Tue, 17 May 2016
About 98% of the people that come to me are not aware that they can invest in real estate from their RIA or 401k. Investing with your IRA or 401k brings enormous tax advantages, and therefore growth advantages, but there is quite a bit you need to know before you get started. This episode is part 2 of my interview with Attorney, Accountant, and Real Estate Investor John Hyre. In this episode, John covers a few advantages and disadvantages of various retirement investing plans and the pitfalls of prohibited transactions which can easily blow up your IRA and cost you 50%-60% of the account value. John has a course on this topic that I have reviewed on my website: http://www.themichaelblank.com/ira. For a limited time, John is offering this course and the live conference footage (discussed in this episode) for only $1,197 (Regular Pricing: $2,391). Key Takeaways: [3:42] An IRA is the biggest loophole out there. The best way to deal with income is to make it not taxable to begin with. [10:59] Roth IRA VS a traditional IRA [11:33] It’s much better to be taxed on the seed now then the crop later. [12:02] Self-directed 401K’s are superior to traditional IRA [12:15] The value/importance Health Saving Accounts (HSA) and Coverdell Education Savings Accounts (CESA) are often underestimated. [14:30] Why you should set up an HSA TODAY [15:39]- why 401K’s are “infinitely superior” to IRA’s. Penalties for prohibited transactions are MUCH worse for an IRA. [19:45] The power of tax-free investing. [26:26] Prohibited transitions in IRAs- what makes them so scary. Don’t just be conservative, be Paranoid. [33:32] Statue of limitations on prohibited transactions (NEW)
Mentioned in this interview: IRA Investing: Review of the Tax Litigators Guide to Tax-Free IRA, HSA & CESA Wealth by John Hyre- Special Limited Time Offer: Buy the course + live conference for just $1,197 (Regular Pricing: $2,391) Purchase here: http://www.themichaelblank.com/ira
Connect with John Iralawer.com Realeastatetaxlaw.com
Direct download: MB_037-_Building_Real_Wealth_with_your_IRA_With_John_Hyre-2.mp3
Category:Commercial Real Estate -- posted at: 2:24pm EST |
Thu, 12 May 2016
Bookkeeping is often an overlooked, underappreciated part of business for new investors. However, if you don’t understand your books and your business entity you are probably losing a lot of money, and not just during tax time. John Hyre is an Attorney, accountant and real estate investor, (in that order according to him), and he was kind enough to join me on the podcast to talk about choosing and maintaining a business entity and the importance of keeping your books the right way. John even has a class on both topics, and the two can be purchased together here for just $499: www.themichaelblank.com/hyer The information packed into this episode can save you a lot of pain, suffering and money.
Key Takeaways [3:10] Biggest mistake that business owners make is the failure to document. If you can’t prove it, you can’t claim it. [4:35] Use Quickbooks instead of Quicken. Reason; Real estate investing is a balance sheet intensive business and Quickbooks is better suited for that than Quicken. [5:45] Doing your books the right way saves you money on the front and back end. It lowers your overall tax bill and saves your accountant time, and therefore you money. [6:07] The books tell you how the business is doing. If you’re not keeping them correctly, you probably don’t know how your business is actually doing. [6:42] You can delegate bookkeeping, but you need to know about what goes into the books and what you should see to know that whoever is doing it, is doing them correctly. [9:03] The best insurance against an IRS audit is the bookkeeping and record keeping. [10:01] Pay your kids to do work for you like scanning receipts. It’s a tax write-off and the money stays in the family. (More on this later in the episode). [12:03] An LCC is like life insurance. You want it if you need it, but you want to keep the probability of needing it as low as possible. [13:50] You can avoid a lot of lawsuits by being nice to people. [14:41] Entities are like children; Fun and easy to make but a lot of work once you got one. [15:00] The #1 way to destroy an entity is to co-mingle money. [16:40] Generally the best entity to use for apartment building investing is an LLC [20:08] Once you involve someone who you are not married to as a partner, you will want a lawyer to write a customized operating agreement. Don’t use a template. [27:28] If you want a court to treat your LLC like a business, you need to treat it like a business. [28:18] Rules & guidelines for paying your kids. [46:32] Trust law is much more complicated than entity law.
Mentioned in this episode: Entity Selection Course, Bookkeeping course: www.themichaelblank.com/hyer -purchase for 299 each or 499 together Iralawer.com
Connect with John Iralawer.com Realeastatetaxlaw.com
Direct download: MB_036-_How_to_Pay_Less_Taxes_With_John_Hyre-2.mp3
Category:Commercial Real Estate -- posted at: 3:28pm EST |
Wed, 11 May 2016
It’s never too early to get started.
Key Takeaways:
Connect with John
Direct download: MB_035-Just_Do_It_And_Figure_It_Out_Later__With_John_Cohen-2.mp3
Category:Commercial Real Estate -- posted at: 4:52pm EST |
Wed, 4 May 2016
“Dream big but start small.” Today, it doesn’t take much to get started in real estate investing and in this episode you will find out just how little it takes to get into your first multi-family unit. I invited Keith on the show to discuss how he got into multifamily investing by moving into his first home he ever bought: a 4-plex. Over the years, Keith has added to his portfolio and is now a full-time investor.
Keith is the Founder of Get Rich Education to teach others about the life-altering power of investing, especially through real estate. He hosts of one of America’s top investing shows - Get Rich Education - with thousands of listeners in over 160 world nations. He’s heard everywhere from iTunes to iHeartRadio, and regularly hosts Kiyosaki Rich Dad Advisors as guests.
Key Takeaways: [3:19] You CAN move to a location that you dream of living in instead of moving wherever there’s a job. [9:00] Sometimes we need to “unlearn” before we can learn [10:40] How Kieth Got started with an FHA loan (it’s still available TODAY) [16:55] Forget about compounding, the key is Leverage [22:09] What to look for to make sure you “buy right” [25:50] How to find the best listings [29:16] What to look for in a property manager. What to look for in the “Interview process.” [32:57] ROTI- “Return on Time Invested” is a metric you need to think about when it comes to self-managing your properties. [35:32] Advise from Keith. If he could do it all over again, what would he do differently? [38:57] How to think about debt: Outsourcing to tenants. Mentioned in this interview: Mentioned in this interview: Favorite books: 1] Rich Dad Poor Dad: Rich Dad Poor Dad- by Robert Kiyosaki 2] Loopholes of Real Estate- by Garrett Sutton Online resources: www.16personalities.com
Connect with Keith: ww.getricheducation.com Keiths Podcast: Get Rich Education - https://itunes.apple.com/us/podcast/get-rich-education-keith-weinhold/id927263663?mt=2
http://traffic.libsyn.com/michaelblank/MB_034-_Do_THIS_to_Get_Into_Your_First_Multifamily_Deal_-_With_Keith_Weinhold.mp3
Direct download: MB_034-_Do_THIS_to_Get_Into_Your_First_Multifamily_Deal_-_With_Keith_Weinhold-2.mp3
Category:Commercial Real Estate -- posted at: 1:34pm EST |