BawldGuy Audio Podcast

What does synergy for your timeline even mean? It’s a core principle of Purposeful Planning. Combining strategies to coordinate with your personal timeline is what often makes the difference between a solid retirement and a fabulous retirement.

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Transcript:   When it comes to strategy, one of the things that we’ve talked about many times before is how long do you have to accomplish what you want to do and point B. If you’ve got fifteen years, and you’ve got a boatload of cash, three, four, five-hundred thousand dollars, at least, you can do a lot in ten years. Do you make a household income of seventy-five or do you make a household income of two seventy-five? That also dictates what’s possible. Let’s take somebody who has a quarter million dollars of capital available, by whatever means, and they have about five-thousand a month from the family budget to expend. Now, they may have already bought, say, a couple of two to four unit properties and they’ve been paying them off diligently and they say, “Well, Jeff, what should we do with this quarter million dollars? Well, let’s say the first two that they bought, they owe about four-hundred thousand on. Well, that’s four-hundred thousand we have fifteen years to pay off, so we have to, first of all, check it out. If we don’t buy anymore real estate, how much extra do we need to put on those payments, every month, in order to get at fifteen year free and clear properties. They’ve got two of them, we’re talking four-hundred thousand dollars, so we do that. Well, let’s say it comes out that if we buy one more, but now stop buying real estate, because we don’t think in fifteen years we’d be able to pay off, say, more than six-hundred thousand, six twenty-five, so we put on that extra two, two and a quarter, with a third one. Now they take, maybe a hundred and fifty of that two-hundred and they go out and buy notes in their own name. Now, that hundred and fifty is going to give them somewhere in the vicinity of fifteen to eighteen-hundred dollars a month in income. It’s going to yield twelve to fifteen percent cash on cash. Now, I keep throwing around cash on cash, and for those who are not sure of the definition, it’s very simple: take the amount of money that you put in to any vehicle that’s going to produce income, let’s say it’s a hundred-thousand, and if you make twelve-thousand dollars a year on it, you divide the hundred into the twelve-thousand and your cash on cash is twelve percent. That was an easy one. That’s all that is. If you’re buying real estate, you want to see what your cash on cash is, don’t forget to include the closing cost to your down payment and then divide that into the first year cash flow to get your cash on cash. Cash on cash does not include any profits down the road, increase in rents down the road, or anything like that. It’s just what are you going to do right away your first year and then every year you can do it. Maybe the took a hundred and fifty and they’re coming up with somewhere in the vicinity of maybe eighteen, nineteen, twenty-thousand dollars a year. Well, even if they got the highest, twenty-thousand, not likely. Let’s back it down to eighteen, I can’t help myself. We’re going to take eighteen and we’re going to say, “You know what, that’s probably a whole bunch of twelve-thousand after tax, state and fed, and if you live in a tax free state, God bless you. Now they’ve got a thousand dollars a month after tax. Well, they can take that thousand dollars, they don’t need it, they can add it to the five-thousand from their family budget, now it’s six-thousand.

Everyone wants to talk about real estate investment strategies. However, strategies that fit YOUR timeline are the only ones that matter.

