The Wealth Elevator Podcast: Real Estate, Taxes, Investing

President and Co-Founder of Newton Group TransfersTrusted timeshare exit companyAuthor of The Consumer's Guide to Timeshare Exit·Featured as a timeshare exit expert in US News & World Report· Why do most people want to get out of their timeshares?· If you paid $20,000 for your timeshare, why you can’t sell it for a profit like most other real estate?· Why won't the resort just take it back?· Why do you say a 100% money back timeshare exit guarantee is not enough?· Why do you say that going back to the resort is NOT a good idea? · Why does a secondary (resale) market for timeshares not exist?· Why did Gordon write The Consumer’s Guide To Timeshare Exit?For more events check out - SimplePassiveCashflow.com/eventsStart learning about real estate investing - SimplePassiveCashflow.com/startSubscribe to the Top-50 Investing Free Podcast - https://podcasts.apple.com/us/podcast/simple-passive-cashflow/id1118795347_________________________Top SimplePassiveCashflow Posts:This website has been going through daily improvements everyday since 2016. I admit things are a bit all over the place as I learn about these investments and wealth tactics. Events – SimplePassiveCashflow.com/eventsPast Projects - crowdfundaloha.com/past-projects/Simple Passive Cashflow’s Investor Friend Finder!!! – SimplePassiveCashflow.com/friendsMenu of Investing Options – SimplePassiveCashflow.com/menuLaneHack – SimplePassiveCashflow.com/lanehackGroup Coaching Mastermind – SimplePassiveCashflow.com/journeyCoaching – SimplePassiveCashflow.com/coachingJoin our Private Investor Club – SimplePassiveCashflow.com/clubJoin our Team – SimplePassiveCashflow.com/jointeamOur Mission – SimplePassiveCashflow.com/missionPartner Opportunity – SimplePassiveCashflow.com/partnerProducts I support – SimplePassiveCashflow.com/productsAbout Lane Kawaoka – SimplePassiveCashflow.com/about-meQuarterly Investor Updates – http://simplepassivecashflow.com/investorletterSPC YouTube Channel – https://www.youtube.com/channel/UC3cIIsGKx3osVU5rt2P0HfQReal Estate Book Recommendations – SimplePassiveCashflow.com/booksBackwards Engineering Happiness – SimplePassiveCashflow.com/happyRental Property Analyser – SimplePassiveCashflow.com/analyserVisit Lane in Hawaii – SimplePassiveCashflow.com/retreatStart Here – http://simplepassivecashflow.com/startUltimate Simple Passive Cashflow Guide to…1031 Exchanges – Simplepassivecashflow.com/1031guideNewbies – SimplePassiveCashflow.com/noobInfinite Banking – SimplePassiveCashflow.com/bankingYour Opportunity fund – SimplePassiveCashflow.com/ofundTaxes – SimplePassiveCashflow.com/taxTradelines – Simplepassivecashflow.com/tradelinesTurnkey Rental Guide: simplepassivecashflow.com/turnkeySyndication Guide – simplepassivecashflow.com/syndicationCrowdfunding – SimplePassiveCashflow.com/crowdfundingNetworking – SimplePassiveCashflow.com/peoplePrivate Money Lending – SimplePassiveCashflow.com/lendInvesting in Coffee/Cocoa – SimplePassiveCashflow.com/coffeeInvesting in Non-Preforming Notes – SimplePassiveCashflow.com/ahpRent don’t buy – SimplePassiveCashflow.com/homeInvestor Fallacy: Return of Equity – SimplePassiveCashflow.com/roeHow to Calculate Investment Returns – SimplePassiveCashflow.com/returnsWhy you should break up with your Financial Planner – SimplePassiveCashflow.com/fpQuitting your job – SimplePassiveCashflow.com/quit Hosted on Acast. See acast.com/privacy for more information.

https://youtu.be/y1DNdnOJLoQFor Simple Passive Cashflow Hui Deal Pipeline Members book a complimentary session to the CPA/Legal team I use here. - http://bit.ly/2WbIiuF2018 Tax Cuts and Jobs Act2019 Changes vs 2018 ChangesTax brackets changedMileage 54 to 58 centsAlimony - only decrees 2019 and beyondStandard deduction upRetirement amounts incrementally upOpportunity Fund ZoneFor flippers only?Shelter non real asset gains like stock gains?Deducting Meals?With Spouse?With Client?Take Lane of to lunch or Toby out to Beerlab when he comes to Hawaii?Can you deduct rental expenses when you have no rental income?You can have deductions as long as you have a property ready to be rented out. Even if it sits vacant - as long as its ready.Paying your kids and parents.Writing off car just for driving around with add on door?Toby Mathis, Esq.Founding Partner, Attorney, Author & Business Tax ExpertHe sits on the board of directors for several companies and was recently appointed to the local board of Entrepreneurs’ Organization, a worldwide association of owners of successful businesses. He has authored more than 100 articles on small business topics and has written several books on good business practices, including first, second and third editions of Tax-Wise Business Ownership and 12 Steps to Running a Successful Business. Hosted on Acast. See acast.com/privacy for more information.

