Are you sure that you really understand real estate taxation? Let’s find out here.

Today I had the pleasure of speaking with a “black belt” in real estate taxation, Michael Plaks. A first-generation Russian immigrant who founded REITax Corp and two other top tax firms in Houston since 1996. Michael is an award-winning speaker, best-selling author, and also the ultimate expert in IRS taxation for realty investors.

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

[00:01 - 07:29] Opening Segment

• Let’s bring in Michael Plaks to the show
• I share some of Michael’s amazing achievements
• Michael talks about his background and his specialty
• • Coming from Russia with the same attitude on taxes
  • Specialty in taxation since 1996
  • He talks about REI Tax Corp
• Michael talks about the new rule of the conversation
• • Pick random topics regarding real estate taxation
  • If you are new in REI you will learn various taxation terms
  • If you have been in REI for a while you can test yourself in the 10 yes/no questions test
  • If you are choosing a professional to work for you, regarding taxation, you can use this information to see if you are in good hands or not

[05:20 - 25:38] 10 Yes/No questions

• If there is a couple who makes a 200k salary between husband and wife, can they reduce their tax with tax rivals from rental properties?
• • The answer is No
  • 200 happens to be too high
• Michael explains the taxation system in Real estate
• If we buy rental properties and pay 100 grand for it, and in 5 years it will double in value, is it possible to avoid capital gain taxes when we sell it?
• • The answer is yes
  • 1031 exchange strategy
• If you buy a fixer-upper to rebuild sales and do construction on it, do we get long term capital gains?
• • The answer is No
• State income taxation
• Self-employment tax
• Strategies to mitigate and anticipate Flippers high taxation
• Can we lend out IRA money to another real estate investor?
• • If it is your own 401k then Yes
  • Roth IRA and the Regular IRA
• We both have full-time jobs, can we commodify real estate professionals if one of us is obtained realtor wise?
• • The answer is related to the first question
  • Depends on the total number of income

Tweetable Quotes:

“You can’t avoid debt but you can avoid tax .” - Michael Plaks

Resources Mentioned:

• Exchange Intermediary

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,

This episode is part 3 of my conversation with Mike Farrell, if you weren’t able to follow this episode, please go back and listen to part 1 and 2.

Let’s jump right into Mike’s inspiring life story and his passion for wellness and health.

[00:01 - 08:29] Facing the Uncomfortability of Self-Learning

• Positivity, Gratitude, and Self-Confidence takes time and practice
• Uncover the uncomfortable truth within you
• • Be aware of the things that make you unhappy
  • Be honest to yourself
  • Do not ignore the signs
• The ability to control your reality
• • Change the situation
  • Raising the higher standard and vibration to yourself
• Sometimes we have to let the ego go and reach out for help
• • Everyone needs guidance and helps from others
  • He talks about Tony Robbins, Tom Brady, and other top-level athlete and businessman as an example
  • You can’t just take control of your health and fitness by Youtube-ing everything

[08:30 - 13.30] Incorporate your Health to Create Balance your life

• Mike talks about a few types of health that we need to incorporate
• • Physical Health
  • Mental Health
  • Nutrition Health
• Have the tools to keep you balance in life
• • End of the day report
  • Write 3 things that you feel grateful for that day
  • Write 3 things that you could improve in that day
• Remember the power of your thoughts (T.E.A.R.)
• Self-confidence = Self-talk
• Mike talks about how to reach out to apply to his and his wife’s’ program for women
• • See links below
• Uncover your truth
• • Be patient to yourself
  • Give the right amount of support

[13:30 - 18.20] Closing Segment

• Mike talks about everything happens for a reason
• Mike talks about the importance of having a coach in your life
• Mike gives his final words
• Final words from me

Tweetable Quotes:

“Sometimes we have to let the ego go and reach out for help .” - Mike Farrell

“Be aware of the things that make you unhappy and be honest to yourself.” - Mike Farrell

“Be patient with yourself and give yourself the right amount of support.” - Mike Farrell

Resources Mentioned:

• Angelicaventrice.com

You can connect with Mike on Facebook.