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Transcript:   Today let’s talk about strategies. Not strategy in the sense of, “I’m going to be a buy and hold guy,” or “I’m going to be a fix up guy.” Strategy in terms of the long term, how old you are, how many years total do you have on your timeline before you actually get to retirement. That’s the real timeline that matters. If you’re looking at 65, but you want to retire at 55, lost last 10 years don’t matter. You’re already on the late bus if you wait until 65 wanting to retire early. One of the things you have to look at with strategy is, given the number of years you have left before that fun day happens, and you retire what do you have to have accomplished? One of the things that usually people have to do is retire debt. Now, is it retire debt on your primary residence? Is it on your rentals that you bought? What is it? For most people it’s both, but for now let’s talk about what happens when you want to retire your debt. Debt on rentals at retirement is not a good thing, because I don’t care how many months you how to go, or years, that’s cash flow you’re not getting that the lender is. If you’ve got 10 years to go, or 20 years to go, it doesn’t matter, because the guy with 20 years to go has twice as long, but he may have 3 times to properties. How many can you free and clear of all debt by the day before your retirement party starts? That’s one thing to look at. The other thing is, maybe you’re going to buy notes too, and that’s going to be part of your ultimate strategy. If you’re buying notes too, are you buying them in your own name? Are you buying them in an IRA, or a 401K envelope that you control? Is it traditional, or is it Roth? Why isn’t it one or the other? What are you thinking? All that matters. People tend to want to pull, aim, and shoot, and that’s where people get in trouble, and that’s why we call it “purposeful planning,” not, “I just got up, and this sounds like a good plan planning.” When you look at strategies, the timeline dictates what you can, and can’t do most of the time. When you’re 53 years old, and you owned your primary residence, and you have money in your 401K, and maybe an IRA or 2 between you, and your wife, you can’t willy nilly go out and buy 6 pieces of real estate, and acquire a $1,000,000 plus of debt simply because you can afford it. If you’re going to retire at 65, you’ve only got about 12 years to go. Can you retire 2 commas worth of debt in only a dozen years? I don’t know. Can you? If you had enough capital to buy those 6 small pieces of property, did you have any extra for cash reserves? Did you have any extra to buy notes? What did you do, why did you do it, and what’s the timeline you have to accomplish all the goals? Arriving at retirement just because you can, but with debt still on everything that you own makes no sense. Sure, you might be able to squeak by, but the point is, every time a property free and clears itself, usually the cash flow from that property goes up 3, or 4 times overnight. When you’re doing this, you’re strategies matter, and the timeline almost always dictates which ones you will pick. Latter on we’re going to be talking about exactly which strategies for which people, and what timelines matter the most.

What the heck does attacking the perfect storms even mean?! First, assume it’s all positive.

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Transcript:   Recently I spoke at a special event where I was asked the question: I speak a lot of this so-called positive perfect storm. Doesn’t this mean we should all go out and buy, buy, buy real estate like crazies until this perfect storm goes away? Well yes and no, but let’s define what the perfect storm in the first part. You go all these storms, and by the way, they’re all positive from the view point of the real estate investor. One storm is low interest rates. Another storm is very attractive rent price ratios. Another storm is the ability to buy new or newer rental income properties residentially in great locations without paying the premium we used to pay before the bubble burst. Then there’s that last part of that perfect storm that says not only are they very well located, but like I said earlier, they’re new or near new, where people around the country in most markets, including my own in San Diego, where we consider a 30 year old building just comfortably broken in. We haven’t had new construction of, say, two to four unit buildings, which is what most investors buy, Reagan was in office the last time they built significant number of those buildings in my county. Now you’ve got low interest rate, rent price ratios that are very nice, well located buildings that are not old. Should you buy as much as you can then? Out of ten people, I might give three different pieces of advice because, like I said earlier in many of these videos is that different set of circumstances for Fred makes him do something totally different than Mary should be doing. Let’s say you have a bunch of capital and let’s take something a little bit out of the ordinary. You’re 52 years old. You know you’re going to retire at 67. You’ve got 15 years. That doesn’t seem like very long but you’re a high income earner. You’re averaging $250, 300,000 a year and you know that for the next 15 years it’s going to be that or a little bit more. Here’s what you do. If you can buy all that real estate you have to weight it against I can have a Roth IRA or I can move things into a Roth IRA. Do I start buying discounted notes from inside that Roth IRA. Do I buy notes in my own name? What do I do? Here’s what I tell people. How much a month in cash flow from all the properties you own, and family budget money that you can comfortably set aside to service your retirement plan every month … You can just spend like you don’t care. Then the other thing is, Do you have other sources of income in which you’ve invested? Of course the main source would be note income outside of a qualified retirement plan. In other words, you bought it in your own name. The plan would be, how much real estate can I buy, put 25, 30% down, and retire the debt on all of them by the day before retirement hits 15 years from now? Can you do that in 15 years? I have clients who, because of their note portfolio, they own a small business that is a big producer, and they have cash flow from many properties, but if they buy more property and acquire more debt they have their real estate portfolio’s cash flow, which is impressive and significant, they have the note payments coming in where they have to pay taxes on them, they own them in their real name, but they take that and add it to the cash flow. Then they have their family budget that says they can take x dollars a month, add it all to that, and then they start attacking those loans. They can buy one, two, three. I’ve had people buy six, eight, 10 properties in a six month period and they’re able to retire all five, three, eight,

Defining capitalization rates by looking at local listings won’t help you at all. Most cap rates are fantasies at best.

