The Wealth Elevator Podcast: Real Estate, Taxes, Investing

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Pardon the grammar - I'm an Engeneer, Enginere, Engenere... I'm good with math! Here are the Show Notes:

Gets a piece of the action by leveraging your time, knowledge, and connections.

Download a free chapter in the Hui Files

Get a heloc, keep your income in the heloc and pay down your home mortgage

People depend on traditional sources

Don't quit your job until you have the next thing going

Dolphin culture - help people without any return

Jordan Goodman has spent the past 40 years focused on one mission: to help Americans do better with their money. In a career spanning newspapers, magazines, books, radio, television, live events, teleseminars, and the Internet (www.moneyanswers.com), he has helped millions of people to solve their financial problems and realize their financial dreams.

An honors graduate of Amherst College, Jordan had just received his masters degree from the Columbia University School of Journalism in 1977 when he launched an award-winning, consumer-oriented newspaper insert, INFO, which reached 4 million readers every week. That early foray into consumer journalism soon led to an 18-year stint at MONEY, the foremost personal-finance magazine in the U.S., where Jordan reported and wrote on every aspect of personal finance. During his tenure at MONEY, he also became a regular presence on radio and television programs around the country. When Jane Pauley and Bryant Gumbel of the "Today Show" wanted to refute some of the more dubious strategies of financial guru Charles Givens in 1986, it was Jordan they asked to face down Givens. When Ted Koppel needed a financial expert to explain to "Nightline" viewers the implications of the stock-market crash of October 19, 1987, it was Jordan to whom he turned.

While at MONEY, Jordan also began to write the first of his 14 highly acclaimed books on personal finance. The Barron's Dictionary of Finance and Investment Terms (1984), which Jordan co-authored with John Downes, has been translated into Spanish, German, Russian, Japanese, and Chinese, and has sold over 3 million copies worldwide. Now in its ninth edition, it is considered a classic in its field and a staple on the syllabi of college personal-finance and business courses, MBA classes, and securities training seminars.

In the 33 years since the dictionary was first released, Jordan has also written:

• Barron's Finance and Investment Handbook (1986, co-authored with Downes) that provides a comprehensive analysis of every form of investment, plus a multitude of important investment resources. (The ninth edition came out in 2014.)

• Everyone's Money Book (Dearborn, 1993, 1998 and 2001) a 970-page comprehensive financial reference that included over 6,000 resources and sold over 250,000 copies.

• The Everyone's Money Book Series (Dearborn, 2003)

(including six separate volumes on Credit; Stocks, Bonds, and Mutual Funds; Real

Estate; College Financing; Retirement Planning; and Financial Planning)

• Reading Between the Lies: How to Avoid Becoming a Victim of Wall Street's Next Scandal (Dearborn, 2004) aimed to educate consumers shaken by Enron-era debacles.

• Master Your Money Type (Warner Business Books, 2006) about the different psychological styles with which people relate to their finances, and how to minimize their weaknesses and maximize their strengths to build financial well-being.

• Fast Profits in Hard Times (Grand Central Publishing, 2008) that anticipated the current financial downturn and provides readers with investment strategies that allow them to make money even in a down market.

• Master Your Debt (John Wiley, 2010) which explains the many changes in the world of debt and offers specific resources to help readers pay off their mortgages in 5-7 years instead of 30 years, get control of their credit card debt, student loans and all other kinds of debt.

• The Ultimate Guide to Student Loans (CreateSpace, 2014) which explains how to save and invest before a child goes to college, how to get the best student loans when they get to college, and how to pay them off as quickly as possible after graduation.

It's been 20 years since Jordan, in such demand as a keynote speaker, author, and guest expert on radio and television, left MONEY to focus on independent projects. He is the host of the weekly national Money Answers Radio Show which appears on the online VoiceAmerica Business Radio Network at www.voiceamerica.com. Once or more each week, he appears as a commentator on major TV news networks such as CNN, CBS, ABC, Fox News Network and Fox Business Network. During frequent trips around the country, he is a guest on local and regional radio and TV stations as well as a keynote speaker for such diverse audiences as the military, corporate employees, college students, and trade association members. He also participates in non-profit personal-finance-literacy programs such as those sponsored by the Jump$tart Coalition. And virtually every day, often several times a day, from a microphone on the desk in his home office, he speaks to millions of listeners through his regular guest appearances on countless radio shows. These include such prominent programs as "Sunday Morning Magazine" on KMOX that reaches numerous Midwestern states; KOA’s Money Monday hour with Mandy Connell in Denver, WCCO in Minneapolis with Jordana Green, WGN in Chicago with Steve Cochran.

