Yeah! Crazy!

At least he is getting a early start on paying for his exwifes house

darte coates and don't forget they have room mates moving in with them , their names are Stupid, Dumb and Regretful.!!!!!

@@waynekerr2472 LOL, sad but true.

Couldn't have said it better! This guy and people like him, are STUPID beyond belief! No one should ever get married until 25 or 26 at the very least, and preferably even a bit later than that! The correct way to do it, would be to BUILD YOUR LIFE AND CAREER during your early to mid twenties, save up diligently during that time, get ALL your ducks in a row, AND THEN get married!! The idiots who don't follow this disciplined process, are the same ones you hear calling Dave with debt up to their eyeballs, and end up having all kinds of other issues as well! Raising a family in places like the US (and the west in general), can be extremely expensive and difficult! Most of these nutjobs have no clue what it takes! And then when things don't work out the way they thought it would, they simply throw their hands up and try to walk away! But as we all know it's not that simple, once you're "entangled" in that web!!

Arvind Talukdar Amen!!

Arvind Talukdar yes! This is one of the best pieces of advice

Arvind Talukdar YES!!!

He just advised him to buy the house lol

I bought my first house at 25 and it was the best decision ever. Sold it 3 years later for a 55k profit and the mortgage was cheaper than rent in the area. Literally no down side to buying a house if you qualify and have basic money handling skills. The female is the only thing that would sketch me out.

Exactly so I’m not sure what Mr. Ramsey is saying that you can’t do it sure now I have a closing and I’ve just found out some contradictory information that the housing market in the area that I’m in the house value from what I see anywhere from $20-$30,000 less than when I first meet the offer and I don’t think I’m gonna go through with it if this is true I’m trying to confirm this information appraisal was done about 45days ago

Including marriage

@@yeaimrj9778 especially marriage

What issues? He has managed to have cash in the bank, shares investment and 401K. The cars are the only mistakes but sounds like they're within the Dave limit. His advice should have been sell the cars, drive hoopties and pay the house down in 4-5 years. Mortgage free both working by 25yo. He'd be singing the praises if someone in that exact situation called him.

With all due respect no he is not too young..America is full a grown babies. All over the word there are young people doing great things.

Nah your never too young, three years ago I got married at 19, now I'm in my masters for psych and have bought a house (no kids yet). All you need to do is work those 60-70 hour work weeks for a couple years and your good to go.

He should have been more careful before putting it in

😂😂😂😉

Not if you got snipped

Wait till you're married, and you won't have to pull out 😘😘😘

Investing Hustler grow up

The day before closing? Whenever we bought, there were always contingencies, for lawyer approval, inspection etc. Once you waive those you're locked in and if you no show the closing you'd lose the deposit for sure and be liable for damages.

The way I used to do it was, if they backed out they would lose their deposit of 1%

True

Hello, I’m refinancing my house. Lower rate, from 30 years to 20 years. The closing is in 2 days. But, I want to keep 30 years, so that the monthly payments can be lower, since I’m a single mother working hard... I thought $350 can be used for something else. Please help

What a mess!

I agree to a point but again buyers have more options to back out of a deal than sellers. This is why reading a contract before signing is crucial. Yes it’s 4836 pages but it’ll save you a ton of stress and money. Most of all it’ll save your from a little jerks like him ruining your life

Been around and writing contracts are not the same.

there is a 3 day period where you ARE allowed by the bank to back out of the deal! its in fine print!

@@Vera-dg3hf You're confusing the 3-day rescission period for a MORTGAGE which is not the actual house purchase.

Not without penalties

If he's got an "out" clause in the contract he is 100% morally and ethically above board in utilizing it....period.

I agree. Dave advises people to get out of bad deals all the time. This isnt any different.

@@ajm935 it's not a bad deal. They just aren't ready for the responsibility.

@@brendasgirl90 a bad deal is any deal that you know up front will hurt you. The terms of the loan may be really good, but just not for them in the financial state they are in now. Someone else of better means can (and should) benefit from that purchase.

Legal is not the same as ethical.

Michael Carroll correct but ethical is also subjective.

not true! you can build some equity then definitely sale! and buy something cheaper CASH! or keep renting.

Buying a house in that price range is not going to be a make or break situation. Rent is going to be similar or more, but home ownership does require more discipline which is not something this guy has been great at up to this point, so provided he changes his ways he will be fine, if he continues his current behaviors he will almost for sure get into trouble.

