Tactics & Strategies: Unveiling Tax Advantages for Real Estate Investors – ft. Asad Ahmad
Join Joe Seagle and Assad Ahmad from Fitbiz CPAs as they delve into essential tax strategies and tactics for small business owners and real estate investors. Based in sunny Florida, Fitbiz CPAs specializes in tax services for investors.
Assad breaks down key tax deductions for real estate investors, emphasizing the benefits of the real estate professional status election and the short-term rental loophole. By leveraging strategies like bonus depreciation, investors can drastically reduce their tax burden and potentially receive significant refunds.
They also explore common tax mistakes, such as using the wrong entity structure for real estate investments. Assad shares a cautionary tale of a flipper who unknowingly incurred hefty taxes due to improper structuring, highlighting the importance of consulting with specialized CPAs.
As the conversation unfolds, Assad provides valuable insights into entity structures for investors at different levels, emphasizing the importance of aligning structures with investment goals and portfolio size. He also reveals lesser-known tax strategies, like putting children on payroll to fund tax-advantaged accounts. Throughout the discussion, Assad and Joe debunk common misconceptions, address potential red flags for IRS audits, and stress the importance of strategic tax planning tailored to individual circumstances.
Whether you’re a novice investor or seasoned entrepreneur, this episode offers indispensable advice for optimizing your tax strategy and maximizing returns. Join the conversation and empower yourself to navigate the complex world of real estate taxation with confidence.
—Follow Asad— @asadahmadcpa For help with your tax planning and strategy, visit https://www.FitbizCPA.org
—Follow Us— @mylandtrustee @aspirelegalsolutions https://linktr.ee/mylandtrustee
Trust This. Stoicism in Entrepreneurship ft. Asad Ahmad
Asad Ahmad, founder of FitBiz CPAs, shares his journey of building a specialized CPA firm for real estate investors. He started his career at big four accounting firms but became interested in real estate investing and saw a need for CPAs in the industry. Ahmad quit his job, started FitBiz CPAs, and focused on networking and building relationships with real estate investor associations. He emphasizes the importance of discipline, stoicism, and meditation in managing the ups and downs of entrepreneurship. Ahmad also discusses the challenges of scaling a business, dealing with doubters, and the importance of surrounding yourself with the right team.
Takeaways *Building relationships and networking are key for business growth. *Discipline and stoicism are important in managing the challenges of entrepreneurship. *Meditation can help with focus and managing stress. *Thinking outside the box and breaking traditional rules can lead to success. *Surrounding yourself with the right team is crucial for scaling a business. *Discipline and Stoicism in Entrepreneurship
—Follow Asad— @asadahmadcpa For help with tax services, visit https://www.FitbizCPA.org
—Follow Us— @mylandtrustee @aspirelegalsolutions https://linktr.ee/mylandtrustee
Chapters
NAR Settlement Roundtable: Reshaping Real Estate Practices
Don’t miss our roundtable discussion on the NAR Settlement and its implications on the real estate profession hosted by our very own, Joe Seagle!
Our experts panelists discuss the role of buyer’s agents and the value they bring to the transaction. The conversation highlights the importance of education and professionalism in the industry. Overall, the participants believe that while there may be some changes, the real estate market will continue to thrive. The conversation explores the potential impact of changes in buyer’s agent commissions in the real estate industry. The panelists discuss how different market segments may be affected, with lower-end buyers and sellers being more cost-conscious and higher-end buyers valuing representation. They also touch on the ease of obtaining a real estate license and the potential for amateur agents to leave the industry. The conversation highlights the need for agents to demonstrate their value and professionalism to clients. The conversation concludes with a focus on the need for experience, education, and a strong value proposition to succeed in the changing real estate landscape.
