“You’re in Such a Mess, I Don’t Even Know Where To Start”

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[@liveyourbestlife1878]

Never mix money with family!

[@mdaniels6311]

Boy oh boy so glad I learnt that before it became a situation like this. I just lost small amounts.

[@seaor2k122]

Amen!

[@daniella8400]

Yup! I stop allowing family to even borrow money

[@Polo22546]

EVER!!

[@kbanghart]

​@@daniella8400I allow it

[@cathy7824]

Can't pay his bills so he buys a bigger house

[@jimj2388]

this happens all the time

[@kokoskokso]

Oh boy, seems like one of those Ramsey videos that makes me grateful for my own situation.

[@ugabuga1361]

Basically dad and mom screwed their kid… bless their hearts. Parents probably not good with money so as to be expected

[@joelfenner9179]

That's most Ramsey videos

[@RoccoRyg]

That's pretty much the only reason I watch this show.

[@miketheyunggod2534]

You’re horrible.

[@lisahinkofer2085]

Amen right. Glad I’m where I’m at. What a mess this is.

[@diceportz7107]

We out grew our current house. Whaaaaat??I came from a large family, we slept multiple kids to a bed. We made it work because that was the house that my parents had.

[@vickieclark5931]

It's just a justification to spend more money and get a bigger house. Just like when people go into 80k debt for a brand new car. People justify their stupidity.

[@dudeorduuude5211]

Agreed. My husband and I live in a 1 bedroom condo, with a baby on the way. We don't have enough yet for a down-payment for a house. We will make it work.

[@mamamoney3746]

I have 9 kids and we built a 960 sq foot home in cash and lived there until we sold and used the sale to buy double the sq foot - 969 was tight but not horrible. They didn’t need the space that’s an excuse !

[@aanfimova]

Don’t be! Sometimes you learn way more hearing what’s NOT to do 😉

[@Josh-lp2ng]

@@mamamoney374611 people in under 1000 square feet sounds pretty uncomfortable to me!

[@pegzpat]

Dave is absolutely right when he says theres nothing wrong with renting when you cant afford a house.

[@Elizabeth_lowkeyluxuries]

Anytime a parent comes to you with a "deal", have a talk with an attorney before you do anything.

[@ryanyoung9202]

🤣🤣🤣🤣

[@noahsgarden7072]

Ashamed to admit this is my favorite type of ramsey content

[@KB-sg7tv]

I learn the most from these types of situations

[@PInk77W1]

Train Wreck

[@danlc95]

Hey, you like what you like.

[@nailatiylluf]

It might sound silly but hearing this stuff over and over scared me into realizing you have to assume things will go sideways and it’s not your fault if someone else didn’t prepare for it.

[@robertthompson5908]

Same here.

[@cutehumor]

The parents are using their son for their retirement income. reverse screw

[@jimmymcgill6778]

How did they screw him?

[@SpicyKimchi-]

They haven’t gotten a dime from him and they “sold it” below market value

[@cutehumor]

@@SpicyKimchi- relisten to the phone call, he doesn't "own" the home. The home is still in his parent's name. He is renting the home from the parents. All this 'home equity" stuff hasn't happened yet. The reverse screw: The parents are getting their son to pay off their mortgage. The parents probably know the son's income is not high enough to qualify for a home loan.

[@TitoMolina604]

​@@cutehumorson could've said no.

[@garykeith1048]

@@TitoMolina604 The son sounds like a clueless idiot. He doesn't seem to realize you don't own a car or a house unless your name is on the title. He doesn't seem to know the basics of buying a house or financing a house. I real sorry for his wife marrying such a clueless financial illiterate.

[@wildfire4175]

I refuse to be house poor. I'll live in an RV before I go broke for a house

[@victorkreitner754]

Even worse striking deals with family members. A sure way to be hearing about it 24/7 when something goes wrong. I want to strike out and learn on my own with no family involved. My old man always told me no free lunches in the world, well there's no free lunches when it comes to family wheeling and dealing. It always ends in a disaster and with someone getting hurt.

