This episode is part 3 of my conversation with the co-founder and host of The CashFlow Kings, Frank Patalano. Frank is a full time accredited real estate investor with a primary focus on cash flowing rentals. If you weren’t able to follow this episode, please go back and listen to parts 1 and 2.

Let’s jump right into Frank’s fantastic success story and learn more about his virtual assistance service company.

[00:01 - 08:24] Competitive Advantages

• Multi-billion dollar companies get a competitive benefit from hiring VAs
• Frank is answering a question about delegating Skip Tracing and Cold Calling to the VAs
• • More people are hiring skip-tracers than the cold caller
• Frank talks about the competitive advantages of the industry
• • US dollar still consider a strong currency and valued higher in some parts of the world
• Frank talks about how the value differences of the currency play a significant role in the benefits

[08:25 - 14:04] The Mechanism on Hiring VAs

• You should be directing your adverts;
• • finding and keeping customers
  • delegating tasks (bookkeeping, email response, etc.) to the VAs
• The more successful you get, you should not be the common slave to your business
• To help your business, you need to focus on growing your clients’ leads, keep looking at deals, finding and researching new inventions
• • You can not be doing everything yourself
• Frank explains the mechanism in hiring VAs through his company
• Hiring affordable help without lowering your standard and the quality of your service

[14:05 - 21:36] Closing Segment

• How to contact Frank
• • See links below
• Frank shares about the special deal
• • Full-time for friends and family $1200/month
  • Get someone qualified for about the price or less than the minimum wage
  • For part-time, we offer $800
• The concept of growing slowly, with quality and building relationships
• The great thing about entrepreneurship is we are helping people and get a win-win situation
• • Helping our clients while helping our employees simultaneously

Tweetable Quotes:

“If these multi-billion dollar companies get a competitive benefit of hiring VAs, why do you deny yourself the same advantage.” - Frank Patalano.

“The more successful you get, you should not be the common slave to your business .” - Frank Patalano.

“By hiring VAs, you are hiring affordable help without lowering your standard and the quality of your service .” - Frank Patalano.

Resources Mentioned:

-

You can connect with Frank on Facebook, Linkedin, and you can also visit the website at www.cashflowkings.com/ and www.realagenthelper.com.

LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode.

Are you confused about where to start? Join our community and learn more about real estate investing. Head over to our Facebook Page, Youtube Channel, or website https://www.theacademypresents.com/jointhesummit36848306.

Connect with Lorren Capital, LLC. for syndicate

This episode is part 2 of my conversation with the co-founder and host of The CashFlow Kings, Frank Patalano. Frank is a full time accredited real estate investor with a primary focus on cash flowing rentals. If you weren’t able to follow this episode, please go back and listen to part 1.

Let’s jump right into Frank’s fantastic success story and learn more about his virtual assistance service company.

[00:01 - 06:59] Tasks Delegation

• Frank shares some examples of the real estate sales team with Virtual Assistants
• • Prospects new leads
• The accents of the VAs
• • He talks about various accents of most VAs ( ex. India, Philippines)
• Identifying those things that need to be delegated
• • He talks about some possible issues regarding the task delegation
• Frank shares one of his clients in property management that hires a VA as a full time personal secretary
• • Handling complaints and direct calls

[07:00 - 12.24] The Agreements and Contracts

• Frank talks about the legally binding nondisclosure agreement.
• Frank breakdown how the contract works with VAs
• An unforeseen inevitable situation such as typhoon etc
• • Lost of power and internet connection
  • Temporary replacement
• Refund or replacement of VAs
• Frank shares an example of how his client interview and choose a VA

[12: 25 - 21:34] The Benefit Comparison of the Wages

• Caller ID System for VAs to take Inbound calls
• Frank talks about the comparison between the standard cost for a secretary in the US compares to Virtual Assistant
• The working hour for part-time VAs
• • Working night shifts in the Philippines
  • So much easier to work with the night shift
• Frank talks about why the hourly rate of VA is below the minimum wage in the US.
• • He talks about the standard living cost in the US to compare the minimum wage.
  • no-tax require to be taken care of for our clients
• Frank gives some example of big companies that hire and outsource their virtual assistance

Tweetable Quotes:

“There will be a legally binding nondisclosure agreement for every VAs that working with us to ensure both parties .” - Frank Patalano.

“In the case of unforeseen circumstances, for example like weather causes, there will be a replacement VAs that we will set up for our clients .” - Frank Patalano.

