I am not planning on quitting my day job anytime soon but rather my hope is to gradually grow the amount of income I am able to bring in over the next 5 years to be in a position to make Real Estate my full time gig. 

@Rashaad Jones Where I think someone that is inexperienced can get into the market creatively is to use the fact that they might be willing to occupy a home as their primary residence and use that as leverage to partner with someone that would be able to put up the funds to finance a purchase.

I invest in Michigan, we still have many areas with both positive cash flow and appreciation.

This is how most hard money works now Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV) 100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

Howdy BP,Was speaking with a fellow sponsor who operates all over Texas' primary markets.There is a deal we were looking at collaborating on and he mentioned we could receive a portion of the "promote".

I’m thinking about selling my primary home and purchase a multi family property. 

You are better off hiring a coach when you are in a position where you understand what your weaknesses are and you need to tackle those to be able to scale your operation.

Hello, I had a tax question -- my partner and I bought a primary residence last year -- we are not married therefore, are filing taxes separately.  

I will pass.( the LARGER the risk/ loan/cash/ time… the LARGER I require in likely return.)b) RENTAL …same INITIAL investment… at the end… property value ( ARV)..MUST be great enough to1) refi… 2) All cash out is back.. 3) Cash flows positive enough to build ( any situation) 6 month cash backup.4) Property MUST have enough equity so that if I needed to sell TODAY… I won’t lose cash.The above requirements “ appear” to be unrealistic ( todays market) … ONLY becausea) non mature / non savvy “ investors are climbing over each other to out bid on over priced “RETAIL” properties being marketed as “ wholesale deals”b) the Gurus and Real Estate Investor Associations are NOT doing their NUMBER ONE JOB… which SHOULD be…To..”

My plan is to get a HELOC on our primary residence to use as needed for reserves, and save all profits from the STR until we have sufficient reserves.