EP353: How Come That Idiot's Rich and I'm Not? - Interview with Robert Shemin

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Have you ever wondered what makes some people wealthy, while others seem to stay stuck in financial distress? On today’s show, best-selling author and real estate millionaire Robert Shemin is back to share the ideas, mindsets, and tips that all wealthy people possess. 

We’ll discuss goal setting, how to start thinking rich, and what it takes to get started as a real estate investor. Robert is also sharing details from his newest book, and discussing his take on the current market. If you’re looking for a daily dose of inspiration, this episode of Investing in Real Estate is for you! 

On this episode you'll learn: 

  • The types of neighborhoods that Robert Shemin invests in.
  • The power of purchasing low cost properties.
  • Why Robert says the real estate market is an illusion. 
  • How Millennials are affecting real estate investing.
  • The two different types of decisions, and which one makes you money!
  • What a success goal is, and why it matters.
  • The importance of having fun while you're making money. 
  • How to immerse yourself in a positive environment. 
  • The kinds of people you should seek advice from. 
  • What it means to have a millionaire mentality. 
  • Why you should watch your language when you talk about money.
  • And so much more! 

Episode Resources
How Come That Idiot's Rich and I'm Not by Robert Shemin
Full Focus Planner by Michael Hyatt
EP246: Stop Hanging Out with Losers
Subscribe to Investing in Real Estate on Apple Podcasts
Find Your Financial Freedom Number
Subscribe to the Morris Invest YouTube channel
Like Morris Invest on Facebook

Connect with Robert Shemin
Website
Facebook
Twitter
LinkedIn

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.

EP352: How to Identify Investment Friendly Cities

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When you’re looking to make a solid real estate investment, the ultimate goal is cash flow. You want your cash flow to be largely hands-off and passive, and that’s why it’s pertinent to do your research about your rental markets.

On this episode of Investing in Real Estate, Natali and I are sharing four tips that make up the most investor friendly areas. We’ll talk about how to identify a landlord-friendly city that is conducive to long-term buy and hold, and what to expect from your rental market. Don't miss this episode!

On this episode you’ll learn:

  • What you need to know about permits in the city you invest. 
  • How to determine how quickly the permitting process is in a city.
  • The states that are the worst for code violations.
  • What to expect from a utilities company when you’re purchasing a property in a business entity.
  • How to conduct your real estate business out of state. 
  • What you need to know about rental licenses. 
  • How much a rental license typically costs. 
  • The meaning of "landlord friendly."
  • And much more!

Episode Resources
What Is a Rental License?
5 Most Landlord Friendly States
Subscribe to Investing in Real Estate on Apple Podcasts
Find Your Financial Freedom Number
Subscribe to the Morris Invest YouTube channel
Like Morris Invest on Facebook

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.

EP351: The Hardest Part About Getting Started in Real Estate Investing

Education and planning are important for achieving your goals, but here’s the thing—in real estate investing, it becomes incredibly easy to get stuck in the mindset of exclusively learning, and never taking action. I get it; we all want to have the answers, and feel 100% prepared before we dive into a venture. But getting started is the most important, yet hardest piece of the puzzle. 

EP350: The Immense Power of a 1031 Exchange – Interview with Leonard Spoto

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This podcast is brought to you by Abby Connect, the highest-rated live receptionist service for small businesses! A full-time assistant costs a lot of money, but our sponsor today, Abby Connect, provides you with a world-class, professional and courteous team of receptionists specifically trained on your business. Today for my listeners, Abby Connect is offering a no-obligation free trial at abbyconnect.com/investing.

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A 1031 exchange is a powerful tool that allows an individual to save on taxes after the sale of a piece of real estate. Doing so allows the investor to keep more money in their pocket, and defer all capital gains taxes. However, the IRS has set forth stringent rules about how a 1031 exchange must be conducted. 

On this episode, Leonard Spoto from Asset Exchange Company is back to share the four basic guidelines of a 1031 exchange, and why this program is so beneficial for real estate investors. We’ll outline the basics of how to qualify, as well as the crucial steps involved in a successful 1031 exchange. Don't miss episode 350 of Investing in Real Estate! 

More About This Show
At Asset Exchange Company, Leonard and his team have worked with thousands of investors to create wealth through real estate. Leonard posits that the 1031 exchange is one of the greatest wealth building tools available to investors. A 1031 exchange allows an investor to defer capital gains taxes on the sale of an investment property by purchasing a new property.

A 1031 exchange allows the investor to keep more money in their pocket, and use it as additional purchasing power on their next transaction. Leonard explains that a 1031 exchange is permitted under section 1031 of the Internal Revenue Code, but there are strict guidelines that must be followed in order to qualify.