You can connect with Frank on Facebook, Linkedin, and you can also visit the website at www.cashflowkings.com/ and www.realagenthelper.com.

LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode.

Are you confused about where to start? Join our community and learn more about real estate investing. Head over to our Facebook Page, Youtube Channel, or website https://www.theacademypresents.com/jointhesummit36848306.

Connect with Lorren Capital, LLC. for syndicated multifamily investments, https://lorrencapital.com/.

To learn more about me, visit my LinkedIn profile, and connect with me.

When you are hiring virtual assistants, you can focus your time on growing yourself and your business.

Today I had the pleasure of speaking with the co-founder and host of The CashFlow Kings company and podcast, Frank Patalano. Frank is a full time accredited real estate investor with a primary focus on cash flowing rentals. With a background in Teaching, Frank bought his first property at the top of the last cycle. He is passionate about helping others build passive streams of income.

Let’s jump right into Frank’s fantastic success story and learn more about his virtual assistance service company.

[00:01 - 05:49] Opening Segment

• Let’s bring in Frank Patalano to the show
• I share some of Frank's amazing achievements
• Frank talks about his career journey
• • 17 years as a full-time teacher
  • Ten years in the real estate industry
  • The CashFlow Kings company and podcast
  • Real Agent Helper Virtual Assistant Service Company
• Frank shares about the background of Real Agent Helper Virtual Assistant Service Company
• • Frank talks about The 4-Hour Workweek Book by Tim Ferriss
  • Do you own a job, or do you own your own business?
  • The only way to scale yourself up is to find and keep a potential talent to help you delegate the job, transform, and improve those processes.

[05:50 - 12.24] The Leverage of Hiring Virtual Assistant

• Strategic work vs. Physical Work
• If you want to grow your business, you have to start doing more of the systemic and intellectual approach.
• When you are hiring VAs, you can focus your time on growing yourself and your business.
• Frank explains three main reasons to hire a VA.
• • The absolute advantage
  • Comparative advantage
  • Opportunity Cost
• Frank talks about the concept of leverage in explaining the benefits of hiring VA.

[12: 25 - 21.28] The System of Hiring a Full Time VA

• Frank talks about the system of hiring VA in his company,
• • One VA is assigned to a person.
• Frank talks about hiring a full-time VA.
• • You will end up costing more in training people when you hire part-time VA.
• The transition from self-employment to business ownership
• Frank gives an example of assigning a VA in his company.

Tweetable Quotes:

“The question is not, “Am I able to afford a VA? But how am I surviving without one.” - Frank Patalano

“When you are hiring VAs, you can focus your time on growing yourself and your business.” - Frank Patalano

“The only way to scale yourself up is to find and keep a potential talent to help you delegate the job, transform and improve those processes.” - Frank Patalano

Resources Mentioned:

• The 4-Hour Workweek Book by Tim Ferriss
• The CashFlow Kings Podcast.

You can connect with Frank on Facebook, Linkedin, and you can also visit the website at www.cashflowkings.com/ and www.realagenthelper.com.

LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode.

Are you confused about where to start? Join our community and learn more about real estate investing. Head over to our

This episode is part 3 of my conversation with the Co-Founder, Head of Human Resources & Marketing at Elevated Development, Misty Flanagan. If you weren’t able to follow this series, please go back and listen to parts 1 and 2.

Let’s jump right into Misty’s inspiring journey and learn more about the process of running an awesome marketing campaign.

[00:01 - 05:04] Keys to Successful Campaigns

• Make sure you run each campaign for three months minimum and six months maximum
• • Give your campaign some time to be successful while giving yourself some time to learn along the way
• Track your campaign and make necessary adjustments along the way
• Do not stop until you get what you want
• • Take failure off the table and focus on improvements
• Always follow-up persistently
• • That is where your deal flow is going to come
  • Be confident when you talk to your potential clients
• Build the rapport to make them trust you
• • Have patience and be calm

[05:05 - 14:19] Get Organized

• Misty talks about having your system properly in order
• • You don’t have to get everything figured out at the beginning
• CRM (customer relationships Management system)
• • Podio
• Build a team
• • Not recommended for beginning
• Be prepared to accept the calls
• • Just answer the phone; you know more than whoever is calling you
• Misty talks about the changes she has to choose to make after the 5000 letters
• • Stop the direct mail and turn to door knocking
• You need to have another plan to deploy if you decide to stop a marketing campaign
• Misty shares some advice regarding changing a name
• • She thinks it is common to change names into an easier one
• Misty answer a question about autoresponder
• • Door-hanger
  • She always follows up with a voicemail and a text message

