Networking, financial tools, and consulting local agents can also help.

@Desstani R.Recommend you first figure out the property Class you want to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

@James CrothersTo own 10 rental properties in Cleveland within three years, set financial goals, consider financing options, find deals, build a network, analyze deals wisely, and consider partnerships.

IF this is accurate the only way it's financially worth it for me is if I purchase a home under 400K.

Unless you know exactly what you are doing, you could be financially destroyed.Listen here: https://www.victorjm.com/2022/05/office-to-residential-conve...

If that's the case, then you should think beyond the financial and pay it off.

Key Principles:Mindset and Goals:Think Long-Term: Real estate is a long term play in most cases Set Clear Goals: Define your financial goals and how real estate fits into your overall plan.Finding the Right Property:Location, Location, Location: Invest in areas with strong economic fundamentals, good schools, and low crime rates.Cash Flow is King: Look for properties that generate positive cash flow (rental income exceeds expenses).Consider Appreciation: While cash flow is primary, also consider properties in areas with potential for long-term appreciation.Financing:Get Pre-Approved: Get pre-approved for a mortgage before you start looking at properties.Leverage Wisely: Use leverage (debt) to your advantage, but don't overextend yourself.Consider Creative Financing: Explore options like seller financing or partnerships.Building Your Team:Real Estate Agent: Find an experienced agent who specializes in investment properties.Property Manager: Consider hiring a property manager to handle day-to-day operations.Accountant: An accountant can help you with tax planning and financial management.Attorney: Consult an attorney for legal advice and contract reviews.Managing Your Investment:Maintain the Property: Keep your property in good condition to attract and retain quality tenants.Screen Tenants Carefully: Conduct thorough background checks on potential tenants.Review Your Finances Regularly: Track your income and expenses and make adjustments as needed.Example Action Steps:Set Your Goals: Define your financial goals and how real estate will help you achieve them.Educate Yourself: Read books and articles about real estate investing.

In this case, we got to keep a great resident, give her zero rent increase, and also improve the financial performance of the property.

Entities that are not "disregarded" need their own QBO to ensure their balance sheets remain 100% accurate.We do run into an issue every now and then with some transactions that don't allow us to designate the customer/property but we've found ways to get around this and still have the transaction reflect the appropriate customer/property.This allows us to pull all the financial reports our Clients and their tax pros need to see.I'm in no way saying our way is the end-all-be-all but it works for us and our Clients' tax filers/advisors.There's a FB group called, "Bookkeepers for Real Estate Investors".

What is your current financial situation and how does that fit into house hacking?