@westonr43593 жыл бұрын
This guy sounds like the reason why the relationship soured lol. Other people definitely got the short end...
@shareworthy57203 жыл бұрын
He didn't say it was his decision.. could of been the wife. Could be the other couple if Ryan and his wife are the mortgage owners... don't assume. "Insert donkey emoji here".
@razojacqueline3 жыл бұрын
@@shareworthy5720 Didn’t you hear that the brother in law is on the mortgage for 50% of it? That’s why Dave told him he would have to refinance to get his brother in law out or sell the property and get a new mortgage.
@Amandaaaaaaaaaaaaa3 жыл бұрын
You're right. This guy seems greedy, he seems like the kind of a person who always want to take advantage of others, this strategy works until it doesn't and you feel the sweet bite of Karma on your backend. Plus he is completely financially incompetent. No Bank will refinance this mess
@shareworthy57203 жыл бұрын
@@razojacqueline you seemed to be confused. I was talking to the comment above. Yes, he is on the mortgage and the advise Dave gave was great. There are too many " know it alls", saying it's this guy's fault the relationship soured and that he is the reason why they took the trailer. As always, bunch of ignorant comments. Since there are a total of four people, shouldn't blame the only person with the brains to call in and ask for help..
@shareworthy57203 жыл бұрын
@@razojacqueline he said they are all paying the mortgage. Just listing examples of what other options could lead to a sour relationship. Maybe if you don't lead with "didn't you hear", you might not come off rude. :)
@mochopz3 жыл бұрын
He made them live in the trailer and now he doesnt wanna pay half.
@shareworthy57203 жыл бұрын
Did he say " it was my decision"?
@mikedoyle59013 жыл бұрын
Caller is a weasel and a bad family member. Look in the mirror.
@lkj0822g3 жыл бұрын
Time and time again, we hear "don't do business with kinfolk." Exhibit A ^^^^ above.
@alinatamashevich33543 жыл бұрын
Even well off families fight over money, when all involved can afford not to.
@ericmichel38573 жыл бұрын
Hang on now, 10 acres with a house on it is worth more than 10 acres with a trailer. So if they went in 50/50 and the he got to live in the house, that is not exactly a fair split for the brother who was already getting the short end of the stick. They would need to do 50/50 0n the current value of the entire property, then subdivide (if that is even possible), and then the brother can sell half for whatever they can get, but if it is less than 50% of the entire value of the whole property, then he needs to make up that difference. That would be reasonable fair, especially since I imagine there will be time and cost involved in subdividing the land.
@MP-nj1qy3 жыл бұрын
Why the brother in law agree to pay half of the mortgage while living in trailer is beyond me. I hope he learned his lesson.
@unalteredbeauty12463 жыл бұрын
Sounds like a situation where there’s a power dynamic problem and the brother-in-law is just now speaking up about it because he’s sick of it.
@SugarMamma3 жыл бұрын
This is a tough one...but there are some red flags already. xCC
@therationalistparty97423 жыл бұрын
He's not going to buy that half because he got a steal on his end with the house while screwing his brother in law assuming his brother in law wouldn't change his mind.
@Gregoman893 жыл бұрын
Correct
@LifeofaLandlord3 жыл бұрын
When you stop learning, you get left behind. Never stop educating yourself.
@Patrick700073 жыл бұрын
💯 FACTS
@elizabethallen43533 жыл бұрын
Can you handle the mortgage by yourself? Bingo. No.
@davidsanders15933 жыл бұрын
Good Job Dave by coming up with this creative idea for allowing the caller to keep some of his land. Very well done!
@davidsanders15933 жыл бұрын
@@JaredHoutsma Ok, but that was the agreement that was made in the first place. You see in the video that one got a good deal out of it and the other not so much.
@gtolose3 жыл бұрын
thats not an answer -which half? are they equal? too many problems, Dave should know that.
@jimroscovius3 жыл бұрын
The decision was stupid. The math is easy. He can't afford to buy his way out. I will never understand why people make dumb deals with family.
