The Ramsey Show - App - What Do I Do if I Need To Evict Someone? (Hour 1)

Episode Date: August 5, 2021

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Music Music Music Music Music Music Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studios, it's the 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. I'm Dave Ramsey, your host. Thank you for joining us, America. We're here to talk about your life and your money. Open phones at 888-825-5225. Gabe starts off this hour in Minneapolis. Hi, Gabe.

Welcome to the Ramsey Show. Hi. Thanks for having me. I appreciate you taking my call. My pleasure, sir. What's up? Yeah, so I had a question about saving in order to maintain a debt-free lifestyle. So obviously you've got an emergency fund saving 15% towards retirement,

but obviously with things that happen in life, you've got a new car that will come up eventually. There could be, you know, new tires or a house upgrade or something like that. Do you guys recommend a specific amount of, like, a percentage of my monthly income that I should be saving towards those kinds of things in life so that I don't have to touch my emergency fund, so additional cash reserves beyond that? No. What I do recommend is setting some goals periodically on those different things.

Now, tires should be in your monthly budget. That would be called car repairs. Okay, but saving up to buy another car, what we would do is just be kind of watching our car and saying, okay, three years from now, I want to buy a car. Four years from now, I want to buy a car. Four years from now, I want to buy a car. Which car do I want to buy? And you put that amount on it, and then you start saving that amount per month

out of your budget. And that, of course, would lower the amount that makes it all the way through to baby step six. So it would reduce how much you're paying down on your house in order to save up to buy the car. Honestly, what happens in most people's lives is that most things, with the exception of something like moving up in-house, which is a substantial thing, but even something as expensive as a car, it's done in 12 to 24 months.

And so from the time you look and say, I need that, because it doesn't sneak up on you that you need a new car. And if you want to buy a boat, it doesn't sneak up on you that you need a new car. And if you want to buy a boat, it doesn't sneak up on you that you want to buy a boat. You're going to save up and pay cash for a boat. If you want to buy a lawn tractor, a couch, a stereo system for the house, I don't know, whatever it is you're doing, right? It's not going to sneak up on you. You say, okay, that's how much it is, and it's going to take me X number of months at Y number of dollars per month, and I just put it in the budget for that period of time.

And those are just individual goal lines. Because the problem with having just a general, quote, savings account that does not have a mission attached to it, it tends to get blown. Okay. And it leaves you with that feeling of out of control like i screwed up with my money again because you're just looking over there you're going look we've just got a pile of money we ought to spend it on something and and so suddenly you impulse something then that's rather large because you had that now you know you call a slush fund or whatever you want to

call it above your emergency fund if you want to to do that, that's okay. But, you know, you're saying intentionally I'm going to have this extra amount of money that's just for random things. I just want to do this bizarre, wonderful, expensive trip. I just want to do this. I want to buy a boat. I want to buy a – that's the second time I bought a boat in this conversation. But whatever. I mean, you know, that kind of a thing. And so – but that's the way we do it at our house.

We don't sit down and say a set percentage. We just say we're going to buy a car, so we've got to save up and pay for it. Brian is with us. Brian's in New York City. Hi, Brian. Welcome to the Ramsey Show. What's up? Hey, Dave.

How's it going? Good, man. How can I help? All right. So pretty much I'm calling because I plan on becoming a barber. But when you become a barber, a lot of the times barbers tend to be self-employed. And I want to know how I should go about handling finances and stuff. Because when they get their money, they handle their taxes.

And I've had a W-2 the entire time I've worked. So I don't know if you guys recommend anything or what. You know, I just want to play it safe and make sure that my new career goes smooth. Good for you. Well, I think the key, you said, you're self-employed. And we teach small business people and leaders all over America through entree leadership how to run and handle a business. So the basics for you would be you need to treat this like you own your own business, because you do, not only technically, but actually.

