Accredited Income Property Investment Specialist (AIPIS)

We break closing costs down into small pieces to support Jason’s #1 rule of investing, thou shalt become educated, to become your own best advisor. Understanding which costs are fixed and which are variable will help you to protect yourself and allow you to become your own best advisor. We take the confusion out of calculating the fees.

Make sure to listen to future episodes for information on how mortgages are priced.

Key Takeaways:

[2:04] Thou shalt become educated to become your own best advisor

[2:29] An example of a loan quote

[3:31] Lenders over estimate certain charges

[5:27] Requirements for good faith estimates

[7:35] What are lender or origination (garbage) fees

[8:43] Using an example of $142,500, figuring out the closing costs

[10:21] Insurance charges for lenders and owners

[11:30] Lender’s title insurance is one of the highest fees on the HUD settlement statement

[11:52] Depending on your state the seller provides the clean title insurance

[12:42] Transfer stamps/taxes are local municipal charges

[14:48] Recording fees

[15:32] Points are fees to buy down the interest rates

Mentions:

Creating Wealth Encyclopedia Series

[email protected]

The traditional way to sell a home is to sign a contract with a well known real estate firm and agree to give them a 6% commission of your equity. But today’s internet equipped consumers are able to cut out the middle man and sell their own homes, saving themselves big dollars. If you are concerned about never having done it before our guest, Sissy Lappin, has put everything you need in one downloadable kit.

Key Takeaways:

[1:50] Innovation is rocking the real estate industry

[3:06] Paying 6% on the debt and the equity

[4:11] Confusing equity with appreciation

[6:15] Part time, untrained and unethical agents

[7:46] Sissy wrote a FSBO guide

[10:21] Mass-marketing campaigns are dead

[12:46] Justifying fees through intensive reports

[14:47] What’s included in the base package

[17:23] It’s simple to sell your own home

[18:32] 2 main documents when selling a home

Mentions:

Listing Door

Lappin Properties

Simple and Sold

National Association of Realtors

Zillow

Creating Wealth Encyclopedia Series

The traditional way to sell a home is to sign a contract with a well known real estate firm and agree to give them a 6% commission of your equity. But today’s internet equipped consumers are able to cut out the middle man and sell their own homes, saving themselves big dollars. If you are concerned about never having done it before our guest, Sissy Lappin, has put everything you need in one downloadable kit.

Key Takeaways:

[1:50] Innovation is rocking the real estate industry

[3:06] Paying 6% on the debt and the equity

[4:11] Confusing equity with appreciation

[6:15] Part time, untrained and unethical agents

[7:46] Sissy wrote a FSBO guide

[10:21] Mass-marketing campaigns are dead

[12:46] Justifying fees through intensive reports

[14:47] What’s included in the base package

[17:23] It’s simple to sell your own home

[18:32] 2 main documents when selling a home

Mentions:

Listing Door

Lappin Properties

Simple and Sold

National Association of Realtors

Zillow

Creating Wealth Encyclopedia Series

Diane Gardner is a certified Tax Coach and CPA. With over 30 years of experience in both tax preparation and accounting, she has quite a few tips for Jason's audience. She is the author of The Obamacare Survival Guide and Why Didn't My CPA Tell Me That? Diane talks to Jason on how small business owners can avoid some serious tax mistakes and save on thousands of dollars.

Key Takeaways:

[2:20] What isn't my CPA telling me?

[5:45] With the right company entity type, you might be able to write-off medical expenses through your business.

[7:50] CPAs often don't look at how you maximize your vehicle deductions.

[10:25] There's a difference between a tax preparation engagement versus tax planning.

[15:15] It's never too late to talk to a CPA. You can end up saving much more money than doing it yourself.

[17:45] How can businesses survive Obamacare?

[22:00] Hire subcontractors or virtual assistants to cut down the number of employees in your business.

Mentioned In This Episode:

http://www.taxcoach4you.com/ma-journey-diane-interview/

Diane Gardner is a certified Tax Coach and CPA. With over 30 years of experience in both tax preparation and accounting, she has quite a few tips for Jason's audience. She is the author of The Obamacare Survival Guide and Why Didn't My CPA Tell Me That? Diane talks to Jason on how small business owners can avoid some serious tax mistakes and save on thousands of dollars. 

Key Takeaways:

[2:20] What isn't my CPA telling me? 

[5:45] With the right company entity type, you might be able to write-off medical expenses through your business. 

[7:50] CPAs often don't look at how you maximize your vehicle deductions. 

[10:25] There's a difference between a tax preparation engagement versus tax planning. 

[15:15] It's never too late to talk to a CPA. You can end up saving much more money than doing it yourself. 

[17:45] How can businesses survive Obamacare? 

[22:00] Hire subcontractors or virtual assistants to cut down the number of employees in your business. 

Mentioned In This Episode:

http://www.taxcoach4you.com/ma-journey-diane-interview/

Eric McColgin shares his story about his interaction with Results Property Management, Quentin Kearney, the investor Izak Bencuya, and their respective attorneys. He believes Results Property Management is using HOA money to fund Bencuya's repairs and maintenance fees of his individual properties instead of the homeowners. Before Results Property Management was in charge of the HOA, the HOA had $40,000 in reserves. Now, it's between $5,000-$7,000. Today we find out what's happening with Creekside Village.

Key Takeaways:

[3:00] Eric was promised a tennis court, walking trails, and pond when he bought his property.

[6:30] Four people showed up to the HOA meeting and Izak along with his attorney David Zeiler were trying to get the homeowners to give up the pool and clubhouse.

[10:40] Quentin refused to answer Eric's questions about the walking trails and other amenities over the phone.

