Thu, 30 August 2018
What could possibly go wrong? If you are the proud owner of a multifamily property, the answers range from minor falls to catastrophic weather events. How can you mitigate the risk and reduce your total number of claims? And what kind of multifamily insurance coverage do you need to manage the circumstances outside your control?
Bryan Shimeall is the Vice President of Multifamily Risk Advisors, a division of Tanner, Ballew and Maloof formed to leverage the firm’s 20-plus years of experience handling insurance for the multifamily industry. Bryan is dedicated to delivering customized solutions that mitigate risk for apartment building investors, and he is an expert in the realm of risk assessment and exposure to loss.
Today, Bryan sits down with me to share his definition of and approach to risk assessment. He discusses the most common gaps in multifamily coverage, the most common property and liability claims, and the best strategies for mitigating risk. Bryan also explains when to pursue a master policy and the fundamentals of catastrophic coverage. Listen in for insight on the benefits of working with a risk management consultant and learn what to look for in a multifamily insurance policy!
The role of Multifamily Risk Advisors
Bryan’s definition of risk assessment
Bryan’s approach to risk assessment
The most common gaps in coverage
How operators can manage risk
The most common claims
The disadvantages of the ‘trailing 12 premium’
The benefits of working with a risk management consultant
How Multifamily Risk Advisors can assist during the acquisition phase
When to pursue a master policy
The fundamentals of catastrophic coverage
The most common mistake among investors
Connect with Bryan
Wed, 29 August 2018
As an aspiring real estate investor, you possess a spirit of independence as well as a desire for financial freedom. What if you could take that self-determination to the next level and essentially become your own bank? Patrick Donohoe is on a mission to teach you how to take control of your money with the Perpetual Wealth Strategy, taking advantage of a particular kind of life insurance policy to facilitate real estate investment, secure retirement funds, and build a legacy that you can pass on to your children.
Patrick is the president and CEO of Paradigm Life, a financial services firm committed to changing the way their clients look at life and wealth. The Paradigm team supports thousands of individuals and businesses in creating income for life and leaving a meaningful legacy. Patrick is a sought-after speaker in the realm of wealth management and investment, and he serves as the host of The Wealth Standard podcast. He is also the author of Heads I Win, Tails You Lose: A Financial Strategy to Reignite the American Dream.
Today, Patrick joins me to share the benefits of the Perpetual Wealth Strategy and explain how it serves as the foundation for fulfilling the true American Dream. He offers insight around how a specifically-designed whole life insurance policy works, why its interest rate is so much higher than a savings account, and how the policy gives you a line of credit to borrow against for investment purposes. Listen in for Patrick’s advice around leveraging the Perpetual Wealth Strategy to generate passive income, pass on a legacy, and take control of your wealth—the way the rich do!
How Patrick came to start his business
Patrick’s definition of the American Dream
The benefits of the Perpetual Wealth Strategy
The concept of liquid wealth
Who this type of policy is for
The interest associated with a Perpetual Wealth policy
The power of the Perpetual Wealth policy credit line
How Patrick uses his own policy
How a Perpetual Wealth policy serves as a passive income generator
Connect with Patrick
Heads I Win, Tails You Lose: A Financial Strategy to Reignite the American Dream by Patrick H. Donohoe
Fri, 17 August 2018
Real estate was a big winner in the tax reform bill passed in December 2017. So, how exactly do the new laws impact us as passive multifamily investors and syndicators? And how can we take advantage of the new regulations and use the available incentives to reduce the amount of money we owe the government?
Tom Wheelwright, CPA is the CEO of WealthAbility, a community of CPAs dedicated to reducing taxes and creating wealth for their clients. As a Rich Dad Advisor for Robert Kiyosaki, Tom is a well-known keynote speaker in the realm of wealth building and tax strategy. He is a regular contributor to publications including Forbes, The Huffington Post, Entrepreneur Magazine and Inman News, and Tom is the author of Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes.
Today, Tom joins me to explain how to shift the way you think about taxes, viewing the law as a roadmap to reducing how much you pay. He discusses the new laws around bonus depreciation, describing how both passive investors and syndicators benefit from the revised guidelines. Tom also shares the regulations around the 20% deduction and the changes in Section 179 that impact residential and commercial real estate investors. Listen in for insight around qualifying for the status of real estate professional and learn how to significantly reduce your taxes as a multifamily investor!
How Tom came to start his own network of CPA firms
How to shift the way you think about taxes
The new laws around bonus depreciation
How the new tax laws affect passive investors
How the new tax laws may impact syndicators
The changes around the 20% deduction
The changes to Section 179
How to qualify for the status of real estate professional
The tax benefits of being a real estate professional
Connect with Tom
Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes, Second Edition by Tom Wheelwright, CPA
Thu, 16 August 2018
If the extent of your financial education involved learning how to be a good employee, trading your time for money, then you’re probably beginning to realize that you simply can’t save yourself into wealth. But how do the multimillionaires and billionaires among us grow their assets? What strategies do they implement to generate passive income—from multiple sources? Brian Fouts has identified the shared patterns among high-net-worth individuals, what he calls the 5 Pillars of Elevated Wealth, and he is on a mission to share this information with you and me.