[14:20 - 23.19] The Ability to Adapt and Change

• Misty talks about some other avenues to find deals
• • Be open to any possibilities
• Always have the ability to adapt and change in some situations, especially in this pandemic
• Take time to restructure your business and to scale
• Educate yourself to get an update of what happens around you
• Misty talks about buying a property at the auction
• Misty talks about the process she takes if an owner doesn’t answer
• • Mojo Dialer (pre-recorded voicemail)
  • She talks about the texting campaign
• If you truly want this, do not ever give up because it is possible

[23:20 - 26.37] The importance of Sharing Your Journey

• Misty talks about sharing her honest experiences
• Don’t ever feel like you are alone
• It is easy to pick a marketing campaign, but it is hard to execute them and keep it going
• Misty talks about her Life coach that focuses on women and real-estate
• • She and her coach team up for a free webinar about real estate
• Misty talks about her passion for people
• Final words from me and Misty

Tweetable Quotes:

“Give your campaign some time to be successful while giving yourself some time to learn along the way.” - Misty Flanagan

“Your way is not the only way. Always be open for any opportunities and never say never.” - Misty Flanagan

“If you truly want this, do not ever give up, because it is possible.” - Misty Flanagan

This episode is part 2 of my conversation with the Co-Founder, Head of Human Resources & Marketing at Elevated Development, Misty Flanagan. If you weren’t able to follow this series, please go back and listen to part 1.

Let’s jump right into Misty’s inspiring journey and learn more about the process of running an awesome marketing campaign.

[00:01 - 09:49] Setting Expectations

• Misty talks about how she tracks her daily goals
• • Journaling in her miracle morning routine
  • She talks about Trello
• Setting the expectations for yourself
• • Never compare yourself to others but focus on your journey and your own goals
• Be realistic about your expectations and goals
• • Start small and build-up
  • Prevent you from feeling like you are failing
• You don’t fail by trying but by quitting
• Program yourself to look for opportunities, and that’s how we create
• • Even when it seems like you are failing, you still can learn
• Celebrate the small victories and let your goals change along the way
• • Give yourself some grace for the learning curve

[09:50 - 19.20] Opportunities and Marketing Campaigns

• Misty talks about determining your Marketing Campaign
• • Make sure it aligns with your goals
• Being realistic with yourself and understanding the resources that you have in front of you right now
• Misty talks about the most popular and common marketing campaigns
• • Find the one that suits you
• Choose one to two maximum campaigns as new investors
• • Scale it down and focus on a maximum of two campaigns at a time
• Never say never; always be open to any possibilities
• Choose which list you want to purchase
• • She talks about the probate list
• Misty talks about the list of providers
• • Limit and track your list to make sure you are not wasting your money

[19:21 - 26.37] Take Your Massive Actions

• Misty talks about taking massive actions and the first leap
• Tweak, adjust and move forward
• You can’t complain about the results that you did not create
• Misty talks about the common fear in taking the first leap
• • You will mess up along the way, but you will learn every single time that happens
  • That allows you to be better each time
• Use the network and resources around you
• Always be thinking about the next step
• Misty talks about what keeps her motivated during the failure
• • Always have your ‘Why.’
  • Taking something to learn from the failure and grow
  • Listen to mindset podcast, books, and other resources

Tweetable Quotes:

“The more you go through it, the more you learn, and the more you will grow to bounce back.” - Misty Flanagan

“Failure is not an option when you give up. When you quit that is the time when you fail.” - Misty Flanagan

“You may not be able to control 100% the outcome, but you can control the execution of it.” - Misty Flanagan

Resources Mentioned:

• Trello

You can connect with Misty on Facebook, Linkedin and you can also visit the website Elevated Development.

LEAVE A REVIEW + help someone who wants to explode their business growth b

Finding the right marketing campaign is significant to facilitate your business and help you reach your goals

Today I had the pleasure of speaking with the Co-Founder, Head of Human Resources & Marketing at Elevated Development, Misty Flanagan. She is a full-time Real Estate Investor/Developer and the Co-Founder of Guideway Investment Partners Houston Women's Real Estate Investor Alliance (WREIA). With her experiences, she is passionate about training and developing others while building teams.

