Jeremy de Seattle, Washington, believes that his recent purchase of a recreational eighty-wheeler was a “stupid decision”.
Speaking with the Dave Ramsey finance guru on a recent episode From the Ramsey show, the young man said that his new “toy” irritated his parents-in-law because they wanted him to focus on the reimbursement of $ 80,000 he borrowed to buy a manufactured house that is on their property.
Ramsey quickly pointed out that the purchase of the four-wheelers is not his biggest error: “You have a trailer of $ 80,000 and that you do not have dirt? Oh my god, Wow,” he said. “You made a colossal mess.”
“You play Russian roulette and there are three bullets in the pistol – not one,” said Ramsey.
He offers three reasons why Jeremy's agreement with his family is a brewed financial disaster.
Jeremy's housing situation is precarious because he has no control over the field on which his house is located.
Millions of Americans live in manufactured houses across the country, according to the Charitable PEW Trust, and 35% of those who financed their purchase have a “home loan only”.
This means that they owe money to something that almost always depresses value compared to a house. And in addition to that, they lack control or property in the field, which is generally an appreciating asset.
“You don't have control of the situation,” Ramsey told Jeremy. He stresses that if something should happen – as let's say that parents -in -law should cause a car accident and face a trial accordingly – dirt under their trailer could be withdrawn.
“They have no control about it and you have no control about it. So you have settled. And I saw it a thousand times in 30 years to do what I do – not to have dirt under your trailer is a massive error. ”
Jeremy's situation is exacerbated by the fact that his loan was borrowed from his family.
In the United States, almost 37% of recent buyers have financed their purchase with financial assistance from their parents or grandparents, whether to co-buy, offering them the deposit or allowing them to live for free to save for purchase, according to the purchase, according to the purchase, according to the purchase, according to the purchase, according to the purchase, according to the purchase, according to the purchase, according to the purchase, according to the purchase, according to the purchase, according to the purchase, according to the purchase, according to the purchase, according to the purchase Compare the market.
