Dave Ramsey: How I Lost EVERYTHING Flipping Houses

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[@xlerb2286]

"Run it like a business, not a get rich quick scheme". Solid advice for any activity, not just real estate :)

[@peanutbutterisfu]

I am a small business owner myself and have met and know of many other business owners and the ones that I will never understand are the ones that just can’t do the right thing most of these people that I know were used car dealers. One of them for instance I couldn’t believe screwed me because we both worked for a used car dealership together that closed down because the owners were screwing people and he was the sales manager so when that place closed he opened his dealership and we were friends and cool with each other. He didn’t have much money when he opened, I had a very small used car lot myself and I hated selling cars so I said I will bring my cars to your lot they will be ready to go 100% fixed so all u gotta do is sell them and we split the money well I found out he was lying to me about what he was selling them for. So he had to buy cars on credit, hire a mechanic to fix them and he didn’t last very long. I was really helping him out.

[@bethanyboothe4817]

Dave has made hundreds of millions of dollars and STILL remembers the details of the deals that went wrong FORTY years ago! The failures hurt!

[@cyborgbear7269]

Remembering your mistakes allow you to learn from them, especially if the mistake is in your wheelhouse. Personally, I remember the couple times in my life that I mispronounced a word. The mispronunciations were superfluous (on a date twenty years ago) and conjure (at a friend's house while in high school). I will NEVER forget.

[@mjbgworld5594]

The reason why he is wealthy and successful in life

[@OTOWN2STOCKTOWN]

He inherited 400 k to start with, so hasn't *exactly* started out of nothing to become successful. No pun.

[@Tashas_Travels]

But it's a good lesson that he and all of us need to learn.

[@thebastardgift]

He is NOT speaking of his failures but rather of his education, the seeds itself, that pathed him where he now stands.

[@AllynHin]

As I listen to Dave tell his experiences from back then, how he made a lot of money and then lost everything, the one thing that I come away with has nothing to do with the financial side of things. The one thing that I appreciate is that his wife stuck with him. He is a lucky man to have found that woman that early in his life.

[@Dividendflywheel]

Good (sorry GREAT) point.

[@igotstoknow2]

Dave tells the same stories many times each year. Learning to manage money well requires stories of good and bad experiences.

[@Dividendflywheel]

@@igotstoknow2 iron sharpens iron. Stay motivated.

[@AllynHin]

@@igotstoknow2 Yes, I know. I've been watching for a few years now and every time he tells these stories, I think how lucky he is to have found that woman.

[@shanestanton5481]

And that, is the greatest point of all. My wife split when I was teetering in bankruptcy.

[@mikeshaw4610]

Totally agree with Dave. I was a landlord some properties for several years. You can not count on rents and you will have unexpected expenses that eat away at profits.

[@littlesongbird1]

I agree..my dad and step mom rent out her old apartment and he says being a LL can be good or bad. You can get a bad tenant you have to evict (which he has had to do twice and second trashed the place before she moved out so they had to do quite a bit of work). It's not always the easy and high paying passive income that people make it seem like (plus how is it passive? You still have to do your work with maintaining the property and getting a new tenant when one moves out, etc. ).

[@Hunglikemoose]

That's why my family has commercial and residential rentals to offset both negatives and positives of each. Commercial you make substantially more more where as residential you only make money when you sell.

[@detectingohio5614]

I find good tenants then buy them a house not the other way around

[@Anonyme67]

I disagree, I own 4 single homes. I fixed everything before renting. I only have one tenant who pays late. After repairing everything it is pur passive income. I don’t invest in low income neighborhoods

[@mikeshaw4610]

@@Anonyme67 good luck, you will have good periods and then some not so good.

[@FTG2Eli]

I laugh every time Dave says 'Tic Tac' 😄

[@devdhaliwal6152]

Me too😂

[@juliepitzul]

Yup!

[@leroygeorge352]

It's not that funny

[@jorgesalazar818]

Like Rick from Pawn Stars saying "Poke-Man" instead of Pokemon

[@JP-uy9kq]

normie humor.

[@nonawolf7495]

In the housing crash of 2008, I had to relocate for work. Not wanting to sell my place at a loss, I decided to rent it until the market rebounded. Even though I was clearing about $500 a month, I never slept well... there was always some looming threat that hung over me like a dark cloud. Burst pipes, HVAC going out, noise complaints, renters who are always late with the payment... it sucked. One guys even snuck in a 100 lb rottweiler in spite of the "no pets" agreement. That dog destroyed my wood floors. Another guy threatened to sue me because he dropped a jar on his foot and broke his own toe. (He thought I should pay his medical bills since it happened on my property) One of the happiest days of my life was when the housing market rebounded and I sold my unit.