Let’s jump right into Misty’s inspiring journey and learn more about the process of running an awesome marketing campaign.

[00:01 - 05:25] Opening Segment

• Let’s bring in Misty Flanagan to the show
• I share some of Misty’s amazing achievements
• Misty talks about her career journey
• • Being a fulltime Real Estate Investor/Developer for almost four years
  • Co-Founder of Elevated Development
  • Co-Founder of Women's Real Estate Investor Alliance (WREIA)
  • Co-Founder of Level Up Remodeling (investor-focused remodeling company).
• Misty talks about the introduction of the marketing campaign
• • Overwhelmed in choosing a marketing campaign

[05:26 - 11.00] Residential Investing

• Misty talks about finding the marketing campaign that will facilitate your business and reach your goals
• Determine what kind of investor you want to be
• • Are you an active investor or a passive investor?
• The difference between active and passive investor
• Misty talks about single-family Residential builder and Airbnb rental investing
• Flipping and rehabbing properties
• Know what you’re doing or partner up with somebody that knows what they are doing

[11:01 - 17.48] Commercial Investing

• Misty talks about commercial investing (Multifamily, retail, syndicated deals, etc.)
• Commercial investing is more for the passive investor
• You can do a little bit of both when it comes to residential x commercial or active x passive
• When you decide whether to invest in passive or active, you have to look at the amount of time that you have, and you want to put into this
• Residential and commercial are two different investing strategies
• As long as you are educating yourself and know what you are investing in, there is no need to do residential first
• Misty talks about Passive investing that she does
• • Private money
  • ROI money

[17:49 - 25:07] The Goal Setting

• Understand your current circumstance
• Sometimes your personal goals get pushed to the wayside if the business goals are set first
• Personal goals are really important and will keep you going on the tough days
• You need to be fully focused and feel fulfilled personally and professionally
• Break down your goals
• • Create your short-term and long-term goals
  • Make sure that your short term goals are the way to get you to your long-term goals
• Remember to take a recovery day to decompress
• The significance of feeling productive

Tweetable Quotes:

“The marketing campaign fails when you give up.” - Misty Flanagan

“When you decide whether to invest in passive or active, you have to look at the amount of time that you have, and you want to put into this.” - Misty Flanagan

“Personal goals are really important and will keep you going on the tough days.” - Misty Flanagan

Resources Mentioned:

• Elevated Development

This episode is part 2 of my conversation with one of my good friends, Keri Bednarz, about Virtual Assistance. If you weren’t able to follow this episode, please go back and listen to part 1.

Let’s jump right into Keri’s story and learn more about the effective way to work with VA.

[00:01 - 07:29] Training process

• Keri talks about the engagement matrix that they follow
• • Expertise matrix
  • Impact matrix
  • Deal flows
  • Brand growth and profitability
• Make sure you are putting out what people want to see
• Keri shares her experience of the training process at the very first two weeks
• • Had daily meetings with her VA to understand the job descriptions
• Rocket station keeps all of the VA accountable
• • Once a week, meeting with the supervisor to share review and feedback
  • If you hire the VA fulltime, they will only be working for you
  • Two weeks trial as a part-timer for 20 hours

[07:30 - 14:25] Communication and Working Tools

• Keri talks about Slack and how it works.
• • Team communication tools
  • Multiple channels for different topics and divisions
  • Organizes everything for you
• Keri talks about keeping all the contents that her VA made.
• • So when he no longer works for her, she could still have access to them.
  • She talks about the importance of keeping backups.
• Getting to self-led habits
• • Guide and direct them in the right direction
  • It takes a little bit of time to understand what you are doing.

[14:26 - 20:04] Communication style and Job Delegation

• Keri talks about her communication style to her VA.
• • Being blunt but polite
  • Let your VA knows when they are doing a good job.
• Giving appreciation to your VA, especially when they are doing a good job
• • Possibility of a bonus for them if they work through another company like Rocket Station
• Keri talks about the possibility of an issue with an internet connection and power source.
• • Obstacles from natural causes such as weather, typhoons, storms, etc.
• Her VA always lets her know whenever he can or cannot be contacted.
• • Excellent work ethics
• Get your daily tasks written on paper in detail.
• • So you would know how much free time you could get when you delegate the job to your VA.
  • Send it to your VA si they would understand what you need them to do.
• Make your own onboarding SOP videos.