And so what it amounts to is then you need to open a separate checking account for your business. All of the revenue that you create in your business should only go in that checking account first. Nothing should come out of that checking account. No checks should be written, no debit card usage for anything except business expenses. And so every day you'd have your collections on uh the hair that you cut and you make your deposits uh into the bank okay and all of your money goes into the bank uh into that checking account and then any expenses you have which would be uh what clippers scissors uh equipment cleaning gear whatever uh rent on the chair you write a check out of that business account.

Now, the definition in business of profit is revenue minus expenses. Okay. And so what is happening is your checking account becomes, if you're using it the way I'm teaching you, what's called cash basis accounting, meaning you've got an accounting, you've got a profit and loss statement because all your revenue is there and all your expenses are there. And what's left in the account, by definition, is profit. Do you understand?

Yes. Next step, then, is you open up a separate savings account for taxes. When you take money out of your business and you bring it home, you need to set aside a fourth of it over into taxes. So I'm going to pull $1,000 out of this account. I'm putting $250 in the tax account, and I'm putting $750 in my personal checking to buy groceries and exist with. Okay. Then once a quarter, you're supposed to file quarterly estimates on your taxes.

You can see one of our tax ELPs for help getting that set up, but it's very easy to do. You're supposed to file an estimate of your taxes based on an estimate of your profits. So the last three months, how much revenue minus how much expenses did you have? What is your profit? And then you're going to have to fill out a tax form on that and send in a tax payment. Guess what? You've got the money to do that because we just sent 25% over into that savings account. Okay, okay.

Thank you. This is all really helpful. I'm 19, so I'm really excited. You just end up withholding on yourself is what you're doing. Now, that last step of the taxes is vital because people screw up with that, doing the type of thing you're doing more often than almost anything else, and it drives them out of the business because they say, oh, I'll catch up on my taxes towards the end of the year, and they don't file their quarterlies.

They get penalized, and then they don't have the money to file their taxes later, and they end up in debt to the IRS, which is sometimes known as the KGB. So you do not want to owe them money. This is not a place you want to be in your life. You want to make money, pay your taxes, live off the profits, and enjoy this new career of yours. So hold on. I'll send you a copy of the book Entree Leadership, which is all about starting running a business. And Kelly will help you get one of those.

It's the number one New York Times bestseller, by the way. Hang on. Appreciate you hanging out with us. This is The Ramsey Show. Hey, I'm Christi Wright. Do you struggle to find time to connect with God? Well, I have great news for you. Glorify is an app that makes it easy for you to have a quiet time practice that works for you. Glorify is an app that makes it easy for you to have a quiet time practice that works for you. In fact, it's the number one daily worship and well-being app trusted by over 1 million

Christians. And the great news is the app is free to download. Just search for Glorify in your app store. You could also access their entire content library at half price by using the promo code Christy. Download the Glorify app today. Welcome back to the Ramsey Show. I'm Dave Ramsey, your host. Open phones at 888-825-5225. If you're struggling with money, it's easy to tell yourself, I'll deal with it later.

I'll start fresh maybe at the new year. Because that stress can just make you go into denial mode, that fear. I don't want to face it. I know. I've been there. I know exactly how it feels. Here's the thing. It's going to catch up. so you might as well deal with it

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Hi, Brandon, and welcome to The Ramsey Show. Hey, Dave. Thanks for having me on. My pleasure. How can I help? All right. So my wife and I, we're 29 years old. I'm a transitioning service member after about eight years in the service.

We're actually really excited to get back to the Knoxville area and start putting down some roots after moving around so much in the military. We've got no debt. We have about $300,000 saved in the bank. We've got 23,000 accessible penalty-free in a Roth IRA in an absolute emergency situation. So my question is, we're looking to move back to Knoxville around January. Should we throw all the money on a modest house and just be done with baby step six, unleash our income to save and give and invest now? Or should we buy kind of like more of like our forever home, get a small mortgage for something like that, something we see ourselves in for a much longer time, maybe in a better school zone, or should we do something completely different? Okay. Well, thank you for your service.

