Factor in the cost of property insurance and taxes, as these expenses can impact your cash flow.

Prior to the call, I had responded in the email chain asking if we could do a Zoom instead because I don't like the phone.

Option 2: Purchase additional properties and build portfolio I know that there are some tax implications to no having the mortgage payment to consider.

If I was in financial distress and losing my home through foreclosure or tax delinquency, I would not want to deal with an enthusiastic newcomer trying to make money on my misfortune.

I find that all of our tenants when we say we don't use property management they jump for joy and say their prior landlord/property management was terrible to work with.I just assumed that everywhere has bad landlords who aren't willing to do the right thing for their tenants, which ultimately leads to happier tenants, longer leases and more $$ for us.

Whether or not you'll be able to lower your current living expenses by househacking will depend on:- the type of property- property taxes - which are relatively low in BK compared to other counties- down payment- projected incomeThat said, househacking in NYC is totally doable and most first-time househackers find success in located small multifamily properties (2-4 units) preferably with some sort of additional income potential (i.e.

These products have no income, taxes, or personal liability limits tied to the loan.

Forced Apperception (BRRRR or buying at a discount) allows me to build in equity from the beginning of the investment in case I need to fire sale the property for an unforeseeable reason.Debt-Paydown and Tax-Benefits are just a result of owning real estate and can be more-or-less predicted over a time period.

Part of that is the incentives our state offers to new business, part of that is a business friendly general assembly a regulatory environment, and part of that is our low corporate income tax rate.

then you're on the right track in understanding how hard it is.The second thing is that you can skip all the headaches of becoming a landlord and still get the cash flow, appreciation, and tax benefits by investing in passive real estate syndications.