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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
Tuesday Aug 04, 2020
Tuesday Aug 04, 2020
Is now a good time to buy, sell, or invest in real estate? If yes, where do you find motivated sellers and deals? Cut out the middleman to make great returns on real estate investments.
Today, Clint Coons of Anderson Business Advisors talks to Chase Maher, a real estate investor and entrepreneur in San Diego. Chase is the owner of Maher Real Estate, a house flipping and wholesale business that transacts in multiple markets across the United States. He also hosts a Top 200 ranked podcast called, "Life Worth Chasing." It focuses on real estate, investing, and high-level business strategies.
Chase is passionate about creating generational wealth, while living a fulfilling lifestyle. Real estate is all about the numbers. The better the numbers, the more money made.
Highlights/Topics:
- Multi-Million-Dollar Decision: Chase chose real estate over cars for time to travel/surf
- House Hack: 10% down to buy $200,000 home, rent rooms, refinance, create cash flow
- Trial-and-Error Education: Chase learned from experts and listened to BiggerPockets
- Secret Sauce Strategies: Sales skills, door knocking, texts, cold calling, Facebook ads
- Triple Ds of Real Estate: Divorce, death, and defaults to find/filter names and numbers
- Rejections: Be transparent, create script, systemize, comply to do business the right way
- Creative CRM Strategies: Subject to arrangements, lease options, deal opportunities
- Deals/Dealers: Wholesalers, real estate agents, and direct-to-seller marketing channel
- Lead Generation: Consistency and volume over time are keys to success
- Staying in San Diego? May move elsewhere to enhance commercial asset class
Resources
iTunes Podcast: https://podcasts.apple.com/us/podcast/life-worth-chasing/id1460272793
Spotify Podcast: https://open.spotify.com/show/0QiBcKBZORxuAQKF5Xa6mf?si=criYzilTSeeEPK1koh1mUg
Newsletter: https://mailchi.mp/d3e05e6954c7/lwc
Chase Maher on Twitter: https://twitter.com/IamChaseMaher
https://www.hud.gov/topics/housing_choice_voucher_program_section_8
https://www.biggerpockets.com/
https://www.ididata.com/
https://www.listsource.com/
https://www.propstream.com/
https://www.xencall.com/
https://www.roor.app/
https://andersonadvisors.com/clint-coons/
https://andersonadvisors.com/
Anderson Advisors Tax and Asset Protection Event
https://andersonadvisors.com/asset-protection/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
Thursday Jul 30, 2020
Thursday Jul 30, 2020
The market has shifted, strategies that worked seven or eight years ago are not doing well now. So, it’s time for real estate investors to learn new, successful strategies to land deals.
Today, Clint Coons of Anderson Business Advisors talks to Chris Prefontaine of Smart Real Estate Coach. Chris is an avid real estate investor and expert in buying and selling on terms. He shares a new way of investing in real estate. Actually, it’s not new. It's been around awhile, but people are unaware of it. Make purchases without using your own money!
