If you don't substitute chicken for beef or maintain old technology that's irrelevant to the index it may not change things for the individual at all.I still don't get how this turns Dave Ramsey into a fraud.  

There is simply no substitute for going there yourself and driving through (and walking) through the area.

@Patrick Boutin -- Nothing can substitute for visiting the property live in person.

With poor supply and too many dollars and little substitutes the prices artificially increase even thought satisfaction is the same like with basic items like milk or bread.Supply and demand will also drive prices.

You can read 700 blogs and books, and go to 200 seminars. . . but there is no replacement or substitute for what you will learn from the experience of buying/rehabbing/owning your own rental property.   

While the tenant pays off the mortgage, they are paying me passive income that substitutes for salary...that I don't have to work for.

This information is provided for general, informational purposes and is no substitute for advice provided by a competent professional familiar with your particular situation.

The 50% rule, or any other rule of thumb for that matter, is only useful for general discussion and should never be used as a substitute for thorough due diligence on an individual property.

Chad, according to Merrian Webster, a novation can be defined as:the substitution by mutual agreement of one obligation for another with or without a change of parties and with the intent to extinguish the old obligationWhen related to a modification of mtg, a problem can come up if a court construes the modification agreement as having changed the terms and conditions of the original mortgage agreement to such an extent as to create a new obligation. 

It is not a substitute for professional advice; before making decisions based on the Content, you should consult knowledgeable professionals about your specific circumstances.