@Cookieboy703 жыл бұрын
Exactly. The brother in law was stupid as well, for choosing to go in 50/50 while taking the worse living situation in the mobile home. This was bound to be a traincrash, really surprised how they couldn't see that coming.
@jimroscovius3 жыл бұрын
@@Cookieboy70 He's probably one of those that just rolls over for everything someone wants. That's not me.
@James-vj5hz3 жыл бұрын
I was gonna be harsh, but about half way through I realized who we're dealing with here. So I'll just say nothing.
@JustinCase7803 жыл бұрын
This guy just coined a new phrase "a non-Dave decision"
@LeeG2603 жыл бұрын
Subdividing may not work due to 10 acres not having a house on it. Therefore it is not worth 50% of the $400K value for entire property. May be better to simply rent the trailer for income and/or add additional rental trailer, now or later. If neither of these works, then selling entire property may ultimately be the answer, IF increased ranching or other income not possible here. Very good real life situation and solution Dave. Thanks.
@monicadhenderson86703 жыл бұрын
Ohhh no!! Why I gotta get the trailer 🤦🏽♀️
@ashleyen13 жыл бұрын
He’s just doesn’t want to pay. This call was unnecessary
@KLA27893 жыл бұрын
Why does Dave literally never let Ken Coleman talk? And when he does he talks over him. Give the guy the respect he deserves.
@KLA27893 жыл бұрын
Then he needs to toss him. I personally think he’s one of the better ones
@CroisMoi3 жыл бұрын
It’s dumb, because you watch to see Dave. Only Dave. I think he is preparing for retirement, but he needs a stronger team. I think he chooses people who kiss his behind. I love Dave though. He is just a force of nature, with no need for an assistant. Although I like what Rachel adds. She is a little young to go on her own.
@aaront9363 жыл бұрын
@Anthony Harris that's by Dave's design he finds robots that will only regurgitate his outdated advice.
@fauxbro1983 Жыл бұрын
@aaront936 what's outdated by yis advice?
@edhcb93593 жыл бұрын
The brother-in-law is tired of getting a raw deal and wants out. Sounds reasonable.
@Fishouta3 жыл бұрын
Subdivide if the zoning allows it. And if they can, it needs to be divided by equal values, which does not always mean equal sizes, especially when there will be a site built home (real property) on one part and a manufactured home (personal property) on another. Could be sticky, but good luck.
@lanceehrsam82963 жыл бұрын
Lots of people with stay at home spouses call this show that can't afford it.
@bayoujohn033 жыл бұрын
there's another solution, wife finds a job so they can afford the morgage
@lmelior3 жыл бұрын
It'd be a lot messier than Dave's solution at the end. Subdividing it is fine, but BIL is probably not going to get $200k or even $160k for 10 acres with just a trailer on it. I think the first solution is the only clean one. Sell the whole property, split the proceeds 50/50.
@cooperscreditconsultingint67923 жыл бұрын
I agree and everyone involved will start over from scratch....in the long run it may be for the better anyways.
@SuperDannyrulez3 жыл бұрын
I wonder how much he could make if he rents out or sells the trailer. Who knows if the trailer is new and worth a hefty amount.
@dlawsonlawson15823 жыл бұрын
If it’s in California rent the trailer out for 4K a month
@razojacqueline3 жыл бұрын
He lives in Fresno, Ca. An average mortgage on a decent home is about 1,800.
@TheLivedeath3 жыл бұрын
@@razojacqueline This 20 acres is going to be in a rural area away from everything
@razojacqueline3 жыл бұрын
@@TheLivedeath yes, which is even cheaper rent and quite frankly it would be hard to rent out a trailer in fresno
@mmmmmmmm19423 жыл бұрын
That's actually a decent idea
@YummyFood4543 жыл бұрын
Sounds like he just didn’t want to pay the guy what was owed to him.
@Cookieboy703 жыл бұрын
It wasn't just that, it was he was scared of assuming on the remainder of the mortgage, while also not being able to afford to make a payout.
@carena84783 жыл бұрын
The fact that Ken was hesitant to correct Dave's math is a little insight on the dynamics of the show.
