Recently went from W2 to self-employed (income still ramping up) too.

Hey All, 
the facts: I purchased raw land in 2022 for $385k, this year I will be selling it to the county for $1 million and pay no commission fees. I still owe $318k. My primary residence is a condo that I could prof...

As you hold more properties in your portfolio and if you become a full time real estate investor I.e. self employed, you will get a ton of write offs you never had as a w-2. like interest expense write offs, depreciation, and other business write offs like home office etc.

A lot of first-time investors jump in without thinking about maintenance or tenant appeal, and you’re already ahead by looking at market growth and incentives.New construction definitely has its advantages for a first-timer: minimal repairs early on, strong appeal to renters, and predictable holding costs in those first few years.

For first-timers, are you stressing about down payments or tenant issues, and how’re you tackling those?

I'm a broker on the Cape with 30+ years of successful transactions. 1) Buyers make their money when they buy. 2) I'd have a hard time re-selling your purchase - especially if the market turns.

.* DSCR loans: For out-of-state investors - based on property cash flow, not your income.Common First-Timer Mistakes to Avoid:* Overestimating rent or underestimating expenses* Buying in a bad area just because it’s cheap* Not vetting the property manager* Emotional decisions over data-driven ones* Skipping proper inspections or due diligenceYou’re already doing the hardest part: asking the right questions and taking the initiative to plan thoughtfully.You can invest remotely as a first-timer - just be disciplined with your numbers, vet your team hard, and be willing to move forward without everything feeling 100% perfect.

Even with rates where they are now, the key is making sure the deal actually supports the cost of capital — and that there's a clear exit, whether it’s a flip or a refinance into something long-term like DSCR.Also, lenders today are a lot more flexible than most people think — even first-timers have solid options if the numbers and the plan are strong.Let me know if you want to brainstorm creative structuring — always happy to share what we're seeing work in real time.

While I’m still in the early stages, I’ve been soaking up as much as I can, reading books, attending meetups, and binge-listening to podcasts.Right now, I’m at a crossroads.I’ve been seriously considering two approaches to get started:Fix & Flip: The upside of a larger payout is attractive, but I know the risks are higher, especially for a first-timer.

A few random tidbits from an old timer: Remember it isn't so much about how much you make as it is about how much you spend and you can have anything but you can't have everything.