[@crowtservo]

My uncle has a friend whose wife kicked him out. He took his RV to my uncle’s house and pays him $200 a month for “rent”. Has his RV hooked up to my uncle’s electricity and water/sewer.

[@davidmercado2329]

I also refused to that after hearing horror histories in Dave Ramsey show and also listening to Warren buffets talk about the margin of safety concept

[@tonytoni1150]

@@crowtservo that’s crazy 😂 That electric bill is gonna be thru the roof lol

[@parler8698]

Same

[@robloxvids2233]

The son is basically a reverse mortgage company now. But with no legal recourse. Ridiculous. People please don't "help your parents out" by buying their home from them. Tell them to put it on the open market and get the best deal. And you live wherever the FLIP you want. I don't trust your parents.

[@thomasdalton1508]

They should have legal recourse, just secondary to the bank that has the mortgage. If the parents don't have any other assets, they might be judgment proof after the house is foreclosed on, though.

[@tywebbgolfenthusiast8950]

I bought my parents house. Paid appraised value for 5 acres of land with a house my dad built himself. We’ve been here for 17 years and couldn’t be happier.

[@SpicyKimchi-]

What makes you think he’s helping his parents out by buying below market value, especially he said he needed a bigger home since he outgrew his?

[@mikemcconeghy4658]

If your name is not on the loan, then you can't call the mortgage company to ask about it.

[@theresa5158]

Also if one of the parents ends up in a nursing home… they’ll take the house.

[@ronaldlindeman6136]

Or, the kids (adult children) will be encouraged to help the parents for as long as they can.

[@kbanghart]

​@@ronaldlindeman6136what's wrong with helping?

[@kbanghart]

Who will take the house?

[@theresa5158]

@@kbanghart Medicaid reimbursement lien A Medicaid lien on a home must eventually be satisfied. Typically, a Medicaid lien is placed on real property when an individual is receiving benefits through the Medicaid program during his or her lifetime and still owns a primary residence. Even when the home is exempt, it can become subject to a lien when the Medicaid recipient passes away.

[@enricopallazzo3244]

Dave is being overly dramatic here. If they just get like 4-6 roommates they will be fine.

[@DoctorSmartyPants]

Dave, the 90k left on the mortgage does not tell you what the mortgage payment is. You were thinking 90k re-amortized. The mortgage payment could easily be 2k and that is what they are asking in rent to own.

[@nightreader1264]

Property taxes are brutal in Texas!

[@llcross04]

Yep, I deal with it every year!

[@Whiskerman]

People need to work on their self worth and insecurities. Buying these house when you know you can’t afford is solely because they have bruised ego and insecurity.

[@colbyallen5750]

Also “family” so it “will just work out.” As someone who did a hard money deal on a house with parents that fell through, it doesn’t always work.

[@garykeith1048]

The guy is not even close to buying the house. He needs to get his vocabulary and thought processes in line with reality. He seems to be totally clueless about real estate and financing a home purchase. He needs to disengage from his parents, act like a grown man, and buy a house from an outsider. This nonsense of depending on the parents to purchase a home needs to go.

[@SteveC484]

“We outgrew that house” 🤣

[@PInk77W1]

Me grew up in a 1200sq ft home With 2 parents and 8 kids

[@debruntz4196]

We moved into a house just under 1000 sq ft with six kids, my mom and dad, and my grandparents. And then my youngest brother was born.

[@choicemeatrandy6572]

1st world problems

[@kbanghart]

​@@debruntz4196I'm sorry

[@kbanghart]

​@@choicemeatrandy6572 not sure that fits. How many single family homes in America have so many people residing?

[@TitaAnderson]

I have been a dividend focused investor for a long time. This does not mean I don't own growth stocks, I do. A well rounded portfolio should be a mixture of both categories. One way to minimize the anxiety out of stock market investing, is to make sure you keep a large cash cushion. I invest in the market, but never put all my money in market.

[@softy-bf5eg]

Dividends are dope. Personally, I sometimes use my dividends to buy other dividend and growth stocks for diversification instead of reinvesting in the same stock. To each their own methods though. The good thing is that you’re investing in the first place and that’s what’s important. Salute for the content!

