EP236: The Biggest Tax Mistakes Real Estate Investors Make - Interview with Craig Cody

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This episode of Investing in Real Estate is sponsored by eero. With eero, you can install an enterprise-grade WiFi system in your home in just a few minutes. For free overnight shipping to the US or Canada, visit eero.com and at checkout select overnight shipping THEN enter promo code INVESTING.

Taxes are an integral piece of running any business, and real estate offers some of the largest benefits. But unless you’ve planned appropriately, you’ll likely miss out on some of the deductions that real estate investing has to offer.

On this episode of Investing in Real Estate, I’m sitting down with Certified Public Accountant and Certified Tax Coach, Craig Cody. Craig is here to share the biggest tax mistakes that real estate investors make, and give his predictions on the future of the tax code. We’ll talk about the importance of planning appropriately, and Craig is giving away a free copy of his new book!

More About This Show
Craig Cody’s background is in law enforcement—he worked as a New York City police officer for 17 years. He explains that although he doesn’t find reading the tax code thrilling, helping people save tens of thousands of dollars on their taxes provides a rush similar to what he experienced on the force.

In his career, he’s noticed that there are a lot of things in the tax code that people simply do not take advantage of. The first is that people do not plan appropriately. Instead of being proactive, most people don’t speak to their accountant until March or April. At that point, it’s too late to fully take advantage of certain items in the tax code.

For example, the home office deduction is a great tool that entrepreneurs and investors can use to save on taxes. Craig explains that in order to qualify, you must have a space used primarily for business purposes. This room has to be the principle place where you conduct business, and you must spend at least 12 hours a week working from that location.

Additionally, Craig explains that far too many people have audit paranoia. Although no one wants to be audited, it’s a non-issue when you’ve planned appropriately and documented everything in detail. He explains that he sees audit paranoia stop many people from doing things that are legally allowed in the tax code.

Craig is also an Amazon best-selling author, and he wants to share a free copy of his newest book with you. To claim your free copy of 10 Biggest Mistakes That Cost Business Owners Thousands, click here!

If you’re ready to begin building a passive income through rental real estate, book a FREE call with our team today. We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.  

On this episode you'll learn:

  • hat are the tax advantages of family employment? 
  • How does cost segregation work?
  • What does Craig anticipate changing in the tax code?
  • How can you deduct mileage for travel?
  • And much more!

Episode Resources
eero
Get your free copy of 10 Biggest Mistakes That Cost Business Owners Thousands
Subscribe to Investing in Real Estate on iTunes
Find Your Financial Freedom Number
Subscribe to the Morris Invest YouTube channel
Like Morris Invest on Facebook

Contact Craig Cody
Website
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LinkedIn

Craig Cody shares the biggest tax mistakes that real estate investors make, and give his predictions on the future of the tax code. 

EP235: What Is an Accredited Investor?

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This episode of Investing in Real Estate is sponsored by Fund&Grow. Fund&Grow helps investors access business lines of credit with 0% interest. For $500 off your startup fee, visit morrisinvest.com/funding.

“Accredited investor” is a term that Natali and I were relatively unfamiliar with until recently. But this year as we started taking a deeper look at our investment strategy, we were introduced to this term.

On this episode of Investing in Real Estate, we’re discussing what it means to be an accredited investor, and how a real estate investor would qualify for this title. We’ll also explain what types of professions automatically qualify as accredited investors. Please join us for episode 235! 

More About This Show
This year we've been thinking more about our investment strategy as a whole. We've taken a hard look at real estate investment funds, how we run our business, and how we interact with our clients. During a call with our lawyer, he mentioned that if we were selling securities (we're not), we would need to ensure that those clients were accredited investors. 

Since our products are tangible homes, this is not something we need to worry about. But if we sold securities or crowdfunded financial instruments that held monetary value, we'd want to protect our business by selling primarily to accredited investor. 

An accredited investor is a person who meets certain qualifications in terms of income, asset size, net worth, or profession. An accredited investor is thought to be financially competent, and therefore need fewer regulations and legal protections. 

Recently Natali wanted to purchase an investment type that required her to be an accredited investor. On today's show we'll discuss how to become an accredited investor, and legal protection for accredited investors. We'll talk about the importance of calculating your net worth, the requirements for an accredited investor and much more!

If you’re ready to begin building a passive income through rental real estate, book a FREE call with our team today. We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.

On this episode you’ll learn: 

  • Does the value of your home count toward accreditation?
  • What types of professions qualify as accredited investors?
  • How do you become an accredited investor?
  • Can an entity be an accredited investor?
  • And much more!

