EP125: The Power of Giving Back to Grow Your Business - Interview with Joe Fairless

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Most truly successful people are not fixated only on their own advancement. It is powerful to contribute to something greater than yourself. Not only does it feel good to help others, but it in turn helps your business advance.

On this episode of Investing in Real Estate, I’m interviewing Joe Fairless, the host of The Best Real Estate Investing Advice Ever Podcast! Joe is here to share the details of his newest book series, and the importance of embodying his mantra, “the secret to living is giving.” Don’t miss episode 125!

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Joe Fairless is successful in many ways: he is the host of the world’s longest running daily real estate podcast, and controls over $102 million worth of real estate investments. But what is truly extraordinary about Joe is his willingness and desire to help others.

Joe’s newest book series, Best Real Estate Investing Advice Ever, is an incredible project. Joe has decided to donate 100% of the profits to an organization that is close to him, Junior Achievement of Cincinnati.

The purchase of Joe’s book helps educate children in underserved communities about entrepreneurship and finance skills. The book itself is invaluable; it details Joe’s interviews with top real estate experts in all facets of the industry.

Joe explains that all successful entrepreneurs realize the value in contributing to causes that they believe in. Not only is it a good deed to help others, but it’s also a brilliant business move. Donating or volunteering to a cause opens the door to build relationships and gain credibility.

On today’s show, Joe is sharing more about the importance of philanthropy in business. We’ll discuss the details of his book, as well as his real estate syndication business. Joe has so much wisdom to share, you won’t want to 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.

Most truly successful people are not fixated only on their own advancement. It is powerful to contribute to something greater than yourself. Not only does it feel good to help others, but it in turn helps your business advance.

EP124: Best Practices for Managing Real Estate Cash Flow

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This episode of Investing in Real Estate is sponsored by Thumbtack. Visit thumbtack.com to find help in your area with more than 1,100 services.

As your real estate portfolio grows, it becomes impossible to remember things like when you receive rent payments, when insurance is due, and other details about each individual property. That’s why it’s incredibly important to have a system in place to account for your cash flow.

On this episode of Investing in Real Estate, Natali and I are sharing our system for managing cash flow in our real estate business. This is something we wish we had implemented back when we just had one or two properties. The sooner you have a solid system in place, the better. You don’t want to miss episode 124!

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Last year was a year of exponential growth in our real estate business. In fact, our portfolio doubled in one year! We were glad to have executed our goals beautifully, but we missed a few important steps in terms of managing those properties.

We didn’t know when our leases ended, when we collected rent payments, or when we had tax payments due. We were simply relying on bills coming in, and hoped that everything worked out. This is a terrible system! Without keeping track of these expenses and payments, it’s easy for things to spin out of control.

So we decided to put together a five-step system in order to keep track of our cash flow. The first tip is to set calendar notifications for insurance and tax payments. Especially since we moved to a new house, there was a huge margin for error. We easily forgotten to change our address, not received a bill, missed a payment, and suffered the consequences. When you have multiple properties, you simply have to have this kind of system in place. Any kind of calendar works, you can use Gmail, your phone, or an app.

The second tip is to set calendar alerts for payment days and lease expirations. This can easily fall through the cracks, unless you're proactive. Hopefully you’re working with a fantastic property management team who pays in a timely manner, and manages the leases, but you as a landlord still need to be cognizant about what is happening in your investment property.

Today on the show, we’re sharing the other four tips for managing the cash flow of your rental properties. We’ll talk about budgeting, spreadsheets, insurance, and more. You’ll also learn about the importance of tracking the details of your properties, and why you should implement a system early in your investing journey.

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. 

As your real estate portfolio grows, it becomes impossible to remember things like when you receive rent payments, when insurance is due, and other details about each individual property. That’s why it’s incredibly important to have a system in place to account for your cash flow.

