After a few false starts... 15ish years.
I only rent to white Mormons. Once I figured that out, it became easier.
Nice! That's a great strategy, especially if you're doing your own property management, very smart. I just recently got turned on to the concept within the past few months, Rich Dad Poor Dad opened my eyes. Then learning about the potential tax benefits ripped my eyelids off. I've been devouring books on the subject.
I am angling to get into this asap myself. Right now I am learning as much as I can in anticipation of a housing market correction, it's like drinking from a fire hose.
If I may ask, do you have any suggestions for good learning resources?
Mainly, the best tricks to acquire property with very little tax liability, but no one is going to write about that.
If you can inherit something via negotiation, it is best, where property ends up in an irrevocable trust where the tax liability will never go up.
I don't know of anything great to read, but I'd recommend starting with a duplex,where you occupy one side.
Once you have enough equity and down payment, rinse and repeat.
Once you have enough residential, get some commercial.
Once that is steady, buy or start a business where the return is better than property.
Taxes suck, basically. The most valuable thing you can pass on to your kids is lower tax liability relative to their peers.
> Mainly, the best tricks to acquire property with very little tax liability, but no one is going to write about that.
If you can inherit something via negotiation, it is best, where property ends up in an irrevocable trust where the tax liability will never go up.
That's an interesting strategy, I'm gonna have to explore that. You're right, I haven't seen anybody write or talk about that. Small multi-family is exactly how I am planning to start, the numbers are a bit too tight at the moment, but they do seem to work even at market highs. The whole concept has me pumped. Generational wealth is the name of the game.
I appreciate your insight, thank you much!
On a side note, are you familiar with filing taxes as a "real estate professional" as your stated profession on tax forms?
I found video that uses Trump as an example and it explains how you can potentially reduce your taxes to zero like he did. Worth a watch/listen if you're interested.
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