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Financial expert Dave Ramsey is no stranger to the real estate market. Ramsey, who has bought and sold many properties, is also a licensed real estate broker. Realtor.com reported that Ramsey’s home in Brentwood, TN, is for rent.
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The four-bedroom home has 3,776 square feet of space and was built in 1993. It is located in the Concord Chase Estates subdivision. The brick home has hardwood floors and chandeliers in the living room and formal dining room. The expansive eat-in kitchen includes a kitchen island and stainless steel appliances. There is also a large executive office that is perfect for remote workers. The first-floor bedroom includes a bathroom with heated tiles. One bedroom suite has dual vanities and a separate soaking tub. A screened-in sunroom has beamed ceilings. The home has been updated with new carpeting, fresh paint, and a new front door. It is listed for $5,000 and is available as of October 15.
The listing specifies that the owner is a licensed real estate broker and Realtor. Ramsey runs a referral service that offers connections to real estate agents nationwide for buying, selling, or investing. He has said before that he believes in real estate investing and that if you do it right, you can make real money. His guidance for getting started includes buying your own home before venturing into rental properties. “I’m personally a big fan of using investment properties to earn income and build wealth,” he said in a highlight episode of his popular financial advice program.
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As an experienced real estate professional, Ramsey has a few rules for his tenants, including a firm no pets and no smoking policy. The listing also stipulates that the applicant must have verifiable proof of income no less than three times the monthly rent for at least two years. Ramsey's rules may be strict because he has had some bad experiences in the past. On his show, he explained that if you have a tenant in bankruptcy, there is nothing you can do about getting rental payments. As he put it, there's a "people factor" when dealing with renters.
Ramsey has a long history of buying and selling homes in Tennessee. In 2021, he sold his estate in Franklin, TN, for $10.2 million. He started acquiring land to build the house in 2008. The home was originally listed for $15.45 million, but Ramsey reduced some of the acreage to make the deal. He sold the property to take advantage of the rising market in the area and began construction on another property in the same city.
Although Ramsey is a landlord, he advises renters not to rent too long. While renting provides flexibility, the payments stack up over time, and the renter doesn't get anything for their money. "It’s better to have an asset that can grow in value than a rental expense that keeps creeping higher," Ramsey advised a caller on his show.
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This article Dave Ramsey Could Be Your Landlord, Can You Pass His Rental Test? originally appeared on Benzinga.com