What are you going to be doing for a living? So I'm actually looking to get into project management. That or something in supply chain management. That was my undergrad at UT. Thank you for your guest speaking at my graduation in 2014. I appreciate that. Wow. That's fun. So you were a supply chain logistics guy coming out in then. Wow. Cool. That's right. That's fun. So you were a supply chain logistics guy coming out in then, huh?

Wow, cool. That's right. That's fun. Well, supply chain's a great field. You should be able to land something in Knoxville. There's a lot of distribution in that area. As a matter of fact, another young man that walked across the stage the same time you did as a friend of my son's who walked across the stage when you did as well,

the exact same stage at the exact same graduation ceremony, and he is working in supply chain at a major trucking outfit there in Knoxville. He's a friend of the family. That's how I know that. So anyway. Yeah, yeah, I think I know who you're talking about. I've got some friends of friends of one of your sons. Daniel, yeah.

So, okay, cool. Well, yeah, you're going to land there. Number one, I've got to get your income before we make a decision. But let's make the assumption for purposes of your question that what would I do if I had a supply chain job, which is probably going to put you close to 100, give or take. And are you married? I am married. Does your wife work outside the home?

So she did. She had a job in IT consulting, a really good job. She's a lot smarter than me. She went to Vanderbilt. And we actually were able to just have her be a full-time mom. Okay. And so she's currently not working. Okay, that's cool.

All right, so we're dealing with $100,000 income. You're 29, 30 years old, and we've landed that job. If you've done all of that, not counting the Roth IRA, I'm going to set an emergency fund aside, and I'm going to pay cash for a modest home. Now, a $250,000 house in Knoxville, Tennessee is not bad. That's a nice house. Sure. It's not bad at all.

And then I'm going to use your income and just systematically save and move up in home. There's no such thing as a forever home because your life changes, and nothing is forever. So, I mean, you have a set of homes when you're raising kids when you're empty nesters when your grandparents and you know we've we've moved uh several times in our life and really none of them have ended up being a forever home because your life just changes you go through seasons in your life so but it but it's you know you might be in this home we're talking about five years rather than 10 though and uh you're going to use that five years with no house payments to save up like crazy pay cash for the next house and move up meantime you're going to become very wealthy and you've done a great job you've set yourself in position to do that you can go the other route and take out a mortgage and begin to pay that down

and be back at baby steps four five and six if you want it's not the end of the world as long as the mortgage is no more than a fourth of your take-home pay on a 15-year fixed. You're not violating what we teach. But, man, if I was 30 years old and 100% debt-free, it'd be hard to talk me into going into debt again. House and everything. I'd be wanting to use that house payment, $2,000, $3,000 a month, and build some wealth and be generous and move up in-house with all of that. Preston's with us in Arizona.

Hi, Preston. Welcome to the Ramsey Show. Hey, Dave. Thanks for taking my call. Sure, man. What's up? I'm just going to preface this by coming out with my debt. I'm about $250,000 in debt right now.

I did not find you until after I applied and got into medical school. And then it kind of turned into, I can't pay for this unless I take out student loan. Um, and so right now my wife is pregnant with our first little baby boy. We're super excited. Um, but she's doing November. Um, so I have a question about what to do leading up to that right now that, you know, I'm living off of student loans and my wife's income. Wow. Well, congratulations on the baby. So when will you graduate?

Next year. I should be starting my residency in 2023, And that's the other thing. I'm thinking about doing pediatrics, right? Because that's a three-year residency. I can go right into the work field after that, make about $200,000 a year, kind of tackle this debt as quickly as possible. But if I put another two years into it, I can make $400,000 doing pediatric emergency medicine. So that's the other thing I'm looking into. But I should start my residency with an income in 2023. Okay.