You're exactly right people have the 10 to 15 day inspection, To remedy if they find something wrong they can back out and keep their money but after that period They lose their deposit in all contracts

Just ask for about $50,000 of repairs. Do the repairs or return my $3k -- Easy Decision. This is why when I sell my house, it will be as-is -- do inspections before offering.

I'm in the process of purchasing a home. You are absolutely correct

@@DrewSynder That only works during the inspection period. After both parties have signed off on repairs, you cant back out based on that.

@@kd8opi ​ @kd8poi Of course -- you ask for 20% of the homes cost in repairs during the inspection - You're buying a $200k house -- ask for a new furnace, roof, windows, replacement appliances, flooring to be replaced, toilets to be replaced, etc.. ---- They do not agree, earnest money is returned. That's how it works.

Yep, I was thinking the same thing. Dave used to sell real estate and he owns a lot of real estate. If you want to get out of a house deal you can there's plenty of things in the contract. The inspection is usually the easiest thing but his time has come and gone on that.

Dave explains it pretty clearly starting at 4:55, but to help clarify your confusion: A dealership that takes a car back isn't encumbered or damaged the same way that a family is when someone reneges on a home sale contract, on closing day no less. The kid should avoid making a huge mistake, but he should have to pay the price for wasting everyone's time, money and resources, too. I'm willing to bet the contract contains language that would do just that.

Who buys a occupied house?

1/15/20....I ALWAYS sell my house 1st + have closing so I get my money...BUT my sales contract statrs that I have up to 30 days to live in/occupy my old house. That makes SURE that I have closed + have the money in my bank account. Then I go to closing & actually buy my next home & sign mtg papers. THAT gives me time to make any changes in my new home---paint or carpet or put fence up for my dog--- & move in when I am ready + before the 30 days is over.

He’s just a kid.. He’s just too young to be rushed into house and marriage. He’s right to be scared and want to pull out. Do feel bad for the sellers though

What is the point of the final walkthrough to begin with...

@@mariosalazar7896 To make sure the condition of the property is decent before close of escrow.

That was my first question. The house is pretty cheap, though. Hope it didn't turn into a money pit

They be in bankruptcy and foreclosure in two years.

Meanwhile, politicians and the ultra wealthy break their word all the time and fail upward. People are kept down because they value ethics over playing the game.

A lot of people don't. My mother once bought a house that the sellers didn't even own. It was a private sale, so obviously the title search that normally gets done wasn't done. The sellers were buying the house from somebody else and sold it to my mother before they had paid it off. It all turned out ok eventually; the sellers paid the house off on their end when my mom paid it off on hers. It was the goofiest thing I ever saw. I didn't even know about it until after she died and I was sorting through her papers. My hair absolutely stood on end.

😂😂

dirtbag move

Yes the realtor was probably trying to talk him into that house and this kid felt uncomfortable about right from the beginning

Tigerkem Yeah; disgusting. My business works with young entrepreneurs who have come in to money, and we generally reject anyone under 25 for this exact reason. They have no life experience and think the world revolves around them.

The seller can find someone else to buy their house, the market is excellent for sellers rn. Plus if this is true, they were dumb (or desperate) enough to enter into a realestate contract with such an easy out. Better to not hurt yourself financially to help someone else financially.

Tigerkem ....thats where society is headed unfortunately. We have bought and sold various real estate properties, and one would be surprised at how many times the buyers agree to certain terms and then back out with no real reason. Recently we had a buyer that negotiated some improvements on the house, even though these particular items passed inspection by THEIR inspector. We agreed to make the improvements at a cost of $7,000. Afterward they simply backed out. Could we sue them....maybe, but its not an easy process and even more difficult to actualy get the money. Unbelievable

LOL yup 8.5% interest rates

I turn 18 soon how hard is the course and where or what do I even do to get my license?

It depends on what state you live In. I live in Florida so for example, the school I went to is a pretty well known school called Gold Coast realty school, I forget exactly how much it is, but it was a few hundred for the 7 days course. As far as difficulty, that’s kind of subjective. You got to school 8 hours a day for 7 days straight and then I would come home and study for a couple more hours each day. There’s two exams, a preliminary exam called your “pre test” and then if you score high enough, you take the state board exam. You just have to get a 75(ish) or higher to pass. All that being said, I would caution you into rushing into real estate so young. Getting your license and starting out in real estate is an expensive process and you are your own boss, which means you are essentially starting a company even under the guidance of a brokerage company. It’s not impossible but you have to really make sure that’s what you wanna do. Lastly, contrary to popular belief, there’s a lot you don’t need a real estate license to do. You don’t need a real estate license to buy houses, sell houses you own, rent them out, flip them for a profit etc. it just depends on what your overall goals in real estate are.

