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foreign David is with us in Dallas to start off this hour hi David welcome to the Ramsay show yes thank you sir for having me sure what's up yes so just quick context my wife and I when we were engaged did FPU that was six years ago we are now five thousand dollars away from being debt free aside from our mortgage way to go I'm just 5 000 yes thank you just five thousand left of our of my student loans um here's here's the thing we're pastors here in Texas we are moving to Oklahoma to be pastors of a church there and what's awesome is part of the deal is we have a parsonage so we will not have a mortgage payment there um and so my my Ultimate Dream is that we are financially independent from the church I love the church I would love to one day not even have to take a paycheck from the church and so what I'm seeing is our expenses are staying the same our income is actually going up a little bit with this move and I would like to turn my house in Texas uh into an Airbnb property and hopefully even make income to take one step closer to being financially independent from the church and so my question really is is that a smart move or should I just sell my home here in Texas profits I don't know the way the market is right now I can maybe profit 60 70k something along those lines from what I've seen and so I'm just asking you what may be the better or best option is um I love your goal and I don't dislike your plan overall I would I would sell the house and move the money to Oklahoma pile up some more cash and pay cash for your first rental in your own backyard airbnbs uh have two problems that all the people that talk about how much money they make with them don't bring up or they have three problems that people don't bring up problem number one there's a ton of hassle a lot of details a lot of work involved in getting the people in getting them out getting them cleaned all that kind of stuff like uh probably 25x a normal a normal rental because you'll have multiple renters in a single month right and so you've got you've got maid service you've got a higher level of Maintenance you've got a lot of work involved in managing and messing with them okay so a lot of hassle uh go ahead so sorry interrupt can I just speak to that I do have family here in Texas that would be managing the property and so I kind of have a little bit of a built-in system which is a bad eye which is a bad idea you're going to take you're taking advantage of your family okay I'm telling you Airbnb the hassle factor is very high there's great money but the hassle factor is very high so if you want to do an Airbnb it needs to be in your backyard problem number one with Airbnb problem number two with airbnbs is you have a lot of extra maintenance people tear the crap out of your property nobody talks about that that's the Dirty Little Secret of airbnbs you're constantly buying carpet you're constantly buying paint and drywall repair uh because they do not take it I don't care how big a deposit you get or how much screening you do it's not their house and so you're going to have a high level of repairs and maintenance which is part of that hassle Factor the third thing that nobody's talking about is several areas uh are now passing zoning prohibiting it right right and uh so if you set your whole model up only on Airbnb that you could have the rug jerked out from under you if the only way the deal works is Airbnb don't do the deal because it might not be available to you now if you want to run the hassle for the extra money and run the maintenance for the extra money you'll make more money but it's a lot of work so I would move the money to Oklahoma whether you're going to do a straight rental or whether you're going to do an Airbnb because it's in your backyard and you're going to lay your hands on it and you are a man who controls Destiny you don't ask your first cousin to do it yes sir yeah that's that's what I would do if I were in your shoes but I like your overall idea but let's just pay cash for a rental and go that way Christina yeah I've talked to a lot of Airbnb owners and it kind of does feel like a part-time job for a lot of them and and you get six of them it's a full-time job um yeah and I agree that having your family do that would kind of be taking advantage of them especially if you're not paying them if they don't get a cut of that and if you start paying them then the need for doing an Airbnb goes away yeah exactly and there's just a lot of of mental aspects of like I mean there's a review system on there so even with the maintenance even with keeping your Airbnb up you want to make sure that it's Top Notch because you want those five star reviews if not you're gonna have a tougher time booking people and the list goes on and on it can definitely be more of a headache and I think your heart is with the church you ultimately want to pour your heart into the church that's why you want Financial Independence and so that you can love on people better and if you're stressed out by this basic other part-time job that's not going to be the best use of your energy yeah I think it's a good move I love your move to Oklahoma and you're making more money just take your the fact that you don't have a house payment anymore pile it on top of that 60k go pay cash for your first house then pile all that rent up and or Airbnb money up whatever it is and go pay cash go pay cash for the second house and and go pay cash for the third house and you end up with five or ten properties you'll have enough income coming in that you are independent and then you can decide um how you're going to serve the church and what the financial arrangement of that is you that gives you the option of that and it does put you in a completely different position um in the church world for sure and I love your heart and where you're talking about going with it yeah and that's a super exciting move congratulations with all of that a new job new promotion and not having to pay rent or a mortgage that's outstanding so I think you're going to be able to pile this cash up quick now it's going to put you in a really really good position so I've got a good friend that is a pastor and he started at that age buying properties and he's done exactly what he's talking about doing he's become he's become he's got a lot of real estate become wealthy and he didn't steal the money from the church and he didn't get overpaid by the church he just managed his money well for decades and has a bunch of paid for Real Estate now and he's good at real estate he's a pastor but he's good at real estate and so uh you know he's managed the properties well and he's you know he it's like his little side job so to speak his hobby he loves fooling with it he loves messing with real estate like I do and he's just done very very well so he's many many years ahead of you uh David and um he has done what you're right you know he's put himself in a position that he's independent from the church and so he's publishing deals all that kind of stuff he just he doesn't have to uh be unquote owned by the local congregation unquote and I it might even change a preaching a little you never know good well some people it would