And so what does your wife make? My wife makes about $58,000 a year. And you guys are living on that, and you're paying for school with student loans, right? Yeah, that's the best way to put it and the thing no one tells you about med school is how expensive it is outside of just tuition books question banks you know everything okay um why uh mathematically she's going back to work after the baby comes yes absolutely absolutely we we we know that for sure okay um and so you're you know your

student loans are just on hold until you graduate and then you pound them with your doc income they clean up the mess you made when you get out right you just live on continue to live on her income and put your whole income towards the student loans when you do come out. Your residency income first and then later your full income until you've cleaned up the mess. But, you know, and I think you take her income now and pile up as much as we can to the side to cover for the issues with the baby and the expenses associated with the baby coming

and with her being off work. I don't know whether she's got paid maternity leave or how long she's got paid maternity leave. That's where you've got to land. We've got to take care of this. But just pretend like your household income is $60,000 because it is. Then what are we going to do? Baby's on the way. We're going to get ready for baby and get ready for that time off and then she's going to go back to work as soon as possible before the maternity leave runs out for sure. Imagine a world where people never have to worry about money ever again. At Ramsey Solutions, our mission is to teach people how to get out of debt and build lasting wealth. And if that means we have to take on the toxic money culture that says you need debt to get ahead, then we're okay with that.

We've seen millions of lives changed, and we will continue to create digital products and services to help people transform their lives. If you want to join our 1,000-member team on this crusade, we're currently on the hunt for software engineers with expertise in Ruby on Rails, Java, C Sharp, and front-end technologies. Or if you're a UX designer or an SEO and content marketing specialist, we'd love to talk with you. Together, we will disrupt the toxic money culture in America. Find out about all the available jobs by texting careers to 33789. Text careers to 33789 to find out about all our open opportunities. Thanks for joining us, America.

This is the Ramsey Show. Big week around here at Ramsey. We launched a new podcast on Monday called The Fine Print, which is what you're supposed to read before you get in trouble, right? Well, we get to read it for you, and George Camel and the team at Ramsey Networks have put together a wonderful documentary-style investigative reporting, and there's 10 episodes on the fine print. The first two launched on Monday, and it landed as number one in the business section of iTunes.

So a huge launch on that podcast, very well received. Lots of you have downloaded it and listened to it. We also launched Ken Coleman's new book on pre-sale. It is From Paycheck to Purpose, The Clear Path to Doing Work You Love, Finding Where You Are and Who You Are, Getting Plugged In. And, man, it's pretty incredible. The sales on it have been awesome. It actually comes out in November, and we're pre-saling it for $20

with about $100 worth of extra bonus items. While you're at RamseySolutions.com picking that up, you can get all kinds of things there going right now. There's some free money giveaways. We're giving away $500 cash every week and a grand prize of $3,000 at the end of August, and that's no purchase necessary. Christy Wright, last week we launched her new book that comes out in September, Take

Back Your Time, The Guilt-Free Guide to Life Balance. So the old Ramsey personality's been a little busy lately, getting things out, and the team around here working, and man, some good, good things coming out of our team right now on content to help you guys and help you transform your lives and balance your lives. And it's a really, really neat place. Open phones at 888-825-5225. Donnie is with us in Dayton, Ohio. Hi, Donnie.

How are you? I'm great. Thanks for taking my call. Sure. What's up? The situation, my wife and I, unfortunately, her father passed away, and he left us a large sum of inheritance. We have paid off all the bills, paid off all the house, and we have about $200,000 left over,

and we're not quite sure what to do with that money. Wow. Well, good for you for asking the question. Here's the thing. Money that you do not give an assignment to, so your question is very wise, money that you do not give an assignment to leaves, and then you wonder where it went. And so somewhere deep down you knew that. And that's why you're asking this.

It's very wise. So what I'm going to tell you to do more than anything is whatever you do with this money, go ahead and do it on paper on purpose and make a plan for it. Just have a mission for the money. There's three things you ought to do with money as you build wealth and as you inherit wealth. And in your case, as you inherit wealth. And in your case, you've inherited wealth. Number one thing you ought, and this includes your budget, which ought to have a lot of money in it now, too, given you don't have a house payment, right?