@justinnegron48433 жыл бұрын
Didn't Ken just start though? The black gentleman that works with Dave always corrects him and even changes the advice on a caller
@mikeholm76403 жыл бұрын
Here in Kitsap County Washington that trailer would rent for $1,500-2,000 and that would be about 75% of the new mortgage. I wonder what it would rent for in Fresno, they didn't factor in potential rental income into the equation.
@mikesawyer47073 жыл бұрын
Dave hang up on this guy. Period
@janetcross27973 жыл бұрын
Sell the whole thing
@TrazimDollare19823 жыл бұрын
At first I thought he bought a FIAT/CHRYSLER/ DODGE when I first heard read the Title...
@leadnsteel14283 жыл бұрын
"Endless money pits"
@TrazimDollare19823 жыл бұрын
@@leadnsteel1428 Scotty Kilmer
@trevormzimmerman3 жыл бұрын
This solution from Dave won't work because the 10 acres with the larger house on it will be worth more than the 10 acres with the trailer home on it. The guy with the trailer home property will be stuck with paying half of the mortgage of the whole property, but got less than half the value of the whole property because the trailer home will inevitably be worth less than the large home, even though they both got the same amount of land.
@alinatamashevich33543 жыл бұрын
Unless the land the trailer sits on is the better parcel of land.
@jcherestal3 жыл бұрын
For who ever needs to hear this, don't ask for someone's advice, NOT do it, then ask that same person for advice on how to get out or cry to them when your plan didn't go your way
@jdstep973 жыл бұрын
It might have made more sense if the guy and his wife had just purchased the whole thing and then rented it to the sister and brother-in-law. Another good example of why to reconsider business plans with family.
@TheLivedeath3 жыл бұрын
He cant afford a 400k property on a 70k income. Banks wont loan him
@alinatamashevich33543 жыл бұрын
@@TheLivedeath Bingo, reality check, plus he is broke.
@alinatamashevich33543 жыл бұрын
@Anthony Harris Is that your attempt at humor? Your killing it!
@resaboutb.9566 Жыл бұрын
What would've made more sense was realizing he couldn't afford it on his own. Period.
@RogerPack3 жыл бұрын
Subdividing would work if...they put the trailer on there too, or what? Buy it out?
@rachelm76 Жыл бұрын
I know this is an old video but Dave's solution of subdividing still doesn't seem fair. A property of 10 acres and a trailer is not equivalent to 10 acres and a house... Brother-in-law may not even get 160k on his "half." They would need to get both properties appraised individually and then his brother-in-law could pay whatever is fair to the original mortgage.
@ecclairmayo41539 ай бұрын
Exactly. The brother in law has figured out he git a raw deal and that's why he wants out. Even getting out of this, he loses. A house and a trailer are not equal in value.
@junorestrada50413 жыл бұрын
That’s income of 72k and what Dave responded with bout he can’t afford 400k on 15 yr mortgage just slapped me in the face to not buy a home anytime soon. I’m in Cali(near San Fernando valley) and even town houses are at 450k+… this is disappointing might not become no home owner.
@sallycha79523 жыл бұрын
Very good advice, Dave👍👍👍
@lynnebucher65373 жыл бұрын
Ha, in my county there are quite a few areas that won't subdivide below 20 or even 40 acres where it's anywhere near a river
@bigblue43643 жыл бұрын
If the relationship is already in trouble, trying to split the land 50/50 is probably going to be a major headache, there's no way the other guy gets half the value of the property if he's just selling the mobile home and not the home, odds are he won't even be getting enough to clear his half of the mortgage, unless the property has gone up in value significantly. Lesson here is don't buy with someone else if you don't have a clear and written exit strategy for this kind of situation, also, don't buy too much house.
@garthysteven6163 жыл бұрын
A lot of people want a good lifestyle but the way they spend can't see them get that lifestyle anytime soon the better rich invest more and spend less
@michellejordan11533 жыл бұрын
He has really made a good name for himself
@pinnednbaonespn15093 жыл бұрын
I got sir Walter Peters info, how good is he ?
