I'm Worth $22 Million, All Real Estate!

I'm Worth $22 Million, All Real Estate!

Bell is with us in Kansas City Hidell how are you Dave this is a thrill thank you so much for taking my call certainly and what is your net worth well Dave I am a 53 years old and I am I can't even believe I'm saying this but I am worth about 22 million goodness gracious okay break that down for me the big numbers Dave ninety – ninety-eight percent probably is in real estate I when I was about 22 years old I started buying income-producing real estate and I've stuck with it I've I've learned it I've learned everything about it and I've I love it I'm passionate about it I every chance I get I tell friends and family what I've done is oh so 20 20 million dollars for the real estate what's the other 2 million my personal house houses which I guess is real estate you know vehicles and you know that kind of stuff so you have retirement accounts of any kind a very minimal probably 100 grand and some sides so it is truly a pure real estate portfolio why pretty cool and what's your degree in Dave I was lucky to get out of high school and that is an honest being honest there and graduated in the very bottom on my class I do have a couple years in junior college I studied mostly business classes and what was your GPA in high school I II know what's been 30 some years ago I have no idea but no that's what you're saying so I'm guessing when I get to this debt question you're gonna tell me you did borrow money to create wealth that you're gonna say you borrowed money on this real estate Dave I can tell you when I started out buying real estate I I use a creative financing I'd never would have dreamt a buying automobiles or stereos or clothes or vacations with debt but I have to say I and I still do today by income-producing real estate with that but I'm very careful about it Donna and I wouldn't well you just work I mean you killed it here this morning two million dollar net worths real at fifty three so what's your highest at household income year oh there's a last couple years my tax return is floating right about a million bucks a year okay and that's that's rental income yes sir all right hold on we come back from the break I got a couple more questions front for you you're you're off the charts one here you're an outlier and I'm gonna learn from you this is pretty cool very nice this is the Dave Ramsey show we talk to all kinds of millionaires millionaires who made their money in the music business millionaires who are famous millionaires who aren't millionaires who borrowed money millionaires who didn't millionaires who bought new cars millionaires who didn't millionaires who graduated from high school millionaires who have a PhD we talk to all kinds of millionaires because all we care about is your millionaire how'd you do that and if even if it doesn't necessarily align up with Dave Ramsey scissors or Chris Hogan says this it doesn't matter we're learning from real millionaires how they really did it and Dell is in Kansas City he really did it buying real estate with debt and has a twenty two million dollar net worth which means if you have debt that means your real estate is worth a lot more than that right now yes sir what's your real estate worth total I don't know to be honest with you my debts about thirteen million so and that would be those two added together right a million I mean it would be thirty five million right just 35 minus thirteen is 22 if that's your net worth right yes sir unless I'm missing something okay so you did creative financing and you've got a little bit of debt but your debt is less than thirty percent of your net worth you have a small you have a seventy percent equity position right yes that's true has it always been that way or have you worked up to that I worked up to when I first started I'd put down as you know I was broke so I'd put down the least amount of possible I'd buy a little single-family house and rent it for the most possible I'd work on the darn thing and a couple years later I'd refinance take that cash and I buy something bigger so these days i strictly buy high-rise type apartment buildings no more single family stuff i'm hands-on i've worked you know 40 or 50 hours a week i have a great team behind me a team of attorney and accountant realtor and architect i treat them good i pay their bills on time I give and referrals and in turn they treat me good how much money of this 22 million did you inherit not a penny not a penny okay my case I think I'm a true rags to riches type of guy I come from what I would call a poor family I guess my family wasn't in real estate and when I started that was pre-internet so I educate admire going to the library I'd read real estate books I'd read them over and over and over and it just clicked with me Dave and I I have what I had what I call my light bulb moment you know I had a some goals I wanted to reach and one day a light bulb went off and I thought aha real estate is how I'm going to achieve these goals and I was always big about making written goals I always say if your goal is not written it's a dream and I wanted goals and when I was in my 20s I said I'm gonna meet these goals and I did it and I haven't looked back and I'm still to this day passionate about real estate I love to talk about it I love to you know teach my friends about it Chris Harrison there's that intentionality it was running about again it really is a learning goal the laser focus and mean and going in and reading Dave he's pursuing knowledge what are you already there well is that what you would tell people now Adel if you were talking to a millennial and they said oh you can't be a millionaire now you have to inherit all your money what would you tell them Dave I would tell him to get some written goals I would tell them to find what they're passionate about I would tell them to learn everything they can about that and to not stop learning I would tell him tell him to build that team I would tell him to live today like nobody so that tomorrow you know the rest of it that sounds familiar day later you can live and give like no one else way to go down congratulations again Dave not an accident no an anonymous our accident

44 thoughts on “I'm Worth $22 Million, All Real Estate!”