Full notes - https://www.SimplePassiveCashflow.com/duncanStart learning about real estate investing - SimplePassiveCashflow.com/startSubscribe to the Free Podcast - https://podcasts.apple.com/us/podcast/simple-passive-cashflow/id1118795347_________________________Top SimplePassiveCashflow Posts:This website has been going through daily improvements everyday since 2016. I admit things are a bit all over the place as I learn about these investments and wealth tactics. Events – SimplePassiveCashflow.com/eventsSimple Passive Cashflow’s Investor Friend Finder!!! – SimplePassiveCashflow.com/friendsMenu of Investing Options – SimplePassiveCashflow.com/menuLaneHack – SimplePassiveCashflow.com/lanehackGroup Coaching Mastermind – SimplePassiveCashflow.com/journeyCoaching – SimplePassiveCashflow.com/coachingJoin our Private Investor Club – SimplePassiveCashflow.com/clubJoin our Team – SimplePassiveCashflow.com/jointeamOur Mission – SimplePassiveCashflow.com/missionPartner Opportunity – SimplePassiveCashflow.com/partnerProducts I support – SimplePassiveCashflow.com/productsAbout Lane Kawaoka – SimplePassiveCashflow.com/about-meQuarterly Investor Updates – http://simplepassivecashflow.com/investorletterSPC YouTube Channel – https://www.youtube.com/channel/UC3cIIsGKx3osVU5rt2P0HfQReal Estate Book Recommendations – SimplePassiveCashflow.com/booksBackwards Engineering Happiness – SimplePassiveCashflow.com/happyRental Property Analyser – SimplePassiveCashflow.com/analyserVisit Lane in Hawaii – SimplePassiveCashflow.com/retreatStart Here – http://simplepassivecashflow.com/startUltimate Simple Passive Cashflow Guide to…1031 Exchanges – Simplepassivecashflow.com/1031guideNewbies – SimplePassiveCashflow.com/noobInfinite Banking – SimplePassiveCashflow.com/bankingYour Opportunity fund – SimplePassiveCashflow.com/ofundTaxes – SimplePassiveCashflow.com/taxTradelines – Simplepassivecashflow.com/tradelinesTurnkey Rental Guide: simplepassivecashflow.com/turnkeySyndication Guide – simplepassivecashflow.com/syndicationCrowdfunding – SimplePassiveCashflow.com/crowdfundingNetworking – SimplePassiveCashflow.com/peoplePrivate Money Lending – SimplePassiveCashflow.com/lendInvesting in Coffee/Cocoa – SimplePassiveCashflow.com/coffeeInvesting in Non-Preforming Notes – SimplePassiveCashflow.com/ahpRent don’t buy – SimplePassiveCashflow.com/homeInvestor Fallacy: Return of Equity – SimplePassiveCashflow.com/roeHow to Calculate Investment Returns – SimplePassiveCashflow.com/returnsWhy you should break up with your Financial Planner – SimplePassiveCashflow.com/fpQuitting your job – SimplePassiveCashflow.com/quity Hosted on Acast. See acast.com/privacy for more information.

 Discussion of China Trade Wars, where we are in the cycle, and new marco economic concepts.Use code "LANE" for 50% off the Macro Watch! https://richardduncaneconomics.com/product/macro-watch/Subscribers to Macro Watch will receive:Approximately 25 Macro Watch videos per year. A new video will be uploaded roughly every two weeks.Richard Duncan’s two video courses:Capitalism In Crisis: The Global Economic Crisis ExplainedHow The Economy Really WorksAccess to all past issues of Macro Watch* Richard Duncan is the author of three books on the global economic crisis,including the international bestseller, The Dollar Crisis: Causes,Consequences, Cures, which forecast the global economic crisis of 2008. Since beginning his career as an equities analyst in Hong Kong in 1986,Richard has served as global head of investment strategy at ABN AMROAsset Management in London, worked as a financial sector specialist for theWorld Bank in Washington D.C., and headed equity research departmentsfor James Capel Securities and Salomon Brothers in Bangkok. He alsoworked as a consultant for the IMF in Thailand during the Asia Crisis.He is now the publisher of the video-newsletter Macro Watch, which can befound on his website:http://www.richardduncaneconomics.com/ Hosted on Acast. See acast.com/privacy for more information.