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!

Today I had the pleasure of speaking with one of the most inspiring health and wellness coaches, Mike Farrell. He found his passion for fitness and health from a very young age after he had to go through a life-changing surgery that led him to gain more confidence in fitness.

With years of experience in wellness and health career, he has been coaching thousands of people to create their own sustainable long-lasting healthy lifestyle.

Let’s jump right into Mike’s inspiring life story and his passion for wellness and health.

[00:01 - 07:29] The power of Positivity

• Mike talks about the power of positive and negative thoughts
• • 83% of illness was exacerbated by negative thoughts
• Positivity is a constant practice
• Mike explains about the “Choose Again Method by Gabrielle Bernstein”
• • Awareness
  • Forgiveness
  • Releasing
• Mike shares about his experience in conquering his financial stress
• The Law of Attraction
• • the more that you celebrate little victories, the more that they'll start compound and build momentum that creates a bigger win
• Speak exactly what you want
• • Every single word that you use to talk to yourself matters
• Be aware of your negative thoughts and practice yourself to shift it into the positive

[12:45 - 19.04] Self Confidence

• Self-confidence = Self-talk
• • What you say to yourself determines your confidence level
• Self-confidence brought on by the way you look
• • You look good makes you feel good
  • Your body is your business card
• Taking control of your health is also lead to you looking good and make you feel better about yourself
• How to look professional and put together
• Self-confidence is also by holding yourself to a higher standard
• The role of your self-image
• Constantly implementing small strategies

Tweetable Quotes:

“The more that you celebrate little victories, the more that they'll start compound and build momentum that creates a bigger win .” - Mike Farrell

“Your self-image does play a big role in how you feel about yourself .” - Mike Farrell

“Self-confidence requires you to implement small strategies over and over again until you find your breakthrough moment.” - Mike Farrell

Resources Mentioned:

• Choose Again Method by Gabrielle Bernstein

You can connect with Mike on Facebook.

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!

Today I had the pleasure of speaking with one of the most inspiring health and wellness coaches, Mike Farrell. He found his passion for fitness and health from a very young age after he had to go through a life-changing surgery that led him to gain more confidence in fitness.

With years of experience in wellness and health career, he has been coaching thousands of people to create their own sustainable long-lasting healthy lifestyle.

Let’s jump right into Mike’s inspiring life story and his passion for wellness and health.

[00:01 - 07:29] Opening Segment

• Let’s bring Mike Farrell to the show
• I talk about how we met
• Mike talks about his background and how his fitness journey begins
• • Growing up as a normal active child
  • Had to went through spinal fusion surgery in high school
  • Facing many challenges of the surgery aftermath and being weak
  • Regained his confidence after joining a weight lifting class
  • Finding his passion for health and fitness

[07:30 - 11:30] Passion for Fitness

• Mike shares the story of how he begins to find passion and career in health and fitness
• Mike talks about his career journey in fitness
• • Personal trainer for 4,5 years
  • Teaching group fitness classes for 3 years
• Mike talks about his new program
• • You’re in a Badass Academy
  • Tailored specifically for professional men to get a sustainable lifestyle
  • Creating a sustainable long-lasting lifestyle not a quick fix
• The importance of a sustainable and balanced method in wellness
• • Creating habits
  • The all or Nothing approach doesn't leave with the long-term success

[11:31 - 19:30 ] Positivity, gratitude, and self-confidence create a winning combination

• Gratitude is the biggest modality for success
• • Express gratitude every day
  • Start your day with gratitude as soon as you wake up
  • Opening and receiving gratitude in simple things life
  • Gratitude radiates positive energy
• Mike talks about his Acrament of T.E.A.R.
• • your thoughts become your emotions are those emotions create actions and your daily actions create your reality
• Mike shares about a study about the significance of language
• • When we verbalize thoughts to the language it becomes 10x more powerful

Tweetable Quotes:

“When we give and receive gratitude, it radiates positive energy .” - Mike Farrell

“The way you speak to yourself and others really plays a big role on what you manifest to your life.” - Mike Farrell

“Your thoughts become your emotions, those emotions create actions and your daily actions create your reality.” - Mike Farrell

Resources Mentioned:

• You're In a Badass Academy Program

You can connect with Mike on Facebook.

