Dave Ramsey Could Be Your Landlord, Can You Pass His Rental Test?

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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 living space and was built in 1993. It is located in the Concord Chase Estates subdivision. The brick home features hardwood floors and chandeliers in the living room and formal dining room. The expansive kitchen includes a kitchen island and stainless steel appliances. There is also a large executive office which is perfect for remote workers. The first floor bedroom includes a heated tiled bathroom. The one bedroom suite has double sinks and a separate tub. A screened sunroom has a beamed ceiling. The home has been updated with new carpet, fresh paint and a new front door. It’s listed for $5,000 and has been available since October 15th.

The listing specifies that the owner is a licensed real estate broker and real estate agent. Ramsey runs a referral service that provides connections with real estate agents across the country to buy, sell or invest. He also said 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 on a major episode of his popular financial advice show.

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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 list also states that the applicant must have verifiable proof of income of no less than three times the monthly rent for at least two years. Ramsey’s rules can be strict because he has had bad experiences in the past. On his show, he explained that if you have a bankrupt tenant, there’s nothing you can do to get rent payments. As he put it, there is a “people factor” when dealing with tenants.

Ramsey has a long history of buying and selling homes in Tennessee. In 2021, he sold his Franklin, TN property for $10.2 million. He began acquiring land to build the home 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 growing 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 for too long. While renting offers flexibility, the payments add up over time and the renter gets nothing for their money. “It’s better to have an asset that can go up in value than a rental expense that keeps going up,” Ramsey advised a caller on his show.

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This Dave Ramsey article could be your landlord, can you pass his rental test? originally appeared on Benzinga.com