Correct, correct. So what I want you to do with both things of money is to do three things with them and assign the dollars to these three things. Generosity. Be giving money. Always be giving money. Intentionally. Saving and investing.

Always be saving and investing. Intentionally. And enjoying. You should always be enjoying some of the money. And so you could take the $200,000, for instance, and say, we're going to spend $50,000 and create a memorial for her father by giving money to the college he went to and having a scholarship fund.

I just made that up. I don't care. Okay? But you're going to do something that's fun, and it doesn't seem like, you know, it could be $10,000. It could be $5,000. I don't care. It's your money.

But I want you to put some amount of money to go to some kind of generosity or kinds of generosity. Same thing with investing. We're going to take X number of dollars, and we're going to buy a paid-for rental property, or we're going to take X number of dollars, we're going to put it in mutual funds. And then the third thing is there's a couple of items that I always wanted, we always wanted, and we're going to buy them or do this trip that we've always wanted to do that makes us smile when we

think about it and that's called blowing money and that's okay but we're not going to blow 199,000 out of 200 and invest 500 and give 500 obviously that's absurd okay but guys like you that ask that kind of question don't do that kind of stuff anyway, so you're not that guy. But the point being, there's not a set ratio, but when you put it down and you say, oh, man, if we blew that much, I'd feel weird about it. Well, then you've about reached your limit on how much you're going to spend on lifestyle. But maybe you're going to buy a nice car, or maybe you're going to buy a, I don't care, whatever your thingy is that you want to buy.

And then, you know, how much do we want to invest? Well, we put so much in investments, it doesn't feel like we're very generous. Well, then you need to back it down a little bit. So the three things should balance each other out, and it should kind of make you, I don't know, a little bit nervous if you're pushing one of those to the edge. You'll kind of know what your values are, especially the two of you talk about it. Here would be an interesting exercise, too, for your marriage. And you say, okay, we have to write down an amount that we're going to be generous with and then tell the other one what it was. And the amount that we're going to be, do all three.

I'm going to put X to generosity, Y to investing, and Z to lifestyle blowing. And each of you put down a number that adds up to $200,000, and then compare what your notes were and see how close you were to each other, you and your wife. Right. That would be a fun game one night, you know. That would be a very fun game. Yeah, but it's a good starting place for the conversation and go okay why so much on the generosity or why are you

so chinchy you don't want to give anything away you know it's a fun it's a good conversation sharon and i do it a lot because we get a check from a publisher or check from this or that and you know we're already have our lifestyle covered and so when we get extra money in, you know, half of it goes to taxes and tithe. And then the other half we have to set aside for generosity and for increased, even more generosity than tithe. And we enjoy some of it. And, of course, we continue to uh for the purposes of more generosity and the purposes of more enjoyment uh and for the purposes of changing our family tree so there's not a an

exact right or wrong formula the thing is you ought to have an amount a good amount on each of those three and it ought to make you feel right when you look at the number and your house will be different than mine on what feels right duane is with us in tampa florida hi duane welcome to the ramsey show hi thank you so much for taking my call a pleasure to talk to you and i appreciate your advice um so we have a mortgage right now fha mortgage that has a mortgage insurance for the life of the loan and i think it's about150 a month or something like that. Um, we're looking to refinance, um, the current rate we have a 3.75, not sure what the new rate would be, but what the person wanted to do was roll our car payment and our highest credit card into a cash-out refinance.

Of course I did. And then we wanted, and my wife really doesn't want to do that. Good. Doesn't want to pay for that over the life of the loan. So just really seeking your advice, what should we do as far as a refinance, or should we just refinance to get rid of the mortgage insurance? Yeah, asking a mortgage person if you need a bigger mortgage is like asking a dog if it's hungry.

