The victim woke at 4.30am to find his exit blocked and was forced to knock out a window frame to escape his blazing home.
The man then ran to the police station to report the fire, clad only in a T-shirt and "covered head to toe in soot and ash".
He was transported to hospital and treated for burns and smoke inhalation.
Local firefighters responded to the blaze and were able to save the man's dog, but the house was destroyed.
Police said the texts sent by Russell to the victim included "I see you wanna die" and "You wasted my money to come out here".
The victim told police that Russell was a "side chick" that he had invited to his home.
Russell is charged with attempted murder, aggravated arson, endangering and criminal mischief and has been held in custody.