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Updated over 4 years ago,

User Stats

29
Posts
63
Votes
Femi Ibrahim
  • Dallas, TX
63
Votes |
29
Posts

What's my best line of action $17,000 monthly household income

Femi Ibrahim
  • Dallas, TX
Posted

Thanks in anticipation of the responses I'll get from this post. Not sure what the best line of action is in reaching my goal of financial freedom via real estate. My financial goal is monthly income of $10k.

I currently have a monthly household income of $17k, with $14k after all expenses including mortgage.

I currently have a mortgage of $300k. My plan is to pay off the mortgage in 2 years. After paying off my mortgage, I plan to use HELOC on the house to fund my real estate goal of buying rentals using BRRRR.

Is this a good plan to pay off mortgage first and use the HELOC after the second year, or it's best to use my current monthly income to buy rentals?

Also, are there recommendations of out of state locations where I could buy cash flowing, as well as appreciating rental property with a max price range of $100k - $120k? In the Dallas Forth Worth (DFW) area where I am from, housing prices are high and rents very low. Rentals do not cash flow in this area.

I'll appreciate your thoughts on:

1) If I should pay my mortgage first, and use the HELOC?

2) Ideas on out of state locations with cash flowing and appreciating rental properties with max price range of $100k - 120k.

Thank you all.

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