[@avelardovalle1121]

Blesssed

[@GizmoMaltese]

He thought you would pay his medical bills. That's crazy. I guess that's the people factor.

[@petebeat1510]

That's part of making money mate there is always speed bumps on the way.. I watched my uncle deal with bad tenants on multiple occasions, trashed the joint... 1 place had so many dirty nappys stashed everywhere in the house, rat shit everywhere holes in the walls destroyed bathroom and kitchen He understood it's part of the game and to this day he still has about 10 properties left and has been slowly selling them off when he wanted a little extra money Lets just say he is very well off now and it's all because of real estate and smart choices... No risk no reward

[@nneisler]

That's what a property manager is for

[@nonawolf7495]

@@nneisler Yeah - you're lucky if you can find a good one. The first 2 were such a disappointment, I decided it was better to just do it myself.

[@al-bsure4284]

Thanks for being so transparent! Everyone sees success but rarely know the failures! Love this

[@formula112967]

My dad had 6 rental units, and he did not like confrontation, so if the renter didn't pay, my dad would just set up a payment plan with the renter, and the deadbeat renters took advantage of his humbleness....he eventually got tired of it all, and sold the buildings and the land to an Autozone, who leveled the houses and built a store on the land.......my dad did make more than a million dollars on that transaction.

[@QuincyBrowningMorgan]

Why didn’t he just hire property management?

[@formula112967]

@@QuincyBrowningMorgan Hi Quincy.....his rentals weren't high class condos....they were older buildings and he charged very low rent for each, so hiring property management would not have been financially feasible. His dental practice was part of one of the 2 buildings, so he saw his tenants a lot, but he was just a nice guy who deadbeats looked at him as a push over. I rented from him for 12 years, and never missed a payment.....he put my rent payments in a bank account (unbeknownst to me) and left it to me in his will when he passed.....he was just too nice of a guy for this planet.

[@clairedaniels1877]

Your Dad got his in the end, making all that money. Good for him. Nice guy won in the end.

[@Boombastick17]

​@@QuincyBrowningMorgan Because you end up managing the manager. Anyone with rentals (unless you have hu dres of doors of course) will tell you exactly that. Also it creates an additional siko between you and your asset. Real Eastate is not a passive income. Whoever says otherwise has never been in the game.

[@bluemarlin6806]

@@Boombastick17 I have to disagree. Like anything, it depends on the person doing the job. I have aproperty manager (I don't own high end luxury properties) who has helped me out a quite a bit I get about $700 ($675 to be excat) more in rent, which offsets the 8% I pay her to manage my property. My rental is still slightly below market because of my own beleif that people need affordable accommodations. However, my property manager and my realtor are the two people who reminded me that I'm running a business! What prompted me to get a property manager was the amount of time it was taking me to manage it myself, especially if there was an issue with the unit. How much is your time worth? She plays hard ball with the tenant (and I can be the nice guy) and will be managing my other property when I move iut this month. Her intervention and knowledge of rental laws have protected me when a tenant tried to break a lease. Overall, even now that I'm retired, she's worth every cent.

[@Gooselip]

Did my first flip in 2018 made 50,000 haven't found another perfect deal since but I'm waiting patiently

[@jamesfd3]

Thanks!

[@xpandergt]

I was a wholesaler right around the time the market fell out in 08. I was getting calls from so many destressed and upside down owners and landlords, it wasn't funny,

[@Rokka340]

Thanks for addressing this Dave. My parents went through the same issue and the tenants refused to pay the rent. We eventually sold the property after the eventual eviction of the tenants. Like you said, there is the people factor to consider and that can ruin the real estate investment. Tenants are not always reliable.

[@supershrpy]

Neither is a Jay O B - job

[@winser21]

Make no mistake, Dave loves and invests heavily in real estate. He just does it smart now. That’s where he makes a large portion of his money. Real estate is a fantastic industry if you know what you’re doing.

[@gloriaalex11]

At least Dave learned from his mistakes and turned the ship around. Some people never recover. I know a working-class couple who filed for bankruptcy around the same time he did. A lot of medical debt + really bad decisions resulted in car repo, utilities cut off, foreclosure, then Section 8 & food stamps. The husband died broke, left his widow with nothing but bills, and she's still struggling to this very day.