Because he gets paid on the amount of the mortgage. Right. That's how he gets paid. So the underwriter fee, and that's what, you know, no. No, we're going to pay off your other debts using the debt snowball. What's your household income? Right now, about $200,000, my wife and myself. Excellent. And how much debt do you have that's not mortgage? That is not mortgage. Probably about, all in all, with a couple of

student loans we've done for the kids, probably about $80,000 or $90,000. Okay. You make too much money to have that debt. You need to get that cleaned up. That's just sloppy. Right. Right. And that's what you need to do.

Instead of borrowing your way out of your... I was out of work for 10 months, and she was out of work for four years. Yeah, you make $200,000 a year, and you've got $80,000 in debt. You don't need to be doing that. You need to clean that up now and get that mess cleaned up as soon as you can and um you know you don't need to borrow your way out of debt by the way obviously you can't do that so people try all the time hang on i'm gonna send you a copy of the book the total money makeover to show you exactly how to do what we're talking about here brother you're a new listener this is the dave

ramsey show a new listener. This is the Dave Ramsey Show. Thank you for joining us, America. We're so glad you're here. Open phones at 888-825-5225. Ed is with us in Pensacola, Florida. Hi, Ed. How are you? Hey, Dave. I'm doing good. Thank you. Good. How can I help? My question is about the last couple of days, the Center for Disease Control, you know, extending the moratorium on evictions. And, you know, I was listening to the news, and normally the news guy, he's pretty good,

but he was kind of inflammatory, I guess, yesterday evening, or saying that this is leading toward the government trying to seize your property. Are you any kind of worried about that? No. Okay. There's too many guns in America. They're not seizing our property. It's okay.

You're going to be fine. Oh. It's not going to happen. Okay. All right. No, that's not going to happen. That's just people carrying on on the news. And let me add to that that the CDC does not have the power to enforce the moratorium. It is a suggested moratorium.

There are no federal laws that allow the federal government to interfere in individual property rights state by state. The only thing they can do is go through any federal programs that are there to enforce them. Now, they can enforce them on federally funded tenants and things like that, but they cannot enforce that. So the CDC is a suggested moratorium, and it's up to Florida as to whether they enforce it or not as a state. The state of Tennessee has not enforced it. We had a short period of time in the state of Tennessee last summer where the local Supreme Court made a ruling that there was a temporary moratorium for two months at the height of COVID last summer on evictions.

And I actually had one eviction on one of our properties pending during that time. I had a moron that was beating his wife, and she left, and we're trying to throw him out because obviously we don't do business with twerps like that. And we couldn't get him out for that two months. But once the two-month eviction, there was an injunction against evictions in the state of Tennessee for that period of time. Now, I do not know state by state who currently has an eviction moratorium or an eviction injunction placed. And I would be shocked to hear that in DeSantis' Florida that there is one. But I don't think you've got one in place there. You can check with a local attorney if you want that does your evictions and ask

and find out what's really going on. Because what controls property rights is not federal law, it's state law. And so that's the point of the discussion. So the CDC does not have the power to do that under law, and so their moratorium is more of a suggestion, just like they're suggesting people wear masks. And I'm looking in the lobby at 60 people none of which have a mask on so that's how much we care about the cdc right so yeah and so that you know it's just you know

it's a matter of we've all kind of gotten disgusted with these twerps and they're they're throwing their power around all over the place and it doesn't work now so but they can do a lot of things locally uh you know if the local legislature passes it, your state legislature passes it, now you've got property right issues. But, for instance, I'll give you another example, Ed. The right of eminent domain, where the government takes property for the good of the community. For instance, a highway is coming through and they take a piece of your daddy's farm or whatever. They take that house or something like that because of the highway rights.

That's eminent domain. That is all state law. It is not federal law. So were you to argue with the municipality that was doing that or the state that was doing that, you would argue that in state court, not federal court. And so because, again, all private property rights issues are not federal. And so that's where stuff like executive orders coming out of D.C. sometimes don't have any teeth in them. They're more of a mere suggestion, which is really what the CDC's thing is here.