[12:45] Zeiler was representing Izak in the proposal to take the clubhouse and pool. Quentin bought in Nick Porto to represent the homeowners.

[15:50] When Eric met Quentin in person, he still refused to answer his questions.

[17:25] The mayor of Grain Valley even told Eric that this looked wrong.

[20:55] The HOA is picking up the bill for Izak's individual properties.

[27:50] The HOA provider, Metrowide Building, is owned by Quentin Kearney.

[31:20] There should be two signatures whenever a check or payment is made on behalf of the HOA.

Mentioned In This Episode:

Quentin Kearney - Results Property Management.

Eric McColgin shares his story about his interaction with Results Property Management, Quentin Kearney, the investor Izak Bencuya, and their respective attorneys. He believes Results Property Management is using HOA money to fund Bencuya's repairs and maintenance fees of his individual properties instead of the homeowners. Before Results Property Management was in charge of the HOA, the HOA had $40,000 in reserves. Now, it's between $5,000-$7,000. Today we find out what's happening with Creekside Village.

Key Takeaways:

[3:00] Eric was promised a tennis court, walking trails, and pond when he bought his property.  

[6:30] Four people showed up to the HOA meeting and Izak along with his attorney David Zeiler were trying to get the homeowners to give up the pool and clubhouse. 

[10:40] Quentin refused to answer Eric's questions about the walking trails and other amenities over the phone. 

[12:45] Zeiler was representing Izak in the proposal to take the clubhouse and pool. Quentin bought in Nick Porto to represent the homeowners. 

[15:50] When Eric met Quentin in person, he still refused to answer his questions. 

[17:25] The mayor of Grain Valley even told Eric that this looked wrong. 

[20:55] The HOA is picking up the bill for Izak's individual properties. 

[27:50] The HOA provider, Metrowide Building, is owned by Quentin Kearney.

[31:20] There should be two signatures whenever a check or payment is made on behalf of the HOA. 

Mentioned In This Episode:

Quentin Kearney - Results Property Management. 

Russ O'Hare has been experiencing problems with Results Property Management in Kansas City, Missouri. He is one of the home owners at Creekside Village and has a number of complaints and allegations over the way the firm has been managing the properties. He shares his story to Jason Hartman.

Key Takeaways:

[3:50] Russ was first told that it was Curry Real Estate managing the properties, not Results.

[8:15] Metrowide Building invoices has the same address as Results. Are they owned by the same people?

[10:25] $2,500 was charged to the HOA for trimming trees and bushes for less than 8 hours of work.

[16:18] Russ's wife made copies of invoices when they requested to see the books.

[20:05] It seems the investor Isaac Bencuya and Results have some kind of arrangement with each other.

[25:20] The club house, pool, and one of Isaac's apartment buildings run on one electric meter and that bill goes to the HOA.

[27:15] Isaac setup a proposal for the home owners to basically give him the pool and club house.

[30:15] Dave Zeller, Isaac Bencuyz, and Quentin Kearney said they had no affiliation with Nick Porto when Nick was representing the HOA.

[40:05] During this proposal, Dave Zeller's attorney fees were charged to the HOA and not out of Isaac's pocket.

Mentioned In This Episode:

Quentin Kearney – Results Property Management.

Russ O'Hare has been experiencing problems with Results Property Management in Kansas City, Missouri. He is one of the home owners at Creekside Village and has a number of complaints and allegations over the way the firm has been managing the properties. He shares his story to Jason Hartman. 

Key Takeaways:

[3:50] Russ was first told that it was Curry Real Estate managing the properties, not Results. 

[8:15] Metrowide Building invoices has the same address as Results. Are they owned by the same people? 

[10:25] $2,500 was charged to the HOA for trimming trees and bushes for less than 8 hours of work. 

[16:18] Russ's wife made copies of invoices when they requested to see the books. 

[20:05] It seems the investor Isaac Bencuya and Results have some kind of arrangement with each other. 

[25:20] The club house, pool, and one of Isaac's apartment buildings run on one electric meter and that bill goes to the HOA. 

[27:15] Isaac setup a proposal for the home owners to basically give him the pool and club house. 

[30:15] Dave Zeller, Isaac Bencuyz, and Quentin Kearney said they had no affiliation with Nick Porto when Nick was representing the HOA. 

[40:05] During this proposal, Dave Zeller's attorney fees were charged to the HOA and not out of Isaac's pocket. 

Mentioned In This Episode:

Quentin Kearney – Results Property Management. 

Jason has received a number of complaints about Quentin Kearney and Results Property Management. He interviews Bobbie O'Hare to get the inside scoop of what's really going on. Bobbie has been looking directly at the Results Property Management books and has noticed a number of vague invoices. She is also having a hard time getting direct answers from the management company, which is delaying her investigation even further.

Key Takeaways:

[2:05] There are lots of clients coming to Jason with complaints about Results Property Management.

[5:00] Results Real Estate invoices were incredibly vague and non-descriptive.

[6:35] The company could not provide Jason with simple receipt copies from the vendor and did not know who the vendor was who did the work.

[15:05] Bobbie thinks the company is charging higher HOA fees and homeowners are unknowingly subsidizing the apartment fees.

[29:15] What other discrepancies did Bobbie find during her investigation?

[37:35] All of the invoices Bobbie received looked wrong.

[40:40] Bobbie can't talk to her own management company anymore, because they know she's building a case against them.

[47:00] Results has been known to intimate other management companies so that they stay away.

[50:55] Bobbie is trying to combine a number of cases against Results to make the case even stronger.

Mentioned In This Episode:

Quentin Kearney - Results Property Management.