Brian is the co-owner and CEO of The Elevation Group, an online membership platform that seeks to teach the world how to invest like the rich. Brian and his brother Jake are passionate about empowering people to create and grow wealth by way of financial literacy, and The Elevation Group affords access to a network of true expert advisors who can support you in implementing the investment strategies of the wealthiest among us.
Today, Brian sits down with me to share the 5 Pillars of Elevated Wealth. He explains how to generate supplemental income through a side hustle and put that money to work for you. Brian addresses the importance of safeguarding the money you have through entity protections and tax incentives. Finally, he describes how to acquire assets that generate passive income and why it’s smart to pursue multiple sources of revenue. Listen in for Brian’s advice around keeping your money in a life insurance vehicle and learn how The Elevation Group can help you build wealth by way of portfolio and passive income!
How Brian got involved with EVG
The 1st Pillar of Elevated Wealth: Do something different
The 2nd Pillar of Elevated Wealth: Take the money off the table
The 3rd Pillar of Elevated Wealth: Protect what you have
The 4th Pillar of Elevated Wealth: Acquire assets to earn passive income
The 5th Pillar of Elevated Wealth: Pursue multiple sources of income
The benefits of The Elevation Group platform
The advantages of keeping your money in a life insurance vehicle
Brian’s insight around the 3 sources of income
Connect with Brian
Tue, 14 August 2018
What is the quickest route to financial freedom through real estate? Do not pass Go. Do not collect $200. Go directly to… Multifamily. But how do you overcome a lack of experience and capital to accelerate the timeline and jump straight into apartment building investing?
Josh Eitingon is the founder and manager of JAE Property Group, a real estate investment company specializing in 50- to 150-unit value-add multifamily properties outside the New York metro area. With the guidance of a coach, Josh made his first multifamily investment in 2012, and now he is up to eight deals. He began his real estate career while working as a software developer, eventually joining a Long Island investment group where he led the acquisitions team in securing $100M in real estate. Today, Josh is a full-time investor in his own right.
Josh joins me to discuss the early investment in a coach that facilitated his shortcut to multifamily. He addresses how he overcame a lack of experience to do his first 20-unit deal and the personal guarantee he made investors to raise $200K for the renovation. Josh explains what he loves most about multifamily investing, describing the challenge of finding a formula to optimize each new property. Listen in for Josh’s advice around investing in your own deals, choosing the right location, and scaling up a multifamily business.
How Josh got started in real estate
Why Josh invested in a coach
Why Josh went straight to multifamily
How Josh overcame a lack of experience and money
How Josh overcame his reluctance to do the first deal
The factors for success on Josh’s first deal
How Josh raised $200K for the deal
The additional risk of raising money in debt
How Josh’s first multifamily deal played out
Josh’s subsequent multifamily investments
What’s next for Josh
What Josh loves about the business
The challenges of scaling a multifamily business
Josh’s advice for aspiring multifamily investors
Josh’s AHA moment around location
Josh’s top mistakes
Connect with Josh
Free eBook: The Secret to Raising Money to Buy Your First Apartment Building
Mon, 13 August 2018
‘The cost of my self-education was six figures in mistakes and seven [or] eight figures in lost opportunity.’
If you have a poverty mindset, investing money in a mentor or spending more for a qualified contractor seems like a burden. But if you have an abundance mentality, it becomes obvious that spending a little more up front for coaching and devoting your time to the activities that will grow your multifamily business result in higher revenue long-term.
Jack Petrick is the owner of Petrick Property Group, a real estate firm that specializes in multifamily acquisitions and improvements. He spent 15 years working as a firefighter in the Cleveland suburb of Strongsville, Ohio, before leaving to pursue real estate full-time. Jack’s team focuses on on- and off-market multifamily assets, and to date, he has 100-plus rental units in Ohio and Florida.
Today, Jack joins me to discuss his initial experience as a self-taught custom home builder. He shares the major shift that took him from a poverty mindset to an abundance mentality and describes how he would use his time differently if he could go back to those early days. Jack explains the importance of mentoring and masterminds, the concept of forced appreciation, and the decision to hire an assistant that doubled his revenue. Listen in to understand what inspired Jack’s shift to multifamily investing and learn how to follow in his footsteps—by way of a laser focus on raising capital, finding deals and improving processes.
Jack’s introduction to real estate
Jack’s major mindset shift
How Jack would use his time differently
What stopped Jack from leaving his job sooner
How Jack got clear on what’s important
Jack’s insight around mindset
Jack’s transition to multifamily
The concept of forced appreciation
Jack’s first multifamily deal
The value of hiring an assistant
What’s next for Jack
Connect with Jack
Go for No! Yes is the Destination, No is How You Get There by Richard Fenton and Andrea Waltz
Free eBook: The Secret to Raising Money to Buy Your First Apartment Building