Sell My House To Become Debt Free?

Why not sell the car first?

More absolutely terrible ramsey advice. When you sell a house, you lose about 40K in closing costs. So he will lose that 40K and then he will have to pay closing costs again, plus all the moving costs related to moving. Ramsey is so obsessed with being debt free that all math and common logic goes out the window.

If you have to rent you're never debt-free.

He’s better off keeping the house, it’s going to build a lot of equity.

Couldn't you just downgrade in a house? Maybe a mobile home or something.

Dave is going goth? I see that fingernail.

The way that people talk about houses I’m thinking about purchasing a Boxabl Casita. It is small, but way less expensive than a regular house. Also it’s better than renting. That’s my Subjective View.

This is my current case 90% of the time. But my only problem is the overall debt. I don’t want to be in 400k house in debt a year later just for the sake of being debt free of 380k today. Just pay down my current debt.

The one question that didn't come up are kids?

Dont sell it. Just have a little more patience. Selling and then purchasing again is expensive. Moving is expensive. Then add on the stress.

Good video. As for me i have made huge profits on my investment since i started trading with Mrs Melinda Dixon, her trading strategies are top notch.

This guy is a moran.

" The things you own end up owning you "
Tyler Durdan

🤓👍✌🖖👌😎

How do you call in without the numbers ready to go. Bum

someone once told me, if you have nothing to lose you cant lose

The problem is you have to buy a new house 🏡

Wait, sell the house to be debt free, then wait a year -18 months and buy another house and go back into debt?

I think Dave saying that he has zero emotional attachment to the houses he has lived in makes him very unusual. For most people, choosing a home is not strictly a financial decision.

I don't agree with Dave on this one.

I'm debt free. I wish I have a house.

Convincing the wife is the trick.

Do the hard years!!!!

I'm no longer waiting for the GRANT LOAN because I earn $29,700 every 10 days recently and now am debt free I don't have to sell anything.

If you sell your house, now you're in debt to the landlord for $__ per month

Rent is terrible right now. Do the math if your mortgage is better than rent or not?

Do you realize what apartments cost in Charlotte?

Wouldn't he be better building equity in the house rather than renting?

I bought a home I could truly afford.
Paid it off quickly to become debt free.

Sucks my family is starting the selling process on our current CA residence because of an adjustable 30 yr loan my parents signed. Ca has become unaffordable and no longer aligns with us politically. Looking for another state to move to. Sad because I potentially have to start from scratch in an state we know no one else and I just moved to another site at my current job.

Your never really debt free until you pay off your house. He is clearing his student loans but still needs to save a deposit for a house and buy something smaller. He would be better downsizing that renting.

There's absolutely no reason why, with a $130k household income and only a $253k mortgage balance, they couldn't pay off their debt while remaining in the home.

So stupid to sell and rent just to say they're "debt free". If anything, refinance the home, pull cash out and consolidate everything into one payment and attack that loan as hard as possible (assuming the rates/payments are very high on the existing debt). Don't forget that the home is appreciating in the background while all of this is going on...

They’ve got a nice sized shovel and are already progressing w their debt, so kudos to them 👍🏽 Personally I HATE moving AND apartment life -done both for so long/so many times. Bottom line it comes to what decision will bring the most peace of mind for both of them

Well this answers my question. I have thought about selling the house too to be debt free. I plan to keep the house and just tackle the debt that I have. Wish me luck.

2019: in debt 35K, came up with $7K to buy my first house for $166K
2022: Just closed on the same house for $245K, will profit $73K, pay off all my debt, still have some left over, and purchased the new house for less than what I sold my first for.

Strategy

Selling a house is not the size problem you mention to these people. Most houses are selling without any broker, etc, very quickly.

Inflation will kill you on the next home purchase, yet helps you big time on previous debt with a fixed rate..... No way I would sell a house to live in an apartment for a year then hop right back into debt with another house...

its more hassle to sell the house, unless they are planning on moving into a $200k house, then it makes sense. if they are going to sell the house for 400k then buy a 350k house a year later that doesnt solve anything.

WOW THIS IS SUCH TERRIBLE ADVICE ITS ABSOLUTELY INSANE

This makes no sense. Sell a house to become debt-free, only to then buy another house and go into debt

Well Handled Dave

can you move out of a mortgage to be debt free? Say go from a 700k house with 500k home equity to a 500k house debt free?

I would sell & go buy some quadplexs or couple of units & pays your expenses
6 units & with a decent job you should be fine

Sell sell sell. House prices will drop. Then you can buy again

Im thinking of selling. With my equity I can pay off the mortgage and still keep $150,000 unless its a bid war and i end up with even more😊 my mom has an acre I'll get a used 5th wheel and stay there till i find my own land and build away from the city rules.

What if by moving 4.5 hours away, you can buy a bigger house that works better for your family, in a good town where you like the people, AND you can become COMPLETELY debt free, no mortgage?

I own a house valued at 745k outright, no mortgage. Bought it for $535k in cash six years ago. Have gotten into a bit of debt in the last year, $21k on credit cards, an AC unit we're paying off ($8k remaining) and 2 car loans that combine to $20k. We are so torn about selling or not selling to clear this damn debt. Oh and on top of that, work has been slow (we both freelance). We know that selling it would clear all our debts and still leave us with over $600k cash, but now we have no house. Finding a new place in the area where we live and surrounding areas is a daunting task bc it's expensive now. What to do? I actually spoke to a Ramsey coach for a free consultation today and he told me to sell and rent. But we're still on the fence. What to do...? And we have a 6 year old who is starting a new school in August and the commute will be over 40 minutes in rush hour traffic so we feel like we will at some point get tired of it and will want to move closer anyway. Although we like our house, and we know we won't get anything close to it right now, whether we rent or try to buy something in cash.

It’s about starting over, being debt free and having their money go into savings or an investment opportunity which wouldn’t be a possibility when someone is in so much debt. Plus less stress that comes with financial freedom! The home served its purpose by gaining enough equity to give them a better path within the next two years. Short term and long term, selling seems to make sense!

Should I sell my house if I can’t afford repairs

sell the house