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Real Estate Investors, Stock Traders, and Business Owners guide to preserve their wealth, protect their assets, and prosper in the future.
Episodes
Monday Feb 21, 2022
Monday Feb 21, 2022
How do you get started in real estate investing outside of your local area? Are you struggling to get started in a different state? Trying to figure out how to find properties outside the area in which you live?
Today, Clint Coons of Anderson Business Advisors talks to Gary Beasley, Co-founder and CEO of Roofstock, a leading real estate investment marketplace. Gary explains how to start investing in real estate that is not in your local area, but in markets where you get higher cap rates and properties without having to put in hundreds of thousands of dollars.
Gary has spent most of his career building businesses in the real estate, hospitality, and technology sectors. Before starting Roofstock, Gary led one of the largest single-family rental platforms in the United States through its IPO as Co-CEO of Starwood Waypoint Residential Trust, now part of Invitation Homes.
Highlights/Topics:
- Numbers Game: Sizable portfolio with multiple properties for multiple cash flow streams
- Roofstock: Unlocks asset class for investors to break down geographic barriers
- Result: Real estate investors buy homes with tenants to create efficient marketplace
- Differences between Roofstock, Redfin, and Zillow when it comes to property research
- Risk-Reward: What returns will be generated and what risks are you willing to take?
- Where to get properties? Organically, customer acquisition, PR, educational content
- Rent Ledger: Access data in the system and view tenant payment history
- Best of Both Worlds: Opportunity to buy it now and all returns are based on that price
- Roofstock Academy: Sign up and get proprietary access to experts who help you
- Different Sellers, Motivations. Some want to sell quickly, and some are more patient
Resources
https://www.linkedin.com/in/gary-beasley-956647
https://www.roofstock.com/
https://www.roofstockacademy.com/courses
The Remote Real Estate Investor
https://podcasts.apple.com/us/podcast/the-remote-real-estate-investor/id1502473360
https://www.greatjones.co/
https://www.salesforce.com/
https://andersonadvisors.com/clint-coons/
https://andersonadvisors.com/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
Tuesday Feb 08, 2022
Tuesday Feb 08, 2022
Are you going to inherit a house from your parents? Also, how will the new IRS rule on third-party payer apps, such as Venmo and Zelle, affect a landlord to collect rental payments? Beware of gift taxes from real estate, 1099-K and 709 forms, and other tax implications.
In this episode of Tax Tuesday, Toby Mathis and Jeff Webb of Anderson Advisors discuss gift taxes from real estate and new IRS rules on CashApp as well as answer additional tax-related questions. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- I am from Dallas, Texas. My parents have a primary home and rental house. They want to give me their rental house, but they owe $42,000 to the mortgage company. What’s the best way to inherit the house, how do I deal with the gift tax, what tax implications do I need to be aware of, and how can I avoid the taxes if possible? If you are gifted an encumbered property, it decreases the gift amount. Take over the loan, or if you are not able to pay off the loan and the parents continue to pay it, then that would be considered a gift. Otherwise, do nothing.
- Can one circumvent the $16,000 maximum yearly gift tax exclusion by giving $16,000 to multiple persons who in turn also give $16,000 to the same single final recipient? No, you can't do this step transaction, a collapsible transaction. The IRS looks at what happened from the beginning to the end and will find that you actually made that gift yourself to that single recipient.
- How will the new IRS rule on third-party payer apps, such as Venmo, Zelle, etc., affect a landlord to collect rental payments via a phone number or email linked to one bank account. The landlord will get a 1099-K for payments received, which is personal income, but taxable revenues are split amongst rental entities. What’s the best way to handle this? If all the properties are in your name, it will not make any difference. If you have one party collecting for yourself, partnership, or S Corp, then it can create an issue.
For all questions/answers discussed, sign up to be a Platinum member to view the replay!
Go to iTunes to leave a review of the Tax Tuesday podcast.
Resources:
https://www.irs.gov/businesses/understanding-your-form-1099-k
https://www.irs.gov/forms-pubs/about-form-709
Unrelated Business Income Tax (UBIT)
https://www.irs.gov/charities-non-profits/unrelated-business-income-tax
Unrelated Debt Financing Income (UDFI)
https://www.irs.gov/charities-non-profits/unrelated-business-income-from-debt-financed-property-under-irc-section-514
https://andersonadvisors.com/tobymathis-2/
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Tuesday Jan 25, 2022
Tuesday Jan 25, 2022
How are taxes calculated when renting only one room in your home for Airbnb? How are the expenses calculated, such as cleaning fees, lawn care, pest control, maintenance, snacks, and other amenities offered to guests?