[@carlaritchie331]

Very sad.

[@Logicalromulan]

Very few ppl recover. Most ppl never recover from destruction

[@Cqqyy54]

That's part of the learning process. You gotta be willing to fail, fail and fail again before you succeed

[@elisabethpusta3533]

Thanks you for sharing your failures and showing us that when we fail we can get back up again and be successful! Thank you for the hope Dave!! And the cold hard facts and truth and guidance! May God bless you always!!! ❤

[@zachjones2346]

I learned my lesson with $50. I brought $500 at the age of 18 to a storage unit auction. I bought a unit for $50. The unit had a dresser, bicycle, a dryer, and a handful of clothes. My next issue I realized was how the hell I was going to sell everything. After all the time I put in, I figured I would be making like $1/hour. I quit that business right away. lol

[@Painfulwhale360]

😂

[@HPM619]

Those storage unit shows were all a big fat set up. Most units contain unsellable junk.

[@DontAtMe2k24]

Dave: You don’t get rich off leverage. Nobody: “how did you get rich Dave?” Dave: umm not leverage. Nobody: can you elaborate? Dave: No.

[@koltonbacon]

This guy is the worse

[@Mysticalifas]

Thanks for the knowledge, sharing your experience, great sense of humor, awesome show.

[@Blitcliffe]

Great video Dave, I'd suggest making the most of the recession and inflation. Recessions are an inherent part of the economic cycle, therefore you can only plan and prepare for them. After graduating, I fell into a rut because my first job out of college was as an aerial acrobat on cruise ships. I currently run my own company, serve as a vice president for a significant corporation, own three rental properties, make stock and company investments, and have increased my net worth by $500k over the previous 28 months.

[@Harperrr.99]

Until they get burned by their mistakes, people do indeed minimize the role of expert counselors. The covid epidemic and my early 2020 layoff came at a time when I needed to stay afloat, so I looked for license advisors. Grace Lynette Johnson whom is searchable online made my previously stagnated $325K reserve to have so far generated massive returns from subsequent investments thanks to someone with practical expertise and decades of experience that I was fortunate enough to come across.

[@bill-_]

@@Harperrr.99 We're only just an information away from amassing wealth, I know a lot of folks that made fortunes from the Dotcom crash as well as the 08' crash and l've been looking into similar opportunities in this present market, could this coach that guides you help?

[@Harperrr.99]

@@bill-_ Mariam Sandra Milner is my financial advisor. She was featured in a CNBC interview, where I discovered her, and I contacted her later. Since then, she has given me entry and exit points for the stocks I am interested in. If you want to make a quick online search using her name (Grace), you can. I essentially follow her market decisions and haven't felt bad about it.

[@joechang8696]

my first house was in a new area of the heights outside of Portland. I bought the plot in 98? for just under 100K, its on a hill. From ground level, the view is partially blocked by trees on the downside. I picked a 2400 sq ft design out of a catalog. The builder quoted 200K ($83/sqft excluding lot, and I am paying interest as he bills). I think this was appropriate for that design on flat land, not on a slope. Furthermore, I ask him to push the house back on the plot, a raise above ground level a little to enable a better view. This added a lot of extra building material that he did not factor in. He (the builder) also told me I could have had an architect customize the plan. Basically get the Autocad file from the design owner. Because my plot was on a bend in the road, a customized design with a flare on the downhill side plus large windows would have improved a very good view to an awesome view, but this was my first house and first custom construction. In any case, the builder was under water because his margin was low (6K) and the extra material from raising the house. This also meant adding a floor below the main floor was highly feasible as much material was already there and it would have an ok view. I sold it shortly after for 390K minus commissions. I asked the builder if he wanted extra money because of the changes I asked for. He said no, but he did want his wife, a young hot realtor, who at the time did not have clout to get listings in the fashionable neighborhoods, and letting her list it would help her build portfolio for future listings. I think Zillow has it for just under 1M now, but much of this was in recent years, not the first several years after I sold. Note: many of the lots were custom built for the (house) owner. Some builders bought lots and built houses to be sold. An adjacent lot (110K) was such. It was a new builder. He built a 3600 sqft (typical for neigborhood) mcmansion (most were proper luxury homes). I am inclined to say his cost was lower than mine, I had marble in all bathrooms and lots of granite in the kitchen with HW floors. At the time, $100 per sqft was adequate for luxury construction, and $60 for low cost, so I was middle. I am guessing his cost excluding interest was less than 400K. He listed for 550K initially and gradually lowered and was at 475K after almost a year?

