The Ramsey Show - App - My Husband and His Mom Co-Own an Apartment (Hour 3)

Episode Date: October 5, 2020

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Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studios, it's the Dave Ramsey Show, where debt is dumb, cash is king, and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice. Christy Wright, Ramsey personality and number one best-selling author, is my co-host here on the air today. Open phones as we take your calls at 888-825-5225. That's 888-825-5225. And, Christy, we're in the middle of the Business Boutique Academy open enrollment. Closes on Thursday night.

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It's so true. The gold planner is out. It's out, and it's selling out very fast. We've already had the place to reorder. It's just nuts. I think people are like you and me. They're really excited about 2021, but this is brand new, completely revised, all new content.

And this is to help you on every area of your life that's most important to you. So it's not just business. This is for your faith and your personal goals and growing in every area of your life. And by the way, it's just, it's just beautiful. It's like a piece of art. Well, the cover was done by one of our creatives. That's right. Alex, one of our designers. It's like a piece of art. Well, the cover was done by one of our creatives. That's right, Alex, one of our designers.

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Lisa, how can we help? Hi, Dave. Thanks for having me. Sure. What's up? My question's got a lot of twists here. I am currently staying with my mother, who's 88, and she has dementia. Taking care of her.

I have a home that I'm about to sell, and what we want to do is my sister and I purchase a new home where we can take care of her. Take care of your sister or your mother? Our mother. Okay. And you're living in whose home now taking care of her? I'm in mom's home. And why are you selling that?

Well, we thought if we, my sister, all three of us have homes. That means mom, myself, and sister. If we each sold all of these three homes and moved into a newer home, we were selling mom's home because it's aging and lots of repairs, foundation, and the list goes on. So we were thinking, well, maybe we should move her into it. Who's living in the home that is yours? It's being rented out now, and the renter wants to buy. Okay.

All right. Would it work for you and your mom to live in? It's a two-bedroom. It's a smaller home. Would it work for you and your mom to live in? It would. Yeah. And so how old is your mom?

Mom is 88, just turned 88. And what stage is she in on dementia? She's in advanced stage um other besides the dementia her physical health is okay no problems there okay all right and so your question is about what your question is exactly what new home purchase purchase. Would it be feasible or a good idea if we took care of a mom in a newer home with my sister's income in addition to mine? Of course, my income is significantly lower because I'm the primary caretaker. So with the sale of my home, I can completely pay off every debt that I have. And move into your sister's home. Move into a new home. That your sister owns. No, no. My sister's home would be sold,

my home would be sold, and mom's home would be sold. But the new home is purchased by your sister, who's the only one that has an income to buy it, right? Yes, we would be co. Oh, okay. Yes. And, of course, my credit score right now is great. Hers is lower. But she has the income.

How old are you? I am 51. Okay, 5'1". Correct. When you're 6'1", and mom's in heaven, and you live with your sister in a partnership in a home, that doesn't sound fun to me. Okay. Okay. I'm looking out a little bit further in the future, past some pain that none of us want to look at.

Right, right. But mom's going to heaven someday. Right. And when that happens, the net result is that we have two sisters that are co-signers, and they may or may not want to stay in that house together. They may or may not want to keep it together. I would prefer one of you own it and the other one have a rental arrangement with the, for instance, I would prefer that you just be a tenant to your sister. And then later on, if mom passes, you could go on and have your life and your sister could go on and have her life

and we don't have a piece of real estate standing between us and life. Could you all live in your sister's home? I don't think we've looked at that option, have we? The existing sister's home. Could you just all move into that? The existing sister has a tenant and there's not an extra room in the house. If the tenant was gone, would it be okay? It'd be super tight. Okay. All right. It would be a real pressured push yeah i got you yeah so um

well i i can't i if if um you were my little sister i'm 60 i would tell you to i love your care for your mom and i love that all of you are willing to pile in together and care for each other and mom. I think that's going to wear thin a decade from now and real estate's an awfully permanent decision to make together. So if your sister has the ability to do this deal and rent to you and your mom and you and your mom sell, all three of you sell and she buys a better house, I would go with that. But I don't want you co-signing. I would not tell you to co-sign.

