Any Dave Ramsey Followers out there...?
Hi there BiggerPockets world,
This is my first post here on BP, I’m a newbie/ wanna be investor. I’m working on educating myself on the real estate investing world. I’m posting this to get some advice from the BP world of savvy investors for a question that I haven’t heard anyone else pose yet (if such a post exists please let me know).
(A brief introduction to where I’m coming from) I’ve been following Dave Ramsey’s teachings and have learned a lot and owe my current solid financial footing to his “Baby Steps”. I could go on and on about how he’s helped me make smart financial decisions and so on…
Like I said I’m new to the real estate investing world and BP but I listen to Josh, Brandon and Mindy on my way to and from work each day(via the BP podcast), I hear story after story of how people have gotten into the real estate investing world and been successful. All the stories I’ve heard so far are about taking out loans of some type, either bank, private/ hard money, or friends and family, etc. As I listen to this I think to myself, “What would Dave say to this…?” Then I hear Mr. Ramsey’s voice in the back of my head saying something like this, “The borrower is slave to the lender.” or “100% of homes that are foreclosed on have mortgages…. (paraphrased)”.
So I don’t really have a question so much as I wanted to get a conversation going about how my (soon to be) fellow investors view Mr. Ramsey’s philosophy on life, money and real estate. I’m torn between using some form of a loan vs working hard to aggressively to payoff my current property before acquiring more properties.