[@genxmurse7019]

Also with the eviction moratorium that was passed during the pandemic, that was extremely hurtful to the property owners. The banks, (like the tenants) were completely off the hook. Yet, they were still foreclosing on the poor landlords who couldn't pay the mortgage, due to tenants living for free. I'm never getting a mortgage again!

[@frank12876]

You could get mortgage forebearance.

[@NextShotPickleball]

You could always find excuses

[@regtalkswealth]

He did a good job on that first property and the ones that didn't go well he learned the best of lessons

[@colinmoseley9705]

“So when I get aggravated at the idiots on tic tac it’s because I was one of them. I was doing the exact same stuff and I can smell neophyte… beginner… a mile away.” - Dave Ramsey

[@ashleyjennings5224]

From 1985 to 1998 my husband who is a building contractor and I bought 23 rental properties in Scottsdale AZ. We were careful who we rented to and all the properties had a positive cash flow. During the same time, we also started flipping houses making some great money. Housing prices in AZ. had gone through the roof so two years ago we sold all 23 rentals before the market started to drop again. With the price of houses now, even with the small dip in the market, I don't know that it's a very good time to get into real estate.

[@obijohns6197]

holding onto those interest rates would have been the best decision you made over the next 30 years. but seems like you came out on top regardless.

[@TrainerAQ]

One thing I hate is having to start over. Ive done it so many times to advance in life. But it sucks when you think it's finally over, then you get in a wreck because of a drunk idiot, lose your car and then realize you are right back where you started. You can break a leg, lose a job. All these things lead to having to start over. I hate it. But the worst part is you have no control over this. It just happens.

[@annieoakley17]

Thank you for sharing this. I need to hear this to help aging parents.

[@omnimoeish]

I love the dig on Meet Kevin about the "I have a jet airplane!" at 7:53

[@05gauravs]

Thanks for confirming it. I thought it was about him as well.

[@chuck2919]

I was thinking Grant Cardone 😂

[@paul_domici]

Dave learned on the job and he got really good at it!!!

[@Dividendflywheel]

Personal finance is “Personal” finance. Find a mentor that works for you. There are different paths to wealth. Dave Ramsey had a painful personal experience using debt. So he adopted the debt free path. The guy is now worth over $500 million (probably closer to $800 million) debt free. When you get to Dave Ramsey or Ben Mallah’s age you will “know” the path you believe in. Ultimately when you use other people’s money…. (you are in bondage). Dave used his sweat and money to build his current wealth. I lost 2 properties to foreclosure (because I borrowed money). So Dave’s plan make’s sense to me.

[@erikrohr4396]

Dave built a business selling personal finance courses. That sounds like a business that doesn't need much money upfront. To each his own path, I suppose.

[@murderah17]

​@@erikrohr4396 Lol exactly....hes making money writing books and selling courses..no thanks

[@scoutandscooter]

After owning a co-op apartment in Manhattan for years, and other houses before and after, renting may not be the worst option. You never really own real estate as long as there are property taxes. Miss a payment and they take it away.

[@Beowulf54Mc]

You, the owner pay rent to the fed, who own the land, who pay rent to the military to keep it, it’s basically an ouroboros.

[@marktester5799]

@@Beowulf54Mcexcept property taxes are not federal taxes.

[@crashtestdummy1972]

I think daves point would be, your housing costs would be considerably lower than renting when you are retired though. Would you rather pay $1500 a year or $1500 a month? Also,this might be a shady thing, but you can use that info to benefit yourself, you can legally take peoples properties if you pay their back taxes on property. Im not saying its great but you can lol.

[@scoutandscooter]

@@crashtestdummy1972 $1,500/yr.?? In what world do you live? Our property taxes are already $2,000 a month (3%). Thanks Taxes, oops, I meant Texas.

[@crashtestdummy1972]

@@scoutandscooter louisiana, ours is $985 a year with a homestead. I was shooting 1500 as a general number

[@Sticknmove8]

Why did the contractor have to run off to Kalamazoo tho 🤦🏽‍♂️😂

[@fishroy1997]

Dave got his notes called because he was using short term loans to invest long-term. If you have Fannie/Freddie 30yr fixed financing you can still lose your shirt doing rentals but not because the note gets called.

