The Wealth Elevator Podcast: Real Estate, Taxes, Investing

David from Military to MillionaireCurrently still enlisted in Army and spent some time as a recruiterDon't blow you money on a nice carVA Loan - 0% down home loan for a primary residence with no private mortgage insurance (PMI)You can buy up to a 4 unitMove and buy at each difference duty stationGenerally, 410K loan is the max with exceptions for high price areas like HawaiiRelocation benefitsDo you stay enlisted in the militaryDon't underestimate the tax-sheltered allowances and perks Hosted on Acast. See acast.com/privacy for more information.

I did some research on this new Opportunity Fund Zone tax benefits. Below are some notes and ideas.Note: I’m not a CPA or attorney just putting it out there to help inspire some ideas.An Opportunity zone (OZ) is a tax-favored investment for people with capital gains.6-pages in the tax document in the new 2017 Tax Cuts and Jobs ActGoal to encourage long-term investments in low-income communities across the US.Every major city has some OZ.Most of Detroit is an OZ plus large portions of Baltimore.Allows investors to sell their appreciated assets and invest their realized capital gains into one or more designated OZ.EVEN STOCKS! Non-like kind assets are OK!After your selling your appreciated asset you have 180-days.The longer you hold the more benefit you get (up to 10 years).1) Defer your original capital gain tax obligations until 2026 or until you sell your OZ investment.2) Discount of 10% or 15% on the taxable amount of your original gains. If you hold more than 5 years your original cap gains decrease 10%3) If you hold 10 years or more. You will pay NO capital gains tax on any appreciation.You can self-certify so you do not need an intermediary like in 1031 exchanges.No investment minimum.There are some items that get a little unclear… where you should really consult your CPA.Check out the IRS opportunity comes frequently asked questions page and additional resources below.Resources to Google: community development financial institutions fund, CDFI Fund map.Note: Spending $100 dollars to save $20 dollars is not a wise idea. Just like buying a rental next to Grandma’s house because your travel there. A lot of specifics are still being played out but something intriguing to augment an already good investment.Other ideas: Look at the OZ map and try to find the smaller slivers of OZ. This is called “buying on the line” whereas areas improve on the edge of development you greatly benefit.I would ask your CPA if they know about these opportunity fund zones. If they don’t you might need a new CPA. If you are a current Hui Deal Pipeline Club member I would be more than happy to refer you to some people and then you can see if you work well together. There is a lot of rumors floating around how this tax will be implemented later this year. One of these rumors suggests that we might not qualify for the Opportunity Zone Fund. See second to the last page of the attached where they state that we have to do improvements that is the same as the basis in order to qualify.Resources: Article on Opportunity Fund Zones – https://drive.google.com/open?id=1F8wDToyb9olvq52U9LRMD8cBrJILm8q_ Hosted on Acast. See acast.com/privacy for more information.

YouTube Link: https://youtu.be/rG5QlGF5so8Article Link: Text “simple” to 314-665-1767 to download the Hui Google Drive files and the 2018 Rental Property Analyzer For a free electronic version of my bestselling book in 12+ categories text the word "ebook" to 587-317-6099. Please help the show by leaving a review: http://getpodcast.reviews/id/1118795347 Join the Hui Deal Pipeline Club! SimplePassiveCashflow.com/club Pardon the grammar - I'm an Engeneer, Enginere, Engenere... I'm good with math! ________Here are the Show Notes________Just got back from FinCon2018!What's that?A pretty impressive event. Its where 2000 financial bloggers, you-tubers, and podcasts this year gathered around all this money.In 2006, I started reading financial blogs. Sole of my favorite was getrichslowly, Wallet Hacks, and of course mr money mustache. FinCon started in 2011 with just a couple hundred people.Real estate investing is a minority. 95% of people are debt adverse and about the 4% rule. Buying cash so so debt. Living small is selfish? Make 150k a year and retire when you are 35...The Millionaire Next Door book is not the type of lifestyle I would like to live.A lot of financial advisors which I don't really like.I am cool with how it is enough to be happy and content.Other Findings:New investment account that incorporates mobile interfaces and suto-AI. Mint app has click to invest and banking apps have click to refi. It’s a little dangerous.A cool 5% instant liquidity online savings bank that invests in inventory loans. Let me know and I can connect you with that as I try to do more due diligence on my own.Liberty health share - religious-based health insuranceSide gigs - consistent theme from high performing growth mindset W2 employees who are not getting fulfillment at their bureaucratic day jobs.Interviews to follow in video...Please share this with friends because if you don't soon you won't have any friends to have mid-day lunch with when you not doing anythingInterview 1: Michael - Financiallyalert.comInterview 2: Spendlessgreen.comInterview 3: Rocky from RicherSoul Podcast - http://richersoul.com/ep-0030-richer-soul-real-estate-mindsets-lane-kawaoka/Interview 4: Alex - http://dailybs.com & nguonline.com Hosted on Acast. See acast.com/privacy for more information.

