Rental Income Podcast With Dan Lane

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.