Along the way, Jordan also has reached vast national audiences as a weekly commentator on CNN's "Business Day" for 3 years; on Public Radio International's "Marketplace Morning Report" weekly for 6 years; on the Mutual Broadcasting System's "America in the Morning" daily for 8 years; and as a guest expert on NBC-TV's "News at Sunrise" weekly for 9 years.

The son of a father who was a political-science professor for 32 years at the Ivy League's Brown University, and a mother who was a dedicated community-service leader in Providence, Rhode Island, Jordan early on melded his father's focus on world events with his mother's emphasis on serving others. His parents' formative influences, combined with his firsthand experience of a traumatic family financial crisis when he was a teenager, in large measure explain both the career path he has pursued with such passion and the reasons why he is today widely known as "America's Money Answers Man."

In all he does -- in his books, his media appearances, his live speeches, his teleseminars, and even in the hundreds of email replies he crafts each month in response to listeners who write to ask for his advice, Jordan:

• teaches the underlying principles of responsible personal finance.

• makes clear the impact of current events on the consumer's wallet.

• provides outstanding resources that can help the consumer to take the next smart step.

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Text “simple” to 314-665-1767 to get access to the Hui Google Drive files and the 2018 Rental Property Analyzer

Please help the show by leaving a review: http://getpodcast.reviews/id/1118795347

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Pardon the grammar - I'm an Engeneer, Enginere, Engenere... I'm good with math! Here are the Show Notes:

Doing one house gets you started to gain momentum

Han solo moment was went when into MFH

At first wife was nervous in the beginning but with success came on board

Moved to MFH when had 5 units and 2k in cashflow

SFH is the way to go to learn to rent and pick out a property manager but its a personal question

Worse moment was seeing 2008

A pain point that forces people to make a change

Working up to expenses plus 20k

Do a little bit each day

Set goes every year - 40-50 goals - review once a week

Personal Background

Grew up in Oxford, Michigan

Graduated from General Motors Institute/Kettering University in Flint, Michigan in 2000 with a Bachelor’s in Mechanical Engineering

Married to wife, Lindsay and have 3 kids together

Started engineering career in 2000 and progressively moved up in position and responsibility to an engineering manager

Currently a program manager for automotive supplier Brembo

Real Estate Projects

Purchased primary residence in White Lake in 2008 as a foreclosure and rented out old primary residence in Madison Heights – “accidental landlord”

First intentional rental was a 3 bed 2 bath house in Waterford in 2011, added 3 more in Waterford from 2012-2014

Bought 12 apartment units in Monroe, Michigan in 2015

Bought 12 more apartment units in Monroe, Michigan in May 2016

In due diligence on a 63 unit apartment building in Lansing, Michigan

Goal is to retire my day job 2 years from now. From there, options I am looking into are real estate syndication and home inspecting

Success Habits

Keep a quarterly finance sheet to keep track of Net Worth, Assets, Liabilities, Income, & Expenses

List out yearly goals for family, finance, health, learning and track each week

Make sure to do things daily to get closer to goals

Dave Ramsey

Lifestyles Unlimited

REIs for networking

Checklists

Books

Millionaire Real Estate Investor – Gary Keller

Rich Dad Poor Dad – Robert Kiyosaki

The Complete Guide to Buying and Selling Apartments – Steve Berges

48 Days to the Work You Love – Dan Miller

What Color is Your Parachute - Richard Bolles

The Slightest Edge - Jeff Olson

Compound Effect - Darren Hardy

Quotes

“Leverage is key to wealth” – In regards to money, time, knowledge

“Money is on the other side of fear”

“Most people overestimate what can be done in the short term and underestimate what can be done in the long term”

“If you give a house a cookie…”

"What gets measured gets done"

“Spectacular achievement is always preceded by spectacular preparation”

“Those who say it can’t be done should get out of the way of those doing it”

“Go as far as you can see, once you get there, you will see farther”

“Play the game of money to win, don’t play not to lose”

“Don’t quit when you are tired, quit when you are done”

“Make sure your ladder to success is on the correct wall”

Contact Info

Email: [email protected]

Facebook & Linked In – Brad Tacia

Facebook Page - Apartment Investors of Michigan

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Pardon the grammar - I'm an Engeneer, Enginere, Engenere... I'm good with math! Here are the Show Notes:

I started to a hobby to make Mead or fermented honey wine. It’s pretty healthy because of the good bacteria cultures. 

