300k and first time investor (New Jersey)

[Elizabeth Taras]

It’s a tough market out here in New Jersey both with this high market and the high interest rate right now.   
I am selling my current business and will have about 300k that I would like to avoid paying taxes as much as possible on, so I am looking for something to invest in.   My fiance and I are largely interested in the real estate investment world and becoming landlords.    We are curious if it is best to flip a house first to get some more money under our belts, to then go ahead and buy rental properties.  Or should we buy multi family units first, but what if they need some work on them?  What is the best way to start our real estate journey and how can I avoid paying taxes on money from a sale of a business through the use of real estate investing?

[Shawn Mcenteer]

Hi @Elizabeth Taras   selling real estate and avoiding taxes is fairly simple via 1031 exchange but regarding selling a business that is a conversation best for an accountant.  Once you have the cash and are ready to invest that tax advantage tend to be extremely favorable. 300k liquid is great place to start.  My wife and I house hacked our way to financial freedom in New Jersey.  I am huge advocate of house hacking in NJ becuase it continues to be an unfair advantage, especially for new investors. Having tenants pay the bulk of your mortgage is a major expenses saved each month.