YouTube Link: https://youtu.be/SkY5izkbkoQArticle Link: Text “simple” to 314-665-1767 to download the Hui Google Drive files and the 2018 Rental Property Analyzer For a free electronic version of my bestselling book in 12+ categories text the word "ebook" to 587-317-6099. Please help the show by leaving a review: http://getpodcast.reviews/id/1118795347 Join the Hui Deal Pipeline Club! SimplePassiveCashflow.com/club Pardon the grammar - I'm an Engeneer, Enginere, Engenere... I'm good with math! ________Here are the Show Notes________I worked with Matt's team way back when in 2014 buying turnkeys. Simplepassivecashflow.com/turnkey Since then it is interesting as times change how his strategy has changed.We just completed the last deal for an Mobile home park. Which is a little different than apartments.Please leave an iTunes review - Help fight negative one-star reviewEarning $30,000/mo through single-family homes and seller-financed notes.Epic Real Estate started selling turnkey properties in 2009. Built successful portfolio, but returns lowering. However, real estate always a good purchase to buy and hold long-term.Amortization, depreciation, appreciation, and leverage (wealth multiplier) all make real estate investing attractive.Focusing more on lease options now for C- and D-class properties to rent properties and eventually sell them to tenant.Went from 7-figure year as a musician to bankrupt at 34. Found real estate mentor at grocery store and life changed.Real estate is the final frontier for the average person to have a legitimate shot a creating wealth.Paid $22,000 for mentorship in 2006. Everyone thought it was insane, but helped him get started.People who made it were ready for it. "Move faster than your doubts."Find the deal first and then the money will find you.Authored book "Do Over" that chronicled struggles and how he built his real estate empire.Be intentional with who you surround yourself with. Peer pressure works.Always be looking for a coach and outgrow them. Results accelerator.Spends $100,000/year on masterminds - worth being around the right people of doers.Goal was to increase passive income and decrease expenses. In 4 years became "retired," but wants to be wealthy; not just financially independent.Bookkeeper should be the first role you should outsource. Transaction coordinators and marketing person also helpful.Hardest part of the business is to find the deal and get into contract. Visit www.epicrealestateinvesting.com to check out the Epic Real Estate Investing Podcast. Hosted on Acast. See acast.com/privacy for more information.

YouTube Link: https://youtu.be/vjMF0jYqpHg? sub_confirmation 1Article Link: Text “simple” to 314-665-1767 to download the Hui Google Drive files and the 2018 Rental Property Analyzer For a free electronic version of my bestselling book in 12+ categories text the word "ebook" to 587-317-6099. Please help the show by leaving a review: http://getpodcast.reviews/id/1118795347 Join the Hui Deal Pipeline Club! SimplePassiveCashflow.com/club Pardon the grammar - I'm an Engeneer, Enginere, Engenere... I'm good with math! ________Here are the Show Notes________SimplePassiveCashflow.com/qrpI have been having a lot of calls with listeners having exhausted their liquidity and have money in their 401K or IRA's still in Wall Street Investments.One of those ways to get the money out is via a QRP or Solo401K.Today's guest Damion Lupo with discussing - SimplePassiveCashflow.com/qrp to get a free copy of his bookI cashed out my 401k because I figured I was going to pay the taxes anyway and my tax load would be a lot higher in the future and I wanted access to my money before retirement age.Visit CrowdfundAloha.com - a website dedicated to helping hard-working middle-class people build real estate portfolios.$26 trillion in retirement plans. You have all sorts of money that can be tapped into, but fear holds you back.As an investor, Damion has purchased 150 houses in 7 states ($20 million portfolios).2008: went from $20 million to -$5 million. Had to start all over. Beyond money, find out your why. Read Simon Sinek "Find Your Why."Mission Statement: Free 1 million people from financial bondage.I.R.S takes 70% of the average person's money. The QRP (Qualified Retirement Plan): "The Ferrari of 401(k)'s."You probably haven't heard of QRP as Wall Street tends to control your stuff.QRP allows you invest in many real estate options (syndications, lands, rentals, apartments, commercial, international deals, HML, etc.).Total control, fixed fees, endless choices, and FAST with QRP v. Self-Directed IRA. 10X contributions and control with no custodian.SDIRA will lose 1/3 of profit as UDFI triggered. QRP - Roth has no UDFI - keep 100% profit. Can keep 401(k) at W-2 and sign up for QRP. Max contribution would be $55,000 in combined plans - $28,000 in the QRP.QRP can hold other non-real estate investments, such as gold, silver, Cryptocurrency, etc.Build-in credit line in a QRP. Up to $50K in cash. Investors, self-employed, and family members are all qualified.Properties you have or use right now cannot be placed moved in a QRP.To fund, can rollover any IRA, 401(k), +TSP, 403b, 457.66% people are worried about not having enough money for retirement.Free copy of QRP book at www.simplepassivecashflow.com/QRP Hosted on Acast. See acast.com/privacy for more information.