I started it because I needed to diversify from my Kombucha hobby because moving to Hawaii I was worried that there was going to be a fruit fly infestation that would wipe me out. 

Got to be diversified with multiple streams of income!

Notebuyerbootcamp.com – Coupon Code “simplepassive”

It’s been a busy month after wrapping up the closing on these two latest deals. If you are interested in the deal flow, make sure you are a part of our Hui Deal Pipeline Club.

I recently met George Ross who came to speak to my Syndication Mastermind for a private dinner. If you have need the movie “The Founder” you know the lawyer had a very big impact to Ray Kroch.  George was the legal counsel to Donald Trump during his rise and “retired” once he hard Trump was running for presidency. George He held court to the remaining 15 of us for 3 hours after dinner until midnight telling stories for the past. Very insightful to know that this man shaped the Trumps business sense.

He is known as a master negotiator and he gave us the following relationship advice:

“In marriage, I tell my wife that I make all the Major decisions and she can have the Minor decisions… In all my years of marriage, we have not had one Major decision come up.”

The recently launched YouTube Channel just clocked in at 17,577 minutes or 293 hours or 36 working days. So there much be one person watching my content around the clock which on the clock.

I need a little bit of a break and took the time to reflect back on how far I have come from 2009 and buying that first rental property. By the way remember to incorporate “play” into your day.

The first twenty tips came from myself but after sharing the list and finding the other ex-cheapskates out there we have been slowly syndicating more and more bad ideas. Note: they are not in any particular order.

Our parents will be so proud of us!

If you want to add more, please email me and I will keep growing the list. And if you like I can add you initials at the end to cement your legacy.

If you call me collect, I will not pick up!

Money saving ideas for the shameless...

Stack Mr. Rebates shopping portal and Groupon discount codes with gift cards purchased from eBay or Safeway with more gift cards and Mr Rebates shopping portal. To sign up go here: http://www.mrrebates.com?refid=413597

Take a shower at work to save on utilities, water, and electricity – as a side benefit you go to the gym more often (do your 3S’s there, shit, shower, shave)

If you work in a startup company that caters food, it’s a no brainer--- eat at work and bring food home. Maybe you can even befriend someone that works there and join them for lunch from time to time. For extra credit consider a life of “intermittent fasting” and totally binge at these free meals.

Wash your car in the rain. No mineral deposits left while it dries. Video of me demonstrating this: https://youtu.be/kZkYnkXOI7Q

Costco leasing to own program

Buy an Anker powerbank and charge it at work.

Always take a pee before leaving for the day.

Try to poop at the same time every day while at work… get paid to poop. Time is money and flushes cost 10 cents.

There are soft drinks available at restaurants?

Why are you eating at a sit down restaurant, you have to pay tip?

If you must, order food to go and eat on the premises. Best of both worlds!

Wear clothes with the tag on it and return it.

Buy a snorkel from Costco to go to Hanama bay while visiting Hawaii to return it. Another Hui member caucions that on many electronics there is a 90 day return policy.

Use an app like GasBuddy to find the cheapest gasoline station, better yet, double stack your Costco credit card (4% cash back on gasoline) and buy Costco gas.

Cash flow, cash flow, cash flow. Also, see uncle Kohlers team for tax optimization (easily the single largest expense in your life) http://keystonecpa.com/~keystone/images/5_Cash_Flow_Strategies_for_RE_Investors_eBook.pdf 

This one is a bit morbid, but an important one. Set up a revocable living trust with your lawyer to avoid probate expenses following the death of your family members\

Susie Orman’s advice - make coffee at home and save yourself the $5 Starbucks Vente frappucino

FAST (intermittently, not forever)! Skip breakfast daily (work yourself up gradually) and when you’re ready to get to the big leagues, attempt to fast for an entire day (no breakfast, lunch or dinner)

Solar panels (maybe?)

