Kamel told Julian to pay off his $9,700 car loan, build a $30,000 emergency fund, and cap housing payments at 25% of take-home pay.
At a 5.98% 15-year fixed rate and record home prices, Julian's $85,000 salary supports only about $1,400 monthly, which is too little for a duplex.
The 15-year mortgage rate is Julian's biggest obstacle, and a drop back toward February's 5.35% low would unlock more buying power than more saving would.
Read More: Learn 7 ways to generate income with a $1,000,000+ portfolio (sponsor)
"All of a sudden you're a bajillionaire" is how the Ramsey Show hosts mocked the pitch a 23-year-old caller named Julian brought them: buy a duplex or triplex as a first home, let tenants cover the mortgage, and skip straight to landlord wealth. Julian said he had about $70,000 in cash, earned about $85,000 a year, still owed $9,700 on a 2024 car loan, and wanted to put at least 10% down because his uncle had told him renters would pay the note. Hosts George Kamel and Jade Warshaw took the call in Dave Ramsey's absence.
#julian #year #home
At a 5.98% 15-year fixed rate and record home prices, Julian's $85,000 salary supports only about $1,400 monthly, which is too little for a duplex.
The 15-year mortgage rate is Julian's biggest obstacle, and a drop back toward February's 5.35% low would unlock more buying power than more saving would.
Read More: Learn 7 ways to generate income with a $1,000,000+ portfolio (sponsor)
"All of a sudden you're a bajillionaire" is how the Ramsey Show hosts mocked the pitch a 23-year-old caller named Julian brought them: buy a duplex or triplex as a first home, let tenants cover the mortgage, and skip straight to landlord wealth. Julian said he had about $70,000 in cash, earned about $85,000 a year, still owed $9,700 on a 2024 car loan, and wanted to put at least 10% down because his uncle had told him renters would pay the note. Hosts George Kamel and Jade Warshaw took the call in Dave Ramsey's absence.
#julian #year #home
12 days ago