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, http

Today I had the pleasure of speaking with one of the most inspiring real estate investors, Maricela Soberanes. She is also a Certified Registered Nurse Anesthesiologist, a Reservist in the Naval Office, and a founder of a non-profit.

Maricela has been in the Real Estate business part-time for over 16 years. She and her husband founded Up Plex Living and manage a rental portfolio of 35 doors. Her goal is to help people to reach their financial independence and apply the concepts of living and bringing people up, uplifting, up living, and living it up!

Let’s jump right into Maricela’s inspiring life story and her passion is to teach better money behaviors to those who want to gain financial independence.

[00:01 - 08:25] Creating Financial Legacy

• Maricela talks about how to create a financial legacy for the next generation
• • There are steps that you have to take to prepare yourself first
  • Teach them values about money to make them ready to face the world
• Strategies to motivate the younger generation to learn about money
• • She shares the beginning of her success journey
  • The importance of financial independence
  • Freedom and flexibility in lifestyle

[08:26 - 13:29] Running Your Numbers

• Is this a good time to invest, or should we wait for the impact of COVID-19?
• • Always be open and prepared for a deal, at anytime
  • There is no good or bad time to invest, when the numbers make sense, you should be always looking for a deal
• Maricela talks about the attachment with the property
• • How much should we spend to fix or makeover a property
  • What are your missions and criteria for fixing?

[13:30- 19:24 ]The Risk and Cost of Unexpected Spendings

• How do you run your numbers?
• • Depends, You have to have the margin of covering your mortgage and the percentage of income
  • 1% rules on residential
• Budget for unexpected spendings
• • Emergency maintenance
• Unoccupancy risk and cost
• • Always plan and prepare for it
  • She talks about diversification
• Final words

Tweetable Quotes:

“Success is where the preparedness and opportunity meet, so if the opportunity is there and the numbers make sense, you should find a good deal.” - Maricela Soberanes

“Be flexible, creative and always do networking ” - Maricela Soberanes

“There is no price the value of networking could bring for you and your business” - Maricela Soberanes

You can connect with Maricela on LinkedIn, Instagram and Facebook. To know more about her life story and financial tips, check out her blog at fromfinancialsurvivaltofinancialindependence.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 invest

Today I had the pleasure of speaking with one of the most inspiring real estate investors, Maricela Soberanes. She is also a Certified Registered Nurse Anesthesiologist, a Reservist in the Naval Office, and a founder of a non-profit.

Maricela has been in the Real Estate business part-time for over 16 years. She and her husband founded Up Plex Living and manage a rental portfolio of 35 doors. Her goal is to help people to reach their financial independence and apply the concepts of living and bringing people up, uplifting, up living, and living it up!

Let’s jump right into Maricela’s inspiring life story and her passion is to teach better money behaviors to those who want to gain financial independence.