Free (coffee) money, this one’s really easy ($25/quarter or $100/yr) w/ BofA and Amazon http://www.magnifymoney.com/blog/consumer-watchdog/better-balance-rewards-card

Maximize and optimize what you’ve got BankPurely has a 1.30% APY since April (not sure if promo rate?) but most banks have 1.0+% (which is 10x the 0.1% APY rate given by most conventional brick and mortar banks like BofA, Chase, WellsFargo)

https://www.depositaccounts.com/savings/

Become an Uber driver or deliver post maters? (not a big fan)

If you have a spare room not in use, AirBnB it from time to time

Check out EventBrite or other social event platforms for free lunch/dinner/drinks

InvestinAHP.com        or email me for a few Burnzone book with your mailing address

Buy Mod Pizza’s mega salad for $11.27. Dinner for days!

Paid online surveys (not a good use of time)

Coupons (think http://www.freestufffinder.com/)

Use www.bensbargains.com or slickdeals.net before buying anything online

Use Honey or Ebates or other discount portals for Amazon/eBay or other internet purchases to save a few %

Certain credit cards provide 5x bonuses (Chase Freedom has rotating categories) and Chase Business cards are good for auto-pay things like internet with extra bonus categories

Make a Ghetto Latte at Starbucks and other fun

Growing up in Hawaii where a gallon of milk is $8, I was taught to save money in strange ways. (I don’t drink milk)

Some of those were pretty bad which develop into unhealthy money mindsets.

Some downright unethical but hey if you are a cheapskate, own it!

I don’t condone any of these tactics but look, it is no coincidence why you folks continuously have so much money to invest and pay your bills on time unlike 4 out 5 of my Birmingham rentals every month.

Join the Hui Deal Pipeline Club!

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Pardon the grammar - I'm an Engeneer, Enginere, Engenere... I'm good with math! Here are the Show Notes:

$480k horizontal income

Podcast is not simple passive cashflow

Used commissions to invest into real estate

Started out trading tome for money, working 40 hours a week, and was left with a $100 every week

Sold timeshare presentations

Danny got 3-4 of these a day and was the leader at the time and Pat beat him

Went to college and went to real estate sales where he is making commissions

Discovered horizontal lines - bought SFHs and moved to apartments and other buildings/businesses

Lost 2/3 of initial investment

LTI - After you pay your bills - currently $200K a year

Moving around current investments

18% lawyer loan, some private equity notes, apartment building syndication

Crossed over at age 46 to financial freedom number

Works 3 days a week (Tuesday-Thursday)

Chose to not work as much in 40s

Look where the poor creative lives because that is where the transitioning area is

Robert Kiyosaki says don't buy where there are crane

Alchemist talks about the beginner's luck - Pat started investing in non-real estate investments in 2008 - 50-100K here and there and 50% of them failed

Rip and duplicate things that are working

Real estate rockstar podcast!

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Pardon the grammar - I'm an Engeneer, Enginere, Engenere... I'm good with math! Here are the Show Notes:

After Turnkey rentals I see people go into 1) Syndcaitions 2) BRRRS 3) Non performing notes

12/20/2016 - SPC034 - Jorge Newbery goes $28 million into the hole and the fight to get back to even - https://www.youtube.com/watch?v=Y1IN4BTvRPg&t

5/30/2017 - Non-Performing Notes w/ AHP Fund making 12% a year! - https://www.youtube.com/watch?v=ZvKue-rq4y8&t=2s

What is performing notes and non performing notes

Steps to get started

What can you get from people or networking in note world

NBBC Training

How did you start to scale ahp

where AHP succeeded and where we failed

the importance of due diligence - and how identifying trouble before you buy a loser is as important is buying winners

What are a few specific things you do (sort the spreadsheet) and simple formulas for a quick and dirty analysis

how to connect with real sellers willing to sell at real discounts

how to build your note business with the maximum likelihood of success

why the note-buying opportunity continues, and how to get ready for the next downturn

what to expect when you start foreclosure or borrower files bankruptcy

how much to raise capital

the value of contacts and relationships (AHP has taken years to build these up - and you can connect with them in two days)

the overlooked value of servicing, collateral and recording

how to maximize returns with fast, consensual resolutions

choosing a law firm: how to align interests and turn slow & costly into fast & cheap

how to get the most out of your servicer

Sign up for the email updates and investor goodies (spreadsheets, mindset hacks, and other files)

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Once you have gone through the majority of podcasts feel free to sign up for a chat - Also to get into my projects please setup a call because we need to have a pre-existing relationship.