[@marlisamirabal]

A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.

[@Manselus]

That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this coach?

[@marlisamirabal]

Angela Lynn Shilling is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@Manselus]

Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.

[@JhamEntertainment]

People are in such a frenzy to buy a house, they will do anything to technically “own” one right now.

[@TimGreen-co3vp]

and truthfully, you never own it until it is paid off. Just like your fancy car, motorcycle, boat, etc.

[@FreeAgent797]

Even if its paid off, you never truly own it. You still have to pay property taxes, or they'll rip that property right from under you.

[@garykeith1048]

You either own it with the deed in your name or you don't. Basic real estate 101.

[@TimGreen-co3vp]

@@FreeAgent797 Well that is true. However, I think it is easier to pay taxes when you do not owe any money on it.

[@robertthompson5908]

1) should have gotten out of debt before trying to upgrade their house. 2) shouldn’t have tried to buy a house they couldn’t afford 3) shouldn’t have gotten into a deal with their relatives.

[@Poooridge123]

Bro said he made 75k a year and his take home is 72k? The IRS has questions

[@BearsRule777]

I'm confused as well. The caller has no idea what "take home" pay is.

[@justinschexnayder8485]

Prob just paying state tax

[@eguevara4803]

@@justinschexnayder8485Texas has no State tax

[@will1079]

“Outgrowing” a house is bullspit.

[@susanawoloson1105]

I wanted to say the same thing. I grew up in a two-bedroom bungalow in Detroit with nine people in it. Granted one by one kids left home or went off to college but... Each child does not need his own bedroom and probably television and such I'm just guessing. This Guy's in a bad situation

[@pingupenguin2474]

A requirement of adopting in the uk is that each child must have their own bedroom. We had a 2 bedroom house SO - kid 1 got the spare bedroom- kid 2 - we converted the attic into another bedroom, kid 3 ( my elderly father !!) - we built yet another bedroom above the garage ! As the ad said, "you can do it if you B and Q it" ( or your own country's choice of diy store) ! The mortgage did grow a bit, and we did need a builder at times, but the house increased in value much more, and no way would we have been able to afford to buy an already built 4 bedroom house.

[@KS-cl8br]

​@@susanawoloson1105yeah but your extreme is revolting 9 people so 2 in one bedroom and 6 to 7 in another ... that doesn't allow any personal space

[@nailatiylluf]

It sounds like they outgrew that house and you lived in poverty….

[@will1079]

@@nailatiylluf it sounds like they just wanted a bigger house.

[@DudeDude491]

John would have asked if the callers Parents are safe

[@Times397]

💯

[@Steve-lk1eb]

Lmao

[@bryandelcid4065]

“Dude, I know ya’ll made a mess out of this but are your parents safe right now?”

[@DudeDude491]

@@bryandelcid4065 Lol

[@Times397]

@@bryandelcid4065 “it’s important you get them in touch with a good pastor, uncle, cousin, or a true friend who can walk with them through this…”

[@matthewmchenry9331]

Missed opportunity to find out how many cars these people dont own.

[@Coffee4commonsense]

I’m wondering if the parents have a reverse mortgage on this house and didn’t bother telling their daughter and son-in-law this.

[@garys.1415]

Correct me if I’m wrong but the original loan was for 300k+. The parents are locked in at whatever that payment is. So, the mortgage payment could be $2k and the majority of it is going to equity on the $90k remaining.

[@kendrapratt2098]

Dude can’t even explain what kinda situation they have going on here 😆 1:46 Dave’s face cracked me up 😆

[@TheSecondWitness]

Exactly. It's like pulling teeth getting information out of this guy. He just babbles on and on, is super unclear, and I don't think he even knows what he's saying.

[@robertjetski8736]

What about 3:15 when Dave learns how much savings they got?😣

[@garykeith1048]

@@TheSecondWitness I feel sorry for his wife marrying this jerk.

[@user-ob1oi7kn2w]

Git on da rice n beans yall 😮

[@evans4751]

Renting a property would be cheaper for this couple.

