Video instructions and help with filling out and completing Who Form 5495 Estates

Instructions and Help about Who Form 5495 Estates

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