As I start a -sofar- exciting real estate career, I am thinking how I will set up my approach.
These are my goals:
- Long term wealth (27yrs. now). I don’t want to get rich quick, I just want great security in the long term.
- Responsible and moral practices.
- The option to work as a carpenter / small-time rennovation contractor while still making a “good” living after taking into account the taxes and benefits of owning investment real estate. When I say “good” I mean no rent/mortage and at least $50K per year (remember my day job as a carpenter should provide around $30K of that).
- It seem very clear to me that 2-4 unit multis are a great way to build long term wealth. Is this really a great way to go? If those with experience could “do it over again”, would you go that route? Why or why not? And if not, what route would you go? Flip? 5+ unit rental buildings? Commercial? Develop homes?
- Any thoughts on dealing with health insurance (single)…should I pay it through LLC as an ‘employee’ that will provide tax benefits? What conditions must I/LLC meet in order to do that?
- What parameter do I have to meet to buy, for example, a truck and a table saw and ‘write it off’ to my real estate activities.
- I don’t mind hard work, sacrifice, or ‘making it happen’.
I recently had the thought, “what if I have beginner’s naiveté and mulitiple multis are too much work or just not the best way to go?”. Do I have tunnel vision here or am I on the right track? How should my plan of investing in multis that pay for themselves develop over the years? Should I just buy more and more?
Many questions from the Merrimac valley of Massachusetts