[@bryandelcid4065]

Parents taking advantage of the housing situation and decided to make profit off their kid. Sad. He should’ve stuck with his previous house and said “no thank you, go hustle someone else.”

[@UsernameUnkwn21]

Just bc he is their kid they should take a bath and have nothing to retire on?? He said he needed a bigger home , they are selling him their bigger home below market, he could have stayed in his little house and built on

[@SpicyKimchi-]

I actually think asked his parents to do that since he said his family outgrew the old house and didn’t have enough money for a bigger one, so they sold it to him below market value.

[@jimroscovius]

​@@UsernameUnkwn21No, they aren't selling it to him. If they were, his name would be on the mortgage. They're just renting it to him. Bad deal all around.

[@GAFB1122]

Rule of thumb... if you cannot easily explain it to a layman then stop what your doing, take a step back and consider other options. The more complicated and creative it is tells me you most likely can't afford it anyway.

[@getinthespace7715]

Exactly. If the deal takes more than 10 seconds to explain something is wrong. Step back, turn around, walk away.

[@kennedyjefferson]

Thats an excellent rule of thumb. I'm gonna use that. Thanks!

[@mike112079]

Haha Awesome!! 🙌🏾🙌🏾. Most of it is them trying to word/phrase it better so it doesn’t sound dumb!

[@PoyTroy]

I like this, if you can explain it to a 4yr old in 5 seconds. Then it’s not so simple

[@Shun_Lovette]

USDA offers $0 down payment mortgages. There’s also programs to help w/ down payment assistance. Find a builder who pays closing costs as well.

[@Lon1001]

It's not necessarily a bad deal for any of the parties involved, it's just that the paperwork is totally lacking and jeopardizes the caller's financial future. Probably should have used lawyers to structure the transfer of ownership and payments to satisfy all the interests on this property.

[@rudolphteperberry3888]

Just "rent" from the parents until the mortgage is paid off then they "give" it to you and you give them asking price minus £90k in monthly installments. Verbal agreement!

[@littlevuggey7821]

6 jobs? I am working 3 jobs and barely have any sleep, life, or cook. And I'm struggling like heck.

[@marcenelj]

$2k mortgage payment on a $6k monthly take-home pay income is not bad at all these days.. what in the world is Dave thinking? Is he aware of what's been going on in the housing market lately?

[@joesmith3590]

The thing is it may be tough at first but the kids can go to school and the wife can then work. Now you can afford it. If they wait until the kids are grown they are unlikely able to afford it. They can pick up 1-2k extra work until the kids are grown also.

[@aorg9793]

The average USA single detached home is $397K. Using Ramsey's 25% over 15 years rule, a household would need to be grossing at least $130K a year for the average single detached home. The percentile for those USA households making at least $130K a year is the 75th percentile. So, according to Ramsey logic, only a quarter of US households can afford the average house.

[@Tashas_Travels]

Not when you have 2 kids who need food, clothes, shoes that get smaller every few months and every year and a wife who doesn't work.

[@dobia4486]

They're fine, it doesn't cost $4k a month to feed 3 people when you don't have to pay a babysitter

[@marcenelj]

@Tashas_Travels the wife who doesn't is maybe a plus.. Day care cost is averaging 2k a month.. unless the wife can go to work and net 4k a month.. enough to cover daycare and some leftover.

[@codyp8728]

The mortgage payment is based off the original loan amount. 90k left from whatever the OG loan was.

[@JustinCase780]

Caller: Need your advice. Show: You're an idiot that has screwed up everything. Audiance: Yeaa!...I feel better about me!!!

[@cesaravegah3787]

Well, yes, the callers however get valuable advice and sometimes they actually start the process of improving their lives so Is not entirely a "Jerry Springfield" kind of show.

[@wittenberg5]

LOL! That's the gig in a nutshell!

[@Whiskerman]

With their income they can’t afford that mortgage. How is it hard to figure it out? It’s simple math

[@scotttracy9333]

They needed a bigger house and thought this would be a good way to clear their debt and get a house on the cheap, paying $2k a month while bringing in $6k a month Sounds good in theory doesn't it ?