Sheets & Notes - https://simplepassivecashflow.com/rossengr/Video - https://youtu.be/0pkjUXdKRrc Hosted on Acast. See acast.com/privacy for more information.

Free 101 Assisted Living Course - http://bit.ly/2WZazEVYouTube - https://youtu.be/HsAzsoGOTdgGene Guarino, CFP and Founder of the Residential Assisted Living Academy is regarded as "the" expert in the residential senior housing space.Learn more about the asset class - SimplePassiveCashflow.com/alf Hosted on Acast. See acast.com/privacy for more information.

I met Bo (online) in early 2018. When I first chatted with him he was another propeller hat.What makes him different but more importantly what tangible steps did he take. Bio:Bo is a buy and hold real estate investor from Southern California and has picked up 6 rental properties in 6 months since closing on his first property. He invests in working class neighborhoods across the markets of Indianapolis, Kansas City, and Little Rock. During the day, Bo works as a senior consultant for a regional CPA firm and hopes to create passive income to become financially free and also educate others to do the same.StoryLearned about REI at a young age (landlord from 10-18 yrs old) was a chinese lady who taught her son how to be a landlordStarted to rent out room in 3 bed primary room for cash flowParents had "renter's mentality/scarcity mindset"“I cant afford that right now” - Rich Dad “How can i afford that”“This is good enough. I don’t really want that bigger house, better car or fancy vacation anyway.”Let go of fear!!Why I chose REI -passive income: “David Bach - automatic millionaire, latte factor, pay yourself first”RD → Pay yourself first, but with a purpose, savers are losers (inflation, money not making a return, etc.)Started consuming all podcasts, books, audiobooks, and attending real estate conferences and meetups Met mentors (lane, who showed him how to invest out of state (instead of REITs, other passive stuff)Good mentors/Bad mentorsPeople who try to sell you thingsGood mentors - are doing deals, negotiation tactics (saved 3K on first deal). Dont have to re-create wheel, introduce them to their circle of friends/investors. Looks at deals - responds 24-48 hrsOngoing relationship - i sent them leads if i find any, send them vendor listing compiled, heloc listing,Bad mentors - arent doing the things they are “promoting”/exp from 10 years agoGoal is to continue to BRRR in KC, Indy, Little Rock (atleast 10 in each location)Build brand = blog, podcasting, networking like a madmanTipsBad things"Motivation gets you started, but habits keep you going." Finding my why - which is building income for my aging parents, and building a legacy for my family got me started. But I know that Ive started things in the past that have fizzled out - Like what? Trying the latest workout, studying for licensureTo finish strong, I knew I needed to create lifelong habits that will help me take a step (no matter how small) in the direction where I want to go and the person that I want to be. To take a page out of Grant Cardone’s book - 10x rule. Uncle G says by increasing your target goals, and taking massive action (10x) your mindset will shift and so will your results.Another key thing ive learned was create systems and processes that you can leverage in the future, whether it be routine checkups w/ your PMs - What exactly? Utilizing custom spreadsheet to keep track of all P&L items across 6 properties“Gauge” expense % and if over time its trending towards higher than expected (i.e. 50%) then have a check in call w/ PM to understand whyDepending on area, (now learning KC basements are prone to flooding), consult them to see if we need to take preventive measures, drylocking, sump pumps, ventilation, etc.Actually took this from your spreadsheet (bi-annual checkin)underwriting deals - What exactly? Using a checklist to make sure it fits your criteriaIf it deviates, explain why (“deal is at 50cents a dollar, than the typical 70cents, diff strategy/airbnb, venturing into new area)Run it by 2-3 localsStress test it - lower rents by 10-15%, increase maintenance and vac from usual 8%/8% to 10%/12%What could go wrong? If a rehab, add in 10-15% contingencyHow long can i sustain vacancy  whatever that helps you streamline your business and reduce unwanted risk. Luckily for me, my background as an accountant and consultant that specializes in compliance and internal controls helped me view this new business venture in terms of how I approach a new client - I look at the business environment, risks that the company faces, and find solutions to mitigate the risk if it cannot be completely eliminated.Words of wisdom for scared newbies newbies that are out there looking for buy and hold properties, especially as an out of state investor? Another favorite quote of mine is one that says “its not what you dont know that gets you in trouble, but what you think you know that just aint so”. Im not sure if i interpreted it the way the speaker intended it, but I like to refer to this whenever people come to me and relay information that they heard from a friend, or read in an article somewhere that the next crash is here or that out of state investing is super risky. If i have done my due dilligence (talked to 5-10 different investors from indy and get multiple viewpoints, fly out to the market, underwrite dozens of properties) I am okay with taking calculated risks. My piece of advice is if you want to get into real estate investing, treat it like a business, take the time to educate yourself, and take massive action - DONT get into analysis paralysis. Also - team up with the right people. No one became successful by themselves, real estate investing is a team sport you need the right acquisitions manager, the right lender, the right property manager, etc. Tips to find other passive investors? Bigger pockets, facebook groups (joined like 50), google: real estate investing blog/website and contact all of them, ask other influencers (lanes introduced me to a couple ppl)What's next?: my passion - helping other people. I see alot of my friends and family members struggle financially, and often give them a copy of rich dad poor dad to read and educate themselves about finances. I see real estate as a vehicle to really achieve that financial freedom to make choices in life that really motivate you, get you excited, as we weren't created to go to school for 15 years, work a 9-5 for 40 years and then hope you have saved enough to retire at 65.I ask alot of my friends what they would be doing if money was not an issue, and alot of the times I get blank stares, as they really haven't thought about that question. I give them a couple of minutes then they start talking about their passion projects such as making music, DJing, being a travel blogger, building homes for the homeless. But we are stuck in a rat race that doesnt allow us to look around us and truly live life since we are busy looking forward with our blinders on trying to get ahead. For me personally, I truly feel joy when I am able to help others and see changes being made in their lives. I hope that I can leverage my experience working at a financial services company, as an accountant, and now real estate investor to help others who feel stuck and trapped, so they can create passive income and follow their passion project.bo@biggercashflow.comwww.biggercashflow.com Hosted on Acast. See acast.com/privacy for more information.

