Do You Want To Be King of the AirBnB or Have a Peaceful Life? (Hour 1)
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What is the main topic discussed in this episode?
Live from the headquarters of Ramsey Solutions, broadcasting from the pods, moving and storage studios. It's the Ramsey Show, where we help people build wealth, do work. that they love and create actual, real, amazing relationships. The phone number here is 888-825-5225. Number one best-selling author, Ramsey personality, and host of The Ken Coleman Show is my co-host today, which means we've got the career expert, jobs expert in the house. We'll be talking about that with you as we go throughout the show today. Thanks for joining us again. 888-825-5225.
What should I consider when keeping or selling rental property?
Tony starts this hour in Detroit. Hey, Tony, what's up? Hey, how you doing? Better than I deserve, man. How can I help?
Good deal. I have a quick question for you. I have a number of rentals. One of the rentals has a mortgage on it, and me and my wife can't agree on if we should keep it or sell it. I would like to sell it. She would like to keep it.
Okay. The other rentals don't have a mortgage?
Correct. Correct.
Okay, so this is the only debt you have. How about your personal residence?
Personal residence has a mortgage as well.
Okay. Do you have any other debt?
Yeah, I guess I do have a truck that has a loan on it.
So why are you wanting to sell this property?
Is using a Robo or A.I. investor a good idea?
So I'm in my job, and I just don't want to focus on... the ups and downs of rental. This one right now is an Airbnb and, um, yeah, I just, I'm over the, I'm overthinking about it.
So the hassle. Correct. And she doesn't want to sell it. Why?
She doesn't want to sell it because it does, it would make a decent amount of money if we could pay it off quickly. It would, you know, I bring in about $20,000.
Well, that's assuming she continues to have free labor from you.
That's very true.
If we have to hire a management firm to run this freaking nightmare called an Airbnb, then suddenly your margins are going to go to squat.
Yeah, well, the margin would still be about $20,000 a year. We can rent it for about $3,000 a month and then less insurance and taxes.
What are the best options for financing flight school?
I just said you had to hire somebody else to manage it. Yeah. Yeah. If you keep it, you have to do that because you're done. Correct. Yeah.
How much do you make on it if you sell it?
We would make about, well, we'd profit about $100.
Well, I think the core issue is that you guys are not on the same page on where you want to end up. If you decide on where we want to end up, where do we want to be in five years? Do we want to be king and queen of the Airbnbs and being dead on my truck and being dead on our house and be spending too much time on this? Is this what we want our life to be five years from now? If it is, then you probably should keep it. But if you have a different set of, if you agree on a different set of targets that you're going after, I want to be debt-free, get my stupid truck paid off, pay off our house, and I'm going to get out of the Airbnb hassle business and have a calm, peaceful life again. If that's your goal, then obviously you'd sell it.
Should I invest in the S&P 500 or put my money in savings?
So, you know, if you were working the Ramsey plan, you'd sell it. but you're not working the Ramsey plan. You're just arguing with your wife about whether to sell a rental. You're just, you know, that's all that's going on. So, you know, you're just doing whatever the flip you want to do. And y'all are arguing about this one thing. So, but that, but the reason you're having this disagreement is you're not in agreement on your long-term goals. And when you get in an agreement on your strategic long-term goals, then the tactical miscellaneous steps to get there will fall right in line. And you'll be agreement on those.
Yeah, and I think you make a very good point about the long-term goals. I'm not sure that they're both truly looking at long-term. They're not. They're looking at just this one thing. Yeah, she's like, well, they have other rentals, and they're not thinking about, well, if we sell the house, we make $100, we pay off the truck, we've got these other properties that are cash-flowing. They've got to think 20, 30 years down the line.
Is debt consolidation a smart financial move?
I think that's the great advice you're giving there.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:27–1:08
2
What should I consider when keeping or selling rental property?
1:08–1:57
3
Is using a Robo or A.I. investor a good idea?
1:57–2:54
4
What are the best options for financing flight school?
2:54–4:05
5
Should I invest in the S&P 500 or put my money in savings?
4:05–4:51
6
Is debt consolidation a smart financial move?
4:51–5:24
7
What are the pros and cons of debt consolidation?
5:24–7:17
8
How do I decide between keeping a rental property or pursuing financial peace?
7:17–38:04