YouTube Link: https://youtu.be/zaHW3_OEU8Y? sub_confirmation 1Article Link: Text “simple” to 314-665-1767 to download the Hui Google Drive files and the 2018 Rental Property Analyzer For a free electronic version of my bestselling book in 12+ categories text the word "ebook" to 587-317-6099. Please help the show by leaving a review: http://getpodcast.reviews/id/1118795347 Join the Hui Deal Pipeline Club! SimplePassiveCashflow.com/club Pardon the grammar - I'm an Engeneer, Enginere, Engenere... I'm good with math! ________Here are the Show Notes________Estate planningGuests I have are giving insights but always hire your own person because these things require personalizationI try to bring guests on and ask the questions that I think you folks would ask. I believe you need to have a basic level of knowledge before engaging with a professionalFor those of you who are in the Mastermind and my current investors you will hear about my Fort Knox strategy which makes LLC enitites creation look like childs playEmail me any questions to feature on the next ask Lane podcast or monthly email newsletterAndrew L. Howell is the Co-Founder of the law firm, York Howell, with a focus on asset protection.Many useful tools out there, but where do you as an investor fall on the asset protection spectrum? Two fundamental risks: 1) Asset-based risks 2) Direct-based risksReal estate considered as "hot" assets because liability risks are greater - more than equity.Liabilities both inside and outside the asset.Typically form a holding company to hold limited liability companies to abate asset- and direct-based risks.Holding properties in one LLC basket is good, but still risks if something happens in one property.Concentrate on family protection first (trust, wills, etc.). Then move to next level of asset protection planning. If own property out-of-state, advise on setting up a parent LLC in states with charging-order protection.Tough LLC rules and taxes for poor California residents!Need to do your due diligence on reviewing PPM's - especially who you are doing business with.Asset does not create liability risk for LP's; only GP's.If you get personally sued, can go after your MFH syndications and other assets even as LP.6% of current generation feels obligated to give back to kids. Instead of giving, create a bank. Create purpose when setting up your trust.Please reach out to teamandrew@yorkhowell.com and visit www.yorkhowell.com. Hosted on Acast. See acast.com/privacy for more information.

YouTube Link: https://youtu.be/lvd9F9OmDI0? sub_confirmation 1Article Link: Text “simple” to 314-665-1767 to download the Hui Google Drive files and the 2018 Rental Property Analyzer For a free electronic version of my bestselling book in 12+ categories text the word "ebook" to 587-317-6099. Please help the show by leaving a review: http://getpodcast.reviews/id/1118795347 Join the Hui Deal Pipeline Club! SimplePassiveCashflow.com/club Pardon the grammar - I'm an Engeneer, Enginere, Engenere... I'm good with math! ________Here are the Show Notes________Jake and Gino have a great podcast and definaetly fit in the category as guys who are growing and doing things rightLet’s work together to redirect money from the Wall-Street casinos and corrupt financial institutions…To help the endangered ‘Middle Class’ savers find safer, more profitable investments in Main Street opportunities benefiting local communities. Join Hui Deal Pipeline Club and check out the sSimplePassiveCashflow.co/missionGino Barbaro from Jackandgino.com who focuses on MFH real estate.Group owns 848 units valued at >$50 million. Expecting to go up this year. Took 5 years to get $25K-30K/month in passive cash flow. Fumbling around in the beginning with smaller cash flow amounts, but snowballs over time.Came from the corporate world to managing a family restaurant. 2008 transitioned to real estate to make better use of time outside of the kitchen.Highly recommend reading "The E-Myth" by Michael Gerber. Need a visionary, manager, and technician for any business.Believes you need a Connector, Executer, and the Backbone. Can't do all 3 - pick 1 or 2 and hire out.95% of blocks are internal. The rest are external. So, focusing on resolving limiting beliefs and get a life coach.Google Tony Robbin's 6 human needs. Have to continue to grow and contribute in a large way.Relocated to Florida and aiming to obtain $40K/month by end of this year.Have lifestyle work for his business; not his business work for his lifestyle.Becoming more efficient by hiring a VA and Digital Marketer for jackandgino.com. Wants to spread content and message; not work on menial tasks.Focus on 1 or 2 niches for real estate and become an expert at it. MFH has more barrier-to-entry v. stocks, crytocurrencies, etc. The more people in it, the less profit margin there will be.Share weekly successes. It's not bragging, it inspires people and surround yourself with the right people. Be present in the moment. When you're at work, with family, etc. focus on dealing with that situation.Visit www.jackandgino.com. Also on FB, LinkedIn, Twitter, and Instagram. E-mail works too: gino@jackandgino.com. Hosted on Acast. See acast.com/privacy for more information.