Setup a call here: https://calendly.com/simplepassivecashflow/20/

SimplePassiveCashflow.com is for working professionals who are looking for diversification and better returns outside of traditional investments such as mutual funds and stocks.

Check out my Free Resources Below:

1) The Hui Deal Pipeline Club is a free investor club where I filter investments and underwrite the numbers and partners myself.. Unlike other investor lists and groups, my investors have personal access to me and know that I personally have skin in the game investing alongside with my investors. Make sure you sign up for my Hui Deal Pipeline Club to get sent the deals I come across:

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6) Coaching Program to get you to your first rental in 90 days!

simplepassivecashflow.com/coaching

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Pardon the grammar... I'm an Engeneer, Enginere, Engenere... I'm good with math! Here are the Show Notes:

Lane is dringing Maui Brewing Company Makawao beer and POG IPA and homemade mead (honey wine), Abhi - Whiskey

https://abhigolhar.com/

How old are you? 1985

How much simple passive cash flow do you have coming in and from what investments?

At this point my cashflow is a little lower because some of sfhs are offline because I'm trying to sell them and my syndications are in the ramp up stage but I'm around 3k. more importantly I have very low expenses and essentially financially free. My salary from my paycheck is 4k at the-end if taxes and that's what I use to put right back into my business. That's 3k not including my day job.

- What are your healthiest habits? How do these help contribute to being your best, most productive self?

Intermittent fasting.

Used to do paleo but has evolved to keto

I used to do crossfit but the 225 lb deadlifts twenty one times for three rounds really got old. Its for people in their twenties

Got a trainer who won the hawaiian iron classic

Keep changing goals

- What do you attribute your ability to be prolific and productive to?

I don't have that many distraction

I got lucky with initial positive feedback

I work really hard/consistent

Make tweaks frequently. If you follow me around I do weird things. or going to the restroom put coffee in microwave and then take a call like a machine

- Looking back what do you wish you had done differently along your journey so far?

I wish I would have gotten a personal mentor to call me out on my and minimize the hours of mental planning and scenario

Q1) You mentioned that you have spent close to $60K last year in coaching & mentoring programs/events, can you share some insights on how do you determine which ones worth investing your time & money into, which aren't, and how to avoid the scammers/pitfalls? Are there ones that you recommend trying out or avoiding?

Get feedback from actual students. Make sure there is no referral fee going on.

Allocate a development allowance. 10 percent of your income.

A mentor taught me never to speak bad of others so I won't here publicly. But if you guys get to know me I tell you what I think. Another example of going an inch wide mile deep.

Q2) I've listened to most of your podcasts (and yes I did leave reviews :-)) but can't say every single one so apologize if I missed it if you shared already - how do you manage employer/manager after they learnt you were doing this REI "side gig" with the eye of quitting your day-job? I am sure quite a handful of your listens work for companies that have requirement of disclosing outside business activities that require either company/manager approval, or Compliance clearance, varying level of scrutiny , or maybe just a disclosure. What would be your words of advice or caution on how best to navigate this when one cannot fully launch into investing full-time?

I have a humorous article of what to do in a day job.

But honestly people don't rreally know what I do. I am a government worker who drives a mercedes at work and smiles a lot. It does not make sense. Its good that my parking lot is really big so no one really sees me.

I work in a non profit so I try to respect that they are paying me for my time.

Honestly if they find out I bet the “clock watchers” will become whistle-blowers. my mindset is that it won't be a bad thing. It will just pressure me to work my ass off and get out of day job and take that leap.

I just like how authentic I can be in the way I work with people… In the I interviews for the this last job they asked why should we hire you?

No one else has a masters degree and real world experience that I do and willing to be paid the salary level and will be happy there.

If people give you a hard time this is all about lifestyle creation. Financial freedom gives you the freedom to do what you want. a recommended real is Mark Madsen “How to not give a fuck”. Its not about living life like a cavalier but opting into a conscious life of people and projects that are aligned with you.

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Here are the Show Notes.... But first please leave me a review: http://getpodcast.reviews/id/1118795347

Go to this link to grab the Action Board worksheet guild. If you are already an email subscriber the link will automatically get sent out to you with all the post that never make it to podcast.