Episode Resources
Fund&Grow
Subscribe to Investing in Real Estate on iTunes
Find Your Financial Freedom Number
Subscribe to the Morris Invest YouTube channel
Like Morris Invest on Facebook
 

What does it means to be an accredited investor, and how would a real estate investor qualify for this title?

EP234: Why Financial Advisors Won't Talk to You About Real Estate - Interview with Brent Sutherland

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This episode of Investing in Real Estate is sponsored by Fund&Grow. Fund&Grow helps investors access business lines of credit with 0% interest. For $500 off your startup fee, visit morrisinvest.com/funding.

You probably already know that real estate is the best way to build wealth and get a high return on investment. In fact, more millionaires in this country attained their wealth via real estate than any other means. So why don’t financial advisors recommend real estate investing to their clients? This is a question I’ve always wondered, so I’m excited to bring you this show!

On this episode of Investing in Real Estate, I’m interviewing Brent Sutherland, a financial planner and real estate investor. Brent is pulling back the curtain and discussing his insight into the world of financial planning. We’ll talk about how financial advisors get paid, and the general lack of education in the industry.

More About This Show
I’ve always thought that if financial planners had their clients’ best interest at heart, they would recommend real estate investing. But, that’s not a common occurrence, so there must be a reason why. That’s why I sat down with Brent Sutherland to hear the truth about financial advisors.

Brent explains that there are two main reasons why financial advisors aren’t quick to recommend real estate. First of all, it has to do with their compensation plan. Traditionally, financial advisors are paid a commission-based wage. They’re licensed to sell investment vehicles like stocks, bonds, and annuities. Financial advisors don’t get paid when they recommend real estate, nor are they licensed to do so.

Also, there’s a general lack of education about real estate investing in the traditional advisory world. Most financial advisors simply are not well versed about the merits of real estate. But Brent is different—in his career as a financial advisor, he noticed that most successful, wealthy people had something in common: a robust real estate portfolio!

Once he began educating himself about the benefits of real estate investing, he realized it was something that he wanted to pursue personally, as well as help his clients understand. He eventually started his own practice where he helps people truly build wealth and attain financial freedom. 

On today’s show, you’ll learn about how to create your own pension plan, and why diversification doesn’t matter if you lose your job. Brent is also sharing his Freedom Number, and the importance of cash flow for financial freedom. Don’t miss episode 234 to hear more about why financial advisors won’t recommend investing in real estate! 

On this episode you'll learn:

  • What questions should you ask your financial advisor? 
  • What is Brent's Freedom Number?
  • What are the two forms of compensation that most financial advisor receive?
  • And much more!

Episode Resources
Fund&Grow
Subscribe to Investing in Real Estate on iTunes
Find Your Financial Freedom Number
Subscribe to the Morris Invest YouTube channel
Like Morris Invest on Facebook

Contact Brent Sutherland
Website
Facebook
Twitter
LinkedIn

I’ve always thought that if financial planners had their clients’ best interest at heart, they would recommend real estate investing. But, that’s not a common occurrence, so there must be a reason why. That’s why I sat down with Brent Sutherland to hear the truth about financial advisors.

EP233: What's the Worst That Could Happen? - Interview with Thembi Bheka

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This episode is brought to you by ZipRecruiter. With ZipRecruiter, you can post your job to 100+ job sites with just one click. Right now, Investing in Real Estate listeners can post jobs on ZipRecruiter for free by visiting ZipRecruiter.com/investing. 

You probably already know about the countless benefits of owning rental real estate, and I bet you’ve thought about what your life will be like once you reach financial freedom. But today’s guest is challenging us to take the opposite approach. What would happen if you didn’t invest in real estate?

On this episode of Investing in Real Estate, I’m joined by Thembi Bheka. Thembi is a real estate investor, mentor, educator, and member of the prestigious REIN. Thembi came to Canada from Zimbabwe as a refugee, and bootstrapped her way to becoming a successful investor. Thembi is passionate about helping others and giving back, and on today’s show, we’re discussing the far-reaching implications of creating financial freedom. 

More About This Show
Thembi’s story is incredible—after fleeing from an unsafe situation in Africa, she trained as a nurse in Canada. One night after a difficult night shift, she came across an ad for real estate investing. Thembi began soaking in tons of information, including reading Rich Dad Poor Dad by Robert Kiyosaki.

She began purchasing buy and hold investments in order to build wealth. Then once she discovered joint venture partners, her portfolio snowballed. Now, she dedicates her time to helping other immigrants reach success through real estate investing.

She teaches prospective investors how to get started with none of their own money, and the power of building relationships. Thembi explains that as an immigrant, it’s easy to slip into the mindset that you can’t create wealth. That’s why she is passionate about changing those ideas and helping immigrants overcome their fears.