[20:05 - 25:00] VA Hiring Platforms

• Keri talks about multiple platforms where you could hire a VA.
• • Upwork
  • Rocket Station
  • Fiverr, Etc.
• Keri shares her daughter’s experience hiring VAs through Upwork.
• Keri talks about all of the benefits she got from hiring VA through Rocket station.
• • Making the hiring process way easier

[25:01 - 29:07] Increase The Engagement

• Keri shares a funny story of her experience with her VA.
• When you do virtual meetings, make sure you also pay attention to your surroundings
• Final words from me

Tweetable Quotes:

“When you do virtual meetings, make sure you also pay attention to your surroundings and background.” - Keri Bednarz.

“Get your daily tasks written on paper in detail, so you would know how much free time you could get when you delegate the job to your VA.” - Keri Bednarz.

“By hirin

Do you feel overloaded with your work and hardly finding time to focus on your business improvement? Don’t worry; now you can hire a VA to help you with that.

Today I had the pleasure of speaking with one of my good friends Keri Bednarz. Keri is a highly motivated real estate investor, salon owner, and entrepreneur with thirteen years of experience in single-family, multi-family, commercial, and raw land development.

She will share her experience in hiring a VA, how it helps her lighten her workload, and give her more focus to level up.

Let’s jump right into Keri’s story and learn more about the effective way to work with VA.

[00:01 - 08:49] Opening Segment

• Let’s bring Keri to the show
• Keri talks about the beginning of her career journey.
• • She begins investing in residential real estate in 2006
  • Did a few flips, rental, and owner finance property
  • Begin in multi-family in 2018
• Keri talks about how she started to hire a VA.
• • Joined elevate in 2019 hired a VA since May.
  • Begin to get overload with her job
  • His husband set up an interview with a VA selection company for her.
  • She uses Rocket Station.
• Keri shares her opinions on how good her VA works.
• • Has been helping her to elevate and level up quickly
  • It took a few weeks to get a grip on the job but has been doing fantastic since
  • Planning to hire another VA

[08:50 - 13:48] Tips on Hiring Your VA

• Keri shares some tips on how to hire a VA
• Ask them some of off wall questions.
• • Make sure that they are a quick thinker.
  • See their true communication skill
• Make sure they have good internet
• • It is very important that they can connect with you.
• Make sure they have the right equipment for their job.
• Flexibility in their working hour
• Find a good communication tool to communicate with them.
• • She uses Slack to communicate.
• Keri shares her experience working with her VA.
• • Being open to any suggestions from your VA
  • Asks them feedbacks for improvement
• Daily report on their job
• • Beginning and end of the day report

[13:49 - 17:48] VA Job Descriptions

• Keri talks about her VA job description.
• • The main focus was to take and create video content.
  • Edit videos for social media content on various platforms
  • Scheduling the content for her
• Took two weeks of training
• Her VA has created the entire month’s worth of content in just two weeks.
• • Putting out incredible content
  • Posting 3 times a day
  • With much much better quality content

[17:49 - 23:59] The Adaptation Process

• Keri talks about how her VA learn her voice.
• • Getting used to her voice and communication style
• Just because it’s not your way does not mean it is not good.
• • Being open to any suggestions
  • Sharing and exchanging ideas
• He is also doing the SEO for her website.
• Turns videos to micro contents
• Rebranding her youtube channel
• Posting her blogs on the bigger podcast
• Handling FB groups and Instagram
• She talks about hiring another VA to help her with CRM.

[24:00 - 28:35] Increase The Engagement

• Keri talks about the virtual meetups
• Having the checklist to work on
• Her VA not only creating the content planning but also tracking t

This episode is part 3 of my conversation with the “black belt” in real estate taxation, Michael Plaks. If you weren’t able to follow this episode, please go back and listen to part 1 and part 2.

Let’s jump right into Michael’s story and how he saves real estate investors from excessive taxation.

[00:01 - 05:29] Real Estate Professional Documents

• How do I document what I’m doing so that I could be considered a real estate professional?
• • Your tax professional is not going to ask you to prove anything as long as it makes sense.
  • IRSA may ask you to prove it
  • Keep track of these four items for every expense: ‘where, how much, to whom, and why.’
  • If you have multiple properties, you will have to keep track of the no. 5, ‘for what property.’
• Don’t put it on QuickBooks; it is a too complicated system and not ready for Real Estate Investors.
• • You could customize QuickBooks but still will a little bit complicated.
  • Unless you have professional help to customize, stay away from it
  • If you don’t want to have a professional system, use expense tracking apps, they are more simple.