[00:01 - 05:00] The Power of Network and Community

• Maricela talks about how important is it to find the right community
• • Get a source to learn more
  • Uplifts and empowers you to do more
  • Sharing values
• The Platform to help others become successful and better

[05:01 - 12:15] The Mindset of Opportunity

• Being content and fulfilled in your life
• • Allows you to reach out for more people
  • Giving you a vision
• Make the move, don’t be afraid to reach out for help
• • There is always going to be people that willing to help in the right community
• It is okay to make a mistake
• • Learn and fix it
• See mistakes as an opportunity, not as an obstacle
• Maricela shares her story about learning from her mistakes
• • Don’t be afraid of what you don’t know, Learn it
  • Get the resources, because you never going to know everything
  • Get at least 3 quotations, make sure all of the work is permitted
• Maricela talks about the importance of having a team

[12:16 - 18:00 ] Professionalism to Fight Gender Discrimination Against Women

• Maricela talks about gender discrimination and challenges for females in business
• • Treat the business as a business
  • Have the layers of professionalism
• Becoming the Influencer and role model for women to move forward in business
• Have the system in place to enforce the equality
• Maricela shares the story of how she and her husband build the company
• • How they support each other to be better

[18:01- 22:08 ]Teaching the Right Value of Wealth for the Next Generation

• Maricela talks about her first business
• • Learning to manage a business from a distance and still be involved
  • Learn and improvised from mistakes
• Teach and train the next generation to protect your investment
• • Think about how many generations you want to build the wealth for
  • How much money do you need to retire
  • Teaching the value of wealth and the value of preserving that

Tweetable Quotes:

“Do not be afraid of what you don’t know, because it is okay to make mistakes, just learn and fix it .” - Maricela Soberanes

“Think about how many generations you want to build the wealth for and teach them the value of wealth also how to preserve it ” - Maricela Soberanes

You can connect with Maricela on LinkedIn , Instagram and Facebook. To know more about her life story and financial tips, check out her blog at fromfinancialsur

Today I had the pleasure of speaking with one of the most inspiring real estate investors, Maricela Soberanes. She is also a Certified Registered Nurse Anesthesiologist, a Reservist in the Naval Office, and a founder of a non-profit.

Maricela has been in the Real Estate business part-time for over 16 years. She and her husband founded Up Plex Living and manage a rental portfolio of 35 doors. Her goal is to help people to reach their financial independence and apply the concepts of living and bringing people up, uplifting, up living, and living it up!

Let’s jump right into Maricela’s inspiring life story and her passion is to teach better money behaviors to those who want to gain financial independence.

[00:01 - 04:59] Opening Segment

• Let’s bring Maricela Soberanes to the show
• Maricela tells us about her background and the beginning of her journey
• • She came to the US with nothing at 23
  • Jumped to the nursing career
  • Becoming a certified registered nurse anesthesiologist
  • Served in the US Navy
  • Went into the real estate business

[05:00 - 12:00] From Financial Survival to Financial Independence

• Maricela shares the story about her financial survival and mistakes
• • How important it is to share your mistake so others can learn
• Maricela shares some tips and the challenges in real estate
• • Find the right community to support you in real estate
  • The importance of mentorship
• Maricela talks about the importance of structuring your system
• • Learn and structure the Taxation law
  • Make the system and SOP
  • The system will allow you to be more organized and productive
• The benefits and joy of doing real estate
• • Having the options to be independent by real estate
  • Enjoying the passive income
  • Seeing the families that move in

[12:01 - 18:00 ] Up Plex Living LLC

• Maricela talks about Up Plex Living LLC and the background of her company
• • She shares the story about her experience moving from place to place when she was a kid
  • The motivation to help people in her community
  • Getting the first Property for her business
• Maricela talks about the advantages of Multi-living and multifamily real estate
• Maricela shares several strategies and the development in her company

[18:01 - 26:44 ]The Power of Network and Community

• Maricela talks about the risk in the starting
• • Make sure that the deal are makes sense
  • Prepare yourself with many pieces of information
• The importance of training your tenants or residents
• • Have some system in place to prevent unwanted issues
• The power of Networking and community in the real estate business
• • Bounce ideas
  • The platform to reach out and help some people

Tweetable Quotes:

“It is not about how much income you get, but how much choices you have.” - Maricela Soberanes

“When it comes to Multifamily, Just get to your first deal, it might not be the moneymaker, but you will get addicted to it. And once you are in it, you will just keep rolling. It will give you the lesson that you need ” - Maricela Soberanes

Resources Mentioned:

• Up Plex Living LLC
• From financial survival to financial independence

&

Today I had the pleasure of speaking with the Director of Multifamily Education & Executive Partner at Active Duty Passive Income, Tim Kelly. Tim is an active duty Chief Petty Officer in the United States Navy and has been serving his country for 14 years. He is also a Real Estate Investor & Educator, Best-Selling Author, and a great speaker.