[@getinthespace7715]

​@scotttracy9333 , I think the parents talked them into this... The guy sounded like he just walked blindly into this "deal" the parents setup. My guess is they bought a new place and this one sat on the market and wouldn't sell, or they just figured it would be easier to offload it on the kids.

[@scotttracy9333]

@@getinthespace7715 Yes. The bigger question is, where will the parents live ? If they continue living there, then the parents now have someone to pay their mortgage. That's a good deal for them

[@adamseidel9780]

They absolutely can afford the mortgage, this is very reasonable and a good deal

[@jimmymcgill6778]

Simple math, they can afford it. More then likely, it's the same payment as their old house.

[@sjaykay9884]

$72,000 a year and the wife stays at home? He doesn’t make enough for that lifestyle. Let’s start there. So no wonder they were able to be tricked into taking that mortgage on. They already live in delusion

[@eriks442]

That's about my salary. My wife stays home with my two boys in So California. $360K mortgage, no car payments, paying down debt, high cost of living and we live quite comfortably. It's all about management.

[@eriks442]

​@@sarahjaynescott545 I didn't force the stay-at-home life on her either. We planned it together long before kids came. That doesn't work for everyone but for us, we feel it's best for our kids. I didn't want my children being raised at a day-care center. With budgets, please don't simply blame the man. It's not a husbands job to do alone. Both partners need to be involved regardless of who the breadwinner is. If the wife isn't an active participant in managing finances then she can't blame the husband when thing go bad.

[@reviewsbygen5591]

We live off $70k as a family of 6 and I also am a sahm. It makes no financial sense for me to work when daycare is $1000 more than what I would be making as a teacher. My husband makes $130k but we live off $70k of it. It’s definitely possible but people need to have their priorities right and don’t be afraid of making kids share a room. With me being home with the kids, it gives me time to meal plan, find free/cheap things to do on the weekend, cook daily, clean the home, budget for everything else, etc.

[@cnh7262]

@@eriks442is too! We make it work , well worth it.

[@TheSonyExperience]

@@sarahjaynescott545whaaaaat

[@victorkreitner754]

The look on Ramseys face at 3:15 said it all. If it's too good to be true, especially within the family it usually is. I'd rather be dirt poor than doing financial business with family members. It always ends up slapping you in the face, and creates a friction within relations. Learn to handles your own stuff and keep family out of your affairs.

[@dudeorduuude5211]

They could have waited until they were out of debt. And yes, should have stayed in their house because they can afford it. Too late.

[@Lil-Whiskies]

I don't think they are the kind of people who will ever be out of debt.

[@user-tt9cg2le1s]

They should cut their losses and go rent something cheaper until they raise enough money for another mortgage. The parents can sell their home to someone else

[@JasonGroom]

It's a $2000 payment because the payment is based on the price they bought it for, not what is left to pay. It was probably a 250,000 dollar mortgage.

[@steve2474]

Dave's expression at 3:15 says it all.

[@gayle2276]

They're making payments on a $300,000 plus house. Parents owe just $90,000 and probably just paid approximately $150,000 plus for the house. Parents could rent it to them, still make a profit and they'd be paying a comfortable amount for rent.

[@jenniferlaughlin9600]

Mom and Dad can give a gift of equity which will cover the Down Payment and closing costs.

[@raymondmadowo9424]

Hi Dave. I discovered your channel a few days ago, and boy, have I been helped. The five-step process just opened my eyes. I'm from Nairobi Kenya. I need your every dollar app, but it's not available here. How can I access it coz I really need to straighten out my debt situation. Many thanks for the great work that you and your team are doing.

[@versiec]

The parents can gift a portion of their equity to them to purchase the home and they can use that towards their down payment and closing costs It’s called “gift of equity”

[@lisecarolina]

Parents should just pay off their mortgage and then provide a private mortgage to the son. So the son pays the parents but can have the house under his name. The problem with this scenario is that the parents are skipping the step of paying off their mortgage first.

