Since you never formally owned the asset, that income could be seen as regular income.

The best deals are going to be sourced by local agents in your target areas that focus on investment properties and have the local knowledge/direct to seller connects

The advantage is that, by living in the smaller unit and renting out the larger one, you generate a lot of rental income!

That GRI does include income for cleaning, taxes etc. though normally, which is really pass through expenses for the most part.

I'm hoping this framework helps you out as well.1) I assessed impact of garage conversion on the value of the property2) I determined whether it is legal to convert the garage into a living space.3) I assessed the financial viability of the project with available sources of funding.Assessing impact of garage conversion on the value of the propertyBefore I started, I assessed whether the garage conversion would be advantageous for us.

You can always do REI on the side before making it your primary source of income.

Typical rates are 8-12% of income either monthly or yearly depending on manager.

→ How many rentals would it take to replace your W2 income?

We buy, fix, flip and manage and leave no stone unturned when looking for deals.We negotiate hard, buy with cash and close quickly.Gotta buy cheap in order to make margin but still deliver a turnkey property to investor at fair market value.I've always believed in "making money when you buy and not when you sell".So it's important to buy cheap.A strategy that I always tell all of our buyers when investing is to always "underestimate income and overestimate expenses".If you think it won't happen to you, it will and you can't go wrong including a margin of safety when predicting expenses.I hope that helps 👍

Our minimum requirement for credit score is 580. 1 of the applicants credit score is 558 (this person makes majority of the income) and the 2nd person has a 661 credit score.