Ashish from InvestorFriendlyCPA.com answers a listener's question about if buying a rental in another state will help him save money on his state taxes. We also talk about if owning a rental in another state can help you save money on taxes.
Quentin wanted time and location freedom, and he figured that if he bought enough cash flowing rentals they would give him freedom. On this episode, we talk about how much rental income he needed to replace his W2 income,and how many rentals he needed to get to that number. We also talk about the kind of properties he bought, and how much cash he needed to invest to build his portfolio.
Eric talks about how he got started by turning a condo that he lived in into a rental. He rented thre property out for a few years and was making about $300/month. Recently, he sold that property and moved the equity to a 4-Plex using a 1031 Tax-Deferred Exchange, and increased his cash flow to $1,200 a month.
Anthony talks about what he looks for in a rental property, and the simple math that he does to evaluate potential deals. We look at one of his recent deals, and he shows us the numbers that he's looking at to see if a deal makes sense
Ramon shares how he set a goal to buy 50 rentals thinking that if he built a big rental portfolio he would make a lot of money. But, things didn't work out that way. He ended up not making money and losing his properties to foreclosure. On this episode, we figure out how things went bad and how he was able to build a smaller portfolio that is way more profitable.
Corey and Bethany did the math to figure out how much money they would need to save for down payments to build a big rental portfolio and felt discouraged. They figured out it would take them years to save enough money. They wanted to get started today, so they had to figure out another way. On this episode, they share how they got the money to get started.
Mekkel shares how he was able to go part-time at his job because of his rental income. On this episode, we talk about his portfolio of 5 rental units, and look at the numbers. We also talk about how he came up with the down payments to get started.
Steve is getting ready to retire and support himself off his rental income. On this episode, we talk about how Steve slowly built a portfolio of condos over the years as he was working full-time. We talk about what he looked for in a perfect rental, his strategy to identify off-market deals, and how he was able to buy properties with cash and reinvest that cash into buying more rentals.
Natasha loved the idea of buying rentals, but her husband did not like the idea at all. On this episode, we talk about how she convinced him to buy one property, to try it out....but that property didn't work out as she planned and they ended up losing money. Natasha didn't give up. She changed her strategy, got her husband excited again and they ended up building a portfolio of 10 rentals. On this episode, we talk about what Natasha did differently, and how her portfolio has worked out....
Daniel owns three different types of rentals: regular long-term, Airbnb, and he rents short-term to traveling nurses. On this episode, we talk about Daniel's experience with each. We talk about the work involved in managing each type of rental and look at Daniel's gross income, expenses, and his net profit for each type of rental.
Doug shares his incredible story of how he went from having no real estate experience and no money to owning 81 rentals. We talk about how he found and financed his properties, and how he was able to improve each property to increase his rental income.
Husband and With team KC and Kaysie share the numbers behind netting $15K a month from their rental portfolio. We take a look at their gross rents, total mortgage, and repair expense and figure out how they are getting to $15K. We also talk about the kind of properties they have in their portfolio, and how they havre financed their purchases.
Jesse shares how he has been building his rental portfolio on a teacher's salary. We talk about how he has eliminated his monthly mortgage expense house hacking (with a family), and how he generates $1,100 a month in rental income with just 2 properties.
Larry shares everything he does to minimize the chance that he will lose money on a rental property. We talk about what he is looking for when he is selecting a property to purchase, and everything he does to manage his property, from tenant screening to preparing the property to rent. We also talk about how he minimizes his expenses and how he trains his tenants to pay on time every month.
Carl shares what has worked and not worked in his 40 years of investing in rentals. We talk about investing out of state, what properties make the best rentals, the most profitable number of beds to have in a rental, his strategy for long-term tenant retention, and buying rentals using an IRA
Nick shares the shortcuts and efficiencies that he has developed to manage his rental portfolio while working full-time. We also talk about how he built his rental portfolio without having a ton of money. We talk about how he has been able to buy each of his rentals with a very small down payment, and how much money he is making per door.