On this episode you’ll learn:

  • How is a master spreadsheet helpful?
  • Why do you need to know when your leases end?
  • How can you plan your portfolio growth within your budget?
  • What is the importance of being the authority of this information?
  • And much more!

Episode Resources
Thumbtack

Due App
EP015: The Three Stages of Real Estate Investing
EP100: How to Organize Your Real Estate Investments
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


EP123: Start Being Part of the 3% of Successful People

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This episode of Investing in Real Estate is brought to you by Blue Apron. Blue Apron’s mission is to make incredible home cooking accessible to everyone. Check out this week’s menu and get your first three meals free and free shipping at blueapron.com/investing.

Everything we do in life begins with being in the right mindset. Real estate is no exception. I talk to so many people who want to begin, but are held back by fear and other limiting beliefs.

On this episode, I’m sharing how to get in the right mindset, and make your goals a reality. I’ll talk about the correlation between goal setting and success. I’ll also discuss recent studies about successful people. Don’t miss this episode of Investing in Real Estate!

More About This Show
I recently read that only 3% of people are considered successful. Another study shows that only 3% of people write down their goals. I have to believe that there is a strong correlation between those two statistics.

Studies show that our brains are constantly growing and creating new neuro connections, and that we can influence this growth by thinking in a certain way. So just by thinking positively, we can change our lives!

I know this to be true. I visualize my goals and meditate on them consistently. And it turns out, that the things I’ve envisioned actually come to fruition. I think it’s so powerful to actually write down your goals.

That’s why I’ve created the Freedom Cheat Sheet! It’s a free PDF that allows you to set a clear goal, and start moving toward it. It will help you determine exactly how many rental properties are appropriate for your unique situation. Financial freedom does not just happen spontaneously; it’s typically the result of setting a clear, attainable goal.

So what are your goals? What is your Freedom Number? I would love to hear your goals, and how you plan to make them happen. Shoot me an email, let’s discuss.

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.

How to get in the right mindset, and make your goals a reality, the correlation between goal setting and success, and recent studies about successful people.

On this episode you’ll learn:

  • What is the danger of internet forums?
  • Where should you keep the goals you’ve written down?
  • How does the mind operate like a time machine?
  • And much more!

Episode Resources
Blue Apron
Field Notes
Mind, Time, and Power by Anthony Hamilton
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

 

EP122: How to Build Wealth Outside of Wall Street - Interview with M.C. Laubscher

Book a call with our team: https://goo.gl/dezwHT

The traditional and widely accepted wealth building system tells us to hand our earnings over to Wall Street, and hope that it accumulates over time. In doing so, we cross our fingers and hope we have enough to sustain our lifestyle at retirement. This system lacks security and freedom, but fortunately there is another way.

On this episode of Investing in Real Estate, I’m speaking with M.C. Laubscher, the founder and president of Valhalla Wealth Financial. M.C. is a brilliant wealth strategist who educates his clients about the Infinite Banking Concept, a method of being empowered in your wealth building. On today’s show, M.C. is sharing this incredible wealth building strategy. Join us for episode 122!

More About This Show
M.C.’s mission is to help people eliminate the control that banks and financial institutions have over their lives by building wealth outside of Wall Street. He explicates that we’ve been programed to believe that we should focus on letting our wealth accumulate. Cash flow, however, is the opposite concept.

Cash flow is the only true way to achieve financial security and freedom. Building cash flow allows you to take control of your finances, and be your own advocate. This is the opposite of handing control over to Wall Street!

The Infinite Banking Concept that M.C. teaches borrows principles from the business banking model. Banks have the most successful business model—they intake deposits and give out a small interest rate, and they lend funds out at a higher interest rate. You can incorporate these same principles to build wealth in your personal financial life.

This concept uses dividend-paying whole life insurance to recreate the banking system within your personal finances. Doing so is predictable, and stable. Not to mention, any growth inside these vehicles is tax-free! Using this method allows you to multiply your money by using it over and over.