And I would not tell you to be a partner in this deal because I think the long-term implications are going to be hurtful. This is the Dave Ramsey Show. So you don't think you need ID theft protection? Check out these numbers. Every seven seconds, an identity is stolen. And the average time to completely resolve an id theft event is 44 months 44 months people but you won't just spend time on it you'll also spend money 26 percent of victims end up borrowing money and using payday loans while another 15 percent sell personal

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Hi. Thank you so much for taking my call. Sure. What's up? I was just calling. I would like to start my own business in a few years. My youngest is now two. I am thankful I get to stay home with him, but I would like to start something by the time he is in preschool age. And I don't know if you've heard of them them but where people open a preschool or a daycare within the nursing home or an assisted living facility and that is my dream job to do that.

I go to a tiny church like 30 people and I'm the youngest adult. The next youngest is my um i just love working with them and i also adult daycare um no it's for preschoolers or little kids why are preschoolers coming to a nursing home help me yes so they say it benefits both a lot a lot of um younger kids don't have grandparents who live close and a lot of older people don't have children who come to visit them and anytime someone from our church is in a rehab place for you know breaking a hip or you know something or has moved to assisted living i always take my kids to go visit them and every face down the hallway lights up their whole demeanor just changes when you're in there and they get so happy just to see all the kids and i feel like hearing laughter down the hall yeah and so the day so the nursing homes will provide you space to operate a small daycare and

then everyone gets the benefit of this socialization yes so i have heard of a few places doing it i can't find any in our area um but if i do what i want it, like you said earlier on the phone, Christy, I'm just talking about this year of starting a business, is I want it to go well and my husband is a retired Marine, super logical man and I just want like,

he says I live in unicorns and rainbows. I want it just, it's going to be great and it's going to be good and he brings up, you know, like how will insurance work? How will background checks work if you have to have that for residents to be around the kids? How will, you know.

Sure. All the how questions. Been there, Nicole. So this is why I want to start, like, just kind of getting ideas. Like I said, my son, his birthday is actually on Saturday. But he's going to be a late kindergartner because of when his birthday falls. So I would like to be able to have him my first year, if I can do this in my, in the class, you know, with me and have a way to still have him,

have me have time with him as I'm doing this. So I have a few years to plan, but I'm just didn't know the steps to do it. Like, how do I anticipate how much money? Like you say, I don't want to go into debt. Our only debt is our home, which we only owe 42,000 left on. And we have no other debt, but just like insurance, how that works or resources, I don't know, just kind of a place to start so that I can hopefully see this through to happen. Yeah. I love, I love it, Nicole. I love your idea. I love your heart behind it. I love your enthusiasm.

I had a friend tell me one time in every marriage there's a wow person and a how person. You're the wow person. Your logical husband is the how person. He has so many how questions, and those questions are not bad, but I just want to encourage you, they don't have to rain on your parade.

He's a dream killer. Rain on your parade. No, I'm kidding. I'm kidding. He's not. I love it. Totally. He's not at all. He was trying to rain on your parade. He's a dream killer. Rain on your parade. No, I'm kidding. I'm kidding. He's not. I love it. Totally.

He's not at all. He was trying to be helpful. Totally. No, I'm kidding. I'm just messing with you. But it totally felt like a crusher. Totally. And I've been there, and my husband's like, I'm helping. I'm like, you're hurting.

No, I totally hear you. They're great things to think about. The thing that I want you to do that is going to feel really simple, but it's actually going to be really insightful is I just want you to start digging on how people do this because you can do this. I want you to call anyone anywhere that's doing it and just say, Hey, can I, can I, you know, I'd love to send you an Amazon gift card, send you a Starbucks gift card. Can I just spend 30 minutes, an hour with you? Can I, if they have any type of zoom functionality, you know, or any type of, you know, a lot of daycares will have like, you know, cameras in the classrooms, anything where you could watch, learn, observe. I don't

know what you, you know, if there's anything you could offer in terms of just shadowing, interviewing, you're just going to do some digging. How do they do it? All your questions, you're going to ask them. Here's some great questions to get you started. Aside from all the ones you just listed for me, you can ask about all those things. Maybe laws and stuff may be different in your state, but you can do a lot of digging and find information. I would also ask the people that started the staycare, what surprised you? What are some challenges you didn't expect in that first year? What are some things that are just like roadblocks you didn't see coming, something that caught you off guard?