YouTube Link: https://youtu.be/3NQ0agjuxXY? sub_confirmation 1Article Link: Text “simple” to 314-665-1767 to download the Hui Google Drive files and the 2018 Rental Property AnalyzerFor a free electronic version of my bestselling book in 12+ categories text the word ""ebook"" to 587-317-6099.Please help the show by leaving a review: http://getpodcast.reviews/id/1118795347Join the Hui Deal Pipeline Club! SimplePassiveCashflow.com/clubPardon the grammar - I'm an Engeneer, Enginere, Engenere... I'm good with math!________Here are the Show Notes________Went on normal path. Got a job after college, house, and fixated on paying off student loans.Aggressively paid down student loans, but motivated by people who retired early.5 years ago, both quit their jobs, traveling, raising family, and living their dream.Ruthlessly slashed expenses and saved 70-80% after-tax income.Max contributed to 401K, IRA, HSA, and after-tax accounts.Short-term joy = trading years of financial-free opportunity.Actively chose lifestyle. Traveled internationally by arbitraging where they lived with low living expenses.Didn't listen to mainstream advice of owning home. Choosing a renters lifestyle to not get ""stuck.""Both have blogs and garnered new friendships; not the ""Seattle Chill.""Finances on auto-pilot. Can work on growing family in Taipei and doing creative things they did during childhood.Two types of things preventing people from being financially-free: Afraid to take leap to be financial-free and long-term goals to strive towards.People don't change minds because you provided info to them; they change when they're ready.Visit www.gocurrycracker.com and social media accounts on FB, Instagram." Hosted on Acast. See acast.com/privacy for more information.

YouTube Link: https://youtu.be/-ENcRI2LhuA? sub_confirmation 1Article Link: Text “simple” to 314-665-1767 to download the Hui Google Drive files and the 2018 Rental Property Analyzer For a free electronic version of my bestselling book in 12+ categories text the word "ebook" to 587-317-6099. Please help the show by leaving a review: http://getpodcast.reviews/id/1118795347 Join the Hui Deal Pipeline Club! SimplePassiveCashflow.com/club Pardon the grammar - I'm an Engeneer, Enginere, Engenere... I'm good with math! ________Here are the Show Notes________Brian Hamrick is from Rental Property Owners Association (RPOA) and runs Rental Property Owner and Real Estate Investor Podcast.Currently owns 380 units, which cash flow makes 50% of W2 job salary.Paydays not only about cash flow. Cash out refi and syndication benefits once and twice a year exceed W2 job salary.Was sitting on cash waiting for next downturn. However, in past year, became a silent investor in commercial property, a NPN, and a self-storage facility.Expects rents to plateau in future, but not to 2008 levels.Started off investing in high-load tech funds, but bubble burst in early 2000's and stocks tanked.Rich Dad, Poor Dad inspired Brian to begin investing in real estate and obtain more control. California is cash-flow negative market, so looked at positive cash-flowing out-of-state markets.Transitioned to multi-family investing in 2008 for better scalability and profitability. As passive investor, focusing on leveraging partners' strengths for new passive investments.Down the road, looking at developing the "missing middle" properties (small MFH 2-10 units). Visit www.higinvestor.com to get in touch with Brian. Hosted on Acast. See acast.com/privacy for more information.