First, the properties involved in the exchange must be held for either business or investment purposes. This information is proven by tax returns, including rental income, depreciation records, and intent. It’s important to have this documentation in place in case of an audit.

There are also regulations in place for the new purchase. The new property must meet the reinvestment requirements. This means the new property must be of equal or greater value than the property that was sold.

Additionally, there is a strict timeline that the investor must uphold. The investor has 180 days to complete the exchange. This begins on the day escrow closes on the sale. Leonard explains that it’s important to work with an accommodator, such as his team. You also must reach out to your accommodator before escrow closing.

Finally, the IRS requires that the investor identify their purchasing plans on day 45. The investor must describe the property or properties they are planning to use as the replacement in the exchange.

On today’s show, Leonard is sharing so much more about the power of 1031 exchanges. He’ll share how and when to initiate an exchange, and the benefits of deferring long-term. We’ll talk about timelines, the history of 1031 exchanges, 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:

  • What is a like/kind property, and why does it matter?
  • What are the rules regarding the replacement property in a 1031 exchange?
  • What is the history of the 1031 exchange? 
  • What are the three D's of buying real estate?
  • And much more!

Episode Resources
Abby Connect
Subscribe to Investing in Real Estate on Apple Podcasts
Find Your Financial Freedom Number
Subscribe to the Morris Invest YouTube channel
Like Morris Invest on Facebook

Contact Leonard Spoto
Call at 877-471-1031
Website
Facebook
LinkedIn

EP349: A Conversation with a Millionaire Retired Landlord

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Today's episode of Investing in Real Estate is sponsored by FilterEasy! FilterEasy is a super convenient subscription service that makes it impossible to forget to change your filters. With FilterEasy, when it's time to change your filters, they'll be at your doorstep! FilterEasy is offering our listeners their first order for FREE! Sign up at FilterEasy.com and use code INVESTING or call 1-855-910-EASY (3279).

A few months ago, we posted a video in which we discussed the behind the scenes decision-making process of a potential real estate purchase. Since then, we ultimately decided to follow through on the purchase. This deal was unlike our other real estate purchases. Typically we conduct the entire closing process electronically, and never see our rentals in person.

However, this was a rare local purchase, and I actually was able to speak with the seller—a retiring millionaire landlord. On today’s show, Natali and I are sharing the lessons we’ve learned from this experience. Please join us on episode 349 of Investing in Real Estate! 

More About This Show
We just recently closed on a deal that we’ve been working on for the last few months. And although we encountered issues with lenders and appraisals, this ended up being an incredible learning experience.

The man we purchased these properties from has been a real estate investor for over 40 years. He became a millionaire from his real estate investing, but in our opinion, there are a lot of things he could have done differently.

For instance, he was the classic case of the tired landlord. This man managed his entire real estate portfolio entirely on his own. He had no one helping him screen tenants, collect rent checks, or maintain his properties. As you might know by now, this is a full time job! In order to make real estate investing sustainable and scalable, working with property management is key.

Something else we immediately noticed is that he and his wife owned these properties as sole proprietors. We know from our research that owning properties in LLCs provides great protection and tax implications.

On today’s show, Natali and are sharing what we’ve learned from this experience. We’ll talk about how this purchase differs from the bulk of our portfolio, how real estate investing has changed over the years, and much more! Don’t miss episode 241 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:

EP348: Five Ways to Not Annoy Your Property Management Company

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Working with an experienced, qualified property management team is paramount to a real estate investor’s success. A property management company finds the right tenants, collects the rent, and does all the legwork so you don’t have to! It’s important to remember how valuable your property management team is, and to treat them with respect.

For today’s episode, I asked my property management teams what investors can do to be helpful and easy to work with. I’m sharing the top five things you can do to not annoy your property management team. Don't miss this episode of Investing in Real Estate! 


More About This Show
Occasionally, it seems that certain investors get a big head when it comes to dealing with property management. They fall prey to the mindset that they are in charge, and the team works for them. This is not good business practice, and it’s certainly no way to treat people.

It’s important to be kind, and remember that the property management team is comprised of human beings. We as landlords should treat our property management companies as team members. Without their hard work and dedication, we would not be able to do what we do. With the help of my property management teams, I’ve compiled a list of five things you can do to collaborate with your team and make their job as easy as possible:

  1. Fix the things they ask you to fix. This one is really simple—when they contact you regarding a leaky faucet, rattling heat vent, or a broken toilet, give them the green light to fix those issues. It might seem like some of these complaints are small to you, but to your tenant, the little things compile. When you anger your tenants, you make your property management team’s job harder.
  2. Let them do their job. You hired this team because they’re qualified to screen the tenants, and collect rent. Don’t try to micromanage them. Don’t come to them with a list of additional demands or tasks. They know what to do, and how to do it!
  3. Don’t be greedy with pricing. Your team is already established in the market, and they know what price is appropriate. Trust their judgment and experience.
  4. Get your account numbers right, and don’t change them last minute. Most property management companies will pay your rent via ACH. If you decide you need to change the account where your rent is deposited, give plenty of notice.
  5. Take care of all paperwork. When you onboard with a property management company, they’ll send you a packet of paperwork to complete. This stuff is important! It’s how you receive your payments and important tax documents.

