new investor, but need help and strategy
Hello alll, my names kyle and im from Illinois
I am looking to get started on my real estate adventure to freedom. Im in the midst of purchasing my first home after what feels like searching forever.
a little about myself, im a self employeed(own a landscaping company). So i am not a w2 employee, so it seems im already at a disadvantage when it comes to the loan process. my credit is mid 700's and building slowly . im 24 and hoping to have 10 plus rentals by 35. What would be the best way to approach this? Not being a w2 employee my expenses are deducted out of earnings so it shows less. If i were to make a nice amount like 80k after taxes and expenses i would be taxed like crazy. With that being said im trying to reduce my taxable income using a SEP or another retirement vehicle. However if i show little earnings then im back where i started a few years ago with "you dont make enough to afford much" . what do i do? i either pay the taxes and bite the bullet or can i buy real estate through the business? Id like to do larger down payments on properties and leverage my way up . Im interested in multi unit buildings , but anything where the numbers work i dont mind looking at.
The house im mid deal now, i will be living in and renting out a room to a buddy to help off set the mortgage and what not, possibly another room as well. I want it paid off or down rather quickly (put about 35% down) . Next , if i can i would like to "house hack" a multy unit while living there.
Any input for any of these would help! thanks