So you look it up. i'm not an attorney i got a whole bunch of real estate though and i'm zero worried about this in the state of tennessee now if i lived in new york city i'd be real worried about it because apparently they're taking over everything up there i don't know what they're doing but uh lost their dadgum minds but uh uh but you know you, all of us living in these in-between states where mostly sanity is still existing, you know, we're not seeing that kind of thing. And I think you're right. I think your news guy was inflammatory. All right.

Up next is going to be Karen in Montgomery, Alabama. Hi, Karen. Welcome to the Ramsey Show. Hi, Dave. How are you? Better than I deserve. What's up? I bought a house probably about at the end of 2015 and when I was still in the military and since then I have moved and I have been renting the house out and it's in pretty bad shape and I'm trying currently to sell it to an investor. Good.

It appears that that may fall through and it also appears that my tenants are moving. That's good news because they'll be out of the way now. You can get it sold. Yeah. So it won't fall apart for a regular loan. Where's the house? It's in Augusta, Georgia. Okay.

All right. Oh, there's nothing wrong with Augusta, Georgia. Jump online at ramsaysolutions.com and click on ELP for real estate and find a real estate agent in that area that we recommend. Contact them and have them go by and look at it so that if your deal does fall through, you have a real estate agent that can get it moved. You're probably going to have to about give it away, but you can get rid of it. Yeah, I actually already started by doing that. move you're probably going to have to about give it away but you can get rid of it yeah i actually

already i started by doing that um and oh is that who you're dealing with um i actually just got a phone call from an investment company about it um okay so that kind of seemed to just work out but um the realtor said that because of the condition that it's in, it will not qualify for any type of mortgage. Right. So they've got to sell it to an investor. Right. So I'm just not sure what to do because if they move out...

Tell the real estate agent to list it for investor sale. You don't have the money to fix it up, and you need to unload it. Yes. What do you think it's worth and you need to unload it. Yes. What do you think it's worth as junked out as it is today? What's this investor offering you? The proposal they offered was $94. Okay. What do you owe?

I owe $85. Okay. Good. You're out. And if it was all fixed up, it'd be $150, right? Yes. Yeah. So somebody will pay $90 for it or $85 for it or be 150 right yes yeah so somebody'll pay 90 for it or 85 for it or whatever they'll take it out take you take you out of it which is really all you want at this point

yes heck with the cheese i just want out of the trap yeah i just wasn't sure if i should because if they move out i don't think that i can i don't think there's any way that i can afford to continue to pay the mortgage. Well, here's the thing. It'll take six to 12 months to get around to a foreclosure. Okay. And so during that time, you give the stupid house away. Okay.

So, you know, get that real estate agent back on the phone. You talk to me, and I said, list it for investor money only, a bargain at, what is it, 65% of value, needs repairs, cash only sale. Right? Right. And get rid of the stinking thing. And you need to probably go ahead and do that right now because this investor has not come through yet.

Right. And if you want to put an exception in the listing for the investor, that's fine. Probably a good idea. That way, if he does come to the table. But some of those guys just run around screwing with stuff and don't actually ever do deals. They just learn something in a seminar to go tie up people's houses. Yeah. You need somebody to write a $90,000 check.

Yes. Yeah. And they're out there, and this real estate market's hotter than a firecracker, kiddo. It's a great time to get out of any kind of property, particularly weird stuff that's messed up like this one is. So you're in a good position. But if that ELP that you got a hold of doesn't know how to do that, get to a different ELP. We have more than one in Augusta, Georgia. I know that. But if that ELP that you got a hold of doesn't know how to do that, get to a different ELP.

If we have more than one in Augusta, Georgia, I know that. And get one of them that will help you get it listed and get it sold as is. Because it's an as-is-where-is deal. You don't need a home inspection. We know it's busted. We know it doesn't work. This is the Ramsey Show. This is James Child, producer of The Ramsey Show. Did you know The Ramsey Show is one of the most popular podcasts in the world?

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