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All Forum Posts by: Phil Richards

Phil Richards has started 1 posts and replied 2 times.

Originally posted by @Michael J Scanlon:

Using leverage can be your best friend. If you can find a property that provides good cash on cash return, lets say 10-12%, then your leverage is making you money because your owner occupied mortgage rate will likely be about 3.5% right now. So you're investing at a greater return than your money is costing you. This is the beauty of leverage. I would house hack. Find something like a duplex and live in one side, rent the other. If you work with a good, investment specific realtor, you can massively increase your net worth just by doing this alone. 

Thank you! I'll keep this in mind

All my expenses are about $900 per month (includes renting a room). No debts. Single, no dependents. I am in the Denver area, CO. What should I do? I have a little over 100k on my bank account and currently live off my savings. My income is not regular; 1–2 year contracts in IT ($$40-45 per hr), but can be sitting without work for up to eight months easily.

Thinking about getting a place of my own or investing for stable and passive income (being a realist, I am not expecting fancy cash flows)… Pretty open to moving to another (cheaper?) state. Any other ideas? Thank you.