Cost segregation is a powerful tax strategy that allows property owners to significantly reduce their income tax liability by accelerating depreciation deductions.

In this episode, I sit down with Yona Weiss, a renowned expert in cost segregation, to unpack what this strategy entails and how it can benefit real estate investors. Yona explains that cost segregation involves breaking down the components of a property to identify those that depreciate faster than the standard timeline, enabling owners to front-load deductions and improve cash flow.

We also discuss the nuances of when cost segregation is appropriate and the potential pitfalls to avoid, particularly regarding property types and holding periods. Listeners will gain valuable insights into the mechanics of cost segregation and how it can be a strategic tool in their real estate investing journey.

Takeaways:

• Cost segregation is a tax strategy that allows property owners to accelerate depreciation, thus reducing taxable income significantly.
• Yona Weiss explains that cost segregation involves breaking down properties into components that depreciate at different rates, allowing for larger deductions upfront.
• Investing as a limited partner can be advantageous for those who prefer not to manage properties themselves, as it allows them to focus on their strengths.
• It's essential to consult with a CPA before implementing cost segregation, as it may not be suitable for every property or investor situation.
• A key consideration for using cost segregation is whether the property is held long-term or short-term, as flipping properties may not benefit from this strategy.
• Real estate professionals may leverage cost segregation to offset active income, which can provide substantial tax savings compared to passive investors.

Thanks for following, subscribing and listening to this episode of The Do More podcast hosted by Jon Farling. To learn more or ask questions, go to l4investing.com.

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Setting clear and impactful goals is essential for success in both real estate investing and personal development, as highlighted by Jon Farling in this episode. He emphasizes the importance of not only defining our goals but also communicating them to those around us, including family and team members, to foster accountability. Jon reflects on his own journey and the growth that comes from pursuing ambitious objectives, noting that the process can lead to significant personal transformation. He encourages listeners to break their larger goals into manageable steps, illustrating that achieving significant milestones often requires a structured approach and a clear timeline. By understanding our motivations and the impact our goals have on others, we can create a more meaningful path to success.

Takeaways:

• Setting clear goals is crucial for success in both business and personal life, as it provides direction and accountability.
• Communicating your goals to family and team members can enhance accountability and foster a supportive environment.
• Breaking down larger goals into smaller, manageable tasks helps in achieving them incrementally, making the process less daunting.
• It's important to set ambitious goals that inspire growth, as aiming low can limit potential and learning opportunities.

Links referenced in this episode:

• L4Investing.com

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Work-life balance is a commonly discussed concept, but in this episode, I challenge the idea that such a balance truly exists. Instead, I propose that the focus should be on what I refer to as "filling your cup," which emphasizes the importance of personal fulfillment over the pursuit of an equal distribution of time between work and life. As summer approaches and my kids are home from school, I reflect on my experiences of working from home and how I've navigated the complexities of family life and business responsibilities. Throughout our conversation, I highlight the seasons of life and the adjustments we must make as our circumstances change, particularly as children grow older and our personal and professional priorities shift. By understanding that fulfillment in both work and life does not require strict balance, we can better engage with our loved ones while also pursuing our professional goals effectively.

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Takeaways:

• The concept of work-life balance is often misunderstood; Jon argues that it does not truly exist.
• Instead of striving for balance, we should focus on 'filling our cup' to be present and effective.
• Life goes through seasons, and as children grow, our priorities and routines must adapt accordingly.
• Success in any field often requires sacrifices, and that can affect personal relationships significantly.
• Establishing a routine is crucial for maintaining productivity and ensuring fulfillment in both work and family life.
• Ultimately, being successful means knowing when to prioritize business and when to be fully engaged with family.

Links referenced in this episode:

• L4Investing.com

My friend John Chapman, a two-time guest on our show, shares his personal journey of transitioning from a demanding career as an attorney to embracing the world of real estate investing. We delve into the emotional hurdles that accompany such a leap, the initial exhilaration of freedom, and the unexpected challenges that arise when the structure of a traditional job is removed. John and I reflect on the importance of finding meaningful activities post-job and how this journey influences our overall sense of fulfillment. Ultimately, we explore how financial independence not only allows for greater personal freedom but also necessitates a proactive approach to maintaining productivity and happiness.

John Chapman returns for a thought-provoking discussion on the challenges and triumphs of achieving financial freedom through real estate investing.

Our conversation covers the emotional turmoil of quitting a stable job, highlighting the mixed feelings of excitement and fear that accompany such a significant life change.

We explore the critical question: What happens after you leave your traditional job behind?

Chapman shares insights from his own journey, noting that the initial weeks of freedom can lead to an unexpected existential crisis. He reflects on the need to find new ways to be productive and fulfilled outside of a structured work environment, emphasizing that simply stepping away from a job is not enough; one must actively seek new avenues for engagement and satisfaction.