Contact our expert panelists:
Andres Hebra – Brokerage Owner, La Rosa Realty Premier
Richard Terrell – Mortgage Broker, Appli Home Loans
Joseph Seagle – Real Estate Attorney, Aspire Legal Solutions
Jessica Narazio – Owner, Your Title Connections
Thomas McNamara – Real Estate Agent, EXP Realty
Joseph Dionne – Mortgage Broker, Appli Home Loans
Trust This. Harnessing EOS for Business Excellence – ft. Jason DeBono
In this conversation, Joe Seagle interviews Jason DeBono, the President of NuView Trust Company. They discuss the concept of self-directed IRAs and how NuView allows investors to diversify their portfolios beyond traditional investments. They also talk about the implementation of the Entrepreneurial Operating System (EOS) and how it has helped NuView scale and improve their processes. Jason shares the importance of culture in the company and how EOS has played a role, especially in light of a recent merger with Inspira Financial. Hear all this and more in today’s episode.
Takeaways
NuView Trust Company offers self-directed IRAs that allow investors to diversify their portfolios beyond traditional investments.
The Entrepreneurial Operating System (EOS) has helped New View scale and improve their processes.
Culture is a crucial factor in the success of a company, and it played a significant role in a recent merger for New View.
The ALTSCON conference is a valuable networking event for professionals in the industry.
Chapters
00:00
Introduction to NuView Trust and Self-Directed IRAs
01:27
Benefits of Self-Directed IRAs
05:45
Setting Goals and Clarity
06:55
The Importance of Having a Coach
09:50
Challenges Before Implementing Traction
12:26
People and Processes
15:52
Preparing for a Merger
22:18
Culture in an Acquisition
26:57
Transitioning in the New Organization
34:20
ALTSCON Conference
38:07
Inspirational Mentor
Resources Mentioned
NuView Trust Company | https://www.NuViewIRA.com
Inspira Financial | https://inspirafinancial.com/individual/wealth-retirement/self-directed-ira.
Bigger Pockets Podcast | https://www.biggerpockets.com/
Join ALTSCON hosted by NuView Trust Company on Oct 17-18, 2024 | https://www.altscon.com/
—Contact Jason & NuView Trust Company——
@NuViewTrust @JasonDeBono
linkedin.com/in/jasondebono7
—Follow Us—
@mylandtrustee @aspirelegalsolutions
https://linktr.ee/mylandtrustee
Trust This. From Party Life to Entrepreneurship – ft. Ricardo Rosales
Ricardo Rosales shares his journey from troubled teen to successful entrepreneur in the real estate industry. He started flipping houses after being inspired by a TV show and used his W-2 job to secure financing. However, he faced challenges and learned valuable lessons along the way. After becoming a real estate entrepreneur, he realized the importance of serving others and started a virtual assistant (VA) company called Top of the Line VA to help real estate investors grow their businesses. Ricardo emphasizes the importance of self-development and unlearning bad habits to achieve personal and professional growth. He emphasizes the importance of building habits, such as practicing gratitude and reading, to foster personal growth. Ricardo also discusses how he handles naysayers and finds inspiration from mentors and family. Ricardo concludes by encouraging listeners to constantly reinvent themselves and pursue their dreams.
Takeaways
*Challenges are meant to be conquered, and a growth mindset is essential for success. *Learning from experience and being open to change are crucial for personal and professional growth. *Building a successful business requires adapting to market conditions and finding new opportunities. *Self-development and continuous learning are key to overcoming obstacles and achieving long-term success. *Building habits, such as practicing gratitude and reading, can lead to personal growth and success. *Don’t let the opinions of naysayers discourage you. Focus on your own goals and stay true to yourself. *Seek inspiration and guidance from mentors, family, and other successful individuals. Invest in education and personal growth to continually evolve and adapt to new opportunities. *Transitioning from one identity to another is a natural part of personal and professional growth. *Virtual assisting and sales and marketing can provide valuable support for real estate investors and other businesses. *Family and mentors can serve as a constant source of inspiration and guidance. *Constantly reinvent yourself and embrace change to pursue your dreams and achieve personal fulfillment.
