What’s Kenner French Thinking!

Kenner French of VastSolutionsGroup.com discusses the use of artificial intelligence (AI) in their business. He explains how they have implemented AI in the past and how they are currently using it. He also discusses the importance of being nimble and adaptable in the rapidly changing AI landscape.

Kenner emphasizes the need for businesses to adopt AI to stay competitive and avoid being left behind. He also mentions the potential impact of quantum computing on AI in the future.

Takeaways

• Artificial intelligence is a powerful tool that can be used to lower tax liability, automate business processes, and make informed decisions.

• Businesses need to be nimble and adaptable in the rapidly changing AI landscape to stay competitive.

• The adoption of AI is crucial for businesses to avoid being left behind and to take advantage of its benefits.

• The future of AI combined with quantum computing holds great potential for groundbreaking advancements.

Sound Bites

• How are we gonna use artificial intelligence to help our business?

• We used artificial intelligence to lower tax liability for our clients.

• Business automation is crucial in the rapidly changing AI landscape.

If you have any questions in general you can reach our office at:

VastSolutionsGroup.com

Phone: 415-854-6512

Email: [email protected]

Monday-Thursday 8:00 AM – 5:00 PM (Pacific)

Thank you for listening!

Kenner French discusses the benefits of using a 401k to lower tax liability and prepare for retirement. He shares two specific scenarios where individuals wanted to reduce their tax liability and save for retirement. He explains the process of setting up a 401k and how it can lower tax liability by deferring income. Kenner also discusses the difference between pre-tax and Roth contributions and the tax implications of each. He emphasizes the importance of consulting with a professional to determine the best strategy based on individual tax situations.

Takeaways

• A 401k can be an effective tool for small business owners to lower tax liability and save for retirement.

• Setting up a 401k allows individuals to defer income and receive tax deductions on contributions.

• There are two types of contributions to a 401k: pre-tax and Roth. Pre-tax contributions provide immediate tax savings, while Roth contributions offer tax-free growth and withdrawals.

• Consulting with a professional is crucial to determine the best strategy based on individual tax situations.

Sound Bites

• One of the easiest ways a small business owner can lower tax liability is with a qualified plan.

• Does it make sense for him to do it pre-tax, meaning of using a traditional 401k or after tax, meaning a Roth IRA?

• He wouldn't be taxed next year. It's not going to be a tax year after that. It's not going to be a tax year after that. Let's say 20 years down the road.

If you have any questions in general you can reach our office at:

VastSolutionsGroup.com

Phone: 415-854-6512

Email: [email protected]

Monday-Thursday 8:00 AM – 5:00 PM (Pacific)

Thank you for listening!

Jody Grunden, a virtual CFO, discusses the transition from brick and mortar to virtual business and the use of virtual assistants. He shares his experience in transforming the accounting industry by creating a virtual CFO service and changing billing models. Grunden emphasizes the importance of deliberate communication and building a strong virtual culture. He also highlights the challenges of managing a virtual team and provides tips for success, such as setting regular meetings and creating a professional virtual office environment.

He discusses the importance of strategic coaching and how it has helped him achieve a work-life balance with 150 free days per year. He emphasizes the need to delegate and systematize processes in order to scale a business and increase its value. Grunden also highlights the benefits of hiring virtual assistants and utilizing AI in business operations. He encourages entrepreneurs to embrace AI as a tool and learn how to leverage its capabilities.

Takeaways

• Transitioning from brick and mortar to virtual business requires careful planning and consideration of software, office space, and internet connectivity.

• Deliberate communication is crucial in managing a virtual team, including regular meetings and fostering a strong virtual culture.

• Tools like SoCoCo and ClickUp can help create a virtual office space and manage processes effectively.

Building a virtual business allows for flexibility in work hours and location, but it requires intentional processes and systems to ensure productivity and client satisfaction. Strategic coaching can help entrepreneurs achieve a work-life balance and focus on tasks that bring in profits.