Isaac has had a lot of success as a landlord, but he has made some mistakes along the way. On this episode we talk about some of the things he has done wrong in the past, and what he is doing now.
It seems like the price of everything, including real estate, has been going up recently. But, is that good or bad for real estate investors? On this episode, we figure that out and speculate on how inflation will affect mortgage rates going forward.
Tiffany shares how she built two rental portfolios, in two cities with two different strategies. She owns rentals in Chicago that she bought for cash flow. After building her portfolio in Chicago, she moved to Texas where she had a harder time investing for cash flow, so she started buying single-family home for appreciation,
David wanted to build a rental portfolio, but he didn't want to take a lot of risk. On this episode, we talk about how he slowly built a portfolio of 21 rentals that net him 5k a month after all expenses. We talk about the types of properties he bought, the neighborhoods, and his mortgage and repair expenses. We also talk about the other ways that his rentals are building wealth for him, and how he will be able to retire off his rental income in a few years.
Will and Veronica talk about how they have been able to grow their rental portfolio by using creative financing. We talk about how they found private lenders that will loan them money to purchase and rehab properties. They share how they found the private lenders and details about how they structure the deals. We also talk about how they recently bought a property where the seller financed the property at 0% interest.
Brad had no idea what he was doing when he started buying rentals. He didn't know how to screen potential tenants or manage his rentals correctly. After having to evict his first few tenants he figured out that he had to do things differently if he was going to make owning rentals work. On this episode, we talk about what Brad is doing differently today. We talk about how he finds high-quality tenants that are easy to manage and stay for several years.
Michelle has built her portfolio by buying really cheap, run-down properties, in rough neighborhoods that nobody else wants. She fixes the properties up, gets better tenants, and ends up with a great property that produces great monthly cash flow. On this episode, we talk about how she works with the local police department to get squatters out of the properties, and why she doesn't like working with section 8 tenants.
On this bonus episode of the Rental Income Podcast, Jay Redding shares his experience owning college rentals. We talk about how he has teamed up with the university sports teams, to rent rooms to student-athletes. When the current students graduate they pass their room down to younger students on the team. This makes his property management easier and eliminates the need for him to market the property. We also talk about how he screens his tenants with no rental history or credit score, and othe...
Jay got downsized from his corporate job and decided that he wasn't going to be happy finding another job. He figured out that if he bought enough rental properties he could earn enough money to replace his W-2 income. On this episode, we talk about how many rentals he needed to buy, how he financed his properties, and how he self-manages his rentals.
Mike didn't have any money to invest when he got started buying rentals. He built his rental portfolio using a lot of debt. After paying the mortgages, repairs, and other expenses he wasn't making much money. After building up equity for 9 years, he figured out that if he sold some of his rentals, he would end up with a portfolio of free and clear rentals. Today he has very little leverage on his portfolio, and all of his rentals generate really great cash flow. On this episode, we talk about ho...
Will and Veronica share how they have been using the equity that they have created in their rental properties to buy more properties. They talk about the strategies that they have used to access the equity and how doing this has helped them double the size of their rental portfolio and increased their cash flow.
John talks about how he built his rental portfolio by buying base hits. Not many of his deals were all that incredible. But, when you look at his entire portfolio it's a home run. On this episode, we talk about the types of properties he's been buying, how he manages them while working full-time, and his plan to net $10K a month from his rental portfolio.
Managing properties and working with tenants can be very time-consuming, but it doesn't have to be. Bill and Kristy share how they have automated most of their property management. On this episode, they share how they do showing without having to be there, how they use online tools for applications and leases, and how their tenants can submit maintenance requests online directly to contractors.
Rob owns regular long-term rentals and Airbnbs. On this episode, we talk about the differences between managing both types of rentals and how much money Rob makes from each type of rental. We talk about how Rob manages his rentals, and we compare the benefits and downsides of each type of rental.
