EP051 Are Financial Gurus always right? Disagreeing with Dave Ramsey's advice on House Hacking with Expert real estate Investors Justin Workman & Rob Minch
Listeners to this show know that I'm a big fan of house hacking as a great way to get into real estate investing. Many of our guests have begun their investment career by purchasing a multifamily property and living in one of the units while letting the rent income from the other unit(s) pay for their mortgage and expenses. In fact, I believe house hacking is one of the most sensible and lucrative ways to build a real estate portfolio, and have spoken with many guests who have proven this to be so.
Apparently, Financial Advice Guru Dave Ramsey does not agree.
In a recent advice column, Dave seems to advise one of his readers against purchasing a three unit and living in one side, while letting the income from the other two units pay for his mortgage and expenses.
Dave goes on to suggest the reader would be better off purchasing a nice, single-family home instead.
Does Dave's advice really make sense? In order to answer this question, I've invited several of my past guests into the studio to debate the pro's & con's of his answer.
Justin Workman (Episode 3) and Rob Minch (Episode 9) help me get to the bottom of Dave Ramsey's House Hacking advice, and the result is not what you would expect.