How He Increased His Cash Flow From $300 to $1,200/Month With A 1031 Exchange With Eric Girard (Ep 330)

Rental Income Podcast With Dan Lane

Rental Income Podcast

Business, Investing, Entrepreneurship

4.8 • 836 Ratings

🗓️ 31 August 2021

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

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Summary

Eric talks about how he got started by turning a condo that he lived in into a rental. He rented thre property out for a few years and was making about $300/month. Recently, he sold that property and moved the equity to a 4-Plex using a 1031 Tax-Deferred Exchange, and increased his cash flow to $1,200 a month.

Transcript

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0:00.0	inspiring interviews with today's top landlords this is the rental income podcast and now dan lane a lot of people get started buying rental properties by taking the house that they're living in and turning it into a rental
0:16.5	eric do you think that's a good idea absolutely i would recommend buying a property and living in it as an investment.
0:24.0	I bought my condo to live in. Then I rented it. And then I sold it. And I bought a four family with it.
0:31.4	Eric was making $300 a month renting out his condo, which is pretty good. But recently he decided to sell the condo.
0:40.5	He took his equity and he used it to buy a four-unit building. That four-unit building is making
0:47.5	him $1,200 a month. So all he did was move his money from one property to another, and he's making way more money.
0:57.0	On the show today, we're going to walk through exactly how he did that.
1:00.2	We'll go over the numbers and see how everything is working out for him.
1:04.8	Joining us on the show today from Worcester, Massachusetts is Eric Gerard.
1:09.9	We'll take a really quick break to thank our sponsors.
1:12.9	We'll come right back and we'll talk to Eric.
1:15.2	Whether you've been buying rental properties for years or you're looking to buy your very
1:20.1	first rental property, the very first thing you want to do before you go out and find a great
1:25.5	deal is to figure out your financing.
1:28.4	The lender that I recommend is Chaley Ridge from Ridge Lending Group.
1:33.6	She's a nationwide lender and her specialty is helping investors finance rental properties.
1:40.0	Chaley has a special limited time offer just for our listeners.
1:44.6	She will pay for your appraisal up to $500 when you close a loan with her.
1:49.8	Just mention you heard about this on the Rental Income podcast.
1:53.8	If you want more details or if you're ready to get started today, just go to ridgelendinggroup.com.
1:59.9	That's R-I-D-G-E lending group.com.
2:04.2	NMLS 42056.
	...

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