Furthermore, you can use this strategy to purchase cash-flowing rental real estate! On today’s show, M.C. is explaining exactly how this concept works. We’ll talk about taxes, cash flow, and how to be the ultimate authority over your financial future. This episode is packed with M.C.’s pearls of wisdom; don’t miss episode 122 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.

The traditional wealth building system tells us to hand our earnings over to Wall Street, and hope that it accumulates over time. In doing so, we cross our fingers and hope we have enough to sustain our lifestyle at retirement. This system lacks security and freedom, but fortunately there is another way.

On this episode you’ll learn:

  • Why do banks have the most successful business model?
  • What is one of the biggest wealth destroyers?
  • What do wealthy people understand about taxes?
  • How can you purchase real estate within a mutual insurance company?
  • What is a safe way to save for college?
  • And much more about wealth building!

Episode Resources
Email M.C. Laubscher to get your FREE copy of the book, Becoming Your Own Banker by R. Nelson Nash
Cash Flow Ninja Podcast
Rich Dad Poor Dad by Robert T. Kiyosaki
The Creature from Jekyll Island by G. Edward Griffin
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 M.C. Laubscher
Website
Facebook
Twitter
LinkedIn

EP121: Six Ways to Invest in Real Estate with Your Money Right Now

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The beauty of investing in real estate is that there are many ways to finance a deal. We’ve talked about many of the tools and strategies that investors can use to purchase a rental property here on the show. However, we feel the need to clarify: not every single strategy is appropriate for every person.

On this episode of Investing in Real Estate, Natali and I are sharing six different ways to invest in real estate, and how to determine which strategy is best for your situation. We’ll also share a multitude of resources you can use to educate yourself on different investing tools and methods. Join us for episode 121 of Investing in Real Estate!

More About This Show
When we talk about different strategies for investing, it’s important to note that not every method will be applicable to your unique situation. We all have different financial backgrounds and circumstances. We don’t think that a 401k loan or a HELOC is appropriate for each investor. They’re great strategies, but they’re not for everyone.

We want to be clear: we aren’t advisors. We don’t know what is right for you, your family, or your situation. We’re simply a family that educates ourselves on different strategies, and executes the ones that we feel are most fitting. We are trying to share that education with you. We are in no way trying to tell you what you should do.

But that’s what is so fantastic about investing in real estate! There’s no one right path to follow. There are so many ways to meet your ultimate goal, and on today’s show we want to share a few.

One of the most popular ways to begin investing in real estate is by taking out a HELOC. For many people, it’s a great option to take out a loan based on the value of equity in their primary mortgage. This can also be done on existing rental properties. Typically, a HELOC is a great bank product, and it's accessible to many people. 

Another great way to invest is through taking a 401k loan. This is a strategy we use yearly. If you have a 401k through your employer, your plan likely allows you to take out one loan per year. This is a fantastic strategy, because you’re in essence, paying the interest back to yourself.

On this episode, we’ll discuss four other strategies you can use to invest in real estate. We’ll talk about the variations within these strategies, and how to decide which you should implement. 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 my 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.

Six different ways to invest in real estate, and how to determine which strategy is best for your situation. We’ll also share a multitude of resources you can use to educate yourself on different investing tools and methods.

EP120: Three Ways to Waste Money on a Rental Property Renovation

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Renovating your rental property is an important part of the buy and hold process. You want to create a solid and comfortable home for your tenant. However, it is possible to go overboard and implement too many upgrades.

Spending too much on a renovation will cut into your return on investment. The point is to have a high ROI, so you have to find a balance. On this episode of Investing in Real Estate, I’m sharing the three biggest ways investors waste money on a rental property renovation. Don’t miss this episode! 

More About This Show
This episode is inspired by my own mistakes. On my first few properties, I wanted to install all the bells and whistles—fancy thermostats, high quality countertops, hardwood floors. However, those upgrades are not necessary on a rental property. Tenants in a C class neighborhood will be happy with the basics.