—Contact Ricardo— https://linktr.ee/ricardorosales
—Follow us— https://linktr.ee/mylandtrustee @mylandtrustee @aspirelegalsolutions
Resources Mentioned Top Of The Line VA | https://www.linkedin.com/company/top-of-the-line-va/about/ Chapters 00:00 Introduction and Background 02:56 From Troubled Teen to Military Service 05:49 Entering the Oil and Gas Business 07:44 Discovering Real Estate and Flipping Houses 10:11 Challenges and Lessons Learned in Real Estate 14:56 Scaling the Flipping Business and Transitioning to Wholesaling 25:57 The Importance of Self-Development and Growth Mindset 29:04 Unlearning Bad Habits and Embracing Change 31:10 Conquering Fasting and Creating a Supportive Environment 32:52 Building Habits for Growth and Success 37:23 Handling Naysayers and Surrounding Yourself with Quality Relationships 39:34 Finding Inspiration and Mentors 42:23 Investing in Education and Personal Growth 45:30 Transitioning from Real Estate Investor to Entrepreneur 53:50 Virtual Assisting and Sales and Marketing 56:55 Inspiration from Family and Mentors 59:39 Constantly Reinventing Yourself and Conquering Your Dreams
Trust This. The Power of Partnerships – ft. Nick Johnston & Anderson Orjuela
In this conversation, Anderson and Nick discuss their journey as business partners and the strategies they have implemented to make their partnership successful. They talk about the importance of trust, communication, and complementary skill sets in their partnership. They also share their experiences in real estate investing and the lessons they have learned along the way. The conversation highlights the significance of having a clear vision, adapting to challenges, and building strong relationships in business. Overall, Anderson and Nick provide valuable insights into building and maintaining a successful partnership.
Takeaways
Trust and communication are essential in a successful partnership.
Having complementary skill sets can enhance the effectiveness of a partnership.
Adapting to challenges and being open to learning from mistakes is crucial for growth.
Building strong relationships and maintaining a clear vision are key to success in business.
—Contact Nick & Anderson—[email protected] | (904) 716-9526
—Follow us—https://linktr.ee/mylandtrustee@mylandtrustee @aspirelegalsolutions
Resources Mentioned
Rich Dad, Poor Dad by Robert T. KiyosakiRichest Man in Babylon by George S. ClaysonTwilight in the Dessert by Matthew R. Simmons|51 Laws of Human Nature by Robert Green
Chapters
00:00
Introduction and Technical Difficulties
04:06
Discussing Weekend Activities
05:18
Focus of the Conversation: Partnership
06:05
Podcast Progress and Plug
06:25
Engagement and Wedding Plans
07:01
Engagement and Wedding Plans (Continued)
07:19
Choosing a Wedding Venue
09:32
Number of Wedding Guests
10:20
Personal Wedding Experience
11:14
Officiating a Wedding
11:24
Preparing for the Podcast
11:28
Personal Wedding Experience (Continued)
13:12
Motivation to Help Others
14:15
Importance of Giving Back
15:40
Impact of Education on Giving Back
16:23
Education and Privilege
20:27
Learning from Mistakes in the 30s
21:21
Technical Difficulties
22:53
Starting the Podcast
23:18
Introduction of Guests
27:17
Structuring the Partnership
28:03
Roles in the Partnership
30:51
Handling Tenants
31:57
Handling Tenants (Continued)
33:45
Handling Tenants (Continued)
36:30
Vision and Strategy
38:24
Importance of Structure in Deals
42:18
Daily Routine and Importance of Exercise
44:23
Importance of Meditation
46:21
Handling Pushback and Stick
Tactics & Strategies. Navigating the Challenges & Trends in the Title Industry – ft. Katie McGinnis
In this episode we hear from New Beginnings Title Company founder and CEO, Katie McGinnis as she unravels her rules of success, one innovative step at a time!