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Optimist/Pessimist 2x2 Matrix - (My friend and his IPA Beer engineered the following idea…)

Good Outcome Bad Outcome

Optimist + +

Pessimist - -

Psychology Today, the average person has 50,000 thoughts a day.

The Rich Are Optimists - 67% of (Tom Corley study) the self-made millionaires in my study forged the habit of being positive and upbeat. A positive, mental outlook is critical to overcoming problems, obstacles, pitfalls, mistakes and failures. Staying positive is a critical component to becoming wealthy. Positivity is like a radar in search of solutions to intractable problems. Thus, positive thinkers are able to see opportunities, where others see only negative consequences.

The Poor Are Pessimists - 70% of the thoughts of the average person are negative (Psychology Today). Negative thinkers are unable to see solutions to problems. Thus, they are unable to overcome obstacles, pitfalls, their mistakes and their failures. Opportunities pass them by because they are not looking for opportunities. They are too focused on the negative consequences.

The Rich Are Decision-Makers - 91% of the rich in my study were decision-makers. Forging the habit of making decisions is critical to success. Those who develop the habit of making decisions are sought after as leaders, by others. Decision-makers have forged the habit of overcoming the fear of making decisions along with the paralysis of analysis associated with those unable to make decisions. The rich do not over think, which is a form of procrastination. It is impossible to know everything you need to know before making a decision. The rich forge the habit of being comfortable being uncomfortable about making decisions.

The Poor Let Others Make Decisions - 98% of the poor in my study were not decision-makers. They succumb to the fear of making a decision. They get lost in analysis and over thinking, which is a form of procrastination. The poor feel uncomfortable about making decisions, so they defer to others.

Don't examine the roots just eat the fruit!

https://mymorningroutine.com/

Hacking Baggage at the Airport:

Getting your checked baggage off first before everyone else

1) Gate checked because luggage is queued on a First on last out order (FOLO) similar to an elevator. Downside you will have to lug your luggage through security.

2) Have them mark it as fragile

Also you don't have to pay to gate check a bag, just be nice and ask the counter at the gate.

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Here are the Show Notes.... But first please leave me a review: http://getpodcast.reviews/id/1118795347

Go to this link to grab the Action Board worksheet guild. If you are already an email subscriber the link will automatically get sent out to you with all the post that never make it to podcast.

https://drive.google.com/open?id=1ZGa-E0kNgWSfsABozVaMe8fl11tNEoMQ

Optimist/Pessimist 2x2 Matrix - (My friend and his IPA Beer engineered the following idea…)

Good Outcome Bad Outcome

Optimist + +

Pessimist - -

Psychology Today, the average person has 50,000 thoughts a day.

The Rich Are Optimists - 67% of (Tom Corley study) the self-made millionaires in my study forged the habit of being positive and upbeat. A positive, mental outlook is critical to overcoming problems, obstacles, pitfalls, mistakes and failures. Staying positive is a critical component to becoming wealthy. Positivity is like a radar in search of solutions to intractable problems. Thus, positive thinkers are able to see opportunities, where others see only negative consequences.

The Poor Are Pessimists - 70% of the thoughts of the average person are negative (Psychology Today). Negative thinkers are unable to see solutions to problems. Thus, they are unable to overcome obstacles, pitfalls, their mistakes and their failures. Opportunities pass them by because they are not looking for opportunities. They are too focused on the negative consequences.

The Rich Are Decision-Makers - 91% of the rich in my study were decision-makers. Forging the habit of making decisions is critical to success. Those who develop the habit of making decisions are sought after as leaders, by others. Decision-makers have forged the habit of overcoming the fear of making decisions along with the paralysis of analysis associated with those unable to make decisions. The rich do not over think, which is a form of procrastination. It is impossible to know everything you need to know before making a decision. The rich forge the habit of being comfortable being uncomfortable about making decisions.

The Poor Let Others Make Decisions - 98% of the poor in my study were not decision-makers. They succumb to the fear of making a decision. They get lost in analysis and over thinking, which is a form of procrastination. The poor feel uncomfortable about making decisions, so they defer to others.

Don't examine the roots just eat the fruit!

https://mymorningroutine.com/

Hacking Baggage at the Airport:

Getting your checked baggage off first before everyone else

1) Gate checked because luggage is queued on a First on last out order (FOLO) similar to an elevator. Downside you will have to lug your luggage through security.

