'I don't think I can help you': Georgia man can solve all his problems and potentially live debt-free if only he can let go of a property with sentimental value. Dave Ramsey gives up hope

So, he called Dave Ramsey for advice. But the personal finance expert was baffled at Jacob's unwillingness to make what he believes is the obvious choice.

“I don’t think I can help you, man,” Ramsey told him during an episode of "The Ramsey Show."

Like Jacob, many Americans could significantly reshape their personal finances with some practical and pragmatic real estate decisions.

Nearly debt-free

Jacob says his family lives in a home on 42.5 acres of land, and he also owns another house in Kentucky. The family has been working hard and aggressively deleveraging in recent years.

“We did something crazy," he said. "We went all out to pay as much debt as humanly possible.”

Jacob and his wife pulled in a combined income of $210,000 last year, much of which was deployed in paying off lenders. The family is now nearly debt-free, with only $260,000 in mortgage debt left on the family home. They have roughly $19,000 in cash and savings, and he says the house in Kentucky is fully paid off.

Jacob works in construction and took a job out of state in order to maximize his income. But he was laid off, and rather than continue working at a reduced wage back home, he's considering being a stay-at-home dad to his two daughters.

He also wants to put the family's land to good use by doing some farming, and is tempted to apply for an auto loan to get a tractor worth $60,000. Ramsey believes such a move would jeopardize the family's progress.

“You know that we tell people not to borrow money and you called here wanting to finance a tractor?” Ramsey asked.

This new loan could be easily avoided if Jacob sells the Kentucky home and buys a used tractor for cash at half the price, Ramsey says. However, that’s an option Jacob hasn’t considered.