• Delegating and systematizing processes is crucial for scaling a business and increasing its value.

• Hiring virtual assistants, both domestically and internationally, can be cost-effective and improve efficiency.

• AI can be a valuable tool in various aspects of business, from writing emails to analyzing financial data.

• Entrepreneurs should embrace AI and learn how to leverage its capabilities to stay competitive in the market.

Sound Bites

• Grunden what should I call him? My nickname will be the virtual guru virtual guru.

• We basically transformed the accounting industry in regard to creating a virtual CFO service.

• The virtual thing has really kind of opened it up.

• I have about 150 free days, which is kind of cool.

• You've got to figure out how to get yourself out of the weeds.

• If everything's snowflakey, good luck on selling it for a premium.

If you have any questions in general you can reach our office at:

VastSolutionsGroup.com

Phone: 415-854-6512

Email: [email protected]

Monday-Thursday 8:00 AM – 5:00 PM (Pacific)

Thank you for listening!

Nizan Mosery, a real estate investor, shares his journey and offers tips for both new and experienced investors. He emphasizes the importance of knowing your exit strategy before buying any property. Mosery's background and upbringing instilled in him the value of owning land and generating income from it. He started his real estate journey by flipping houses and gradually moved into multifamily and student housing. Mosery now offers a coaching and mentoring program to help new investors get started and experienced investors level up.

In this conversation, Nizan Mosery discusses the different ways to raise capital for real estate investments, specifically focusing on the 506B and 506C offerings. He explains that the 506B offering requires a pre-existing relationship with investors, limiting the number of sophisticated investors to 35. On the other hand, the 506C offering allows for unlimited accredited investors and the ability to advertise the offering. He also discusses the importance of investing in class A properties, as they offer better value and higher resale value compared to older properties. He emphasizes the need to focus on the numbers and not get emotionally attached to a property. Mosery also highlights the importance of building a team with the right personalities rather than just focusing on skill sets. He concludes by sharing his coaching program and how it helps individuals break free and live life on their own terms.

Takeaways

• Know your exit strategy before buying any property.

• Owning land free and clear is a valuable asset that can generate income.

• Start with smaller real estate deals and gradually move up to larger ones.

• Building a team and networking are crucial for success in real estate.

• Coaching and mentoring programs can provide guidance and support for new investors

• There are different types of investors, including sophisticated and accredited investors There are two main ways to raise capital for real estate investments: the 506B offering, which requires a pre-existing relationship with investors, and the 506C offering, which allows for unlimited accredited investors and the ability to advertise the offering.

• Investing in class A properties can offer better value and higher resale value compared to older properties.

• It is important to focus on the numbers and not get emotionally attached to a property. If the numbers don't work, it's best to walk away from the deal.

• When building a team, it is important to consider the personalities of the individuals rather than just their skill sets.

• Nizan Mosery offers a coaching program to help individuals break free and live life on their own terms.

Sound Bites

• Before buying any type of property, you need to know your exit strategy first.

• Anyone who owns a piece of land free and clear is the richest person on the planet.

• Having kids gave me a why, a motivation to succeed in real estate.

• If I put a property on the contract today, or let's say I'm just setting out a letter of intent, and Kenner, and I just met you today, and you're either a sophisticated or accredited investor, and I'm doing a 506B, I can present the offering to you, but you cannot invest because we don't have a pre-existing relationship prior to this asset, right?

• The 506C, you can have unlimited amounts of accredited investors and you can literally take your offering and put it on a billboard on the highway and advertise it. However, you can only accept accredited investors.

• Now with the bigger projects, we're doing more on the 506Cs because we want to bring in those institutional equity groups that we just create relationships with now.

If you have any questions in general you can reach our office at:

VastSolutionsGroup.com

Phone: 415-854-6512

Email: [email protected]

Monday-Thursday 8:00 AM – 5:00 PM (Pacific)

Thank you for listening!

