Mon, 30 March 2015
Our guest for this week’s show is Rich Dad Advisor, Tax strategist, and best-selling author, Tom Wheelwright. In today's show we're going to speak with Tom about his bestselling book, Tax Free Wealth and how we as Real Estate Investors can apply these principals to mitigate our tax exposure and keep more profits where it’s supposed to be - IN YOUR BANK ACCOUNT! Whether you're a brand new investor or someone who has been investing for years, you're goal should be to maximize your income and returns from your real estate investments and legally keep as much in your bank account as possible without giving it all to Uncle Sam, which is exactly what you’ll learn in my discussion with Tom today. In this show you’re going to learn:
Recommended Resources
Direct download: Final_Edited_Show-Tom_Wheelwright_Ep_63.mp3
Category:general -- posted at: 12:34pm EST |
Fri, 27 March 2015
In this week's Cash Flow Friday tip I'd like to talk about how to effectively dissect and read through a credit report when evaluating prospective tenants. Some of you may think this is as easy as looking at a credit score or seeing if there are any collections or delinquent debts, but if you want to do yourself and your rental justice you really need to learn how to build a story from the data provided and only then make a determination based on both the facts obtained from the credit report and info provided from the tenant to decide if they will make the cut. This show will walk you through my process of reading a credit report and screening an applicant. Recommended Resources
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Mon, 23 March 2015
Our guest for this week’s show is corporate housing expert and CEO of Avenue West Corporate Housing, Kimberley Smith. In today's show we're going to speak with Kimberly about the booming business of corporate rentals and why as an investor you should seriously consider diversifying your portfolio using this investment strategy. In this show you’re going to learn:
Recommended Resources
Direct download: final_edited_show-kimberly_smith_ep62.mp3
Category:general -- posted at: 1:38pm EST |
Mon, 16 March 2015
Our guest for this week’s show is Rich Dad Advisor, Asset protection specialist, and best-selling author, Garrett Sutton. In today's show we're going to speak with Garrett about his bestselling book, Loopholes of Real Estate. Whether you're a brand new investor or someone who has been investing for years, you're goal should be to maximize your income and returns from your investment properties as well as protecting them from and in this book Garrett covers these two topics in detail as well as multiple others that are critical to your success as a real estate investor and I highly recommend you go and grab a copy for yourself. In this show you’re going to learn:
Recommended Resources
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Fri, 13 March 2015
In this week's Cash Flow Friday tip I'd like to talk about using VA's or virtual assistants to help grow your real estate business by allowing you to delegate the busy work so you can focus on the money making activities. Throughout the past 5 years I've employed VA's both in a full-time capacity as well as freelance work and my experience overall has been fantastic. In addition to my real estate business I own a ecommerce company where I've employed the same 3 VA's full-time for over 4 years now and it's been a wonderful relationship. These 3 VA's consist of a graphic designer, web developer, and SEO specialist and all are college educated and very good at what they do. I believe the highest paid person on that team is my web developer and she makes $550 per month (40 hours per week) which breaks down to approx $3.44 per hour and she is super happy. I n my real estate business we have used numerous VA's throughout the years to handle mundane tasks such as data collection, cold calling, list building, appointment setting, email follow up, etc and as of today we have one girl who's been working with us for the past few months on numerous projects and she works approx 25-30 hours per week. She is working on more specific tasks like researching banks and who currently hold distressed Multi-Family notes and tracking down the inside contacts or asset managers so we can build relationships with them. She's assisting me with a few of my podcast projects that I am working on and I'll probably add a few duties to her list shortly. She's very organized and is extremely efficient and guess what, she only charges $2.93 an hour. For her same qualities here in the US I'd have to pay $12-15 per hour if not more Here are some of the other things I've used VA's for in the past. Oh, and just so you know, all of my VA's are based in the Philippines · Building a brokers email list by calling all listings on Loopnet for MHP's and requesting the marketing package and asking for the brokers email which we then added to a database · Researching phone numbers for property owners although now we use TLO.com which eliminates the need to hire a VA for this research
One thing that I can't stress enough is your VA or employee is only as good as your training is. What I mean by that is you can't expect to hire an assistant and have her become an expert in your business overnight and so it is your duty as his/her boss to create very detailed training programs for each task you want completed. For instance, I have my VA help with booking guests for my podcast and I rely on her to find, contact, schedule, and follow up with prospective guests for our show, but she had no clue about my business or what my perfect guest looked like and so I had to create a thorough training program with examples, videos, resources, email templates, follow procedures, etc to help her become competent in this particular task. So just keep in mind when you hire a VA that if the worker isn't meeting your expectations then you need to first take a deep look at yourself and determine whether or not you provided all of the necessary tools and training to ensure this VA's success with the task at hand. Most of the problems are a result of the boss providing little or no direction and then blaming the VA when he/she didn't perform.