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Transcript:   Let’s talk about cap rates today and what that means as capitalization rate. Let’s define it. All that is, is a net operating income of a property, divided by what you’re going to pay for it. What makes up a net operating income, NOI? All that is, is gross scheduled income, GSI, which is the income you expect for the year, real rents not projected. You take away a vacancy rate that you know is pretty spot-on because you researched it or your professional did. By the way, when you take away vacancy and the vacancy rate, from a gross scheduled income for the year, what’s left is what’s called gross operating income, GOI. Most people don’t even know that exists. Most pros don’t know that exists unless they’ve really been educated and trained at our old school. What comes after that is all the operating expenses are then subtracted, and you end up with a smoke-cleared, net operating income. That doesn’t take into account any loan payments you might have, so don’t get sucked in by that. A loan payment is not an operating expense. It’s what we call debt service. A payment is debt service. You’re servicing that loan. Let’s take a property that is selling for $100,000. The income from that property is $17,000 for the year. You look at vacancy rates, and you look at all the operating income, and you say you know what, we’re going to have a $10,000 net operating income for the year. You say that will give us a 10 percent capitalization rate, because remember, you’re taking that net operating income, $10,000 in this case, you’re dividing it by the purchase price, $100,000, and you get 10 percent. If you don’t get a percentage, you divided the wrong numbers. I know because I’ve seen you do it. Here’s the thing. Arriving at a cap rate is easy. Arriving at an accurate cap rate isn’t so easy. Here is the problem. Sellers all over the country will put their rental properties for sale, sometimes by owner. Sometimes, they hire Larry from their local real estate brokerage that sold their house for them. They think that he knows about investment property because he once bought a duplex back in ’89. What they do is they put an operating statement that says yeah, we’ve got $17,000 of gross rents, and we know this because here’s the leases. Okay, so far so good. When it gets to vacancies, they say that this neighborhood is so good that there are almost no vacancies. You can’t accept that. Even if it’s true, you can’t accept that. My rule is, when I used to teach analysis to other pros, is that you just chose 5 percent when you know it’s 5 percent vacancy rate, or anything less including almost 0. Use 5 percent. Nobody’s ever upset when it’s less. Here’s the deal. You’ve taken away your vacancy rate. Now you’re going down all the line items of the various operating expenses that apply to this property. One of the big ones is real estate taxes. That’s easy to get right down to the dollar. You just research it. There it is. The guy shows you his tax bills. If you know that they’re going to be reassessed upon sale, you know the formulas they’re using. It’s usually very transparent at the City Hall. You take care of it. Then you have property insurance. How hard is that to find out about? You talk to the Farmer’s Insurance or whoever you do business with, and you get a bid, and you compare it to the other guy and you take the one you like. Then you have repairs. You have maintenance. You have property management if you’re going to use that. You look at all those things, and you add them all up. You combine them with a vacancy rate figure, okay? What if the vacancy rate is 10 percent? That just means that your $17,000 a year scheduled rent is going to inflict $1,

Plan on purposeful planning means just that. Have a plan — execute it on purpose. Oh, and ya might wanna add, ‘be boring’.