@andersonphilips9533 жыл бұрын
He's Really amazing with an amazing skills he changed my 1.2btc to 6.1btc
@garrypeter5503 жыл бұрын
✜14303566293🤳🤳☎️☎️📞
@cherrylivermore89953 жыл бұрын
My first investment with Mr Walter Peters gave me the assurance that have made me invest without the fear of losing, I got four of my friends involved with him already
@erikhopkins94883 жыл бұрын
why would you do that? 🤦♂️
@CycoPatPonfe Жыл бұрын
I’ll put this on my NOT TO DO LIST.
@Frost-tb9qs3 жыл бұрын
20 acres in Fresno california?? That’s gotta be worth more than 400k
@lifeforgod073 жыл бұрын
Rent out the mobile home part of the property.....
@hebrews11vs53 жыл бұрын
Nice thinking on that solution.
@RDJL5593 жыл бұрын
I live in Fresno
@DemetriPanici3 жыл бұрын
Well that was your first mistake
@micahwatson90173 жыл бұрын
Refinance and buy out the partner and rent out the mobile to bring in cash flow.
@nickbroadhurst59243 жыл бұрын
Ken gave amazing feedback!
@davz2033 жыл бұрын
Great idea
@BrianaBudgets7 күн бұрын
A house, a trailer and 20 acres worth $400,000 in California? That’s not adding up.
@NoCatStrangling3 жыл бұрын
Having the BIL sell his 10 acres plus the trailer is not equitable! The house is worth more than the trailer. That's not a 50-50 split! The BIL may have agreed to OCCUPY the trailer, but that doesn't mean he agreed to forgo 50% ownership of the house. The BIL shares 50% ownership of the house and trailer--just like the 20 acres. Sounds like caller Ryan is the one who suckered his BIL into a bad deal--BIL ended up financing Ryan's lifestyle and home!
@ecclairmayo41539 ай бұрын
This is why the brother in law wants out. He fired out he got a raw deal
@joeydziedzic74663 жыл бұрын
Thats a good follow up after the commercial break. Thats what I like about Dave. If he doesn’t feel right about something, he usually comes up with an alternative solution. Good stuff!
@nicholasstear47613 жыл бұрын
I disagree, the follow up doesn't make sense. Dave assumes the property with the trailer on it is equal to the value of the property with the house on it, which is unlikely. The guy with the trailer was paying for half of the property and getting less than half of the value probably. This would explain the relationship souring. They just need to sell the whole property and split 50/50.
@queen.kristal83953 жыл бұрын
I would have never brought property with in laws. The only people you should buy property with is your spouse/kids means immediate family that's it. Because when things go sour and doesn't work out they will try to make you sell it or help stop paying.
@saelaird3 жыл бұрын
Daves eventual solution isn't a solution IMO. The brother-in-laws land (10 acres) won't be worth as much as the 10 with the main property on. The brother-in-law has been co-paying the mortage so is as entitled to that building's equity as much as anything else. Fella's gotta sell IMO.
@cdogvlog55573 жыл бұрын
Sounds alright but what is the cost of subdividing. It's thousands of dollars here.
@xiongbeezo19833 жыл бұрын
No, too many factors. Cost money to divide land. One half has a house. Is the entire land completely the same quality.
@ryane39703 жыл бұрын
Does anyone know when Dave says no more than 25% of you take home should go towards a mortgage, is he just talking about principal and interest or is taxes and insurance included in that amount?
@TheDjcarter19663 жыл бұрын
Who knows Dave just calculates things the way he wants count your gross income then doesn't count insurance and taxes and says you can afford it...but then if you use take home pay and full mortgage with taxes and insurance you can't.
@birdsofafeather16377 ай бұрын
In the township i live in, you would not be ne allowed to divide this parcel.
@scooter599113 жыл бұрын
That's probably not going to work splitting the land. The 10 acres the house is on is probably worth more than the 10 acres that trailer house is on. That's not half and half
@slashdash52795 ай бұрын
Don’t do this ever!!!