Let’s jump right into Tim’s story on how he pursued his dream of owning and operating multi-family real estate and helping others realize their financial freedom goals!

[00:01 - 08:55] Becoming a Better Investor

• Tim talks about becoming a better investor
• • Better person
  • Grow as a human
  • Learn to add more value to people in different ways
• Tim talks about the importance of choosing the right environment
• • Intentional decision to put yourself in the situation
  • Scarcity Mindset vs Abundance Mindset
  • Requires commitment and strong motivation
• ETE (Education to Entertainment) Ratio
• • 80 (Education) : 20 (Entertainment)
  • How to take both seriously
• Tim talks about the Multifamily Academy Module
• • Mindset module

[08:56 - 19:36] Morning Routine and Time Value

• Tim shares about his morning routine
• • The time where you do you
  • Doesn’t have to be in the morning
• The time where you dedicate your own growth
• • Meditation, working out, journaling, etc
• Questions to ask every morning
• • What am I grateful for today?
  • What am I going to crush through today?
  • How am I going to get uncomfortable?
  • How am I going to make my business and life better, faster, and more efficient?
• The most successful people manage their time because they value their time and others time than most people
• Tim talks about how to manage and track your time
• • Time block out
• Habitual advantage and speed of implementation
• • game changer between people who struggle and people who are able to achieve fast
  • From the time you get your amazing ideas to the time you actually implement it, will dictate your success, it should not be more than 24 hours
• The Importance of regular exercise
• • Improve your health and nutrition
  • Break through barriers starting from your the gym
  • Better sleep, better energy, better memory, better confidence, a better relationship, decrease injuries, etc

[19:37 - 27:58] Coach, Mentors, and Community

• Tim shares the importance of having mentors and coaches in life
• Be very picky with who you spend your time with
• • Those people will influence you
  • Are they pushing you to grow or anchoring you down?
• There is always more people to help
• • You have to grow to become that person to help more people
• Ask yourself the “Why” questions
• • It has to be deep and meaningful
  • Remind yourself of it everyday
  • Share it to your social media and be vulnerable
• Tim shares his final words and how to connect with him
• • See below for social links.

Tweetable Quotes:

“From the time you get your amazing ideas to the time you actually implement it, will dictate your success. It should not be more than 24 hours.” - Tim Kelly

“What you pay attention to will improve, what you track will expand, where your focus goes energy flows. If

Today I had the pleasure of speaking with the Director of Multifamily Education & Executive Partner at Active Duty Passive Income, Tim Kelly. Tim is an active duty Chief Petty Officer in the United States Navy and has been serving his country for 14 years. He is also a Real Estate Investor & Educator, Best-Selling Author, and a great speaker.

Let’s jump right into Tim’s story on how he pursued his dream of owning and operating multi-family real estate and helping others realize their financial freedom goals!

[00:01 - 05:14] Advantages and Disadvantages of Mobile Home Parks

• Tim talks about the importance of getting to know the right people in the city hall
• • The approval to rezone their property area
• Tim talks about the advantages and disadvantages of Mobile Park Homes
• • Be conservatives and know the rule of thumbs
• Tim talks about Mobile Home Parks in natural-disaster zone areas (flood, tornado zones)
• • The importance of insurance