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Transcript:   You know, nothing has had more traction and more of a draw to the average investor than what I call Purposeful Planning because it hits people where they live, because they want to do things on purpose and they want to have a plan that points out what they should be doing. I want to just talk now about the most important part of anybody’s plan as far as I’m concerned as an advisor. You should look at your plan as not being exciting. The results should be very exciting. Retiring maybe sooner than you thought was possible or at least was maybe more income than you thought you might be getting, that’s exciting. On the journey to retirement, you want everything to be as boring as yesterday’s mud. You don’t want things to be exciting because 9 times out of 10 in my experience, and I’ve been doing this for a lot of years, excitement isn’t fun. It’s because things went awry. Things that Murphy brought into the picture. Now we all know what Murphy said: “If anything can go wrong, it will and at the perfectly wrong time.” It was a buddy he had named O’Toole. O’Toole’s corollary to Murphy’s Law was even better and I think more realistic. O’Toole said that Murphy was an optimist, and I think he’s right. In almost 45 years of being licensed, I have learned that not only if it can go wrong, it often will and at the most horrific time, but that a lot of times, even though you might have anticipated that possibility, you never really anticipate the potential consequences for how horrible they might be. When you’re boring in plan, everything’s vanilla, never any chocolate topping even, it’s just ice cream in a bowl with a spoon and you alone in the room. That’s the kind of boredom you want in your retirement plan. You’re not trying to be a pioneer. God forbid you’re being on the bleeding edge. Lord, I hate that, and this whole thing about well yeah, we’re thinking out of the box. Well, when you’re out of the box a lot, you’re alone. There’s the box because the box works. Nobody’s going to really ask you how you got to your retirement until they find out the income you created with your plan was way more than the average. When somebody says, “Well, you’re going to retire in six months, huh?” “Yeah, I am.” “Well, what’s going to be, if you don’t mind, I’m a good friend, what’s that going to be?” “Well, we’re going to be doing around $16,500 a month.” All conversation stops at that point, doesn’t it? Now they want to know how you made that happen. Make your plan boring but just make it dynamic. Use synergy whenever you can. Stay away from the cliff’s edge. Don’t walk close to any red lines, and just be boring. You do that for long enough and you’re going to retire better than 98% of Americans.

Strategies helping strategies almost always result in synergy.

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Transcript:   How many times have we all seen marketing material of some sort that praises the synergy that they create for their product or service? Synergy shouldn’t be a marketing term. It should be something that produces better results or maybe results that come sooner. That’s what I talk about when I say that your purposeful plan, if possible, should include some synergistic interaction between two or more strategies used simultaneously, and I only have two measuring sticks: either you got better results or you got really cool results sooner than most would using different strategies, or you got both, which happens more than people think. Synergistic use of multiple strategies is what often, if done correctly, executed wisely and for the right reason at the right time, can produce results far superior than using the old school ways of we’re going to do A first, then we’re going to do B, then C and on down the line. We don’t have to do that now. We have experience. I’ve learned from my mentors, my dad first among them, I’ve been doing this for 38 years since we opened up Brown and Brown Investment Properties in January of 1977. What we’ve learned is that not only can you develop portfolio A, and then portfolio B and then maybe even a C. You can use two or all three of those pillars of your retirement plan even though in and of themselves, all three might be standalone producers of retirement income, not reliant on the other two at all. While you’re getting to that retirement, you can use two or all three of those, to enhance each other so that it either happens more quickly or more as far as income and retirement, or the best of all, it happens sooner and more because that is much more better in my experience.

Situational formulas, generally speaking, are reliable ’til the day they’re not. Your retirement is far to important for you to bank it on various formulas.

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Transcript:   All the time I get people that want to talk with me and the first thing out of their mouths is, you talk about EIULs for tax-free cash and retirement. An EIUL just stands for equity indexed universal life. It’s a type of insurance that’s not necessarily structured primarily for a death benefit, it’s for retirement income. It’s structured to be tax-free. Or those say, “Hey you talk about notes and getting them on a discount and all the ways you can buy it in your own name or in a tax-free envelope like a ROTH or even a normal, traditional IRA or 401k. You talk about real estate. When do you do what? Do you do all three?” There is no formula. There almost never is. One of the things that my dad taught me about formulas along with one of my oldest, oldest mentors was that almost any formula they’ve ever used successfully over time worked like a charm until the day it didn’t. I have had to learn that twice the hard way. I’m not learning again. When I tell people, “Look in general notes are great bought at a discount. Real estate, cash flow and retirement is superb. Get an EIUL and get tax-free income. Have a business and set up a solo 401k for small business owners. You can do this and that and the other, and it’s way better than what you’ve been doing.” Everything’s different for different folks. If you’re married with four children and you’re 38 years old, I’m not going to tell you the same thing. I tell the widower in Kansas getting ready to retire, all his kids are grown, he doesn’t need what you need. He needs some things that don’t make any sense for you. What we have to look at is the big picture. The first thing we do is to find out where you are now. That’s the most important thing to do first and there are no exceptions. You have to find out, not just, “Well here’s my point B, how do I get there?” Have you ever noticed when you’re going to get in your car or you’re going to go to the airport? You take a different way to Detroit from San Diego than you do from Sarasota, Florida. It’s funny how that works. If you don’t know you’re in Florida you’re going to try to drive northeast and you’re not going to get far. You’re going to have fun because you’re going to be on the beach. But you’re not going to get far. You have to look at, everybody is unique in the sense that, they might share factors with another person, another investor, even 80%. But man it’s that 20% difference that can just change your entire approach. Maybe not in the beginning but you can see 10 years down the road where you might have to change where the other guy wouldn’t. There’s this all kinds of reasons why certain people who have never invested in real estate and are at a certain age with a set of certain circumstances, should just not at least immediately maybe never buy real estate as an investment. Time is not on the older investor’s side. If they’re just getting started, their real goal, their point B is, “You know what I’m retiring in 11 years not 31 years, I need income and I need to build it to as large as it can possibly be safely in the next decade or so. Because if I fail doing that, I’m not going to be happy pointing to all the real estate I own that’s not enough for retirement.” Same thing with the EIUL. It’s really to point and say, “My son got an EIUL and when he is 60, it’s going to give him a $140,000 a year, tax-free for virtually the rest of his life.

