However, there is a straightforward process that does not require any secrets or gurus, which is illustrated below (click to enlarge).I will summarize each step below.GoalsSetting written goals is the foundation of any successful venture.

Future gains on the investment portion may be deferred with another 1031 exchange, while gains on the primary residence may qualify for the $250k/$500k exclusion if residency requirements are met.This post does not create a CPA-Client relationship.

It’s all about finding a balance between purchase price, financing terms, and smart rental management so you’re not forced into the red.

The quaility of old existing units, and the ability of the long term population to pay new rents, blended with an influx of small high end mill conversion units is simply not balanced.

What you could doIs continue to pay that loan and have the owner also select finance you the balance.

According to the Texas A&M Real Estate Center, we find a balanced real estate market at around 6.5 months of inventory.

A true Portfolio program offers a 15% Down for any SFR or up to a 2-4 Unit Multifamily but requires proof of some sort of income.

I plan on doing most the renovations myself which requires equipment (such as tools).

Focus on cards that don’t require a personal guarantee (though some may initially require it until your business credit is stronger).

The candid advice about balancing quality, building the right team, and adapting to challenges really hit home.