What are some things that make it work particularly well so I can make sure to integrate these into this? I would start there. That would be first step is just all the digging and research from people that are doing it. The second step would be to maybe kind of scope out in your area what are the assisted living facilities, senior centers, that type of thing that you would want to be at because I would guess you're going to have an opinion about which ones you're at

and where it's located and what the facility's like and that type of thing, the people you'd work with. So I would just start kind of scoping that out, not with any particular agenda, just starting to kind of like, again, get your bearings. Just learn about what's out there and what you want to do. One of the things that I will out there and what you want to do um one of the things that i will go ahead and caution you in this year that we're all experiencing is the answers that you get this year the information you get this year will not necessarily be indicative of how it will always

be because there are so many more regulations right now i know for a fact my academy members around well and people are just making up regulations well and and and there's that around the one of my biggest fears is like if i come in a year or two with to a place like here's my idea they're gonna be like you want to bring kids in where i know i know well it's it's right now right now it's in the height of it right now there's a lot of fear around the elderly senior citizens around the high-risk population so yes that is that is on lockdown right now in a way that's very unusual. I will say your timeline, I think, is great. Right now you're doing research.

Just keep in mind that if you get some information, it's like, oh my gosh, this is never going to happen. That doesn't mean it's never going to happen. It's right now. That's where that's the perspective they're coming from. So I would just say your first starting point would be just doing some research asking people are so willing to help so many people are willing to help and tell you what they've learned and and give you some advice from that specific industry of how they got start got it started as for all the stuff as far as like the actual setup you can figure

that out by the time you're ready to actually do it right now i think you just need to learn that would be that would be my first and let's go and put the marine to work yeah if he wants if he's got how questions if he's gonna ask a question he has to go find the answer oh i love that i like it what about insurance i don't know bubba won't you go find out i'm taking that one home dave matt right matt right you got some research to do you know if you have a problem with this you need to go find out about it because you can be my you can be my consultant and help me figure out how not to step in it legally from an insurance standpoint, an ops standpoint, and so forth. Yeah, I'm with Christy. I think it might be very difficult in this calendar year to actually find what you're talking about being operational.

Yeah. If it was operational, i suspect it's not now yeah they might have shut it down um i hadn't you know because covid just uh the whole uh nursing home thing was just a real issue to say the least is a major hot spot and so in every state and so um even going to visit a nursing home and talking to the administrator just to begin to brainstorm ideas is going to be difficult to get on property right now in most areas. So just give yourself a little time here. But let's kind of dial back COVID for a few minutes here, and let's say, okay,

things are starting to return in the spring, the fall, or I don't know, whenever it happens. Then you start here in Boise, Idaho. There's probably, what, 10 in boise idaho there's probably what 10 nursing homes oh there's way more than that and how many are there like how many are there how many are there i i don't even know how do you know there's way more than a lot because i've been to probably at least that many oh you've already talked to 10 no no no oh you went to visit 10 different nursing homes okay well okay let's let's start with that let's just make a list of every nursing home in a 40 mile radius i just made that up okay okay

and then start to make a and then when things clear up a little bit you could go interview them and say i'm looking i'm trying to decide where to place this service i want to see if you're eligible okay and ask them how what they're going to do to help you get this wonderful idea on their site they might put all the stuff in place because they probably have like money and stuff this is the dave ramsey show Thank you for joining us, America. This is the Dave Ramsey Show. Christy Wright, Ramsey Personality, is my co-host this hour. Open phones at 888-825-5225.

Actually, this day. Alicia is in Oakland, California. Hi, Alicia. How can we help? Hey, Dave. Thanks for having me. Sure. I was calling to get some advice from you.

I have an idea of what I should do, but it's always good to call Uncle Dave. Okay. So my husband and his mom purchased an apartment condo in 2008. They paid it off December 2018. So they were ahead on a 30-year mortgage loan down to a 10-year, essentially. Essentially, the dilemma is whether or not to sell it or lease it when the time comes for us to move up in-house. You're living in it. Right.

So he owns it. We're living in it. Technically, there's no mortgage, but my husband made an agreement with his mom at the very beginning to pay her back as soon as the mortgage was paid off. So he pays about $1,000 he pays about to buy her out right correct okay how much does he owe her to buy her out i'm assuming she she says she put in extra money after her contribution of money down in the beginning, she put down $90,000. He put down $10,000. She says she's put forward extra. I'm assuming it's around $100,000.

