EP302: What You Need to Know About the New Tax Law - Interview with Tom Wheelwright

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Ever since the new tax law was announced, there’s been a lot of chatter in the real estate world about how investors  And because the tax law recently underwent the biggest overhaul in over 30 years, there are a lot of details to digest.

On this episode of Investing in Real Estate, we are welcoming back our favorite CPA, Tom Wheelwright to discuss the intricacies of the US tax law. Tom knows the ins and outs of the tax code, and on today’s show he is clearing the air about some common misconceptions and worries. We’ll discuss pass through entities, interest deductions, and more. As always, Tom is a wealth of information; don’t miss this episode! 

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Tom Wheelwright is a tax genius who authored the book, Tax-Free Wealth. He is the founder and CEO of WealthAbility, as well as the personal tax advisor of “Rich Dad,” Robert Kiyosaki. Whenever Natali and I have a tax question or concern, Tom and his team are our go-to resource. 

One of the biggest changes in the new tax law is how businesses are taxed. In addition to benefiting from a permanently lower tax rate, a last minute provision to the tax law also positively effects investors. This allows a tax cut to pass through entities, such as an LLC. This permits investors to take a 20% deduction if you earn passive income in a pass through entity.  

Although you might have heard this topic debated in a political context, Tom explains that the tax code has always favored businesses and investors. He explains that the tax code is nothing more than a series of incentives that the government uses in order to encourage people to participate in certain behaviors.

Because providing housing to others is a generous act, the tax code offers incentives and deductions for investors to. take advantage of. On today's show, Tom is walking us through the many ways investors can benefit through the tax code. We'll talk about interest deductions,  bonus depreciation, and Tom's new business. Tom is also discussing how to change the way you approach taxes, and how to find the best CPA for your business! 

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:

  • Is HELOC interest still deductible in 2018?
  • What is the most efficient way to do a cost segregation? 
  • Why is Section 179 of the tax code important for investors?
  • Other than real estate, what is a performing asset?
  • And much more!

Episode Resources
Hims
KBKG
Tax-Free Wealth by Tom Wheelwright
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Contact Tom Wheelwright
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EP301: What Is a Deed?

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Understanding deeds and how they work is an important part of acquiring real estate. Since a deed is a legal document, you’ll want to ensure that you fully understand its purpose and meaning before completing any real estate transaction.  

On today’s show, Natali and I are discussing everything you need to know about deeds! We’ll talk about the different types of deeds, how they work, and in what scenarios each type is applicable. Don’t miss episode 301 of Investing in Real Estate!

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When you close on you rental property, the title company will supply you with a huge stack of documents to sign. One important piece of paperwork is the deed. A deed is a document that is signed by both the seller and the buyer, signifying the transfer of ownership. 

A deed is recorded at the county level, which oftentimes has slow moving processes. Your title company will often email you a copy of the deed, but it’s still important to obtain the paper copy. There are two main types of deeds: a grant or warranty deed, and a quit claim deed. Although both types of deeds transfer ownership, each of these have different purposes. 

A grant or warranty deed contains warrantees of title—this means the title company conducts an extensive search, ensuring that the buyers actually owns the property and has the right to sell it. A quit claim deed does not contain these guarantees, but can still be useful under certain circumstances. For example, we have used a quit claim deed when transferring a property that we own to an LLC. You can also use this type of deed if you're working with someone you feel you can trust. 

On today’s show, we’ll explain when to use each of these deeds. You’ll learn about costs, insurance policies, and county records. This is an important concept to understand; you won’t want to miss this episode!

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 a title insurance policy used for?
  • Why do title companies conduct a title search?
  • What is a due on sale clause?
  • And much more!

Episode Resources
eHarmony
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

EP300: The Tax Code Is Rigged for the Rich

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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.

The majority of Americans despise tax season, but this is only because they don’t understand how the tax law works. The tax system has one clear purpose: to incentivize Americans to participate in certain behaviors.

On this episode of Investing in Real Estate, I’m discussing how the US tax code is rigged in favor of rich people. I’ll talk about the true purpose of the tax code, and how you can reap the largest tax benefits. If you’ve ever wondered about how to pay less in taxes, today’s show is for you! 

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If you want to build true wealth in the United States, you must undergo an enormous mindset shift: the tax code benefits investors and entrepreneurs. In order to stimulate the economy, the government writes incentives into the tax code. 

This is not to punish low income or middle class families, it’s simply the most efficient way to build the economy, create jobs, and provide housing. If you start a business or invest in performing assets, you’ll undoubtedly see the implications on your tax bill. In fact, taxes are the number one way that real estate investors make money. 