Article Link: Text “simple” to 314-665-1767 to download the Hui Google Drive files and the 2018 Rental Property Analyzer For a free electronic version of my bestselling book in 12+ categories text the word "ebook" to 587-317-6099. Please help the show by leaving a review: http://getpodcast.reviews/id/1118795347 Join the Hui Deal Pipeline Club! SimplePassiveCashflow.com/club Pardon the grammar - I'm an Engeneer, Enginere, Engenere... I'm good with math! ________Here are the Show Notes________Just got back from Korea after my first vacation for the year. I wrote an article that you can get access by signing up for the monthly newsletter or via the Hui Deal Pipeline club.Monthly updates and what I’m doing in my own investingPodcasts have been piling up and I realized the need to add some context to the introductions to highlight important items to look out for. Also to call out opinions I don’t really believe in.This podcast I had Brent Southerland what is a CFP but not one of those other quacks who get paid on commision and try to stuff you in whatever is most convenient or biggest paycheck for yourself.SimplePassiveCashflow.com/fpEnjoy and remember to go to SimplePassiveCashflow.com/club to join our investment clubBrent Sutherland is a CERTIFIED FINANCIAL PLANNER™ practitioner, with over 11 years experience in financial services.  With stops in the corporate accounting and investment world, and now the boutique financial planning arena Brent has witnessed, firsthand, how the financial services industry has fashioned itself into an overly complex machine in an effort to cause confusion, encourage mistakes, and justify fees; all to better benefit its own bottom line.  He believes there is a strong correlation between financial noise and financial mistakes which further delay one's personal financial success.Therefore, his objective is to help individuals turn off the noise and challenge the traditional approach to financial planning and thinking.  In his experience as a financial advisor and personal finance enthusiast (+ early retirement advocate + semi-minimalist + real estate investor), Brent has found that most often the simplest solutions and some outside the box thinking will better help individuals on their way towards sitting firmly in the driver's seat of their own financial world.Why don't financial advisors advocate for real estate investing?Primary = Compensation conflicts of interestSecondary = Lack of education, so pose it as a risky assetSecondary = ERISA and how mutual funds came about with employer-sponsored 401kHow do FA make money? Similar to MLM? -- (Is this short for multi-level marketing?)Can tie this into the first topic above (compensation conflict, which is a primary reason why FA’s don’t discuss real estate investing)Hidden fees in even low got mutual funds?Transaction fees, Management fees (can be tiered based on assets), Loads (front-end, back-end), 12-b1 feesWhat tricks do FA use?Use of traditional planning items related to portfolio to justify: “security”, “diversification”Use of confusion terms related to portfolio to justify fees:  “alpha”, “sharpe ratio”Use of graphics that show market returns (absent fees), but fail to discuss emotional impact on client and true returns normally witnessedThe importance of income diversification over portfolio diversificationIncome diversification protects against big risks:  loss of job, market crash, injuryPortfolio diversification is important, but is a secondary risk.  Savings is even more important.Why are paper assets more risky than hard assets?Always going to be demand for hard assets, especially real estate (living, production)Population trends are growing at an exponential rate, land and resources are notYou have more control over real estate; meanwhile the stock market is out of your handsWhy passive cash flow betters your odds of financial independenceGets you to the point where you’re truly secure and can have peace of mind.  Not worried about your boss/job, and not worried about things going on the the world, country, state (etc) economies that are out of your control.  You become the boss of your personal economy.Talk about your personal transition to direct ownership in Real estate and recovering from the lies?Seeing it work for other people, educating myself (independent of my traditional “education”), and finally making the move to buy my first property (after some analysis paralysis and fear)Proper planning techniques to access money tied up in your retirement accounts.First know the rules involved (traditional IRA/401k versus Roth IRA/401k), as you don’t want to just hand a big chunk to Uncle Sam in form of taxes and fees.Impact of cashing out plansStrategies to more efficiently free up that money and keeping more in your pocket (Roth conversions, Substantially Equal Periodic Payments (IRS Code 72t))What to look for in a FA?Want someone who is fee-only (hourly or per service) and planning focused.  Someone who is focused solely on managing your money for a % fee is going to always have a biased interest in moving you towards a liquid/paper portfolio).Find someone who lines up with your values and interests.  Never be afraid to interview multiple people and ask tough questions.  Advisor should have conviction in what they do.Understand that a financial planner can be very valuable, as there is much more to financial planning than how you invest your money (insurance, estate, education needs all need to work in harmony with an investment plan to best meet a person’s financial goals), but imperative that that financial planner is on the same page as you.brent@ntellivest.com Hosted on Acast. 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