000. Intro to your Host Dave Rosa. Who’s this clown? I also drop some 401k numbers and rental income knowledge in your face!
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Contact- DaveRosa@HighlyLeveragedPod.com
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401k Calculator: Is 401k right for you?
Click the link below, enter your info and find out if you’re on pace to have enough to retire.
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HELOC- Home Equity Line of Credit
Access the dormant equity in your home to use like a credit card. No payments until you use it, can be paid down and reused like a credit card with interest only payments due each month.
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$100k house example: 20% Down ($20k)
80k Mortgage at 3.5%= $359 a month…Taxes $140..Ins $50…= $549/month
1% Rule= 1% of $100k is $1,000 rent. Minus expenses= $451
15% of Gross rent put aside for Vacancy/Maintenance= $150
Total Monthly cash flow of $301. Over 30 years = $108,360 in cash money!
Appreciation- Avg 4% year over year. $100k house would be worth $324k after 30 years.
Cutting that by One Third to 2.66% would have that house worth $220k after 30 years.
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BRRRR Strategy- Buy, Rehab, Rent, Refinance, Repeat
-Buy a distressed property
-Rehab the property
-Rent out the property
-Refinance with higher appraised value to pull out all or most of your invested money
-Repeat on your next property
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