Join Joe Seagle and Katie McGinnis on a journey back to 2020, where Katie embarked on her entrepreneurial adventure armed with nothing but determination and a shoestring budget. Despite the pandemic’s challenges, Katie and her team didn’t just survive – they thrived! They discuss the challenges of keeping up with changes in the industry, the increasing prevalence of fraud in real estate transactions, and the importance of training and security measures. They also touch on the expenses and insurance required in the title industry, as well as the trends they are seeing in closings, such as wraparound mortgages and creative financing.
Takeaways
Keeping up with changes in the title industry and staying informed about new laws and regulations is a major challenge for title agents.
Fraud in real estate transactions, particularly in land deals, is becoming more prevalent, and title agents need to be vigilant in verifying identities and detecting fraudulent activities.
Title agents must undergo regular training and implement security measures, such as positive pay and careful handling of wire instructions, to protect themselves and their clients from cyber fraud.
The title industry involves significant expenses, including insurance coverage for errors and omissions, cyber insurance, and fidelity insurance to protect against employee theft.
Building a reliable and dedicated team is crucial for title agents, and maintaining a family-like work environment can contribute to employee retention.
Trends in closings include an increase in wraparound mortgages and creative financing options as interest rates rise. Working with subject two deals can be a significant source of new clients for title agents.
Marketing is essential for growing a business, even in the title industry.
Bookkeeping and accounting in the title industry require meticulous attention to detail.
Compliance with foreign ownership regulations is necessary for title agents.
Resources & Terms Mentioned
New Beginnings Title Company | https://nbtfl.com/
E-Closing: Online Settlement Transactions | https://e-closing.com/
Zero Balance Account | https://www.investopedia.com/terms/z/zba.asp
Errors & Omissions Insurance | https://www.thehartford.com/professional-liability-insurance/errors-omissions-insurance/coverage
Wrap-around Mortgages | https://www.rocketmortgage.com/learn/wrap-around-mortgage
Subject To Transactions | https://www.fortunebuilders.com/subject-to-real-estate
—Follow Katie & New Beginnings Title Company—
@newbeginningstitleco @katie_mcgenius
Contact Katie: [email protected] |
Trust This. Leveling Up Your Investment Business – ft. Greg Bond
Greg Bond shares his journey from single-family homes to commercial properties, including the challenges and successes he encountered along the way. Greg is a successful commercial real estate investor and property management guru. He started out in his family’s map-making business. But when technology made paper maps obsolete, Greg learned how to educate himself on new ideas so he’s comfortable with taking risks. He started out in residential but he’s quickly shifted into industrial real estate, using 1031 exchanges and accelerated depreciation to maximize his return on investment. Greg shares insights and experiences from his real estate and property management career and what intrinsically has influenced his aspirations for a better life.
Takeaways
*Transitioning from single-family homes to commercial properties can provide higher returns and cash flow. *Having a reserve fund is essential to manage risks and handle unexpected expenses. *Diversification across different asset classes can help mitigate risks and provide stability in a changing market. *Building relationships with tenants and maintaining good cash flow are key to success in real estate investing. Establishing a morning routine can provide uninterrupted time for thinking, strategizing, and preparing for the day. *While negotiating is important, it’s crucial not to be fixated on getting the best deal and potentially missing out on good opportunities. *Cashflow and employee management are common struggles in business, and finding solutions through training, accountability, and getting the right people in the right positions is key. *Investing in education and surrounding oneself with knowledgeable and experienced individuals can greatly contribute to personal and professional growth. *Using key performance indicators (KPIs) to track progress and make informed decisions is essential for success in business. Inspirational figures, such as local pastors and sports coaches, can have a profound impact on shaping aspirations and values.
