Search
Generic filters
Exact matches only

Investing In Real Estate Podcast

EP271: Our Story Part 6: High Level Ninja Tricks for Real Estate Investors.

 

Book a call with our team: https://go.oncehub.com/morrisinvest

Last week, we thought we were wrapping up this series about how we reached financial freedom and became full-time real estate investors. But then we realized it would be a huge disservice to you to leave the impression that after we reached our Freedom Number, everything was rainbows and unicorns. Real estate is passive to an extent, but there are a lot of systems we’ve had to put in place in order to make our business run smoothly.

On this episode of Investing in Real Estate, Natali and I are sitting down to talk about all of the intricacies of running a real estate business. We’ll talk about finding the right legal and tax teams, and our experience with setting up trusts. If you want to learn some of the high level ninja tricks we’ve learned in our investing career, this episode is for you!

More About This Show
While real estate investing is passive, we’ve had to do a lot of behind-the-scenes work in our business to ensure that everything is working correctly. And much of this has been a learning experience that we figured out along the way. For example, we owned our first few properties in our personal names.

Now we invest exclusively in LLCs, but back when we started, we simply didn’t know better. In fact, we were advised incorrectly. Our accountant at the time was not well-versed in real estate, and instructed us to invest as sole proprietors. The advantage to this was that we had immediate access to our rental income, but we were missing out on the excellent tax advantages real estate investing has to offer.

Things started to evolve when I heard Tom Wheelwright on a podcast discussing the tax implications of real estate investing. Natali then read Tax-Free Wealth, and we made it our goal to work with ProVision as soon as we could afford it.

From there, the ball started rolling. The team at ProVision referred us to our legal team, York, Howell, and Guymon. We’ve learned how to structure our business entities, trusts, and family business in accordance with expert advice. We’ve learned the importance of having the right team in place, and how to teach our children about wealth building.

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 can you find an accountant who is qualified to handle real estate investing?
  • What is a cost segregation?
  • Why is investing in your name a liability issue?
  • How did a vision board help us reach our goals?
  • And much more!

Episode Resources
How to Pay Off Your Mortgage in 5 Years by Clayton and Natali Morris
Tax-Free Wealth by Tom Wheelwright
Provision Wealth Strategists
Entrusted: Building a Legacy That Lasts by Andrew Howell and David York
York, Howell, and Guymon
EP190: What Is Passive Loss and How Can You Use It on Your Taxes?
EP139: It’s Tax Time: Repairs vs. Improvements – Interview with Tom Wheelwright
EP256: Our Story Part 1: How Clayton Went Through Foreclosure and Destroyed His Credit
EP259: Our Story Part 2: Why Natali Made a Big Mistake Buying an A Class Property
EP262: Our Story Part 3: Hitting Rock Bottom
EP265: Our Story Part 4: How to Build a Real Estate Investing Plan
EP268: Our Story Part 5: How to Scale from 1 to 50 Houses
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

 We talk about all of the intricacies of running a real estate business. We’ll talk about finding the right legal and tax teams, and our experience with setting up trusts. If you want to learn some of the high level ninja tricks we’ve learned in our investing career, this episode is for you! 

Ready To Build Passive Income Through Rental Real Estate?

Ready to talk about your goals? We're here to show you the tools and teach you the process to begin earning legacy wealth for you and your family.

Skills

Posted on

February 6, 2018

Submit a Comment

Your email address will not be published. Required fields are marked *

Find Your Freedom Number!

How much real estate will it take to reach your dreams? Unlock your "freedom number" using the step-by-step process I use with my own family.

Font Resize