The best resource to date where I find my VA's is odesk.com but there are also many others including elance.com, freelancer.com, guru.com and I'm sure many others. I've used elance for hiring technical writers and programmers but haven't found it that useful for lower cost admin type jobs. Recommended Resources
· Download my free success guide, “7 habits of highly successful multi-family investors” by going to www.KevinBupp.com/guide · Schedule a free "no obligation" call directly with Kevin by clicking this link https://www.timetrade.com/book/KV2D2
· Looking to invest in Mobile Home Parks? Want to partner with the industry experts? Check out http://www.SunriseCapitalInvestors.com |
Mon, 9 March 2015
Our guest for this week’s show is Brian Burke who is the co-founder and managing director of Praxis Capital and CEO of Praxis Residential, which is a privately held RE investment firm based in Northern California who is active in both the single family and multi-family space and has completed well over $200 million in acquisitions. Brian and his team have been absolutely kicking butt and during this interview Brian shares with us some of his secret sauce that has attributed to his success as an investor, but I'll warn you ahead of time that the primary ingredients of this secret sauce are loads of hard work and thorough education. One of the most impressive parts of Brian's story is how he started his professional career as a police officer and invested in real estate in his spare time. In fact, he worked a full-time job for a # of years before taking the leap of faith into becoming a full-time real estate investor. In this show you’re going to learn:
Recommended Resources
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Fri, 6 March 2015
In this week's Cash Flow Friday tip I'd like to talk about the topic of allowing emotions to get involved when purchasing an investment property and why this can have disastrous consequences. Over the years I have seen many investors make bad decisions on real estate purchases because they let their heart do the talking and didn't focus enough on the numbers. What I mean by this is never fall in love with a building because it's got great architecture or because it's in the neighborhood you grew up in or how about a piece of raw dirt that you feel (no know) has a promising redevelopment future without knowing the facts. Try to resist this so-called "falling in love" with any given investment property because I can promise you one thing - It will never love you back. To make things easy you need to take a rational approach to decision making when it comes to investing in a property. And to do this you need to only figure two things 1. What you would like to pay for this property 2. What the maximum amount you should pay based on its actual performance Now I know this is easier said than done and there are always going to be exceptions to the rules. For instance, I own an mixed use property that sits on a commercial lot and has an office building and a 6 unit apartment building on it. Immediately next door to my property is a rundown 4 unit property that based on its current income is worth about 80k but the owner is asking 130k. The beauty of this is that the assemblage of his lot and my own would significantly increase the value of the total package to an end user, primarily because of the redevelopment opportunities that would now exist due to the almost doubled lot size and I'm getting ready to put this property on the market so the timing is right. So the moral of the story is that if you're planning on paying top dollar for a property make sure it's a good business decision and not some sort of emotional rationalization. I will tell you from experience that there will always be another deal down the road so don't get hung up on one if it doesn't make sense. Invest to make money, not to fulfill your emotional obligations - that's what girlfriends or wives are for. Alright guys, that's all we have for today. Thanks again for listening in to the Cash Flow Friday Tip and until we meet again next week, Get out there and make some cash flow happen.
Recommended Resources
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Mon, 2 March 2015
Our guest for this week’s show is Vacation Rental Expert, Matt Landau. Matt currently owns and operates multiple vacation rentals in Panama City, Panama and is the founder of the popular niche vacation rental website, VacationRentalMarketingBlog.com Matt and I had an awesome conversation regarding the vacation rental industry which has seen explosive growth over the past few years with the emergence of sites such as VRBO.com, Homeaway.com, AirBNB.com and many others. Matt talks about how he got his start in the industry and how he was able to quickly able to become known as one of the leading providers of premium vacation rentals in the historical district of Panama city, Panama. He also discusses what unique qualities attracted him to Panama City's historic district which he describes as New Orleans 100 years ago in that it's rough around the edges but is full of opportunity and is abundant with culture. Matt believes that the Vacation Rental niche is still in its infancy and that there is a still a ton of opportunity available for those investors who are looking for an investment vehicle that offers strong returns and stable growth. Being someone that has personally used vacation rentals for multiple vacations I have to agree with him, especially if you're buying in highly desirable tourist markets. In this show you’re going to learn:
Recommended Resources
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Real Estate Investing for Cash Flow with Kevin Bupp
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