In this episode of Tax Tuesday, Toby Mathis and Jeff Webb of Anderson Advisors discuss calculating Airbnb taxes and answer additional tax-related questions.
Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- What are your thoughts on using a nonprofit that is funded with cryptocurrency? The cryptocurrency will need to be converted to cash and appraised when donating it.
- When purchasing a self-storage facility, should it be in it’s own LLC and can it be combined in an LLC that already has a property within its entity? It’s recommended to put it into two LLCs: Property in one and business in the other. Always separate them.
- How are taxes calculated when renting only one room in your home for Airbnb? How are the expenses calculated for amenities offered to guests? Depends on if it is a rental or for a business. There are two kinds of expenses that need to be calculated - direct (only applies to specific rental space) and indirect (utilities, mortgage interest, homeowners association fees, etc.).
For all questions/answers discussed, sign up to be a Platinum member to view the replay!
Go to iTunes to leave a review of the Tax Tuesday podcast.
Resources:
How Women Achieve Financial Freedom With Stocks & Real Estate (Feb. 5, 2022)
https://infinityinvesting.com/infinity-women-investing/
https://www.irs.gov/taxtopics/tc409
https://www.irs.gov/forms-pubs/about-schedule-c-form-1040
https://www.irs.gov/forms-pubs/about-form-709
https://andersonadvisors.com/tobymathis-2/
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Tuesday Jan 11, 2022
Tuesday Jan 11, 2022
Should you use your personal name as a beneficiary of a Lady Bird Deed or should you set up a new entity to receive ownership?
In the first Tax Tuesday episode of 2022, Toby Mathis and Jeff Webb of Anderson Advisors discuss how to set up a beneficiary deed and answer additional tax-related questions.
Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- Are the profits from my real estate syndication investment considered passive income? It’s highly likely that your syndication income is passive in nature for two reasons - you’re probably a limited partner and it’s real estate, which are both passive activities.
- Should I use my personal name as a beneficiary of a Lady Bird Deed or should I set up a new entity to receive ownership? Medicare can take a real estate asset to pay for care, but a Lady Bird Deed is an enhanced life estate allowed in five states for a beneficiary to protect their home as an inheritance.
- How does a C Corp pay me (the homeowner) for the use of part of my house as office space? Don’t report it on your 1040. It’s a tax-free reimbursement. However, if you rent your home to the corporation, then it is taxable income.
- Can we still rollover a regular IRA to Roth? For now, you can still do a Roth conversion.
For all questions/answers discussed, sign up to be a Platinum member to view the replay!
Go to iTunes to leave a review of the Tax Tuesday podcast.
Resources:
https://www.medicaidplanningassistance.org/lady-bird-deeds/
https://www.irs.gov/businesses/small-businesses-self-employed/business-structures
Coronavirus Aid, Relief, and Economic Security (CARES) Act
https://www.congress.gov/116/bills/hr748/BILLS-116hr748enr.pdf
https://andersonadvisors.com/retirement-plan/
https://andersonadvisors.com/tobymathis-2/
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Tuesday Jan 04, 2022
Tuesday Jan 04, 2022
Weather the retirement storm by strengthening your business with an 831(b) plan. It’s legal and highly effective for tax deferral today to address tomorrow’s risks.
Today, Toby Mathis of Anderson Business Advisors talks to Ed Bryan, Director of Business Development at SRA. Ed has more than 20 years of sales and operations management experience and brings a consistent history of leading high-performing sales teams and operational excellence.
Ed is responsible for developing business strategies to improve representative and client relationships. He works closely with Field Marketing Representatives to identify opportunities and provide education to keep them abreast of industry news and latest product knowledge.
Discussed in the Episode
- 831(b): What it is and how it compares to 401(k) and other retirement accounts
- Options: Allow money to grow, declare a qualified dividend, or realize investment gains
- COVID Claims: Making employee retention credit retroactive has hurt businesses
- Where people go wrong - they don’t share risk and/or operating principles of insurance
- Typical Clients: From builders to doctors - there’s no shortage of risk in any industry
- What can be insured? Threats to business cash flow (brand, cyber security, other risks)
Links
ed@831b.com
https://www.831b.com/
Captive Insurance: The BIG Business Tactic YOU Want To KNOW!
https://andersonadvisors.com/podcast/captive-insurance-the-big-business-tactic-you-want-to-know/
Internal Revenue Service (IRS)
https://www.irs.gov/
FAQs: Employee Retention Credit under the CARES Act
https://www.irs.gov/newsroom/faqs-employee-retention-credit-under-the-cares-act#:~:text=The%20Employee%20Retention%20Credit%20under,financially%20impacted%20by%20COVID%2D19.