[@mannyjeanpierre4062]

he took a higher risk but got a higher reward. its still the same concept

[@ron2280]

Leverage makes you vulnerable to unlimited variables that can take you out. The house of cards metaphor is so apropos. The cards represent your equity, the air between them are the mortgages.

[@Samsonight33]

Agreed, he’s very misleading

[@mikesawyer4707]

Hello Dave I learn so much from you. By the way Kalamazoo Michigan is my home town. We will stick with you we always learn something new. God bless.😊

[@psoteriou3884]

The great thing is that even though Dave made mistakes early in his life, they were all part of his journey to financial success. He learned from his errors. I made a few costly errors myself, but it's one way to learn! 👍

[@blipblop92]

real slick Dave real slick. Seems like every video he outputs bags on investing in real estate in any type or form.

[@murderah17]

Hes a clown - i wouldnt have my wealth today if i didnt invest in real estate. This guy is a damn joke and out of touch with reality / current market

[@warsin8641]

7:53 Thank you for telling us the truth!

[@frsp3403]

Jade, when Dave said his first flip was 1983 and you said the year before you were born, he said 30 years ago. He was figuring it out but you should have kept him going at 30 years ago!😉

[@adrianmechelle3784]

😂😂

[@Cambrella2022]

Lol she’s so beautiful to be so close to 40

[@ClayAllison-y3r]

My spouse and I bid on a HUD when we were 19 and got it in 1978 we fixed it up the best 2 young ones could carpet, paint, landscaping, some roof and gutter work over a 2 year period. We sold it and made the astronomical amount of $11,000. We put that down on the next one and it’s been in every home we’ve ever had. 🧐 About 5 homes between the first and the last. Sometimes being young and dumb helps cause as an older person I may not have the interest or desire to tackle a house with so many unknowns. We lucked out! Another wrinkle to this story we could quantify our first house but the next 3 we had to buy out others assumable loans with the equity we made on the previous homes. The interest rates were 9% and as high as 17 or 18%. The rates started moving down I believe in the early or mid 90s. If not for the lucky first deal I may have been writing this from a park bench! 😂🤣

[@andiclemenza6476]

I love when Dave says tik tak 🤣🤣🤣

[@BigFatty3819]

I'm a Police officer and I'm tired of taking these reports where people are scammed anywhere from 100 to seriously $50,000. It's quite unfortunate tho, Grind Techiei Seriously thank you for flagging down these swindlers. You make me want to spend my next 10 years learning how to do this!!..

[@richardgalvan4639]

Not the jet airplane 😂😂😂

[@Gmac_Greg_M]

Does Dave ever explain what exactly caused him to lose everything in the late 80’s? He always mentions it but never gives details on what exactly caused his downfall. Also I bought my first rental property this year. Wife and I made sure we could still afford the mortgage even if we didn’t have tenants that way we don’t have to rely on the them to pay the mortgage.

[@brandonmitchen1591]

He talks details about it all the time. He was 100% financed and the bank called his loans all at the same time because there was a new bank manager that took over and apparently didn’t like the idea of a 25 year old having all that money leveraged out there…..or something like that

[@AllynHin]

@@brandonmitchen1591 Something like that. I thought a bank bought the bank holding his notes and called them all due, but I could be wrong. Salient point is, he was 100% financed with those "get into real estate for zero down" deals and was $4M in the hole.

[@erikrohr4396]

​@@brandonmitchen1591I heard they were 90-day loans that the new bank decided not to renew. Does that sound right? Makes sense to me. Typical 30-year mortgages can't be called on a whim like that, even if they're sold to a different bank.

[@miriamcannone7830]

Ok o9 is it ok if

[@nickalbert4467]

I’m thinking of getting into flipping houses. But I am a certified carpenter and would be doing most of the work myself. Could this be profitable and what should I know going into it?

[@dandiaz84]

Hey guys never take chances and just pay your bills. Dream killer right here

[@resaboutb.9566]

Was this your takeaway? Mine was "Do it right, not stupidly."

[@LABoyko]

The key to ensuring profit on the flip is properly executing the 1031exchange. Botching the 1031 process means a big tax hit; executing it properly means eluding the tax hit.

[@mrperez7036]

What exactly is the 1031?

