House hacking could be a smart way to achieve both eventually!

Real estate is a fantastic way to build wealth and eventually gain more freedom, especially with the expertise of your contractor husband.

Purchase price: $8,000 Cash invested: $2,000 I purchased 2.5 acres of Raw Land in Joshua Tree, less than ten minute drive from the park and downtown area in 2018.Purchased via seller financing.2k down with monthly installments to pay out rest.Current similar lots are selling for around $65kI plan to hold long term Would eventually love to develop something on the land-either an art park or residence.

@Valentina Manzati Because financing an investment purchase is going to require at least 15% down, you're going to need to focus on a property that you can call your primary residence, meaning a 1-4 unit home you live in while renting out some of it, or a 1-4 unit home you live in for a year and then convert it to a rental.

@Albert Bui @Carlos Valencia There is no offset when you live in the 2-4 unit remember its a full HIt to your monthly PITIA and yes you can use the rental income but only as an addition to your qualifying income, you're still taking a FULL hit on the PITIA.Its only offset when you vacate or move out or it has already been converted to a rental (pure investment/non owner property). 

Eventually called up my bank to stop this fraudster named Kai and ask for refund, but the bank can only credit the most recent charge per their policy.

I've only operated 1 short term rental that I helped an owner convert to a midterm rental.

Eventually I obtained insurance on all the aplliances in case a repair is needed.

If this Cap is allowed to expire, I would think that there will be a rush to take advantage of it.That should increase demand for higher priced Homes because the Standard Deduction gets reduced significantly AND you can go way above the Standard Deduction by Itemizing the SALT Deductions.If your comps are Single Family Homes and/or small Multi-Family that can convert to an Owner Occupied (think BRRRR here), it is well should rise in value as the Federal Tax deduction lowers the monthly payments for every homeowner with a large Mortgage that also pays State and Local Taxes. too funny I had not thought of the Salt deductions in years and today it popped into my mind then you post this.. very true for high priced markets this will be a huge bene

If I had held I would have eventually made around a quarter million instead of losing 100k+.