[05:15 - 16:49] The Keys to Profitable and Successful Investing

• Make sure you understand your market
• • Make sure you know the demand and population growth, etc
• Make sure you do the adequate market due diligence
• • Private utilities vs municipal utilities
  • Understand the condition in the area
• Analyze the arbitrage
• • The interest rate and a cap rate
  • 2.5% to 3% spread between your interest rate on your debt and your cap rate is a really good rule of thumb
• The higher the cap rate, the more management intensive it is going to take
• Get to know the right people in the city hall
• Tim shares the strategies to be a park owner or tenant owner
• • Bring your lot rent up to market
  • Get to fix a unit
• Tim talks about the RMLO (Residential Mortgage Loan Originator)
• Make sure you understand your local laws

[16:50 - 24:17] Mindset is Everything

• Tim shares the importance of mindset mindfulness
• How you talk to yourself will determine what is coming back at you
• Remove the word “Can, Hope and Try” from your vocabulary
• Tim talks about ‘How you feed your brain’
• • Be aware of the information you take
  • Be aware of the people that you choose to be around

Tweetable Quotes:

“Even if you have the most knowledge about real estate investing but you don't have the mindset to go with it, it’s not going to mean anything at all.” - Tim Kelly

“if you have a positive mindset like if you consider what you're saying to yourself in your self-talk, that's going to translate into the attitude that you pretty much convey to other people and that is what you will receive back at you.” - Tim Kelly

“It is not about what happened to you, because 10% of it is about what happens to you and 90% of it is how you react to what happens.” - Tim Kelly

“People with small minds talk about other people, but people with large minds talk about how to add more value to this world and how to create ideas to help other people.” - Tim Kelly

Resources Mentioned:

• RMLO

You can connect with Tim Kelly on LinkedIn and

Today I had the pleasure of speaking with the Director of Multifamily Education & Executive Partner at Active Duty Passive Income, Tim Kelly. Tim is an active duty Chief Petty Officer in the United States Navy and has been serving his country for 14 years. He is also a Real Estate Investor & Educator, Best-Selling Author, and a great speaker.

Let’s jump right into Tim’s story on how he pursued his dream of owning and operating multi-family real estate and helping others realize their financial freedom goals!

[00:01 - 04:59] Mobile Home Association and Notes

• Tim talks about Mobile Home Association and types
• • Benefits from joining the associations
• Tim explains about Mobile Home Notes, Title, and Deeds
• Tim shares some ways to find deals
• • How to look for deals on public leasing sites
  • Connecting with brokers

[05:00 - 16:14] The Keys to connect with the broker and get better deals

• Tim shares the keys to get better deals from brokers
• • How to get off-market listing deals
  • Build relationships with your brokers
  • Know exactly what you are looking for
• Tim talks about the importance of the relational aspect to get the deal
• • Relatability factor
  • Be genuine
  • Follow up directly
• Create the opportunity to the potential deals

[16:15 - 20:59] Understanding the Mobile Home parks Tenants

• Tim shares about how to build a good culture with the Mobile Home tenant
• • Be empathetic but firm
• The preventive actions to avoid riff-raff
• • He explains tenant screening policy
  • Building a relationship with the city halls and law enforcement
• Tim talks about the management of Mobile Home communities
• • Management agencies
  • Self-Management

[21:00 - 26:52] Challenges for Mobile Home parks owners

• Tim shares about the challenges of Mobile Home parks owners
• Tim talks about the various ways to add value to Mobile Home parks
• Tim talks about the development challenges of new Mobile Home parks

Tweetable Quotes:

“There are a lot of opportunities, not only to learn and grow but also the network to be part of the Mobile Home Association .” - Tim Kelly

“You have to figure out, what can you do to help you be remembered and what could you do that others are not willing to do” - Tim Kelly

“This is a relationship business, building relationships with everybody that you come into contact with in this industry is just going to put you at a huge advantage.” - Tim Kelly

Resources Mentioned:

• Mobile Home Park Store

• Loop Net

You can connect with Tim Kelly on LinkedIn and Facebook. Learn more about his life story and real estate journey by visiting his website at https://thetimothykelly.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 invest