[@kristinam2719]

We all learn from our mistakes Dave! It makes us the wise people we are today.

[@resaboutb.9566]

That's a generous statement. In reality, we all SHOULD learn from our mistakes, like Dave. There are plenty of folks who still don't learn, and not everybody is as wise.

[@daisykaren6584]

The fact he made money on the first one. Make genius. I lost on every house I own.

[@isaacraze4301]

Bought first house (fixer upper) for $65,000 sold for $200,000. Bought a townhouse for $130,000 sold for $120,000. Bought another house (fixer upper) for $170,000 and sold it for $280,000, bought my current home (fixer upper) for 140,000 and now it's worth close to $300,000. Now I'm waiting because I'm not interested in taking out a loan in this economy. I did gave renters live with me in these houses while I fixed them up and for the most part it payed the mortgage while I lived in them, though a few times it didn't go as well. All that to say I did make money doing it though it wasn't quik flips like most people are into.

[@ButtmanAtHeart]

Quick flippers are assholes ruining the market for everybody. Driving up the value of property with sub par and or faulty repairs and upgrades. Then some poor soul that doesn’t know any better buys it and it starts falling apart. F quick flippers

[@FrancoCastro]

Lost everything flipping houses then made millions selling books and giving advice of how get get out of bankruptcy.

[@LM-ch8rh]

i think you need to make these mistakes in any business in order to learn. it's like either paying a college $100,000 to get a business degree and write essays about starting a business...or....using the money and actually starting a business and learning on-the-job.

[@stevenlong5817]

Real estate investing always sucks. The lack of liquidity alone drives me away. I’ll stick with s&p 500 index investing. Slow and easy

[@freedomring3022]

the market is just one asset class ... you have to diversify your investments. Some in the market, some in businesses, some in precious metals, some in real estate ... you get the point.

[@markg999]

The return after expenses and taxes not worth it. My parents have paid off commercial real estate and if in market in an index fund they would make so much more.

[@JakeStewart1343]

​@@markg999My father is a greedy narcissist

[@hfg8604]

Lol ok? No one asked

[@katyedwards3935]

He went from zero to hero, back to zero and now he's a hero again. This guy's basically Hercules LOL

[@michaelleahy6848]

That would go against his religion, right?

[@katyedwards3935]

@@michaelleahy6848 Not at all.

[@michaelleahy6848]

@@katyedwards3935 Abscribing idolatrous Greek divinity pantheon qualities would seem to be wrong.

[@siva47931]

He was a straight white man in America. Not sure he started at zero

[@katyedwards3935]

@@michaelleahy6848 It's a Disney movie.

[@andresvalencia3932]

apparently Dave Ramsey has never seen the recent reaction video from Ben Mallah 😂

[@fullbattlerattle2493]

Huge Mallah fan, definitely following in his footsteps.

[@michaelmilian4336]

Dave calling himself dumb idiot and moron for being naive at 23 and LOSING EVERYTHING is incredibly humbling and shows how you can come back from total failure

[@MRSketch09]

Now this was a practical talk that Dave gave. A lot of practical info. I like it. A "useful" rant.

[@joepfeiler5911]

We had a carpenter who was a big roller building spec houses like 30 years ago and one of my friends who was a carpenter said he was doing it on too small of a margin. When there was a slowdown in the economy, not a crash, he was done. He ended up selling about everything. My friend as gone on to be general contractor for some commercial projects in addition to residential work.

[@meglukes]

Flipping has gone nuts in Florida rentals. I’m seeing 1,000sqft shacks going for $2k/month because they’ve got new floors and kitchens. Of course they’re all asking for proof of 3x monthly salary and credit checks, so it will be interesting to see the rent delinquency rates down here over the next couple years

[@UncyPucky]

Problem is i dont know if the flippers are dumb or the buyers because the flippers are buying houses that are too expensive to begin with, then they put work into them which jacks their costs up, so for them to make the “profit” they think they should, they have to either break even or sell for an outrageous price whoch is why prices are very high on some “newly renovated” homes

[@thedailywatchchannel1263]

Thanks Dave! Respect!💪

[@johnwolf7073]

was that jet airplane comment about kevin ? haha xD

[@mattcollins4550]

Dave was doing great he just got unlucky when the bank was sold and all of his loans were called in overnight. That wasn't his fault. The only way to have prevented that was not to be leveraged to the hilt like he was.