So if you find yourself owing more than you’d like in taxes, it’s time to start playing by the rules of the game. Instead of complaining about taxes, you just need to change your approach and understand that the tax code is filled with advantages that you can take advantage of. 

Once you understand the law, there are tremendous benefits that you can receive. The tax law is simply a way that the government enforces policy. All you have to do is understand how the tax law works and start thinking about taxes from a business perspective, then you can build wealth.

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 a tax shelter?
  • How do low income earners suffer from the tax code?
  • How can you change your negative associations about the tax code?
  • What does the tax code have to do with tennis?
  • And much more! 

Episode Resources
Subscribe to Investing in Real Estate on iTunes
Find Your Financial Freedom Number
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 The tax system has one clear purpose: to incentivize Americans to participate in certain behaviors. On this episode of Investing in Real Estate, I talk about the true purpose of the tax code, and how you can reap the largest tax benefits. If you’ve ever wondered about how to pay less in taxes, today’s show is for you! 

EP299: Are We in a Housing Bubble? - Interview with Brian Kline

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Smart investors understand the importance of keeping up on market trends. Since the market is always changing, there can be a lot of information to digest. That’s why I’m so excited to welcome Brian Kline back to the show to discuss current market trends!

On today’s show, real estate investor and journalist Brian Kline is back to talk about the housing market, including prices and bubbles. We’ll discuss Millennials, vacancy rates, and the economy. Brian is constantly watching the current trends of the real estate business; you won’t want to miss his insights on this episode of Investing in Real Estate!

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A housing bubble occurs when prices aren't in agreement with the market. In response, the market takes some kind of adjustment. A decade ago, we saw prices drop dramatically, but that doesn't always occur in a bubble. 

In some cases, a bubble can simply be more of a market stabilization, in which growth begins to slow. Brian only sees more stabilization in the future—he refers to it as a plateau. Brian doesn't foresee a bubble burst anytime soon. 

Going forward, there's no big collapse to worry about. However, the market is always shifting. For example, many things can cause a ripple. From baby boomers to Millennials, new housing trends are always in effect. Additionally, the new tax law will even have implications on the market.

On today's show, Brian is sharing his insight into current market conditions. We'll talk about low income ownership, and how the market affects investors vs. homeowners. Brian is sharing his knowledge on foreign buyers, the mortgage process, and so 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:

  • How do market conditions differ across the US?
  • What are current vacancy rates?
  • How are Millennials creating a shift in the market?
  • Will the bubble burst?
  • And much more!

Episode Resources
EP185: What's Going on with the Current Market? - Interview with Brian Kline
Realty Biz News articles by Brian Kline  
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 Real estate investor and journalist Brian Kline talks about the housing market, including prices and bubbles.

EP298: What's the Deal with Land Trusts?

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We’ve been advised by our legal teams to purchase real estate in a specific way, which involves establishing LLCs. Occasionally, our listeners ask about the option of instead using a land trust. So we decided to do some research, and report back with what we’ve learned!

On this episode of Investing in Real Estate, Natali and I are discussing the ins and outs of land trusts. We’ll discuss what they are, what their purpose is, and if you should consider using land trusts in your real estate business. If you’ve ever wondered about the pros and cons of land trusts, this episode is for you!

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A land trust is a legal contract that allows the owner to remain anonymous by transferring the title to a trustee. The most famous example of this is that Walt Disney purchased the land that would later be known as Walt Disney World via land trusts. Because the land was so cheap at the time, he felt it was necessary to protect his identity in order to keep the prices from inflating.

But for your everyday real estate investor, is a land trust necessary? From our research, no. Rich Dad Advisor, Garrett Sutton writes in chapter 22 of Loopholes of Real Estate that land trusts are not a good legal move.

A land trust protects your identity, but in no way protects your assets. Many people become convinced at seminars that a land trust is a brilliant move, but in reality they give you no legal protection and leave your assets open in a lawsuit. 

Particularly for rental real estate, we can think of no reason why a land trust would be valuable. In most states, landlords are required by law to supply tenants with their contact information, even when a property manager is involved.  

On today’s show, we’re sharing everything we know about land trusts! You’ll learn how a land trust measures up to an LLC, discuss two legal scenarios, and much more. Please join us for episode 298 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 is Muniment of Title?
  • How can you learn more about land trusts?
  • What is the difference between an LLC and a land trust?
  • Can you be sued for property inside a land trust?
  • And much more!

Episode Resources
Loopholes of Real Estate by Garrett Sutton 
Subscribe to Investing in Real Estate on iTunes
Find Your Financial Freedom Number
Subscribe to the Morris Invest YouTube channel
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 On this episode of Investing in Real Estate, we discus the ins and outs of land trusts: what they are, what their purpose is, and if you should consider using land trusts in your real estate business.