Are most investors investing in the right regions? If they are, most of ’em are merely fortunate they happen to live in one of them.

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Transcript:   What we want to talk about today is how does a newbie investor get started, or maybe you’re not quite brand new in it. Maybe you have a rental that was your previous primary residence and you’re an investor by default. One of the things that I tell people is that before you do anything, kick back and check out your local market. Is it really worst investing in? Does it measure up to many areas of the country that might be superior and give you overall better results? Look it, we’re all investing for one reason for the most part. We’re investing to have a bigger net worth down the road, but mainly so that when we retire we have more income. The more income in retirement the better it is. We don’t want to spend our net worth. We want to spend our cash flow. Here’s the thing, first check out your market, and even more than that, spread that search out. Make it what I call a macro-analysis. Look at the region, however you may want to define that. For instance, I live in Southern California so I just would look at California in general. I look at California in general, how would they treat people who are landlords vs. tenants for instance. In San Diego, where I live, if you go to court as a landlord you are Satan’s child before you walk into the room. In other parts of the country that’s not true. They treat the contract as the pivotal factor in ruling in a landlord-tenant dispute. Now that’s just one thing. How does your region treat both income taxes for citizens and income taxes for business? How do they treat that? Let’s use California again. In California they tax anything that moves and half the things that don’t. If they can’t tax it they regulate it. California is not fond of investors. The only reason they like free enterprise business is because it provides tax money to the treasury. Now compare that, and before you go to another region for that comparison, look at what you found out. Now if you live in California what you’ll say is “Why would I invest in a place that is biased against landlords, the taxes are very, very high, they’re going into debt at an alarming rate, and all the things with regulations. Then you start digging a little deeper, going a few layers beyond that. You find out that it’s not just people that are leaving my state, it’s business. What’s the main thing business does from a citizen’s point of view? It employs them. We have jobs leaving California right and left. The latest one that will get your attention is the Toyota headquarters. They just moved to a city in Texas called Plano, or they announced it. If you find out all these things and you’re in another state somewhere in the country, and it gives you this bad taste in your mouth, then stop thinking about investing in your own market. I’ll tell you the number one reason that makes uncomfortable, because you want to be able to drive by, don’t you? That’s the worst reason to invest in real estate, because if it turns out well you lucked out if that was your driving force. What you have to understand is that you’re in it for the long haul, and if you’re long-term investing and you’re in a place like California you’re not going to win over the long haul, or at the very least you not going to do as well in a state that welcomes your capital as an investor, that welcomes businesses, that don’t overtax their citizens. In many state they don’t even have an income tax, where their courts are fair and they go by the contract, not each side of that contract.

Wanna know why 9 of 10 real estate investors are lost when understanding loan over basis? They’ve never heard of it. It can and often does prove a very expensive lesson.