 Isn't Amazon going to kill Shopping Centers? Michael Flight has an extensive background in commercial real estate investing and is principal of Concordia Realty.Concordia Realty specializes in shopping plazas and retail properties. They prefer to purchase operational commercial projects with existing income. They concentrate on strip shopping centers and they occasionally renovate or restructure existing commercial properties.They have over a million square feet of retail space located in the Illinois, Indiana, and Michigan markets. Increasingly they are interested in Ohio and Wisconsin. They continually look for good opportunities and are working to expand into new areas.Michael became involved in real estate shortly after college where he worked as a broker and then began working with a syndicator that owned shopping malls. In 1990, he started out on his own by founding Concordia. Take us back to Pre-1990, how did you get into Real Estate Investing? What does Value add mean in shopping centers? Finding better tenants, upgrading and renovating buildings, and increasing rents. Isn't Amazon going to kill Shopping Centers?He says, “A lot of negative press about retail real estate has been generated by companies like Amazon competing online. This has driven down prices and opened up opportunities for Concordia. It’s hard to get goods delivered that last mile to parts of rural America. Even Amazon has invested in companies like Whole Foods as they recognize the need for retail outlets.” They are examining different merchandising strategies and like to see that their tenants have an online component to their businesses. What types of Shopping Centers do bad? He discusses the types of retail stores that will likely do well in the current environment and those that may fail. How are Cap Rates in Shopping centers compare with other asset classes? Institutional investors?What are you personally investing in as a LP? What is something that I (apartment refugee) should do? Go to a boot camp? Hosted on Acast. See acast.com/privacy for more information.

Website link - SimplePassiveCashflow.com/155jason Jason Ricks discusses his options as being and investor after having some experience as an investor of small residential units and now transitioning to syndications.His day job is in commercial shopping centers which brings a unique perspective to the conversation.From all in 401(k)index investor starting out to single family purchase while simultaneously receiving AMLI equity share position. Failed attempt of Single/Duplex investing.Lane shares his rule: After over 1000 strategy calls with investors and coaching clients over the past couple years here is what I tell W2 employees... For those who are able to save more than $30k a year or have substantial liquidity (over 200k), being a landlord and especially flipping is a lot of work. If you like it cool/good for you... but just remember why we got into this... To be free from a JOB. A lot of us (80%) who stumble upon simplepassivecashflow.com and start drinking Kool-Aide will be financially free in 4-7 years pending taking action. So I always urge people to start with the end in mind and take a more passive approach.Do the math here… you with 300 dollars per property (2 months of work to buy a turnkey rental) you are going to need 20-40 of these to replace your income. I have 10 of these and have systems in place but have 1-2 evictions a year and 3-4 big things that happen. Image if I had 30, just 3 x those numbers.Directly investing in a turnkey rental or small MFH is a good way to start to learn and build up the war chest to go into my scaleable investments such as private placement syndications. Whatever you do, try to be as close to the investment as possible. This is the fundamental problem I have with Wall Street who takes too much fees off the hard-working efforts of the middle class. Due Diligence process, PPM, and why I decided to invest in the deal.Focus on buying retail properties, and using my retail CRE knowledge moving forward.  Hosted on Acast. See acast.com/privacy for more information.

Check your lazy equityInvesting out of the country with hotel investing SimplePassiveCashflow.com/154kira Hosted on Acast. See acast.com/privacy for more information.