Do Not Sacrifice Your Retirement To Send Junior Off to College (Hour 2)
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Live from the headquarters of Ramsey Solutions, this is the Ramsey Show, where we help you win in your financial life, your professional life, and your relational life. I'm Ken Coleman. George Campbell is my co-host. He is my colleague, Ramsey's personality. The number to jump in is 888-825-5225, 888-825-5225. I'll warn you, George and I like to have fun. So, you know, we might just laugh a little bit with you. We may laugh at you.
We may laugh at each other, which, by the way... We like to laugh at each other. Don't take it personally. Can people get offended? They go, wow, Ken and George are really... There's some beef there. They say this? There's no beef. They don't say that. No, no one's ever said that. No, because there's no beef. They'll make stuff up. There's no beef. We like hanging out. This is basically vegan. That's how little beef there is on the show.
See, you had to go ruin it. I was really liking the direction we were going. But no, we had dinner together. The Coleman's and the Camels.
That's true. It was a great time. Stacey is incredible, and I know you're a big fan of Whitney, my wife.
I thought you were saying Stacy's incredible, you're not so much. You were there, too. I was there. Stacy is incredible, and I was just there. But it was George's favorite restaurant. And I've got to tell you, folks, trust George when he makes a food recommendation. When I make any recommendation. I don't make them lightly. I don't know about everything. But it was a great restaurant. Leslie joins us as we start this hour off in Yuma, Arizona. I like saying that word. I'm not going to lie to you. Leslie, how can we help?
Hello, Dave. Thank you for taking my call. We want to build a four-unit apartment complex. And with the current market and the prices for these things have been getting up and down, we just don't know if it's a good time for us to build right now or if we should wait.
So why do you want to build a fourplex?
Well, we already own... um a small commercial building that's being rented in a little smaller town and um it has some land on the back and we see it as an opportunity to build there we already have the floor plans we paid around eighteen thousand dollars and we just don't know whether we should wait or okay so is this is this strictly an investment property or do you plan on living there No, no. We already have a house.
Is it paid off? Do you have a mortgage on it?
Yes. We currently owe like $310,000 for the house and then for the commercial building, which is currently being rented, we owe $97,000. Okay. And then we owe $25,000 for a car.
Okay. What's this fourplex going to cost?
Around $360,000.
And how much are you going to put down on that?
They're telling us that they need around 25% equity, but they can, since it's in the same property, they'll do like one loan, they'll take into account their equity.
Okay. Well, Leslie, I got to tell you, to me, this plan sounds like a nightmare. Because you're sitting here with hundreds of thousands of dollars in debt and then planning on going hundreds of thousands more in debt with nothing down, with multiple mortgage payments to pay, with car loan debt. So, I mean, if you're following the Ramsey plan, we're going to pay cash for any investment properties and we're going to do that once our current home is paid for. And so we're not in the business of nothing down real estate. And we want to do it the smart way. And if you've heard Dave Ramsey's story, you'll know that he's done dumb with some zeros on the end and went bankrupt because he got a little fancy with his real estate deals.
And that's what I'm worried for you guys is putting yourself in a financial bind, going further into debt with this fourplex. Because you're talking, you're going to be close to a million dollars in debt by the end of this.
Yes. Well, we both make over $200,000 and we don't know anything other than the house. The house is worth around $500,000.
So everything you just heard George said bounced right off of you because you think, well, we make over $200,000.
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