[@DoctorSmartyPants]

You're assuming parents have cash laying around to pay off the house.

[@Bonsai-Miata2020]

And we out grew our 2 year old SUV and we needed a full size new Suburban so while I watch the kids and wife can drive to yoga lol

[@darthenx2585]

I mean he can just talk to his parents and renegotiate and tell them he just cant afford it. Try and come to a rental peuce agreement or else go rent a small apartment till your out of debt.

[@robertjetski8736]

Maybe they, the parents, could remorgage for a longer period?

[@lorecarabailey935]

Yes

[@jerryfarmer5989]

Man oh man. They owe 6 figures and parents owe a 5 figure. Them making money and what a mess. I owe around $5,000.00 on credit cards and thought I had it bad.

[@Comeoffitman]

I bought a house for 12,000 buckaroos in 1977 and sold it and bought a house for 24,000 in 1980 than built a garage with a apartment above it and moved my mom’s brother in and she said she shouldn’t have to make her brother replace the hot water heater because he’s family. What do you suggest?

[@iracohen3864]

The chances of getting approved to take on the old mortgage are nil. Pull out of the house, go rent a smaller home or apt for a couple of years, pay off your debt, then start building up a new down payment...and don't keep looking for a big house you can't afford...The old "growing out of a house" often means you saw a big house you liked and justified the expense that you really couldn't afford. But you were foolish to sell your old house considering your 60K debt... It's not hopeless, you just have to reimagine your dream of home ownership

[@daveavemian5940]

Good ole dave ramsey giving nonsensical advice. 2k mortgage in todays market is very reasonable. Mortgages that are 25% of take home pay DON'T EXIST. Why won't someone call Dave out on this?

[@stephaniem4565]

This is so true

[@romeoj30]

Unfortunately, with Biden and congress spending and covid etc. the average is moving closer to 50% when you exclude family help, life insurance, gifts etc. So much salary is getting eaten up by just about everything else that is a monthly bill. These days it cost money just waking up.

[@oshkoshbegone]

What the heck... it's not that bad. Parents should pay off the house and sign the title over to child with a vendor financing agreement. They don't need a down payment unless the parents want one. This is done all the time without realtors or banks. Typically just a real estate lawyer completes the agreement.

[@alinatamashevich3354]

When the parents OWN it, they can. There is a lien holder who owns it now

[@0_1_2]

Thumbs up if you only watch videos with Dave in them and not the other clowns.

[@TdcThompson]

Relax

[@Kaktus965]

@@TdcThompson Nope, he’s right

[@Neoquaker1]

I like Ken Coleman. His daughter Rachel is ok but it's obvious nepotism.

[@Kaktus965]

@@Neoquaker1 She hot tho

[@thinkforyourself9334]

​@@Kaktus965 No she's not.

[@firegirljen]

Actually, there are some loans that are no money down like a USDA loan

[@exceedinglyaverage1179]

The best kind of Ramsey videos!

[@bkhoops9113]

He can buy the property subject to the existing mortgage .

[@chadmcelhaney4006]

Sometimes direct family members are exceptions to due on sale depending on bank, why not suggest to call them and ask ?

[@catherinewilke5583]

I usually agree with DR but Jade is the voice of reason here. Yes it’s a mess. This caller should move out and rent an apartment. Let the parents pay their own house. Work the baby steps from an apartment. DR is trying to make them stay committed to the bad decision. I say reverse it. I made the mistake of buying the family home from my mom for market value. She said she would come back and help clean it out. News flash, she didn’t. I really couldn’t afford it, so I ended up selling at a loss and having to clean the home. Never gain. Mom laughed all the way to the bank.

[@Kaktus965]

She was just nurturing you in her own way 😊

[@drmumble5287]

How about negotiating with parents to put house in trust ? Sorry if this is stupid question

[@s5101984]

If he had the money he could "outgrow" the house anytime he wants but he DOESN'T!

[@brooklynzoo81]

When you're in a hole, you keep on digging! Grab a few credit cards and have another kid 😅

[@BrianWaller-qe7gr]

Don’t forget to buy a bigger car for the growing family

[@FortuneSeek3rz]

They have nowhere to go to pay off the 30k. Wife doesn't work, two kids, energy bill just went up trying to heat and cool the bigger home. Dude needs a raise very soon.