Total? So, yeah, roughly. And what's the condo worth? Remodeled, it'll be worth about $500,000. Who's remodeling it? We'll remodel it by the end of next year. Okay. So if you sold a $500,000 condo and you owed Mom $100,000 to buy out her part,

you would put $400,000 in your pocket, right? Essentially. At this moment, by the end of December of this year, we would have paid her $24,000. Oh, okay. So only $75,000 left. Okay. Right. So her mind at the very beginning of helping him cosign was to, at some point, lease it out and use that money as essentially a secondary income for both of them

but it's not that practical because our thought is as husband and wife we will sell it and then we'll use that money to put down well over 20% for our new house. Yeah. So it's a matter of... And the condo's in your husband's name? Yeah, it's in both of their names. Oh, both of their names. Right, so she co-signed. Okay, so either you're going to buy her out by paying it off and by selling it, right? Right.

And that's going to give her the 75 remaining, or she's going to give her the hundred or the 75 remaining or she's going to write you a check for the difference in 575 which would be 400 and a quarter right she doesn't see it like that though right i'm here what i'm sure i think she wants to force him to stay in the deal right and she right yeah well even if that did happen, how would they coordinate? It's dumb. Don't do it. I know. I'm just trying to understand how to approach her.

You're not. You're the wicked stepdaughter. Well, we actually have a great relationship. Yeah, but you're still the stepdaughter. You're still the daughter-in-law. You don't get to approach anything. Your husband grows a backbone and says mom i'm not staying in a rental property with you i'm selling it you can take this

money and go buy you another rental property if you want uh which is 75 000 or whatever you want to do but i'm not going to stay in a rental property no right that doesn't work for me i'd love the idea of a rental property but it's just not practical right now. And you don't want to be in the deal with her. I mean, nothing against her, but like. No. Yeah, I agree. Y'all do your own thing.

I hate owing people money. I hate it. Yeah. The whole thing, it started with good intentions. It's quickly getting twisted. Yeah. So, but let me tell you, from just life experience, you keep your mouth shut. Okay.

Your husband has to deal with his mommy. You don't deal with his mommy. He has to deal with his mommy. This is the kind of crap that will visit you two decades later if you open your mouth. If this is your fault in her mind, this is a problem. He needs to square his shoulders, be a big boy, and deal with mommy. He can be kind and sweet. I'm being sarcastic, but he should be nice.

He should honor her. Mom, I really appreciate this, but, you know, me and Alicia, we're going to buy a house, and we're going to use this huge stinking equity, and thank you for getting me into this deal because it really did work out, and I love you, and we're going to sell it. And I'm going to write you a check for that other 75 if I haven't written it even before then. Matter of fact, you ought to buy her out as soon as possible, and that ends the discussion. I got a quick question, Alicia. Are you and your husband on the same page? I don't want quick question, Alicia. Are you and your husband on the same page?

I don't want to just assume that. Are you and your husband on the same page with this? Okay. We're totally on the same page. That will make it easier then. If he and her wanted this deal and you and him are not on the same page, that would be different. So that's great. Then, yeah, just like Dave said, like this is his conversation to have.

Yeah. Yeah. But here's the problem, okay? He wants every little boy wants his mommy to be happy. And mommy may not be happy when this is done. They've had a history of a rocky relationship, so it's definitely a sensitive subject. Yeah, which is why we don't do these deals to start with but now here we are so is this is this is is your husband um you know is he willing to lean into conflict have confrontation or is that something that he

just would rather just you know certain personality types really like to avoid conflict where does your husband kind of fall oh my god no one's you pick a fight just because you're bored sometimes alicia does your husband feel about this God, no one's... You pick a fight just because you're bored sometimes. Alicia, how does your husband feel about this? No, I would say he's half and half. I've had arguments with her before about her opinion in trying to control his life and whatnot. It's interesting. I definitely can communicate better with her than him and her. Until there's conflict.

Right. But she's always had good intentions. Yeah, she has good intentions. She's just a control freak. That might have gotten the wrong way. She's a mommy. It'll be interesting. Mommies love to tell their little boys what to do, and it doesn't matter how old they get.

Yeah. It's just there's a different dynamic there. My wife can have a discussion that is perfectly normal with my daughters, and yet she wants to tell my son what to do. And he just looks at her, Mom, I love you. No. Because he's like a man and everything. Yeah. No. He's got a man and everything. And so, yeah, no, he's got good boundaries.

No. And here's the thing. Here's the only thing I would coach him to do, because of all the data we have from talking to you for the last few minutes, is I've been real sarcastic and bombastic, which is my style, okay? But were I in his shoes, I would approach this very humbly, very low tone and octave. Drop your voice an octave.