[@ron2280]

That's the key. And there were about 200 other variables that could have taken him out when he was so leveraged. Leverage is risk and vulnerability. Do it when you're young so you have time to do it right later.

[@TheSid2355]

Hahaha I have a Jet airplane. Dave taking shots at Grant Cardummy! love it!

[@raphymartinez]

The failures don’t post on TikTok. So when you’re young and all you see if people in your age range being super successful online you think everyone is doing great except for you. But again.. those that fail don’t post TikToks about it.

[@ChicagoRealEstate411]

The open concept trend is here to stay, and it's a wise choice for modernizing a property.

[@BrandonIvan-c6e]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

[@lennoxmutterick6434]

Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks

[@BrandonIvan-c6e]

​@@lennoxmutterick6434However, if you do not have access to a professional like Clementina Abate Russo, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments.

[@lennoxmutterick6434]

@@BrandonIvan-c6e Oh please I’d love that. Thanks!

[@BrandonIvan-c6e]

@@lennoxmutterick6434 Clementina Abate Russo is her name

[@BrandonIvan-c6e]

Lookup with her name on the webpage.

[@kenmarcou]

Would you pay the depreciation recapture tax after selling a house in a really rural central MA location that you bought from your parents 19 years ago when you were 23 and then rented to them for 19 years? Or do a 1031 exchange into another condo or something in a more rental friendly and appreciating area further east. I’d save some money on the sale of the house by not having to pay depreciation recapture tax but still have to rent the new place out. And I would be renting a place to live too. 🤔🤔 Wondering if it’s better just make less amd pay the depreciation recapture and out it into a place to buy to live in myself.

[@flynnfranklin1887]

Good old days over!!! Making money 💰 🤑 💸

[@Molly-e1x]

Flips are super hard ...best thing is buy cash free and clear and only get a house with minor things fixer upper cosmetic and do it yourself. Otherwise better to work a high paying job

[@TheCrypticShadow]

So now that you've told tenants how they can use a chapter 13 to protect themselves, how about an explanation on the procedures to protect the landlord from getting screwed by a chapter 13 tenant?

[@TheCrypticShadow]

@@supershrpy It's truly shocking that anyone who even remotely follows Dave would make such a dumb-but statement ... News flash, even the most previously stable, on-paper-golden people run into rocky scenarios in their lives. Not all people who end up in a chapter 13 are just deadbeats. Stop the elitism and understand that life happens, and just because someone hits bottom, that doesn't automatically equate to them being a worthless piece of crap. Screening doesn't prevent that, and that wasn't my question.

[@High5748]

Chapter 13 bankruptcy usually lasts 3-5 years and you can always appeal the stay injunction. I Could be wrong but that's from a quick search on the subject. That last statement at the end of the video comes off as gaslighting and it really doesn't make sense. Otherwise if people are gaining the system that easily I don't think rental properties would still be a thing.

[@jimmymcgill6778]

He thinks everything beside the markets, are a get rich quick scheme.

[@benjaminday3868]

Your first deal should be a house you can move into and learn how to do some jobs yourself, and if you need a contractor, have them do small jobs at a time and don't tell them you're going to flip. Some contractors will take all your money.

[@jgehbinv]

Anyone on this thread who has flipped and/or is flipping houses - how do you get the funds to buy and rehab homes?

[@JasonGroom]

The thing that Dave never mentions is that people knew 90 day notes were stupid already in the mid 80s, which is why, unless you are a really well established real estate professional with tons of flip experience, banks won't even do it today. He did it then because it was cheap and easy, but it has very little in common with what a lot of people doing that he did will do today

[@acepaul407]

My uncle bought parking lot spaces in Manhattan years and years ago. Best investment he ever made. Super low maintenance and highly profitable.

[@EnterTainment-vv1qs]

Around what year did he buy?

[@timothymacdonnell9079]

There’s a guy on the radio who always says “I can make you rich.” “I’m so rich.” But you find out that it’s just an education program and you buy a “membership.” His name is Del Walmsley.

[@davidmilhouscarter8198]

5:38 It’s $2,571 compensating for inflation.

[@mariam6822]

I thought FORECLOSURE meat cheaper also...up until 10 minutes ago

[@ryanharra7511]

I swear I thought I saw Dave at Burger King today loll

[@Techreux]

Wow, and I'm just having trouble selling my own house through realtors! Any advice on how to stand my ground with a realtor that keeps wanting me to BOTH fix up the house.. AND reduce the price (we are priced right in the middle of the listings, BTW)?? I wish I had a BS meter for real estate agents.. like Dave does!