You need to re-watch the video. Dave explained everything in detail.

Yes, but Buyers are also vulnerable. I've heard horrific stories that would make your hair fall out.

If he's got an "out" clause in the contract he is 100% morally and ethically above board in utilizing it....period.

It's easier to go straight through

They do not get paid , only commission , that is true market for this job. They do not need to lie , the house can tell it is condition from top to bottom. Inspection due , u know what is that. Case closed

Sometimes it’s warranted. We found mold at the final walk thru… it’s a health and safety risk not disclosed by the seller and was not detected at the time of inspection.

@@grumpyschnauzer then hire better inspectors. Mold is a big thing to miss.

Lender agreement contingency is almost always written into the sales contract. Irony here is that once the lender gives you a clear to close, you cannot use the lender contingency opt out.

All contracts have an out within a timeframe.

@@ajm935 No they don't. Some only have contingencies. So he could get out if his inspection showed problems.

@@CaptainCocaine Depends where you are from. In my country contracts MUST have an opt out or cancellation period.

@@lewiskelly14 Ok, so now we're back to "what's the point of the contract?"

@@CaptainCocaine Many have penalties if you withdraw - typically forfeiture of the earnest money

Steffy BelizZz If you have any skills at all, you’ll make the money back. You can’t get your character back.

@@theandrewhenderson Absolutely, but that is IF they have any skills at all. On the other hand, I do believe that character can be redeemed through growth and maturity but still, that's assuming they can do that too! Tough call

Its weird. He should have advised sell the cars, honour the contract, enjoy the house and pay it down in 4-5 years. They were sitting ok financially apart from car payments. In fact he was doing well age 20. Dave lost it coz all he could see was a contract. He was like a deer in headlights.

J T Best piece of advice I have read in a while. Nice comment.

No real estate contract would allow him to back out the day before the closing. I think he doesn't understand the contract.

Today, that makes you a “sucker” to most people. 😞

Whatever, Dave advises people to get out of bad deals all the time NOW he cares about what happens to the seller? No this kid should back out of this if he can't do it.

You have all these contingencies and you will never get an accepted offer on a house. Your offer will be sent to the bottom of the pile guaranteed, Been in the real estate business for 30 years...

Yes! My thoughts exactly.

I am guessing because he does real estate himself.

@@emmanuelgomez1973 so he's hypocritical?

I am guessing yes. But I can't judge the guy because I have been hypocrite in some cases and probably most of us have. But you are right cc or any other loan should be paid off because we made a commitment to pay it off.

Yes, Dave is very self-serving. He doesn't want anyone purchasing a home unless they pay all of it in cash, which is practically impossible until you are near the eclipse of retirement, even if you make six figure incomes in most metro areas. He prefers people to rent because he personally owns thousands of residential properties and represents rental associations. Just trying to keep pumping up people to rent as the way to build equity [for himself and other landlords like him]. This is validated when you hear callers call in saying their income is good due to rental properties they hold, he high fives them on the air.

Shes getting him to buy a bunch of stuff so when she leaves him she has more to take.

@@SmokeyDeadGames that's the way to do it

If he's got an "out" clause in the contract he is 100% morally and ethically above board in utilizing it....period.

Unlikely they would sue on a 134k home. However, he'd lose his entire earnest deposit. Additionally, if he didn't already pay out of pocket for the appraisal or home inspection, he'd be legally billed for that as well. Possible more financial penalties would be incurred, such as paying the realtor's fees regardless of outcome, but generally speaking the ED and costs incurred items would be of minimum amount completely forfeited.

i want my 1000 due diligence for them not revealing they had termites and damage because of sellers can be dirt scummm...

great advise!!!!!! im doing that after buyer's regret!

no you are confusing illegal and unethical. the contract just covers the legal matters not the ethical more so. people seem to think because something is legal or contractual ..it is ethical

Not true at all.

dirtbag move

Glad it worked out

BTW Dave, wow 3,000 real estate deals is an amazing feat. Love your work

Bráulio Bosi to make sure the seller can’t sell 😈