Key Takeaways:

• Quitting your job can be a daunting leap, often filled with fear, even when financially viable.
• The initial excitement of leaving a job can quickly turn into an existential crisis if no plans are set.
• Finding productivity outside of a traditional job is essential for maintaining fulfillment and happiness.
• Creating a structure and routine post-job is crucial to avoid feeling lost and unproductive in daily life.
• Building relationships with brokers and having credibility is key to finding better deals in today's market.
• Investing in tertiary markets can provide stability, as larger players often avoid these areas, reducing competition.

Thanks for following, subscribing and listening to this episode of The Do More podcast hosted by Jon Farling. To learn more or ask questions, go to l4investing.com.

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Understanding how to effectively buy more storage deals is crucial for anyone looking to expand their portfolio in the self-storage industry.

So, how do you improve your underwriting practices, rather than just increasing marketing efforts or generating leads?

I talk about the essential strategies to enhance your ability to identify and evaluate value-added opportunities within potential investments.

You will learn my insights from conversations with other investors, especially those who are eager to acquire additional facilities but are struggling with their current approaches.

I emphasize the importance of recognizing that most available deals are value-add opportunities, and I outline various misconceptions about underwriting that may hinder your success.

By the end of this episode, you’ll have a clearer understanding of how to approach storage investments more effectively.

Key Takeaways:

• When assessing storage deals, prioritize value-add opportunities to enhance your investment's potential.
• It's crucial to understand that doubling your investment's value is not always necessary for success.
• Do not overlook smaller storage facilities, as they can provide excellent cash flow and strong returns.
• Equity should not be your only means of financing; explore alternative funding options for your deals.
• Square footage per capita is not a reliable metric for evaluating storage demand in specific markets.
• Operating expense ratios can vary significantly; avoid relying solely on the 30-35% benchmark in your assessments.

Thanks for following, subscribing and listening to this episode of The Do More podcast hosted by Jon Farling. To learn more or ask questions, go to l4investing.com.

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I'm excited to explore the inspiring journey of Chris Michaels, the new leader of the Storage Rebellion. Chris opens up about his path from financial struggles to becoming a thriving self-storage investor and how this shift unlocked opportunities for a richer, more meaningful life. Along the way, he shares how taking action, even in the face of self-doubt and limiting beliefs, was the key to his success.

Chris emphasizes the powerful role of community support and reassures aspiring investors that it’s okay to start without having every detail figured out. In our conversation, he also highlights the holistic philosophy of the Storage Rebellion. It's not just about teaching people how to succeed in self-storage investments; it’s about fostering personal growth and finding balance in all areas of life.

By blending financial education with a focus on personal development, Chris shows that building wealth is only part of the equation. Ultimately, it’s about using that success as a stepping stone to create a fulfilling and impactful life.

Takeaways:

• Building a successful self-storage business requires taking action despite lacking complete knowledge or resources.
• Community support is crucial when starting in self-storage investing; it helps overcome initial hurdles and limiting beliefs.
• Financial freedom through self-storage can lead to personal growth, but wealth alone does not guarantee fulfillment in life.
• Self-storage investment allows for flexible operational strategies, enabling investors to focus on long-term goals rather than day-to-day issues.

Thanks for following, subscribing and listening to this episode of The Do More podcast hosted by Jon Farling. To learn more or ask questions, go to l4investing.com.

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Ruben Izgelov from We Lend LLC joins me to discuss the dynamic landscape of private lending in today's market.

A key point we explore is how the current era is being hailed as the "golden age of private credit," particularly as traditional banks tighten their lending criteria. Ruben emphasizes the importance of adaptability in lending practices, noting that his firm bridges gaps left by shrinking community banks to offer tailored financing solutions.

We discuss the challenges and opportunities that real estate operators face, including the shift from flipping properties to holding them as a hedge against inflation. Our conversation also touches on the significance of maintaining strong relationships with borrowers, which is essential for successful lending in this evolving environment.

Takeaways:

• In today's lending environment, private credit is thriving as banks reduce their lending capacity.
• To succeed in real estate lending, having skin in the game is essential for both lenders and borrowers.
• Investors are increasingly transitioning from equity investments to debt financing for better security.
• Effective communication and quick response times from lenders are critical for closing deals successfully.
• Understanding the underwriting process is vital for new lenders to identify and mitigate risks effectively.
• Maintaining strong relationships with experienced borrowers is key to successful lending operations.

Thanks for following, subscribing and listening to this episode of The Do More podcast hosted by Jon Farling. To learn more or ask questions, go to l4investing.com.