[09:27 - 17:14] Bonus Depreciation question

• Last year I had Bonus depreciation, but neither one of us is a real estate professional, so we could only deduct it on the passive income receipt. Is it have to be the properties associated with deduction, or can it be used on some of our other rentals?
• • Bonus depreciation is a form of depreciation and one of the methods to deduct appliances when you buy rental properties.
  • The answer to this case is; the husband can not qualify to deduct because of his W2 job, but the wife could because this year, she has spent more time in real estate than other jobs.
  • It could only be unlocked when you spend more time in real estate within the year than any other job.

[17:15 - 25:54] Income vs Tax

• Michael shares a study case that he presented in his class
• • Tell stories of some clients and ask the students about their opinions
• The amount of tax that someone is paying reflects the amount of money that they’re making
• • Better off willing to pay 45% of the income to tax, then not making any money at all
• Start reaching out for professionals to avoid costly mistakes

Tweetable Quotes:

“Unless you have professional help to customize, stay away from Quickbooks” - Michael Plaks.

“Better off willing to pay 45% of the income to tax, than not making any money at all .” - Michael Plaks

Resources Mentioned:

• https://www.michaelplaks.com/

You can connect with Michael on Facebook, Youtube, and Linkedin. You can also check out his website at https://www.michaelplaks.com/

LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode.

Are you confused about where to start? Join our community and learn more about real estate investing. Head over to our Facebook Page, Youtube Channel, or website https://www.theacademypresents.com/jointhesummit36848306.

Connect with Lorren Capital, LLC. for syndicated multifamily investments, https://lorrencapita

This episode is part 2 of my conversation with the “black belt” in real estate taxation, Michael Plaks. If you weren’t able to follow this episode, please go back and listen to part 1.

Let’s jump right into Michael’s story and how he saves real estate investors from excessive taxation.

[00:01 - 05:29] Become a ‘Real estate Professional.’

• We both have full-time jobs. Can we commodify real estate professionals if one of us obtains a realtor license?
• • The answer is No
• How do we become a real estate professional?
• • It is not ‘becoming,’ but a qualification
• Michael talks about Federally licensed Enrolled Agent (EA)
• • Designation and representation before the IRA
  • Defended clients in multiple orders were real estate professional status was challenged by the IRS
• A real estate professional has to pass a certain test
• • They have to spend more time in real estate than anything else to get money

[05:30 - 17:14] Rental Property Tax Deduction

• I have rental properties, I buy new appliances. Can I deduct the full cost of appliances right away?
• • The answer is Yes, you can deduct it.
  • Three different ways to do it
• What if you have a rental property, and you had it for three years and never claimed depreciation. Can I fix this mistake by filing an amended tax return for the last three years?
• • The answer is No
  • You can fix the mistake but not with an amended tax return
  • Completely different form and procedure
  • Highly recommend hiring a professional
• Can I deduct 100% of the property taxes on my rental property if they are higher than the new tax law limit of 10,000?
• • Started in 2018; we have new tax reform
  • As an investor, you are not limited at all
  • It is only limited for residences, not for investors
  • The answer is yes; you can deduct 100%
• I take my rental property; I get a mortgage for a rental property to buy a boat. Can I deduct the interest?
• • The answer is No
  • Your interest is deductible based on what you use the loan for
  • It will only be deductible if you use to buy a new rental property, but not for personal reasons
• What if I turn my old house into a rental for two years, then I move back to live in this house myself for two more years, do I have to pay taxes when I sell it?
• • Yes, you do
  • If you move back into the house, then you still have to pay for tax when you sell it
  • If you don’t live there three years before you sell it, you can sell it tax-free

[17:15 - 25:54] Business first, Taxes Second

• Never sell or buy anything for tax reasons
• • Taxes should never control your decisions
  • Don’t forget the bigger picture; the bigger picture is live your lifestyle the way you want it, and make money in your business
• Michael talks about his website
• • https://www.michaelplaks.com/
• Michael talks about REITax Corp
• • Specialize in all included service
  • Help you improve your real estate business
  • Help you in taxes, bookkeeping, IRS problem
  • Business advisory, etc
• If someone has decided to buy a duplex or a quad and they are going to house hack it, how is the tax on that treated, are they will be able to deduct for all the units?
• • House hacking is not an investment, but a lifestyle for a starter house
  • You can split your taxes and bills
  • But you can not remove