Dear Dave,
My husband and I own three commercial buildings in Boise, Idaho, that are leased out long-term. We owe about $500,000 on one and $400,000 on each of the others, and they earn $190,000. The only other debt we have is a small amount left on our mortgage. I know you donít like debt, but is it okay to owe on commercial properties that are making good money?
ó Dawn

Dear Dawn,
I own several commercial buildings, and I donít owe a dime on any of them. So, I canít tell you that I think itís okay to have debt on commercial buildings. I believe the best plan for building wealth is to become debt-free.

Now, from the situation youíve described, that doesnít necessarily mean you guys should be in panic mode and start selling everything in sight. But I do think that you should systematically work your way out from under these debts over the next few years.

If I were in your shoes, Iíd go ahead and get the house paid off first. Then, Iíd take a look at these commercial properties, and begin working the debt snowball on them. Start throwing as much money as you can at the smallest debt, while making minimum payments on the other two. When you get it paid off, roll that amount over ó along with every dime you can dig up ó and attack the second largest one. Follow these steps until you pay off all of your commercial properties.

It might take up to 10 years in your case, because weíre talking about at least $1.3 million in debt. If you have a bunch of equity in one you donít particularly like, you might consider selling it and throwing the cash at the remaining two. But whatever the timeline, Iíd develop a hardcore game plan to get rid of this debt.

Wouldnít it be cool to have all that paid for? Talk about cash flow.
ó Dave

Split it with you

Dear Dave,
My wife and I are debt-free except for a car and our house. The car is financed through her mom, and her dad agreed to send us half of the payment each month. We owe $7,700 on the car, and we have enough cash right now to pay off the car in full with plenty left over. Should we do this, even though her dad is making $100 of the payment each month?
ó Dustin

Dear Dustin,
If her father had agreed to send you guys $100 each month, ask him to continue doing that for the duration of the agreement. Then, you guys pay off the car now with your cash. Thereís nothing dishonest about this, as long as you explain the plan to her parents and theyíre agreeable.

The reason for this approach is two-fold: It gets the debt paid off, and then you can get the car put in your name. Plus, a situation like this represents drama just looking for a place to happen, if it hasnít already. Family relationships take on a weird vibe when money has been loaned and borrowed.

If theyíre not agreeable to the idea, thatís okay. All you can do is ask. But one way or another, Iíd be out of this situation before the sun goes down.

ó Dave Ramsey is Americaís trusted voice on money and business, and CEO of Ramsey Solutions. He has authored seven best-selling books. The Dave Ramsey Show is heard by more than 11 million listeners each week on more than 550 radio stations and digital outlets. Follow Dave on Twitter at @DaveRamsey and on the web at