https://www.irs.gov/credits-deductions/businesses/opportunity-zones
https://andersonadvisors.com/entity-formation/
https://tobymathis.com/
https://andersonadvisors.com/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
Tuesday Dec 28, 2021
Tuesday Dec 28, 2021
Happy Holidays! In the last episode of the year, Toby Mathis of Anderson Advisors goes through a long list of tax questions from listeners to give quick answers, such as whether you can turn a 1031 exchange property into your primary residence. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- When you gift more than $15,000 a year to one family member, do you have to pay tax on it? Any individual can give $15,000 to another individual without having to submit a gift tax return, but a gift tax return is required if the amount exceeds $15,000
- How do I pay taxes on rental properties that I own in Canada while I am in the United States? The United States accepts Canadian LLCs, but still charges you tax on all income generated from any properties anywhere in the world
- Can I turn a property that I acquired through a 1031 exchange into my primary residence? Yes, you can convert it under Section 121
- What is the difference between a family trust and living trust? Same type of document, but a family trust is irrevocable and for the descendents; a living trust can be revocable and changed
For all questions/answers discussed, sign up to be a Platinum member to view the replay!
Go to iTunes to leave a review of the Tax Tuesday podcast.
Resources:
https://www.irs.gov/pub/irs-news/fs-08-18.pdf
Real Estate Professional Requirements
https://www.aicpa.org/resources/article/tax-rules-for-real-estate-professionals
https://andersonadvisors.com/entity-formation/
https://www.irs.gov/taxtopics/tc409
https://andersonadvisors.com/tobymathis-2/
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Tuesday Dec 14, 2021
Tuesday Dec 14, 2021
Toby Mathis and Ian Hanuscin of Anderson Advisors talk about how to deduct taxes when purchasing a home and answer other tax questions. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- How can I eliminate paying capital gains? I recently sold my rental property because I needed the cash to pay off a divorce settlement. What are my options? Since you already sold the rental property, doing a 1031 exchange is no longer an option, but a qualified opportunity zone is an option to defer the tax
- Which is better? A 1031 exchange with limited time and capital availability or paying capital gains with unlimited time available and no restrictions on capital? Depends on your income bracket, so before doing a 1031, talk to your tax person
- After receiving a sizable amount of money, how soon after do taxes need to be paid? Usually, it’s 90% of the current year’s income or either 100 or 110% of last year’s income for tax liability
- If I register a vehicle under my company name, is this tax deductible? If it’s 100% business use, yes; if not, determine the percentage of use and deduct that amount
For all questions/answers discussed, sign up to be a Platinum member to view the replay!
Go to iTunes to leave a review of the Tax Tuesday podcast.
Resources:
https://www.irs.gov/taxtopics/tc409
https://www.irs.gov/pub/irs-news/fs-08-18.pdf
Real Estate Professional Requirements
https://www.aicpa.org/resources/article/tax-rules-for-real-estate-professionals
https://www.irs.gov/credits-deductions/businesses/opportunity-zones
https://andersonadvisors.com/tobymathis-2/
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Tuesday Nov 30, 2021
Tuesday Nov 30, 2021
Happy Thanksgiving! What are you thankful for? Toby Mathis and Jeff Webb of Anderson Advisors talk about how to use LLCs for your wholesale real estate, retirement plans, and other tax questions. They relate seasoning and cooking the turkey as well as words of wisdom from Bobby Boucher in Waterboy to tax topics. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- Roth Account: I’m not 59 ½ yet. I know I can withdraw my contribution/conversion amounts without paying taxes, but will I be penalized? If you withdraw your contributions from a Roth IRA, there’s no taxes or penalties, but if you take out earnings from a Roth IRA held for less than 5 years and you’re under 59 ½, you’re subject to taxes, penalties
- Wholesaling: Should that be an LLC by itself? One LLC per deal or just use the same one? Depends on whether your state has a series LLC because it’s easy to create a series but it’s difficult to open bank accounts for them
- I’m thinking about delivering packages for a delivery service to supplement my income. My current car is paid off. Should I buy or lease a vehicle for business use? Should my earnings fall under the protection of an LLC and Employer Identification Number (EIN)? Do not lease a vehicle for something like this because you will quickly exceed the mileage limitations, but do set up an active entity (S/C Corp, LLC) for liability protection
- If I purchased a course or educational support not in my LLC’s name, can I still deduct it for my business? Yes, if it is directly related to your business, but get reimbursed
For all questions/answers discussed, sign up to be a Platinum member to view the replay!