Resources Mentioned Greg’s Property Management Services https://www.tpmguys.com/ 1031 Exchanges: https://www.irs.gov/pub/irs-news/fs-08-18.pdf Sharper Business Solutions: https://sharperprocess.com/ Robert Kiyosaki: https://www.richdad.com/about/robert-t-kiyosaki Dave Ramsey: https://www.ramseysolutions.com/ Central Florida Realty Association (CFRI): https://www.cfri.net/default.aspx Get in touch with Greg Bond: [email protected] or [email protected]
To follow us social media and more, click here https://linktr.ee/mylandtrustee
Chapters 00:00 Introduction 05:11 Changes in Practice16:33 Transition to Commercial Properties 19:41 Starting in Single-Family Homes 22:39 Entering Real Estate Full-Time 26:55 Transition to Commercial Properties 32:02 Education and Risk Comfort 38:39 Day in the Life 47:03 Morning Routine and Productivity 48:44 Importance of Negotiating 50:09 Struggles in Business: Cashflow and Employees 50:47 Solving Cashflow and Employee Issues 53:22 Importance of Education and Surrounding Yourself with the Right People
Trust This. Resilience in Business – ft. Alex Quezada
Alex Quezada is a real estate entrepreneur social media star. His background in timeshare sales taught him how to take “no” for an answer but never give up. He’s now one of the most successful players in the personal storage real estate game, and he shares how he’s learned that focusing on who, rather than how, has helped him relinquish control, focus on the big picture, and scale his business as he shoots for $100 million in assets. He discusses the challenges he faced, the lessons he learned, and the importance of personal growth and mentorship.
Takeaways
* Maintain a growth mindset and continuously invest in education and coaching.
* Balance work and family by prioritizing quality time and setting clear goals.
* Build high-quality relationships through masterminds and networking.
* Let go of control and hire the right team members to scale your business. Starting a real estate business requires perseverance and a strong work ethic.
* Challenges are inevitable, but they provide valuable lessons and opportunities for growth.
* Having mentors and a support system is essential for personal and professional development.
* Implementing a structured system like EOS can help streamline operations and drive business growth.
Resources Mentioned
Rich Dad Poor Dad – The # 1 Personal Finance Book of All Time https://www.richdad.com/Central Florida Real Estate Investor Association (CFRI) | https://www.cfri.net Entrepreneurial Operating System for Business (EOS) https://www.eosworldwide.com/ Follow Alex Quezada on social media here http://linktr.ee/alex.theinvestor.quezada To follow us social media and more, click here https://linktr.ee/mylandtrustee Please like, share and comment below if you found this insightful. Chapters 00:00 Introduction and Background 04:57 Transition to Self Storage Business10:00 Starting a Real Estate Business 11:56 Sales Techniques and Mindset 15:41 Balancing Work and Family 19:11 Importance of Affirmations and Goal Setting20:00 Building a Team and Scaling 21:06 Building High-Quality Relationships 23:19 Continuous Learning and Coaching 25:07 Passion and Goals 26:25 Long-Term Goals and Becoming a Lender 27:57 Importance of Coaching and Masterminds 31:43 Struggles and Mindset for Beginners 34:48 Importance of Tracking KPIs40:00 Personal Growth and Mentors 40:54 Building Structure and Letting Go of Control 41:54 Influential People in Alex’s Life43:00 Entrepreneurial Operating System (EOS)45:00 Conclusion
Trust This. Fostering a Culture of Growth – ft. Thomas Lehmann
Tom Lehmann jumped into real estate after leaving the health food industry. He has quickly moved from renovating and wholesaling to manufactured home construction and development. He shares how resilience and not letting ‘perfect’ become the enemy of good enough has helped him to start scaling his business in ways he’d never dreamed.
Get ready for an electrifying journey into the dynamic world of entrepreneurship and leadership! Our Master Series is not just a show; it’s an immersive experience designed to fuel your passion, spark creativity, and inspire the entrepreneur within.
Connect with Thomas Lehmann on social media [https://www.linkedin.com/in/thomas-lehmann-b4061b132] [https://www.instagram.com/thepropertysolutionsteam/reels/]
To follow us social media and more, click here https://linktr.ee/mylandtrustee
Please like, share and comment below if you found this insightful