Bryan Clayton, CEO of GreenPal, discusses his journey from a traditional lawn care business to building a tech platform that connects homeowners with lawn maintenance services. GreenPal operates like Uber or DoorDash, allowing users to request quotes from local lawn care providers and hire them through the app.

The platform is popular among real estate investors, property managers, and homeowners who struggle to find reliable lawn care vendors. Clayton emphasizes the importance of automating tasks and using technology to scale a business. He also shares insights on content marketing, SEO, and the challenges of building a tech company.

Takeaways

• GreenPal is an online marketplace that connects homeowners with lawn maintenance services, operating like Uber or DoorDash.

• The platform is popular among real estate investors, property managers, and homeowners who struggle to find reliable lawn care vendors.

• Automating tasks and using technology is crucial for scaling a business and achieving passive income.

• Content marketing and SEO are effective strategies for attracting customers and building a brand.

• Building a tech company requires perseverance, learning new skills, and finding innovative ways to distribute and market the product.

Sound Bites

• GreenPal is an online marketplace that works like Uber or DoorDash, but for lawn maintenance services.

• Automating tasks and using technology is the key to scaling a business and achieving passive income.

• Content marketing and SEO are crucial for attracting customers and building a brand.

If you have any questions in general you can reach our office at:

VastSolutionsGroup.com

Phone: 415-854-6512

Email: [email protected]

Monday-Thursday 8:00 AM – 5:00 PM (Pacific)

Thank you for listening!

Jeff Lenning, also known as the Excel man, shares his expertise on using Excel to improve business efficiency. He offers on-demand self-paced courses and a community for individuals to learn and master Excel. He emphasizes the importance of focusing on recurring projects and automating processes to save time.

He also discusses the value of building an email list and using webinars as a marketing strategy. Jeff's future plans include expanding his courses to cover other tools and systems that can enhance business efficiency.

Takeaways

• Excel can greatly improve business efficiency by automating processes and saving time.

• Building an email list and using webinars are effective marketing strategies.

• Focusing on recurring projects and automating workflows can lead to long-term success.

• Expanding courses to cover other tools and systems can provide additional value to the community.

Sound Bites

• The most effective asset to have is gonna be your email list.

• Free webinars and other resources are a great way to attract leads.

• If you're an Excel user and you are not aware of Power Query, that is a feature that you need to investigate like stat.

If you have any questions in general you can reach our office at:

VastSolutionsGroup.com

Phone: 415-854-6512

Email: [email protected]

Monday-Thursday 8:00 AM – 5:00 PM (Pacific)

Thank you for listening!

R. Kenner French discusses the top 10 IRS tax tips for entrepreneurs in 2024. The main focus is on lowering tax liability and maximizing deductions. The conversation covers topics such as organizing financial records, reporting all income, using the IRS website as a resource, understanding filing options, e-filing, getting answers to tax questions, using direct deposit for refunds, and double-checking tax returns. The conversation concludes with a reminder to consult with a tax provider for personalized advice.

Takeaways

• Organizing financial records can make tax preparation easier and potentially save money.

• Reporting all income is important to avoid penalties from the IRS.

• The IRS website is a valuable resource for tax forms, information, and changes.

• Understanding filing options and considering a consultation with a tax provider can help optimize tax returns.

• E-filing is a convenient method that reduces errors and speeds up refunds.

• The IRS website's interactive tax assistant tool can provide answers to tax questions.

• Using direct deposit for tax refunds can result in faster returns and increased security.

• Publication 17 is a resource that can provide valuable information for saving taxes.

• Double-checking tax returns is important to catch errors and ensure accuracy.

• Consulting with a tax provider is recommended for personalized advice and assistance.

Sound Bites

• Lower your tax liability because you're an entrepreneur and you want to make sure that you're lowering your biggest expense and that being taxes.

• Getting all your papers in order.

• Report all your income.