And just be very kind, unbelievably strong, and gentle, and grateful. Lots of gratitude and honor is due her. She made him $400,000 that's going to help your future. And I would bow to that. I would say thank you, Mom. You have done so many good and wonderful things, and the intent of us getting into this has resulted in this wonderful blessing to us. Thank you so much for that.

Thank you for thinking of me all those years ago when we did this deal. And I just want to tell you, no matter whether you understand or whether you don't, we're going to sell it. And I just want you to know how grateful I am and thankful. And it's not like he's asking her opinion. He's not asking. He's not taking a poll. He's just going to tell her what he's doing doing but with a smile and gentleness and strength meekness is not weakness it's power under control and you're in the driver's seat here

this is the dave ramsey show Thank you. our scripture of the day philippians 3 12 not that i have already obtained this, or am I already perfect? But I press on to make it my own because Christ Jesus has made me his own. Henry David Thoreau said, What you get by achieving your goals is not as important as what you become by achieving your goals. If you haven't heard, two of the biggest things that folks are saying they need right now are more community and help with their money this covid thing is messed up both for a lot of people what if you could get both of these things in one place imagine being coached encouraged through a money plan that you know will actually work it's called ramsey plus it's one membership that guides you through our three big hitters. Financial Peace University, the class that's taught millions and millions of families

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And you get a ton of different courses, tools, and access to financial coaches. All kinds of stuff from Rachel, from Chris Hogan, from Anthony O'Neill, from me. Guys, you do not have to figure out your money problems alone. Start your free trial, free trial of Ramsey Plus today at DaveRamsey.com slash FPU. Just go to DaveRamsey.com slash FPU and start a free trial of Ramsey Plus. So Christy Wright has the Christy Wright podcast, right, Christy? Yes, the Christy Wright show. And you telling me at the break that this mother-in-law issue comes up a lot yeah with the ladies when you're coaching them doing different things so

you decided to do an episode on tell me about it i did so it's coming out in the next few weeks but one of the things that i hear from people all the time and we actually hear this on the show with you yeah people right you and i have taken several calls just like that yes and here's how they phrase it every single time how do i deal with my in-laws? Can we just camp here for a second and acknowledge what you're saying when you say it that way? Like, I don't, I don't talk about people I just love to hang out with. Like, how do I deal with them? It's obviously a strained relationship if you're phrasing the question that way. And so I thought, what is, what is going on there below the surface between this? And it's almost always, not always, but almost always, the mother-in-law and the daughter-in-law dynamic.

And you and I have talked about this. You've talked about sharing with your kids and your, you know, daughters-in-law, sons-in-law. And one of the things that I've learned in my relationship with my mother-in-law, Pam, who is wonderful, is this great relationships don't happen by accident. I don't care who you are. They don't happen just accidentally. They're not accidentally awesome, especially when you've got a dynamic of two families merging. Particularly one that is by nature strange. Right.

Because you've got the older generation that has expectations and values of here's how parenting is and here's how traditions are and here's how Christmas is. And then you have this younger generation trying to start their own family and be a family within a family. There's going to be conflict. And so I'm actually having a conversation with John Deloney on this and just talking about relationships and boundaries. And one of the things that I did in prepping for this episode is I just called my mother-in-law, Pam, and I said, hey, I said, I want to learn from you and your perspective with your generation of what, and even what do your friends talk about? It's the number one thing that they're talking about of this difficulty.

It's the number one thing I'm hearing from my generation of difficulty and so we just crafted this um lesson this episode together around how to deal with your in-laws and deals in quotation marks of just implying like you shouldn't have to deal with them if you've got two healthy wonderful loving people there's no reason that the relationship can't be wonderful but it is going to take intentionality and hard work so we kind of walk through five rules and i'll just give you a teaser for it one of the number one rule that you're starting with is invest in the relationship like you want it to be good. Some people are transactional with their relationships and in-laws just, just only communicating on drop-offs and pickups. If you treat it as transactional,

it's going to be transactional. But someone that you love that you want to be friends with, you ask, how are you doing? How was your week? What are you working on? What are you excited about? You invest in the relationship like you actually want to have a good one. And that's true for both sides, the mother-in-law and the daughter-in-law. You're both responsible to do this. So I walk through five rules to help them have the best relationship possible, but it's a common pain point, but it doesn't have to be terrible and hard. You just have to work on it like any good thing in life. Wow. Invest in it like you mean it. Yeah. I love it. Yeah. Like you actually want to have a good relationship. Imagine that.