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Transcript:   We’re going to talk today about a problem people have that they didn’t know they were creating. It’s called loan over basis and it can get you into a real problem. You invest in a property and when you bought it it cost you $200,000 years ago. You end up borrowing 150. It got down to 100 but over all these years your property value went from 2 to 300. You say when the rates when down in the last several years, you said “You know what? I can borrow a lot of money here and Jeff says it’s tax-free when I do that.” Well, yes it is. You have a $300,000 appraisal and you go get a loan for $210,000 because they’ll let you take a 70% loan and get some cash out, and $210,000, you owed 100. You took $110,000, put it in your Levis. So far so good, right? Then we have something like the bubble bursting. Now your $300,000 property that you paid $200,000 for can only sell for enough to net $210,000. You get a check big enough to pay for Happy Meals for the wife and the kids. You say “Well, at least I didn’t lose any money.” Here’s the problem. Let’s say you had that property for a decade and you took depreciation for a decade. That means, being conservative, you probably took, give or take, $250,000 in what we’ll call straight line, vanilla, boring depreciation. That $50,000 means you didn’t pay 200,000 for your property; you now paid 150. They call that your adjusted cost basis. Let’s assume that that’s how you ended up. At 150 what they’re going to look at is that even though you didn’t get anything out they’re going to take that $210,000 sales price that you sold to your neighbor across the street and they’re going to say “You had cap gain,capital gains, which means you’re going to be liable for tax, of $60,000.” Now what if there was no real capital gain? Maybe that value went down to where there was a wash. The IRS many times is going to like at that refi you did not long before that sale. They’re going to say “You know, that smart guy was clever. He took out over $100,000 and when he closed his sale, which was for 150, he owed 210.” We call that loan over basis. Even though you had no net proceeds in a literal sense almost you’re going to owe taxes because they’re going to say “You did that in anticipation of selling, or worse, if you didn’t sell maybe you were going to do a tax-deferred exchange and you had a lot of equity but you refi’d before that 1031 exchange.” They’re going to look at it like you got cash out of the exchange, not in the refi. Either way, be careful of selling and/or exchanging your property not long after you do a refi with cash out on that investment property. The last thing is this. It doesn’t matter what your intent was, and there’s no set time. I can’t look you in the eye and say “As long as a year has passed you’re good.” I’ve seen it go two or three years and they go “No, that’s why you did that.” They’re going to tell you your intent. It’s the government, right? So beware. Talk to your tax accountant, the expert that can tell you in terms of the internal revenue code what might happen. Just don’t look at the tax-free aspect of refinancing for a cash out on an investment property.

It’s one thing to know where we’re goin’. But it’s quite another to know in which direction we should begin heading on the road to retirement when we’re not sure where we are now. We can’t get to Point B when we don’t know our Point A.

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Transcript:   Today, let’s talk about where your point B is, but more importantly, the principle that says you can’t know how to get to your point B, being retirement, if you don’t know where point A is. Let’s start taking that apart. In a blank sheet of paper or get some software program that you like, let’s start out by listing all your assets, all your liabilities, what’s really going on in your financial life. Most people that I talk to find out that they’re a little bit better off than they had anticipated. Some of us find little baby spiders that we don’t like, but now we know they’re there, we can deal with them. Write down what you think your equity is in your home, if you own a home. Do you own a rental property of any kind? What’s the equity in that since you bought it? How’s the cash flow working out? Find out if the rents are higher in other units nearby you and you’re just behind the times. What’s the equity in your cars? What’s the payments going out of all your loan payments, all your bills. How much are you saving after tax from the household family budget? Once you know all this, you can take a step back and you’ll say, “You know what, I’m worth about this much, about x amount represents my liquidity or indirect liquidity. I have more equity in my home than I thought. Maybe it makes sense to refinance, maybe it doesn’t.” We’ve talked about arbitrage here before and maybe it makes sense to start that. Maybe it’s past time to talk about taking the equity and turbocharging it in any investment properties you may own. Then when it comes to your IRAs or maybe you have an IRA that’s self directed and a 401k at work and you look at those and you go, “Son of a gun, I have more money than I thought.” I’ve had that happen many times with people. What you have to understand is until you have painted a very clear and understandable picture of where you’re at today with your net worth, and that includes everything, you can’t possibly know how you can get to your point B. I talk about this a lot in traveling. If everybody’s going to meet in Chicago, we’re going to take different routes from New Jersey than we are from LA. One’s going east, one’s going west. Once you are completely aware of your point A, then you can start mapping out how to get to your point B. Here’s the assignment. Do all this. Get to know intimately where you are. Lay it out, so the two things you’re going to find out is what’s your worth today and your liquidity on one side of the coin, and how much you’re able to save every month after tax, after your family pays all the bills. When you get all that, give me a buzz. Send me an email and we’ll talk about what’s possible.