Go to iTunes to leave a review of the Tax Tuesday podcast.
Resources:
https://infinityinvesting.com/
https://andersonadvisors.com/retirement-plan/
https://andersonadvisors.com/entity-formation/
https://www.irs.gov/taxtopics/tc409
https://andersonadvisors.com/tobymathis-2/
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Thursday Nov 18, 2021
Thursday Nov 18, 2021
Do you know how to invest in real estate, evaluate property, and spot potential? Learn how to wholesale, invest, and change your life for the better. Once you can understand value, you can create enormous amounts of wealth.
Today, Clint Coons of Anderson Business Advisors talks to Jamil Damji, an internationally known real estate investing/wholesaling expert, about identifying real estate potential.
Jamil is known as the “Wholesale Genie” and hosts Triple Digit Flip on A&E. Also, Jamil is a co-founder of KeyGlee, the #1 wholesale company in the world with more than 180 current franchises. He teaches students around the world with his mentorship program, AstroFlipping, where students constantly crush their goals and find financial freedom.
Highlights/Topics:
- Triple Digit Flip: Dives into and pulls back the curtain on real estate businesses
- KeyGlee: Nationwide wholesale operation that’s franchised across the country
- How to Find Properties: Door knocking, driving around, and developing relationships
- Decision-Making Process: Break down reasons to wholesale or fix and flip properties
- Property Assets: Can people see where the value is? Can they be taught to do that?.
- Asset Classes: Working-class neighborhoods to luxury flips (value-add opportunities)
- Nationwide Buyers List: Nearly half a million people and growing every single day
- Inflation: Cost of living in a world (and specific locations) that is out of control
- Private Equity Companies: Unprecedented new form of demand in real estate market
- Cyclical Market: Interest rates, demand, and global socio-political things drive pressure
- Natural Human Behavior: People either jump into the market or relax out of the market
- Trends: Profit from buying properties for yourself and others that make huge profits
- Housing Piece: Need cash in an investment vehicle that's protected against inflation
- Patterns: Look for activity to determine whether to buy or sell property from somebody
- Skip Tracing: Available resources to find contact information for a homeowner or LLC
- How to Comp Properties: Don't take somebody’s word on how much something is worth
- Common Criteria: When appraising houses - don’t leave subdivision without viable comp
Resources
https://www.youtube.com/channel/UCDqJP0mZNOSR9JiIRE02NxQ
https://www.instagram.com/jdamji/?hl=en
https://www.aetv.com/shows/triple-digit-flip
https://www.keygleehomes.com/
https://www.astroflipping.com/
How Buy Real Estate with Seller Finance with Pace Morby & Clint Coons
https://www.youtube.com/watch?v=oIVrrK1CL2s
Breaking Down Wholesale Real Estate with Max Maxwell
https://andersonadvisors.com/podcast/wholesale-real-estate-with-max-maxwell/
https://ibuyer.com/
https://andersonadvisors.com/clint-coons/
https://andersonadvisors.com/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
Tuesday Nov 16, 2021
Tuesday Nov 16, 2021
What business expenses can be deducted? Are memberships, technology, coaching, training, and supplies included? Jeff Webb and Eliot Thomas of Anderson Advisors talk about how to claim business expenses on year-end taxes and other topics. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- Can the owner of a C Corp and the founder of a nonprofit have a 401k plan for the C Corp and a 403b plan for the nonprofit without there being a control group? Depends on who is controlling the nonprofit (i.e., directors vs. shareholders)
- Are capital gains from stock sales/options trading included in calculating minimum income for IRA/Roth IRA limit? Capital gains from stock sales/options are all considered portfolio or non-earned income
- When trading crypto, if you trade an altcoin for bitcoin, is that a taxable event? Yes, it’s similar to securities but more of a direct conversion; whenever you buy something or trade with bitcoin, that is a taxable event
- I have rental property that I would like to sell. Can I find a replacement property first and still do a 1031 transaction? Yes, you can do a reverse 1031, but you need to loan money to a qualified intermediary (QI) to buy the replacement property on your behalf
For all questions/answers discussed, sign up to be a Platinum member to view the replay!
Go to iTunes to leave a review of the Tax Tuesday podcast.
Resources:
Infinity Investing by Toby Mathis
https://www.amazon.com/Infinity-Investing-Rich-Richer-Same/dp/1950863271
https://andersonadvisors.com/retirement-plan/
https://andersonadvisors.com/entity-formation/
https://www.irs.gov/forms-pubs/about-schedule-c-form-1040
https://andersonadvisors.com/1031-exchange/?highlight=1031%20exchange
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/