@carlosa91083 жыл бұрын
We have to be real here, the caller just wanted to finess his brother in Law hahahaha
@richsanossian86753 жыл бұрын
Just sell it
@KC-dr3cg3 жыл бұрын
Only if the rules of the county allows it to be subdivided
@hlhl26913 жыл бұрын
I liked that he revisited the issue
@SharonOnTheNet3 жыл бұрын
What about letting the building, and living in the trailer for a season?
@666dynomax3 жыл бұрын
Easier to sell and both move
@nightfangs29103 жыл бұрын
Sharing property is such a bad idea, and sharing it with family REALLY is a bad idea
@jesusalfonso34993 жыл бұрын
By subdividing the property the 10 acres with the trailer won't be half of the property because the house is giving the property most of the actual value not the land... or the trailer
@jaymepechan21153 жыл бұрын
True, the resulting mortgage will just be bigger than the $160k but might still be doable
@thisjustin61503 жыл бұрын
Doesn't subdividing property cost a massive amount of money and time? Around here it would be tens of thousands of dollars...
@ljkleinjan3 жыл бұрын
He "ranches" on 20 acres? It's a hobby farm.
@Renkinjutsushi3 жыл бұрын
He might be focused on being self-sufficient moreso than ranching for profit. You don't need 20 acres to get enough for your family.
@gabesmith56023 жыл бұрын
How do you have 20 acres in Fresno for 400k even if just land?!
@dzl85963 жыл бұрын
Never mix money or business with family. Odds are it will not turn out well.
@johnkatrich42593 жыл бұрын
You can’t just say you want to subdivide and expect it to easily happen. There are rules and restrictions no doubt involved and extra expenses. The whole process if even possible could take months or even years. Plus you never figure in selling costs of real estate which is huge and depletes equity values a lot
@truckingwithtobee3 жыл бұрын
The thing is, it costs quite a bit of money to subdivide.Doesn’t seem like neither one of those couples have money to do that
@randy9443 жыл бұрын
why not rent out the mobile home?
@TuyetNguyen-pp2ew3 жыл бұрын
Come on man!
@richsamuel29223 жыл бұрын
Can he rent out the trailer and keep the 20 acres?
@tg86413 жыл бұрын
Because of the economic crisis and the rate of unemployment, now is the best time to invest and make money 💯
@johnhenderson84273 жыл бұрын
Business and investment are the easiest way of making money 💰
@dummgelauft11 ай бұрын
Apply to the county to split the parcel. He can sell his part. That said. He just sounds dumb. He could rent the darn trailer and recoup the additional mortgage.
@Talkinglife3 жыл бұрын
Interesting video..
@BarelyNoticedADD3 жыл бұрын
A refi with appreciation might get him out of PMI. He could also rent it the trailer. Sounds like he is drowning, regardless.
@RogerPack3 жыл бұрын
You can ranch for 70K/yr?
@Jane57203 жыл бұрын
Split the property and have him sell his part
@Lilbit22153 жыл бұрын
I hope you called him back and told him that just in case he's not listening
@leanderrowe280018 күн бұрын
Dave Ramsey suggested for his brother-in-law to sell 10 acres, which 10 acres ? the one with the house or the one with the trailer ? 🤔 Since the house worths more than the trailer, this is not a fair solution. If no one can afford to buy the other out, the cleanest and fairest way is to sell the whole property and split the profit.
@apalmq3 жыл бұрын
One half may not equal 50/50, for instance, the trailer could be run down and at the time the brothers purchased they both knew the lion's share of the equity would be "ranch side" Dave: Sell the wallmart. Bro: how about I give my brother a 10 acre undeveloped parking lot, I keep 10 acres of ranch homestead and call it even?
@t208373 жыл бұрын
Sounds like a fair and logical ’Dave Decision’ for Ryan to make. Family situations can get messy fast… very sad.
@janetcross27973 жыл бұрын
No no he did not explain right
@brandonbaker58843 жыл бұрын
If the bother in law is still there he owes rent after he gets full ownership. Else rent it out to someone else.