Yeah. Well, I mean, you really, I guess it's immediate family like that is the easiest thing to become transactional with. Everywhere else you kind of have this instinctual idea that if I'm going to have a high quality relationship with a team member idea that if I'm going to have a high-quality relationship with a team member at work, if I'm going to have a high-quality relationship with somebody at church or whatever, I've got, you know, it's not going to occur just having a transaction. Right. And with your own family, your side of the family, you've got this history. You know, you guys have your entire life.

The investment's already made. Right. The deposits are in the bank. Right. And so you're merging these two families you don't have the history all of a sudden we're supposed to be family we're supposed to figure out how to do life transitions grandkids all this stuff and it very quickly becomes especially because i think with the women and this is me just you know just kind of hypothesizing here i think with the women you're always the one in charge of plans who's doing what when where who's you know where are we meeting as a family sunday night dinner, whatever. And so they're the ones communicating, but that can lead to become

becoming very transactional and hurt feelings or people stepping on toes or values or whatever. So I think if you just give some, give people some, some basic guidelines of, Hey, here's how to make this relationship awesome. And if they do it, the relationship really can improve. And those are the types of things I love talking about on the Christy Wright Show are just real-life things to help you have better relationships and better life. That's the answer to the question that we just had. Yeah. Perfect.

Yeah. All right. Jennifer is in Los Angeles. Hi, Jennifer. Welcome to the Dave Ramsey Show. How can we help? Hi, Dave. First of all, I'd like to say I just discovered you a few days ago.

I listened to your YouTube videos, and I just purchased your book, so I'm halfway there. Cool. Well, thank you. Welcome. I want to say my name is Jennifer. I am 30 years old. I have $40,000 in savings. I do have a 2016 Toyota Camry that's completely paid off, and I have zero bills at all.

You're awesome. And so I currently live with my dad and my little brother and I help a lot around the house and I would like to purchase my first home. I am a real estate agent and I am thinking about purchasing you know first one investment home then a second investment home until I can make enough to help pay for my dream home mortgage. Okay, great. How long have you been selling real estate? I've been in it for two years, and I've been the number one agent for my company.

Wow. Last year I was number one in my company, and this year I'm in the running up for number one as well. I'm not shocked at all. Well done. Very well done. Okay. So what we teach, and you're new to all of this, you probably have already discovered it, it sounds like, is we would tell you to be debt-free and have an emergency fund of three to six months of expenses,

plus your down payment before you buy. And I think you're there or very close to there right now with what you gave me. I didn't hear any debt, and I heard $40,000 in the bank, and so some of that $40,000 we would earmark as your emergency fund. Some we would earmark as your down payment on your home. Once you get into that home, there's a couple of different ways you can do this. Lots of real estate people go deeply in debt and most of them go broke buying lots of rental properties. Okay. The number of people that put almost nothing or nothing down that 10 years later have not filed bankruptcy is virtually zero. So this idea that you can pile up a bunch

of rental property with no money and lots of debt and it be successful is not true. I love real estate. I got my real estate license in 1978. That's how old I am. And so I've had my real estate license forever. I own hundreds of millions of dollars of real estate. I love it. I want you to be a real estate investor, but I want you to go the slow route, the safe route,

and that is get your home, get your home paid off, and then pay cash for your first investment property and the next investment property and the next investment property. And yes, that can even be done in LA, especially if you're the number one agent in your office. Well, I actually live in a smaller town in Los Angeles, California. So we're a much smaller town. And so you're saying what I should do is purchase my first home and get a loan on it, and then the second one cash? No, get the first one paid off after you purchase it. Okay.

Pay it off as fast as you can. Live there. Save up and pay cash for the next one. Save up and pay cash for the next one. Save up and pay cash for the next one. Pretty soon the rents will start buying you another one every so often, And that's where you'll be. Christy, thanks for hanging out today. Thanks for having me. It's been great. That puts this hour of the Dave Ramsey show in the books. We will be back with you before you know it. In the meantime, remember, there's ultimately only

one way to financial peace, and that's to walk daily with the Prince of Peace, Christ Jesus. This is James Childs, producer of The Dave Ramsey Show. You can listen to Dave, Rachel Cruz, Chris Hogan, or the rest of the Ramsey Network anywhere with the Ramsey Network app on your smartphone. Catch all of our full shows, browse by topic, or send clips to your friends. Head to the App Store and download the Ramsey Network app today.