"I don't teach people to borrow money, Jimmy, because I have found that the fastest way to wealth is to get out of debt and stay out of debt."
"Even if you were going to go into debt, the DSCR loan is not a good loan because it's a higher interest rate than a standard loan."
A 65-year-old investor with a $2.2 million real estate portfolio sought advice on DSCR loans. Dave Ramsey advised against borrowing, emphasizing the importance of staying debt-free. The investor owned five rental properties and had significant cash reserves. He considered a DSCR loan for renovations, but Ramsey pointed out the higher interest rates associated with such loans compared to conventional loans. He highlighted that even if borrowing was necessary, a DSCR loan would not be a wise choice due to its cost.
Read at 24/7 Wall St.
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