[@andidede3653]

He needs a wake up to reality moment before a raise.

[@crowtservo]

I’m 1 minute in, yeah what a mess.

[@mrskitty7929]

Parents can add him to title with a deed of gift

[@laserwizard2]

Dave doss not mince words. He deals in Realville

[@CJ2023Incognito]

3:03 I heard the exactly what Dave initially heard about the 60 & 30k. Lol

[@arh1234]

Jade - looking fabulous today! Kudos on the styling Also of course I appreciate your insights😁

[@buffett1000]

Just buy a tent and save.

[@johndone8045]

2k mortgage is not a lot AT ALL

[@Nicolllld]

Depends on a lot of variables

[@despairasite]

It is a lot when the household income is $72k. Mortgage payments taking 1/3 of income is not a good situation.

[@aorg9793]

Yeah, $2000 a month out of $6000 total a month is fine. Dave's 25% rule is oblivious to the actual world of property ownership.

[@DatBoiLui]

It's a lot for me, I'm in Houston and mine is $824 for a 2 bedroom 2 bathroom townhouse

[@raymondmiller2538]

He has 2 kids and a wife 2 support so 2000 is a lot

[@marys.fanara8078]

His parents did that to him. Be hard on them!

[@deborahmaehs7604]

I could be wrong but based on his income, I don’t think he would qualify for a mortgage on a $300,000 house unless the wife got a job and they both get second jobs. Dave has made many valid points here, some I hadn’t even considered. I think Jade’s idea about renting is probably the only option for the short term until they can increase their income.

[@Jaybird-be1tt]

If you can't afford to gift your children a home. I say don't sale it to them. Looks like wife needs to get an online job.

[@3rddegreeburns494]

Everyone is missing the point. He got to post all those pictures on Facebook, showing his new big house & how he's living the dream. That's worth going into bankruptcy...right? SMH.

[@26Bluegb]

So he is paying off their house plus some (because the mortgage is below assessed) and he and his family have nothing. Always talk to a real estate lawyer!

[@bowilliams8403]

Meanwhile I’m paying 2K for a 1 bedroom apartment 🙃

[@WachoDude]

Mortgage companies DO give 100% loans I can prove it I did one myself. So when Dave says they DONT and yet they do he’s wrong. Oh and before I get attacked I went with a credit union and there’s no PMI.

[@r.rodriguez4991]

If the house is worth more than they're asking which is more than the balance why wouldn't the mortgage company approve a zero down loan against a house that is significantly more valuable than the loan amount? That way he gets the money to pay his parents, they get their payout and can pay off the balance, and he gets the house with his own mortgage and the bank gets a great deal on the house if everything goes belly up.

[@Jennifer-oy4ws]

*Amazing video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires*

[@VictoriaChinnis]

Waking up every 14th of each month to $210,000 it’s a blessing to I and my family… Big gratitude to Andrew Stella 🙌

[@MessiSpencer]

Hello , I am very interested. As you know, there are tons of investments out there and without solid knowledge, I can't decide what is best. Can you explain further how you invest and earn?

[@Lizamariagriffin]

Same, I operate a wide- range of Investments with help from My Financial Adviser. My advice is to get a professional who will help you, plan and enhance your management skills. For the record, working with Andrew Louis Stella, has been an amazing experience.

[@NoelazEsteban]

Hello how do you make such monthly?? I'm a born Christian and sometimes I feel so down 🤦‍♀️of myself because of low finance but I still believe in God

[@lorijackson1467]

I'm favoured, $90K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America,, all thanks to Ms Louis Stella 😊🎉

[@chriswander3537]

Wrong. He can did an assumption since he is a blood relative with the mortgage company and essentially take over the existing loan same rate/same term length. He would still have to qualify but no DP required. Great opportunity especially if the parents have a low interest rate. Probably have to take out a personal loan or continued payment plan to your parents.