Thembi explains that she feels called to share her knowledge about the power of real estate with others. To hold that knowledge to herself and deny others the benefits would be selfish. She also describes that through her financial situation, she is able to help others. She uses a portion of her extra income to donate to Africa. If Thembi did not invest in real estate, people would likely die.

On today’s show, Thembi is sharing the details of her personal investing strategy. We’ll discuss what she looks for in a deal, and how the real estate market varies in Canada. We’ll also discuss Thembi’s real estate summit, her favorite educational resources, and more. Thembi’s story is so inspiring, don’t miss this episode of Investing in Real Estate!

If you’re ready to begin building a passive income through rental real estate, book a FREE call with our team today. We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.

On this episode you’ll learn: 

  • What kind of properties does Thembi invest in?
  • What is the number one resource Thembi recommends to all immigrants who want to invest?
  • What is the importance of surrounding yourself with like-minded people?
  • What is the real estate market like in Canada?
  • And much more!

Episode Resources
ZipRecruiter
The Global Real Estate Summit
REIN
Rich Dad Poor Dad by Robert Kiyosaki
EP191: How to Leverage Debt to Build Wealth - Interview with Robert Kiyosaki
Subscribe to Investing in Real Estate on iTunes
Find Your Financial Freedom Number
Subscribe to the Morris Invest YouTube channel
Like Morris Invest on Facebook

Contact Thembi Bheka
Website 
Facebook
Twitter
LinkedIn

Thembi Bheka talks about her experience with real estate investing, and what could happen if you DON'T invest in real estate.

EP232: How to Communicate with Your Partner About Money

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This episode of Investing in Real Estate is brought to you by JetSmarter—the mobile app revolutionizing the private air industry. Download the JetSmarter app today and use code SMART to become part of the world’s largest members-only private aviation community. For full details, visit JetSmarter.com.

Money can be a touchy subject, but it’s important that couples are able to have constructive conversations about financial goals. We hear from investors all the time who struggle to get on the same page as their spouse. In fact, this is an issue we encountered early on in our marriage.

On this episode of Investing in Real Estate, Natali and I are sharing four tips for effective communication about money. We’ll discuss why money is such a pain point for so many people, and how we’ve been conditioned to think about wealth building. 

More About This Show
Someone we’re close with recently described an argument they had with their spouse about money. This made us recollect early in our marriage when we would disagree about finances and have unproductive conversations. It’s very common for what should be a reasonable discussion to explode into a fight. We’ve put together four tips you can use to avoid fighting with your partner about money.

First, it’s important to recognize your own fears and limiting beliefs about money. Most of us have these, but overcoming them requires introspection. Consider your fears, and where they stem from. Realize that most of our fears never become a reality.

Secondly, consider your partner’s fears. Once you understand their background, and the things that trigger their fears, you can start being more careful. If you know your spouse is fearful of lack, you can do your best to not feed those fears.

Also, know your numbers. Think about your Freedom Number, and calculate your net worth. If you understand your goals and where you’re headed, you’ll be more centered in reality.

Our last time is to make and trust your plan. You both need to be the same page, but if your plan is based on shared values, you can move in the right direction intentionally. 

On this episode, we’ll discuss recognizing and understanding fears about money, and how to be realistic about numbers. We’ll discuss why calculating your Freedom Number is so powerful, and the importance of having shared values. Please join us on this episode of Investing in Real Estate to learn more about effective communication for couples!

If you’re ready to begin building a passive income through rental real estate, book a FREE call with our team today. We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.

On this episode you’ll learn:

  • Why don’t you see commercials for real estate investing?
  • How have we been conditioned to think about wealth building in the United States?
  • Why is it natural to fight about money?
  • And much more!

Episode Resources
JetSmarter
Entrusted: Building a Legacy That Lasts by David R. York and Andrew L. Howell
Subscribe to Investing in Real Estate on iTunes
Find Your Financial Freedom Number
Subscribe the the Morris Invest YouTube channel
Like Morris Invest on Facebook

 4 tips for effective communication about money. We discuss why money is such a pain point for so many people, and how we’ve been conditioned to think about wealth building. 

EP231: We Don't See Things the Way They Are, We See Them the Way We Are.

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I’ve made it my mission to help others reach financial freedom, and part of that job entails listening to the backgrounds and stories of people who want to build wealth. I can’t help but notice that there are two distinct mindsets when it comes to real estate investing: one is based out of fear, and the other is centered on abundance.

On this episode of Investing in Real Estate, I’ll talk about how our reality is colored by our perceptions. I’ll speak in depth about the two different mindsets I have noticed, and discuss how to start living in an abundance mindset. Don’t miss this episode of Investing in Real Estate!