  1. Dellโ€™s story is amazing. Itโ€™s exactly what Im going to be doing in the future.

    I would do anything to get some time with him and hear him out

  2. creative financing! wow! I think the only debt is mortgage and student loans. NO credit cards. No auto loans. No personal loans. No business loans.

  3. Barely graduated high school???? No college degree???? $22 MILLION NET WORTH. Wow! I needed this. More episodes like this. I want to see the paths people took, to get where I want to go.

  4. Hi Dave I'm from Utah I'm 20 years old and recently ive grown my net worth to 232 million.

  5. Is getting rich the be all end all? Real estate is hardly a real and productive sector of any economy. Despite all the wealth flowing into housing, can it really be said to be a disruptive or innovating industry that will better humanity? Stories like these make me think of Scrooge McDuck and the excesses of greed more than success.

  6. This guy is a prime example of using debt responsibly to create cash flow and grow oneโ€™s net worth. HOWEVER, the average Joe uses debt to buy stupid stuff, consumer purchases, which is how people get into trouble financially. This guy has a net worth that eclipses his debt which is the ultimate goal; cash flow is king!

  7. He beat the Odds.. but Odds are 9 out of 10 people will never obtain this level of success, no matter how much you study this is the FACT of how Society is set up.

  8. Both the caller and Ramsey (and me) are on the same page. NO DEBT for consumer goods, like cars or credit cards or student loans. YES HAVE DEBT for assets that produce income.

  9. There is in fact a way to use debt to your advantage. The key, however, is to know what your limits are. If you take out a short term loan for an investment, you better have an exact plan on how you will pay it off.

  10. Why carry 13M in debt if your real estate is worth 35M (22M net worth)? Sell off the 13M so you have 0 debt and 22M in real estate. Then use the ridiculous amount of income from the real estate properties (around 1.5M per year) to save up for your next investment property. Takes out the risk of debt and another 2008 collapse.

  11. I'm 51 & worth 7 million. I also made $ in real estate investing. I wish, I'd started in RE earlier instead of wasting valuable youth time in corporations. I quit corporate life at 46 ๐Ÿ™

  12. My buddy did this. We both graduated from engineering school, he was civil and got a job doing bids for a painting company. He quit his job, started bidding painting jobs himself, got a crew, used that cash to fund down payments on real estate. Cut to 15 years later and he is buying buildings. Good on him.

  13. How are you worth 22 million with a million a year income but u work 50hrs a week doing your own manual sweat labor to fix up your properties while having no credentials. Itโ€™s time to just hire professionals and use that time to focus on managing your portfolio, not swinging from roofs with a saw in your hand especially at that age. Something is off about this guy

  14. I'm also very successful through real estate investing. I've used debt to leverage the entire time. I would venture a guess that I would be worth maybe 20% what I am today if I never used debt. When the market crashed I bought up as much real estate as I could knowing it would double in value in a few years. Without debt I would have bought a ton less of it. I guess it is all about how you go about using it and being smart. Some people are going to get themselves into trouble while others are going to be 5 times wealthier because of it. I bet this guy would be worth a million or two without using debt.

    This is one of the things that bothers me about Ramsey (besides his ridiculous 12% stock market return nonsense). Also, no credit cards? Okay, well I have a few of them and 95% of the time they are paid off but when I need to leverage here or there they work perfect. And, yes, we run just about everything through them for the points. In a year we get around $3000 worth of points and probably pay maybe $500 worth of interest (because they are paid off) and fees. We can also take that $3000 worth of points and double their value by buying plane tickets with them. Along with hotel points we basically travel for free because of it.

  15. Funny how this guy started before the US crash and after the crash he is still ok? I'm sorry, I'm not so sure about this.

  16. You won't do anything in life if you don't take risk. If you fail at the end you can try again or that's why guns were invented.

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