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: 

  • Should you compete with other investors on rent prices?
  • How much notice should you give before changing your account numbers?
  • What is the harm in trying to collect a higher monthly rent?
  • How can you get on the same page as your property management team?
  • And much more!

Episode Resources
EP126: Are You a Hands-On or a Hands-Off Investor?
Subscribe to Investing in Real Estate on Apple Podcasts
Find Your Financial Freedom Number
Subscribe to the Morris Invest YouTube channel
Like Morris Invest on Facebook

EP347: The Do's and Don't of Using a Self-Directed IRA - Interview with Scott Maurer

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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

A self-directed IRA is a retirement account that allows the owner control over where their money performs. Being strategic within a self-directed IRA allows the investor many possibilities, but the IRS has strict regulations regarding how the funds are utilized. 

On this episode, I'm welcoming back Scott Maurer of Advanta IRA. Scott is here to share the intricacies of using a self-directed IRA. We’ll discuss the do's and don'ts of utilizing this investment type, and how you can use a self-directed IRA to make the most of your real estate business. Scott is our favorite expert on this topic; you won't want to miss episode 347 of Investing in Real Estate!

More About This Show
Instead of simply performing within the stock market, a self-directed IRA allows the investor to choose from investments permitted by the IRS. These regulations allow for a variety of investments, including real estate. But the IRS is incredibly strict about how these accounts work. 

That’s where self-directed IRA administrators, such as Advanta IRA, come in. They educate investors on the details of IRAs, and offer tools to help investors understand how to reap the most benefits from their investments. For a competitively low fee, Advanta IRA will manage all of the financial transactions for a self-directed IRA.

On today's show, Scott is laying out some do's and don'ts for investing in a self-directed IRA. 

DO: Think outside the box when it comes to retirement accounts. A self-directed IRA is an incredible investment vehicle which allows the investor so much more control and freedom, but it’s not something you’ll hear about from traditional brokerages. In fact, traditional retirement planning will often misuse the term self-directed. You have to work with a company like Advanta IRA to reap the benefits of a truly self-directed IRA.  

DON’T: Deal with disqualified persons or try to find loopholes to the rules. The IRS has very strict regulations, as well as severe penalties. It’s not worth it to try to break the rules.

DO: Consider different types of accounts you can use. You can fund a self-directed IRA by transferring from a variety of accounts. Old IRAs and 401ks can be used by simply transferring the funds into a self-directed IRA.

DON’T: Think about investing with an IRA as a means to increase personal cash flow. All profit from the investment must be deposited directly into the IRA.

DO: Understand that purchasing real estate inside of an IRA is a cash transaction. The IRA pays for the property with cash, and then receives and distributes all monies related to the property.

DON’T: Limit yourself to one type of investment. Scott explains that many of his clients at Advanta IRA love investing in buy and hold properties, but an IRA can also create private notes, fund rehabs, and much more.

DO: Realize you can partner your IRA with other people or financing sources. If you identify a property, but are unable to purchase it outright within your account, the IRA can actually purchase a portion of the investment.

On today’s show, Scott is diving deep into all the details of self-directed IRAs. We’ll discuss different investment types, and how to transfer funds into a self-directed IRA. We’ll also explore the benefits of self-directed IRAs, as well as the tax implications. If you’re looking for a means to wisely invest, you won’t want to miss out on Scott’s wisdom!

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. And if you want to use a retirement account to fund your investment, simply click the option to use retirement funds. 

On this episode you’ll learn:

  • What are the two prohibited investment types within a self-directed IRA?
  • Can a previous 401k be rolled over into an IRA?
  • How does private lending through self-directed IRAs work?
  • Who are disqualified persons within an IRA transaction?
  • And more about real estate investing!

Episode Resources
Fund&Grow
How to Pay Off Your Mortgage in 5 Years by Clayton & Natali Morris
Subscribe to Investing in Real Estate on Apple Podcasts
Find Your Financial Freedom Number
Subscribe to the Morris Invest YouTube channel
Like Morris Invest on Facebook

Contact Scott Maurer
Call at 727-581-9853 ext: 1123
Website
Facebook
Twitter
LinkedIn