[@Lifeinthewoodsofmississippi]

The market is leveling out. Most likely the more money you put in the place the more you'll probably lose or break-even

[@sharonsmith7917]

I am a Realtor. Most Realtors are very truthful. Sellers often come into a discussion on selling their home knowing how much they want to sell their home for which may have nothing to do with what the home is actually worth. When a home is in disrepair buyers offer much much less.

[@dantenappi5655]

Dave, "If you can find a path with no obstacles, it probably doesn't lead anywhere"

[@OOCASHFLOW]

Would be great if you taught a real estate class then to switch things up a bit. I think we pretty much all have the stay out of debt thing down by now

[@oscarsaucedo1582]

Great video, everyone else makes it seem easy

[@CaribbeanHustla]

So he made lots of money initially with 90 day notes and that was working amazing until he started leveraging rental portfolios. Now he is anti-debt completely but at the beginning it was working fantastic for him so I think debt as long as you don’t use it the wrong way can be very lucrative. If he never bought those rental portfolios he would’ve never gone bankrupt… P.S.I’m a first generation immigrant apologies for my broken English grammar.

[@Elva_Calderon]

scared money makes no money, there will always be risks. Know your financial wealth, know what you are signing, do your research before paying and know what $$ you will loose and $$ you will make. Then make a decision.

[@SmarchitectMann]

"The idiots on Tic Tac" 😅😅😅

[@armandm.2166]

Did I miss something? He didn't explain how he lost those properties? He said some contractors bailed. But on one property. Did that happen to ALL his properties?

[@koltonbacon]

They saw his name. And was like this guy doesn’t know what he’s talking about

[@resaboutb.9566]

This was just a snippet of what he regularly lectures about. He was 100% financed, and the bank called on all his loans at once.

[@anthonydooley3616]

Buying and holding is the least risky real estate investment strategy. Flipping is very risky and not tax efficient.

[@jamalsmith5073]

Don't gamble with houses, invest and flip. Beautiful woman there .

[@confirmhandle]

PhD in DUMB. Funny Dave. He's the grandpa we all needed growing up.

[@jdb2722]

Copper are the good pipes they last 80 years.

[@nikbo40]

I agree with his get out of debt philosophy that helps a lot of people. Then he mentioned on his show one day that he thought Elizabeth Warren was a financial genius. Stopped listening to his show after that. Her crowd are the same people that give mortgages to ham sandwiches, student loan forgiveness, ad nauseam… playing his listeners for a bunch of suckers. Choose your lane DAVE!

[@c141bee]

One lesson, don't use a single financial institution for all that leverage

[@Mini_Fans-aa]

But if you have not tried your first home flip experience, would you have become a rich person now?

[@gregmijjares3725]

No doubt , about it , Greed is Toxic !

[@olivertaylor8788]

Have to agree,rental is dead.stay out of it.youll loose your shirt,then your shoes..The dam courts act like they own it and won't evict ..I sold mine 10 years ago ,best thing I ever did.

[@belindaresor.78]

They have made it more difficult for people to sell their homes for a fair market price! Not everyone wants a gray and white home inside, this should not be the default color scheme. Plus, not all people want the tubs to be torn out, especially if they have children. They have raised the price of all homes, and set an unrealistic expectation for buyers!!!

[@michaelbodine6142]

that Bullcrap meter , means Tic Tac not worth halfpense. and TGTBT.

[@lindsayclark4009]

He’s the og of HGTV house flippers 😅

[@ajalicea1091]

Tenants will not pay your mortgage no matter what anybody says. Dave Knowles and through experience just like him I know.

[@ellasoes8325]

I think it's phony they way Dave REPEATEDLY calls himself stupid for the things he did that failed. In 1983, he was 22-23. It's pretty darn IMPRESSIVE for someone so young to have such active drive, daring and even basic understanding of real estate and investment and then not only think and wish about it, but to act on it.

[@clairedaniels1877]

Listen again. He said in this video that he grew up in the real estate business. So he had a head start.

[@wolfalpha2862]

Whats Tik Tak? 😂

[@smilewitheddy]

Tik tok

[@JakeStewart1343]

Breath freshners spelled with a "C" Tic-tac

[@chasingsunsets87]

Thank you for calling out the wanabe flippers. It is so annoying.