Hearing that real estate investment is a science not an art is super helpful. I'm very structured and need to know all the steps before taking action. Knowing that @Blake Choisnet has the steps laid out and its a matter of taking action helps build confidence. Also that money is not biased helps!
Finally seeing a practical example of how real estate tax advantages can help offset W2 income tax. I've always heard about the real estate tax advantages from a conceptual standpoint, but seeing the example was super helpful. It's still pretty intimidating to think I could have 10 doors someday or even more, like 100 doors. I know its definitely possible for other people, but feels like a stretch thinking I could get there one day too. Anyone have any tips or advice on how to overcome limiting beliefs around the number of doors that are achievable? The sky is the limit, but feels like my brain hasn't quite gotten there yet!
Post your wins in the comments below or post them in the group Cool win posts get pinned --> helps you make friends --> helps other see what is possible and encourages them 💪🏼 Hope to see some cool wins being shared!
@Randy Nye that's great to hear. Sounds like the first deal can be the biggest hurdle. Keep us posted on the 2nd and 3rd properties. What market are you investing in? And what was it about that market that stood out to you as a good candidate to invest in?
@Blake Choisnet I logged in 4 days in a row! I'm a recovering perfectionist so I took probably longer than expected to get my Mission Statement written down. But good news is I finished Day 2 of the "7 Day Quick Start" and wrote (and printed) my Mission Statement and Commitment. When do days 3-7 get unlocked? I'm assuming in the mean time I should go the the 90 day rental roadmap and start going through the content there, correct?
@Steve Allen how big of multi-family properties are you targeting? I'm targeting single family and maybe duplexes. I want to get some reps in with smaller properties, and build my real estate investment muscles. I can definitely see myself tackling 4 and 6-plexes at some point. Sometimes I see the big apartment complexes being constructed and visualize one day driving by my apartment complex getting built. But in the meantime, I'm keeping my goals "realistic" or "pragmatic" while I get started!
Welcome @Andrew Pudlo! I was looking into 4-plexes or 6-plexes. My biggest challenge is going 0 to an apartment building, even the smaller ones. My strategy is to start small, and get a win with 1 single family property. If I could get at least 3 single family properties in 2025 that'd be a huge win. What market are you looking to invest in?
Hi @Randy Ford, I appreciate your words of wisdom. Sounds like you're looking for motivated folks to work with, but more importantly ones who take action. I have cash saved up but ideally would like to find a private money lender to help fund my investment before I leveraging my own savings. I am also in the process of setting up my LLC. One of my mental hurdles is I know I can set up a quick LLC for low cost on say Legal Zoom; however, I get ads to maximize asset protection and anonymity through services like Anderson Business Advisors (this is not an advertisement for them, they just show up on my social media ads all the time). My main concern is making sure I don't have a tenant or contractor end up suing me somehow for everything I'm worth. Do you have any advice on setting up straight forward LLCs versus using services from companies offering to setup asset protection?