If you have any questions in general you can reach our office at:

VastSolutionsGroup.com

Phone: 415-854-6512

Email: [email protected]

Monday-Thursday 8:00 AM – 5:00 PM (Pacific)

Thank you for listening!

John Money McKinley shares his expertise in real estate investing and innovative financing programs. He discusses the Investor 100 program, which provides all the funds to buy and renovate distressed properties without the need for a down payment.

He also introduces the Pass Go approval, a pre-approval letter that gives borrowers a competitive edge in the market. McKinley emphasizes the importance of human touch in the lending process and offers personalized consultations.

Takeaways

• Real estate investing is a great way for average individuals to acquire wealth and secure a comfortable retirement.

• The Investor 100 program offers full funding for distressed property purchases and renovations without a down payment.

• The Pass Go approval provides borrowers with a pre-approval letter that demonstrates their credibility and ability to close quickly.

• John Money McKinley emphasizes the importance of human touch in the lending process and offers personalized consultations.

Sound Bites

• Real estate is one of the best ways for the average person to acquire wealth and set themselves up for a substantial retirement.

• The Investor 100 program provides all the funds to buy and renovate distressed properties without a down payment.

• The Pass Go approval gives borrowers a pre-approval letter that shows they are as good as cash.

If you have any questions in general you can reach our office at:

VastSolutionsGroup.com

Phone: 415-854-6512

Email: [email protected]

Monday-Thursday 8:00 AM – 5:00 PM (Pacific)

Thank you for listening!

Kenner French and Jake Goldfarb discuss hard money loans, a type of private lending that is often used by real estate investors and entrepreneurs. They explain that hard money loans are short-term, secured loans with higher interest rates than traditional bank loans.

They discuss the advantages and drawbacks of hard money loans and provide examples of situations where they can be beneficial. They also emphasize the importance of understanding the loan documents and working with reputable lenders. Jake offers consulting services for those interested in hard money lending.

Takeaways

• Hard money loans are a type of private lending that is often used by real estate investors and entrepreneurs.

These loans are short-term and have higher interest rates than traditional bank loans.

• Hard money loans can be beneficial in situations where quick financing is needed or traditional financing is not available.

• It is important to carefully review and understand the loan documents and work with reputable lenders.

• Jake Goldfarb offers consulting services for those interested in hard money lending.

Sound Bites

• Hard money loans are a type of secured loan that's very short term, higher interest rates unfortunately because.

• A hard money loan would be a great fit for a situation like that.

• In the event of a default, the lender can take that property, you know, that's their collateral.

If you have any questions in general you can reach our office at:

VastSolutionsGroup.com

Phone: 415-854-6512

Email: [email protected]

Monday-Thursday 8:00 AM – 5:00 PM (Pacific)

Thank you for listening!

As a business owner, if you decide to apply for SBA-backed financing, you will need to follow these steps:

1. Identify Your Needs. When purchasing real estate, determine what you must spend to get the type of building your firm needs. If you anticipate buying a facility that requires renovation, add these costs to the project and, if approved, the SBA will finance 90% of the total amount. If you need financing for equipment purchases or for tenant improvements, obtain a close assessment of the costs from the vendor or contractor.  

2. Structure Your Loan Proposal. A project occasionally fits the criteria of more than one SBA loan program. When this happens, loan packagers or lenders compare different loan structures including rates and fees so that you can evaluate which program best suits your business.

3. Apply for SBA Financing. Set a timetable for document deadlines from the start of the application process through the close of escrow funds. If you are purchasing real estate, make arrangements through your lender for a current property appraisal.

4. Open an Escrow Account. For real estate loans, and often with equipment and working capital loans, you will need to open an escrow account at a title company to complete the transition of property titles, insurance, loan documents, and funds.

5. Other Considerations. SBA loan offices are generally inundated with applications for financing and have limited time to consider each application. If you choose to apply for financing, decide whether you want to prepare the application yourself, hire a loan packager who specializes in SBA loans, or work with the SBA loan division of your lending institution.