More About This Show
Something interesting I’ve noticed is that building wealth is not just about numbers on a spreadsheet, calculating ROI, or planning appropriately for taxes. It's deeper than that. True wealth building is cultivation, and it’s something that’s rooted deeply in your mindset.

Too many people think they don’t deserve wealth, and they live in constant fear about money. By doing so, they attract negativity into their lives. They invite unfavorable situations into existence by focusing on lack. 

It’s the classic story of a person who wins the lottery, and then quickly squanders all of their earnings away. Why does this happen? Because they aren’t in an abundance mindset.

But those who are creating true legacy wealth and are expanding their real estate portfolios don’t live in that same place. Instead, they focus on peace and abundance. They feel connected to wealth, and they feel worthy of wealth.

On today’s show, I’ll share more about how our perceptions influence reality. I’ll discuss specific scenarios, and my experience with this idea. Please join me on episode 231 of Investing in Real Estate!

If you’re ready to start living in abundance and begin building a passive income through rental real estate, book a FREE call with our team today. We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family. 

On this episode you’ll learn:

  • Why shouldn’t you make assumptions about money?
  • How can you begin to think abundantly?
  • What is the universal law of success?
  • How can you begin building wealth?
  • And much more! 

Episode Resources
Awareness by Anthony De Mello
Subscribe to Investing in Real Estate on iTunes
Find Your Financial Freedom Number
Subscribe to the Morris Invest YouTube channel
Like Morris Invest on Facebook

I can’t help but notice that there are two distinct mindsets when it comes to real estate investing: one is based out of fear, and the other is centered on abundance.

EP230: How to Build a Strategy to Change Your Life - Interview with Dr. Stephen Graves

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This episode of Investing in Real Estate is brought to you by JetSmarter—the mobile app revolutionizing the private air industry. Download the JetSmarter app today and use code SMART to become part of the world’s largest members-only private aviation community. For full details, visit JetSmarter.com.

One thing I’ve learned over the years is that being successful in real estate is about more than numbers in a spreadsheet. It’s incredibly difficult to reach financial freedom unless you’re able to step outside of limiting beliefs, and work on personal development.

Here to share how you can build a strategy to change your life is Dr. Stephen Graves. He is a strategist, executive coach, and author who works to help leaders overcome the obstacles that hinder them from reaching their potential. On today’s show, you’ll learn about the importance of self-awareness, and how to make an impact. We’ll talk about metrics other than profitability that factor into success, and how to make sustainable improvements. Don’t miss episode 230 of Investing in Real Estate! 

More About This Show
Dr. Stephen Graves has a new book titled, The Hero Leader; its premise is based on an experience he had as a coach. While training a CEO, he embarked on a CEO tour. Stephen asked multiple CEOs of successful company this question: “If you were hiring senior leaders, what would you look for?”

Stephen explains that almost every single CEO had the same answer to that question. When looking for a leader, CEOs are not looking for someone who is effective in only one area, but instead a person who is competent in many areas.

A leader needs to understand numbers, but also know how to work well with others. A leader must know not only how to lead others, but to lead themselves. Great leaders do not have one strength, but instead are a composite of a number of skill sets.

Instead of trying to become a perfect person that has no weaknesses, Stephen posits that a great leader strives to make improvements. We all have blind spots, in both our leadership and character. So instead of trying to become a “superhero leader” and do it all, a person should attempt to sharpen one or two areas.

On today’s show, Stephen is sharing what it takes to be a great leader, including accountability and structure. We’ll talk about the importance of humility, and the importance of being intentional. There’s so much to digest here; you won’t want to miss Stephen’s insights!  

If you’re ready to begin building a passive income through rental real estate, book a FREE call with our team today. We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family. 

On this episode you’ll learn:

  • What is reverse mentoring?
  • What is the “imagination stage?”
  • What makes a great leader?
  • What are the four major areas of leadership?
  • And much more! 

Episode Resources
JetSmarter
The Hero Leader by Stephen R. Graves
Strategy 3.0 by Stephen R. Graves
EP193: From Zero Experience to His First Rental [Case Study]
Subscribe to Investing in Real Estate on iTunes
Find Your Financial Freedom Number
Subscribe to the Morris Invest YouTube channel
Like Morris Invest on Facebook

Contact Dr. Stephen Graves
Website
Facebook
Twitter
LinkedIn

Dr. Stephen Graves talks about about the importance of self-awareness, and how to make an impact. We’ll talk about metrics other than profitability that factor into success in real estate and your life, and how to make sustainable improvements.