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Living Rent Free and Owning Real Estate

by Larry Chiang on January 27, 2017

Larry Chiang has a Jedi in Business Administration because he wrote about a business school that he did not go to: Stanford Business School. Harvard’s Harbus wrote: “What They Don’t Teach You at Stanford Business School”. How did he learn it? He paid super close to his mentor’s book, Mark McCormack’s, “What They Don’t Teach You at Harvard Business School”. In this post, you will learn how to live rent free in a house you own.

Larry Chiangby Larry Chiang

 The American dream of owning real estate changes. Owning your own house does not change. How you finance the house changes and changed.

Here is what to pay attention to when you’re wanting to live rent free in a home you own.
Here is how things might turn out when you understand P.I.T.I. #cs183PITI. Principal. Interest. Taxes. Insurance.

So lets say the PITI for a $180,000-$220,000 house is $1300-1,400. So for a 3 BR; 2 or 3 BA home you rent out two of the rooms for $700 per room, per month. The $1,400 you charge for rent goes to your PITI.

The $1400 you get two girls to pay pays for your principal, interest taxes and insurance.

So, do you care about your FICO credit score now?! You are going to need to borrow money for your home. That loan is called a mortgage. Ideally, you would have a job that pays 30,000 – $50k for at least two years and a FICO score over 780.

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