EP297: There's a Cat Stuck in My Furnace

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Typically, investing in real estate is quite boring. We purchase simple homes in average neighborhoods, and our property management teams deal with the tenants. Most of the time, nothing too exciting ever happens. 

But every once in a while, we receive a wacky email from our property management companies. On today’s show, Natali and I are sharing an incident that recently occurred at a rental property. We’ll talk about how we handle these issues, and discuss the ups and downs of investing. Please join us for episode 297 of Investing in Real Estate! 

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Owning real estate entails dealing with the ebbs and flows of business. Sometimes, we have to go through evictions or handle violations. We’ve learned to accept these things as part of the process, handle them as they come, and stay focused on our goals.

Occasionally, something really bizarre comes up. This week, Natali got an email from a property manager about a situation at one of our properties. Over the weekend, the tenant notified the property management team that something had gotten stuck in the ventilation system, and it smelled like something was burning. 

The tenant shut off the heat, and contractor was contacted. The contractor discovered that a cat had gotten into the attic, wandered into the  crawl space, squeezed itself into some damaged ductwork, and then fell onto a heating component. The burning smell, unfortunately, was the smell of cat hair. 

Luckily, curiosity did not kill this cat, and it seemed to have at least one of its nine lives remaining! We wanted to share this story with you because 1) it’s funny and 2) to share the reality of running a business—things happen! There’s no issue in real estate that cannot be fixed, and ultimately, property management took care of the issues swiftly and efficiently. 

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.

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

 Investing in real estate is usually pretty uneventful. We purchase simple homes in average neighborhoods, and our property management teams deal with the tenants. But every once in a while, we receive a wacky email from our property management companies...

EP296: Overcoming Financial Ruin to Build a Mobile Home Park Empire - Interview with Kevin Bupp

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This episode is brought to you by Abby Connect, the leading live receptionist service which helps you screen, qualify and connect incoming calls - whether you’re on the go, on the job or on vacation. Abby Connect is offering Investing in Real Estate listeners a no-obligation FREE trial. And after your trial is over, our listeners will also receive $95 off their first bill--but only when you sign up at our special link: abbyconnect.com/investing.

When it comes to investing, I try to stay in one lane and focus exclusively on buy and hold single family homes. But the beauty of real estate investing is that there are multiple niches; there’s something for everyone!  

On today’s episode of Investing in Real Estate, I’m sitting down with mobile home park investor,  Kevin Bupp! Kevin is a serial entrepreneur, and a successful investor who has done 40 million dollars in real estate transactions. On today’s show, he’s sharing the details of his investing career, including how he lost everything and bounced back. He's giving the lowdown on how to invest in mobile home parks, and how to avoid shiny object syndrome. Kevin is an incredible wealth of information; you won’t want to miss episode 296. 

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Kevin Bupp has been in the real estate game since he was just 20 years old. He didn’t particularly enjoy or excel in school, and lacked direction regarding what to do with his career. But everything changed one day when he was visiting his college girlfriend’s house on a weekday.

His girlfriend’s mom had a boyfriend named Dave who stopped by in the middle of working hours, and Kevin learned that Dave didn’t have a 9-5 job; he was a full-time real estate investor. Dave had an extra ticket to a three-day real estate boot camp, and invited Kevin to attend.

Kevin describes this event as life changing. Here, he learned about fixing and flipping, made connections with people in the industry, and changed his mindset. He realized that the people who were successful in real estate were just ordinary people. He became motivated to make real estate his career.

After that boot camp, Kevin asked Dave if he could help him in his business in order to gain experience and knowledge. For over a year, Dave took Kevin under his wing. Kevin worked in the office, visited properties, and met with contractors. He learned the ins and outs of the business, which allowed him to eventually purchase his first property at the age of 20.

Kevin’s real estate career has taken him through some twists and turns. In the 2008 crash, he lost everything and destroyed his credit. But in the last six years, he rebuilt his business from the ground up, focusing exclusively on mobile home parks. On today’s show, he’s walking us through his entire journey, and sharing some of his best investing advice! 

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:

  • How has Kevin's "why" shifted throughout his career?
  • What is the mental exercise Kevin regularly practices? 
  • How did Kevin begin investing in mobile home parks?
  • How does investing in mobile home parks work?
  • And much more!

Episode Resources
Abby Connect
Real Estate Investing for Cash Flow with Kevin Bupp
Sunrise Capital Investors
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 Kevin Bupp
Website
Facebook
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LinkedIn

 Kevin Bupp! Kevin is a serial entrepreneur, and a successful investor who has done 40 million dollars in real estate transactions. On today’s show, he’s sharing the details of his investing career, including how he lost everything and bounced back.