[@jimmymcgill6778]

What does paying 2k have to do with them owing 90k on the house? They did not sell it to them for 90k.

[@alinatamashevich3354]

Pay attention

[@jimmymcgill6778]

@@alinatamashevich3354 WHAT?

[@zacharyfair6738]

Am I the only one going to comment about how hot she looks with that hair?????????????

[@macpduff2119]

If the parents still have a mortgage they aren't free to sell their house because they don't own it.

[@Whiskerman]

Ugh finaly someone said it

[@ellenc.1685]

Most people who sell their houses have existing mortgages so this statement doesn't make sense.

[@New-bw4kz]

Not true LOL they can still sell

[@cecilia2001]

Yes they can! They simply need to pay the remaining mortgage amount to the bank with the proceeds

[@linuxsurfer2002]

They can still sell, but they have to pay off the mortgage when they sell it.

[@elhugeo]

Total disaster. This guy could’ve kept his 30k in equity. Filed bankruptcy for the 60k since he only makes like 60k a yr😂😂😂 then never rack up even 1,000 bucks of debt. Ever

[@ericolens3]

what even is wrong with renting from your parents? especially if you did i right. here's a few hypotheticals 1) its your childhood family home a) your parents want to retire and downsize b) you're either the only heir OR want to buy your birthright from other siblings. (i mean you pay, you own) c) your folks need less overhead or an income stream idk, if you rent from them freeing up their money and when they eventually pass its your property anyways. only thing that I'd see as a problem from renting from a parent is taxes, but even then its called a step up in basis which would mean the property is NOT appreciated with capital gains taxes but rather the new owner/heir has the CURRENT appraisal value. (so that if you sold it, theres no Cap Gain Tax)

[@evanwrenn402]

I don’t understand what the plan is? How are they going to pay the parents for the house? Monthly after the mortgage is paid?

[@joshw7415]

0% chance he can afford a $340K mortgage or even a $268K mortgage on a $72k income. Not happening with today’s interest rates.

[@queen.kristal8395]

Parents are ridiculous why didn’t they just gift him the house and transfer the mortgage ?if it’s only $90k he could have easily paid that off parents care more about money than the child .

[@xsgtxbigboy1655]

Ur one entitled person lmao lose 250k in equity? Not everyone has 5 mil to retire on they shouldn’t have to lose 250k

[@queen.kristal8395]

@@xsgtxbigboy1655 well sell it to someone else then

[@thomasdalton1508]

They care about money because they need money. They need a roof over their heads and food on their table, just like everyone else. I'm guessing this house is pretty much their only asset. They can't just give it away.

[@queen.kristal8395]

@@thomasdalton1508 well just sell it to someone else then don’t screw your son over

[@thomasdalton1508]

@@queen.kristal8395 They're not screwing him over. They've sold the house to him at below market value and are providing him with financing with no down payment that he probably couldn't get from a bank. I don't know what interest they are charging, but $2,000 a month on a $340,000 suggests it isn't very high. And they'll probably be much more forgiving than the bank if he misses a payment. They are giving him a great deal. They just need to speak to a lawyer if they haven't already and get the title sorted out. They need to get a secondary charge over the property so no-one other than the bank that already has a charge can get it before them.

[@michaelduke4500]

It amazes me how people can get into this type of a mess. But hey, common sense isn't as common now.

[@lefromthecity]

Smh his take home after retirement savings and healthcare is 72k….even though he said he makes 75k? No way , thats not 6k a month at all.

[@autumnjerene]

How do you figure that? $6k X 12 months = $72k

[@nawson]

I don't think he understood what the term, "take home pay," actually means. That, or, he sensed the badger coming after him and went into defense mode.

[@JoeyNYSDnomad]

Buying things you can't afford. Pressured by parents that are not economically sound.

[@tjr4459]

The wife needs to find a job asap. That income is not for stay at home parenting!

[@ldav2006]

BIG MISTAKE. MOMMY AND DADDY CAN'T BAIL YOU OUT.

[@ibarix]

i just hate the "uhm" people. that signals that their brain is not functioning at a reasonable speed.