I'm a local youth pastor in MN and I'm looking into getting started in real estate so that I can provide extra income for my growing family.

.🔹 How It Works:If your rental income falls short of covering your mortgage (PITI), you can use liquid assets to supplement your income.

The rental income from the first home will pay for the mortgage/monthly costs.  

A property manager should always account for both income and expenses—you’re the owner, and you have a right to see exactly where your money is going.It almost sounds like he thinks he’s doing you a favor instead of working on your behalf.

Wyoming has no state income tax.4.

So, we bought the property 2 years ago, based on the valuation of the property considering income from 6 units.The sale deeds (from 2018- 3 sales) I could get from the City and the property tax statements (2023,2024) show that the property is zoned as 411 (apartments).

To analyze deals efficiently, focus on key metrics like cash flow, cap rate, and expense ratios—make sure rental income covers mortgage, taxes, insurance, and maintenance while hitting your 6% cap rate target.

You can purchase a primary home with seller financing, then rent out the spare rooms to generate income.

All the other real estate in my businesses are counted as assets minus the debt liabilities for net worth purposes and the business income that comes to me is counted as part of my personal income.

Loopnet has some comp information, but requires a paid (and not cheap) account to see it.Commercial properties are generally valued based on income, not comps per se.