2) Have them mark it as fragile

Also you don't have to pay to gate check a bag, just be nice and ask the counter at the gate.

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Here are the Show Notes.... But first please leave me a review: http://getpodcast.reviews/id/1118795347

Summary: I brought a house for $43,000 in 2013 and the operator ran the property into the ground and I sold the property for a net of $7,000.

This is the dark side of investing as a passive.

Timeline:

2013 - Had 43,000 in my SDROTH IRA, The deal 9% and 50/50 split on profits. I got the referral from a Self-Directed IRA company. I asked them where should I invest this money because I did not know any better. If you are looking for a good SDIRA custodian let me know.

2014 - Heard this dude was a scam artist from my network but it was too late. Lets just watch this. I started connecting with other clients via the interwebs and learned they had another market that they did this in to which was MS.

2015 - Heard there MS portfolio went underwater, taxes not paid

Mid 2016 - Got the letter saying they were going under and I had several options,

1) Deed in Lieu - had a lease purchase agreement

2) I did not really understand the other options but basically wait in court forever

For about a few months everything was fine. The tenants were paying their 500 dollar rents and I was pretty lucky compared to the other investors who tenants had trashed the homes. This is when the story started coming out on what this shyster did and the poor property manager that took over these problems.

Note that this was in my SDIRA so you can't bring in outside funds to help the property or that could throw out your tax sheltered status per the IRS.

Early 2017…The property went offline

From the Property Mangement:

"The home is in pretty bad cosmetic shape. Keep in mind it looks worse than it really is. The photos will be shocking but most appears to be cosmetic repairs. The exterior just needs cleaned up (cut grass, trim hedges, clean and small repairs to gutters and down spouts). However, the interior had a bathroom leak on the second floor, there is alot of trash. It will require new flooring throughout, a new vanity in the bathroom as well as new caulking around the tub. It will need some patching and painting of the interior walls, a new drop ceiling tile and about a 30-yard trash out. I could not test the mechanicals but they appear serviceable. No way to really know until you have them up and running though."

Summer 2017 - The city had a lot of complains about the grass not being kept.

We could not find these lost Western union checks - they were written out to my personal name.

August 2017 - House listed 25,000 with the broker fee 4000. Average days on market 180 days for a retail ready.

Average days-on-market for homes between $10,400 - $15,600 = 138 (in zip code 16101)

Time suck!

A couple offer/counters.

November 2017 - Property sold and I walk away with $7,000 after sales commissions 9

I only had about $12K in my Roth IRA. I could have kept building that amount via a fund or private money lending (although that was a small amount) because my contributions were 20-40K range. In a Roth IRA you can take out contributions any time. I used to do this for an emergency account but because I am pretty good at finding good deals I would rather have the cash and minimize administrative headaches that takes time away from deal finding, networking, and making podcasts. The fees were about 25 a quarter so that would have been 1% a year. Each transaction I would have done would have been an additional $50 dollars to execute along with the time it consumed.

More information on my recent transitions to syndications please check out my previous podcast.

QRPs

Lesson learned: don't invest with anyone you don't know, like, trust, or outside 1 degree of separation. There are deals out there being passed around via daisy chain style where no one really knows who each other are.

http://www.selectcranberry.info/remaxpade/modules/internet/search/search2.asp?p=findahome.asp&listing=true&mlsid=2196&mlsnumber=1301374&officeaccountid=182667&rnmid=171559122112164824&rnmsob=true

https://www.biggerpockets.com/forums/517/topics/490254-913-warren-ave-new-castle-4th-pa-16101

See pictures

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Here are the Show Notes.... But first please leave me a review: http://getpodcast.reviews/id/1118795347

Reality Shares came from the Jobs Act 

April 2013 Reality Shares began

Accredited only

14-20% Class B MFH estimates

Also have preferred equity options 10-14% IRRs

1st lien debt or 2nd lien 7-12%

If you are not connected Crowdfunding options

From a syndications view, they are charged an origination fee

1% asset management team (from cashflow) from reality shares

1% Funding Fee, 1% Asset management fee

Some crowdfunding is taking equity upside

Due diligence - credit checks, background checks, 3rd party check of purchase price verification, then look at the deal (market, pricing)

Less than 5% of deals make it to the platform

There is a max the crowdfunding site with one syndicator (2-3M) to diversity risk for the firm

Reality Shares is a Broker-Dealer

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