The first place where investors try to over upgrade is in the kitchen, specifically the cabinets. A rental property does not need custom cabinets made out of solid wood. We always install base grade cabinets in our rentals. They’re solid, they get the job done, and they look great!

And if one of our tenants is a little rough on the cabinets, it’s no big deal. We can simply replace the cabinets for a few hundred dollars. Remember, your rental properties are not luxury apartments.

In the same realm, many investors think they need the best countertops on the market. This is not the case. Your rental needs something durable and affordable. Not granite! Formica looks convincing, and lasts for years.

On today’s episode, I’ll share the two other upgrades that are a waste of money on a rental property. I’ll also talk about purchasing water heaters and furnaces. These tips can save you a lot of money on your renovations; don’t miss episode 120 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. 

The three biggest ways investors waste money on a rental property renovation. Spending too much on a renovation will cut into your return on investment. The point is to have a high ROI, so you have to find a balance.

On this episode you’ll learn:

  • Should you create a master suite in your rental property?
  • What kind of flooring is best for a rental property bathroom?
  • Where is the best place to find a water heater?
  • Should you put carpet or hardwood floors in bedrooms?
  • And much more about rental property renovations! 

Episode Resources
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

EP119: Tax Saving Strategies for Real Estate Investors - Interview with Amanda Han and Matt MacFarland

Book a call with our team: https://goo.gl/dezwHT

One of the most powerful benefits of rental real estate is its ability to reduce your overall tax burden. However, you want to make sure you’ve got an exact strategy in place. Determining how to maximize your investments can be confusing, and that's why it's important to take advice from an accountant who fully understands real estate. 

On today’s episode, I’m sitting down with CPAs Amanda Han and Matt MacFarland. They’re a husband and wife team who specialize in real estate tax planning. They’re sharing everything you need to know about mitigating your overall tax burden, maximizing depreciation, and more! Don’t miss this episode of Investing in Real Estate!


More About This Show
Although Amanda and Matt have similar backgrounds in terms of their work experience, they had very different circumstances that led them to real estate investing. For Amanda, although she comes from a long line of real estate investors, she showed little interest in investing until she read Rich Dad Poor Dad.

Matt, on the other hand, was working as a CPA and was filing an individual’s tax return. The client had no job, and his only source of income was through real estate. Matt was astounded at the client’s amount of cash flow for a person without a job.

As CPAs who specialize in real estate, Amanda and Matt fully comprehend the tax benefits of owning real estate. Being strategic about your taxes can entirely change your real estate experience. For example, unlike any other investment type, real estate investments are allowed deductions for depreciation.

There is no rhyme or reason for this deduction. As a matter of fact, real estate investments typically appreciate, but the IRS allows investors to write off depreciation and shelter their cash flow. Additionally, Amanda explains that in 2016 there was a bonus depreciation of 50% deduction for brand new appliances installed in rental properties.

On today’s show, Amanda and Matt are sharing their wisdom on tax strategies for real estate investors. We’ll talk more extensively about depreciation, 1031 exchanges, deductions, and more! Amanda and Matt are so knowledgable about this topic; don’t miss episode 119 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.

One of the most powerful benefits of rental real estate is its ability to reduce your overall tax burden. However, you want to make sure you’ve got an exact strategy in place to maximize your investments. 

On this episode you’ll learn:

  • What’s the difference between purchasing properties under an LLC and as a sole proprietor?
  • How can you use depreciation as a tax strategy?
  • Under what circumstances is a 1031 exchange unnecessary?
  • How can you improve your taxation rate in 2017?
  • And much more!

Episode Resources
The Book on Tax Strategies for the Savvy Real Estate Investor by Amanda Han and Matt MacFarland

Rich Dad Poor Dad by Robert T. 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 Amanda Han and Matt MacFarland
Call Keystone CPA at 877-975-0975
Website
Facebook
Twitter
LinkedIn