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The LFG Mastermind represents a unique gathering of entrepreneurs with a shared commitment to growth, both personally and professionally.

In this episode, I provide insights into the mastermind's structure and its focus on high-level business operations, rather than basic self-storage or real estate principles.

Currently, the group comprises 18 members from diverse fields including self-storage, restaurants, landscaping, flipping, and wholesaling. The common thread among these individuals is their desire to scale their businesses and improve their personal growth.

Through monthly calls and biannual gatherings, members benefit from accountability and collaboration, fostering an environment where they can exchange ideas and strategies.

The recent retreat in Clearwater Beach, Florida, serves as a backdrop for discussions on growth strategies, where members not only network but also engage in workshops led by experienced facilitators like Ian Bishop. I share how the mastermind facilitates a powerful exchange of knowledge and how members can apply these insights to their own business challenges.

Takeaways:

• The LFG mastermind consists of a diverse group of business owners dedicated to personal and professional growth.
• We emphasize the importance of having a clear vision for the future in both business and personal life.
• Implementing an accountability loop can significantly enhance team efficiency and performance overall.
• Understanding the different personality types within your team aids in effective management and employee satisfaction.
• Identifying the impact of our work, no matter how small, can lead to greater awareness and motivation.
• The relationships built in mastermind groups can provide invaluable support and camaraderie among entrepreneurs.

Companies mentioned in this episode:

• LFG Mastermind
• Ian Horowitz
• Lindsay Self Storage Group
• Dan Martell

Thanks for following, subscribing and listening to this episode of The Do More podcast hosted by Jon Farling. To learn more or ask questions, go to l4investing.com.

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Bob Bush, the president and CEO of Mutumbo Coffee, shares his compelling story that blends his personal history of global culture and social impact.

From humble beginnings in a small Midwestern town, his journey to becoming a key player in the coffee industry is as much about self-discovery as it is about professional achievement. Bob reflects on how his early life experiences, combined with a passion for learning, propelled him into diverse academic and professional environments, ultimately leading him to work across various continents.

His insights uncover the importance of understanding diverse cultures through travel and exploration, emphasizing that true diversity is much more than surface-level characteristics.

This philosophy not only shapes his worldview but is also a driving force behind the mission of Mutumbo Coffee, which aims to use the rich heritage of African coffee to foster meaningful conversations and connections.

Key Takeaways:

• Bob Bush, the CEO of Mutombo Coffee, shares his journey from a small town to global business success.
• He emphasizes the importance of travel in broadening one's perspective and understanding diverse cultures.
• Dikembe Mutombo's philanthropic efforts are highlighted, showcasing his commitment to social impact in Africa.
• Bush discusses the challenges of navigating international trade, especially in the coffee industry, amidst global tariffs.
• The conversation touches on the need for resilience and adaptability in business during uncertain times.
• Mutombo Coffee aims to promote meaningful conversations and community engagement through its coffee products.

The Do More Podcast

Thanks for following, subscribing and listening to this episode of The Do More podcast hosted by Jon Farling. To learn more or ask questions, go to l4investing.com.

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In this conversation with Anthony Kusky, we talk about the key themes of adaptability and growth in the real estate industry. Anthony shares his inspiring journey from self-storage investor to skilled entrepreneur, highlighting how he is successfully navigating various investment fields, including wholesaling and mobile home parks.

He speaks openly about his experiences and stresses the importance of seizing opportunities and building strong relationships in business. Anthony also points out how crucial it is to stick to a routine and lean on community support when facing challenges.

As he reflects on his past while looking ahead to future projects, his insights offer valuable lessons for both seasoned investors and those just starting out. He reminds us that success often stems from consistent effort and thoughtful decision-making.

Takeaways:

• Anthony Kusky attributes his strong drive and business acumen to early experiences working at his father's bowling centers, instilling a profound sense of responsibility and work ethic.
• His trajectory from traditional sales roles to real estate investing illustrates the necessity of adaptability and continuous learning in the evolving market.
• Kusky emphasizes the importance of building a supportive community among investors, as collaborative discussions can alleviate self-doubt and enhance decision-making processes.
• He advises prospective investors to take massive and imperfect action, highlighting that progress often requires stepping outside comfort zones and confronting uncertainties head-on.
• The transition to self-storage investing represents a strategic pivot for Kusky, showcasing how diversification can mitigate risks and capitalize on emerging market opportunities.
• Kusky's approach underscores the significance of maintaining a routine and prioritizing personal values, suggesting that a balance between family, work, and community engagement is essential for sustained success.

The Do More Podcast

Thanks for following, subscribing and listening to this episode of The Do More podcast hosted by Jon Farling. To learn more or ask questions, go to l4investing.com.

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