Highlights/Topics:
- Smart Real Estate Coach: Chris teaches strategies that take investing to a new level
- Market Shift: Past few months brought three times as many properties under contract
- Seller’s to Buyer’s Market: Sellers suffering due to minimum credit scores on loans
- Lease-Resistant Path: How to get deals without using your own money
- Lease Purchase: Built-in agreements with a $10 deposit and purchase attached to it
- Good, Bad, Otherwise: Debt relief to pre-empt any potential problems or expired listings
- Terms Deals: No healthier way to structure deal for the seller, investor, and buyer
- Your Price, My Terms, My Price, Your Terms: Fair to offer during negotiation
- Different Paydays on Deals: Now money, overtime money, and end-of-the-road money
- Subject to Existing Financing: Sell property without paying off underlying mortgage
- Due-on-sale Clause: Banks are in the business of loaning money, not owning property
- Rent-to-own Property: Put person into property to create sense of ownership
- Owner Financing: Structure deals with free and clear properties for estate/tax planning
- Smart Real Estate Coach Academy: Constantly changing resource center/online course
Resources
http://smartrealestatecoach.com/
Ebook: https://hugewhy.isrefer.com/go/ebook/andersonadvisors/
QLS Live: https://hugewhy.isrefer.com/go/QLSLIVE/andersonadvisors/
QLS Course: https://hugewhy.isrefer.com/go/QLS2/andersonadvisors/
Webinar: https://hugewhy.isrefer.com/go/Web/andersonadvisors/
Webinar Freebies Request: https://hugewhy.isrefer.com/go/WEBFREEBIES/andersonadvisors/
https://www.edelman.com/
https://andersonadvisors.com/clint-coons/
https://andersonadvisors.com/
Anderson Advisors Tax and Asset Protection Event
https://andersonadvisors.com/asset-protection/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
Tuesday Jul 28, 2020
Tuesday Jul 28, 2020
Are you smarter than your accountant, especially when they tell you there’s nothing they can do? Toby Mathis and Toni Covey of Anderson Advisors answer your tax questions to provide clarity and understanding. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- I have an empty plot of land. If I sell it and have a loss, am I able to write-off the loss on my taxes? If treated as a capital loss because it’s a capital asset, the loss is deductible against any other capital gains or up to $3,000 of ordinary income
- Can you set up a hedge fund or other entity where you can trade your stocks, so you’re not taxed as long as the proceeds stay in the fund you created until they are reinvested? Hedge funds are usually operating in an LLC taxed to a partnership or limited partnership, which flows through owner’s tax return
- Are there any strategies to reduce paying taxes on benefit or pension income and Social Security benefits? Distributions from a retirement plan are taxable income most of the time; Social Security benefits may/may not be taxable, depending on other income
- What are the tax benefits of setting up a charity? Charity doesn’t pay any tax and you can give it assets
- Can I use my self-directed IRA as a hard money lender? Yes, but you’re personally responsible for excess liabilities with an IRA
- I was a passive real estate investor and I have passive activity losses (PALs). Now, I’m a real estate professional. Can I use those PALs against my ordinary income, if I’m a real estate professional? No, they’re suspended until you substantially dispose all the activity
- I’ve noticed that taxes on new construction properties are generally lower for a year or two before increasing. Why? Property taxes are based on assessed value of the home
- What are the limits for bonus depreciation? There are none; you can create $1 million worth of loss and not pay tax for a long time
- Does getting a disaster loan and PPP affect taxes? No
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:
New Opportunities in Real Estate Accounting with Aaron Adams
https://andersonadvisors.com/new-opportunities-real-estate-accounting
Tax-Wise Business Ownership by Toby Mathis
https://andersonadvisors.com/shop/
http://aba.link/iiw
https://andersonadvisors.com/tax-wise-workshop/
Individual Retirement Arrangements (IRAs)
https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras
https://www.irs.gov/retirement-plans/traditional-and-roth-iras
https://www.irs.gov/businesses/small-businesses-self-employed/like-kind-exchanges-real-estate-tax-tips
https://home.treasury.gov/policy-issues/top-priorities/cares-act
Economic Injury Disaster Loan (EIDL)
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance
Paycheck Protection Program (PPP)
https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf
Paycheck Protection Program (PPP) Flexibility Act
https://www.investopedia.com/paycheck-protection-program-flexibility-act-of-2020-an-overview-4846944
Small Business Administration (SBA)
https://www.sba.gov/
https://www.investopedia.com/terms/1/457plan.asp
https://andersonadvisors.com/podcast/cost-segregation-with-brett-hansen-replay/
Real Estate Professional Requirements
https://www.irs.gov/pub/irs-utl/33-Real%20Estate%20Professionals.pdf
https://www.law.cornell.edu/uscode/text/26/469
https://www.irs.gov/taxtopics/tc554
https://www.irs.gov/pub/irs-pdf/f1065sk1.pdf
Capital Gains Exclusion/Section 121
https://www.irs.gov/taxtopics/tc701
https://www.investopedia.com/terms/1/403bplan.asp
https://www.irs.gov/charities-non-profits/charitable-organizations
https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act
https://www.investopedia.com/terms/d/depreciationrecapture.asp
https://www.midwestyoucan.org/camp-youcan
Internal Revenue Service (IRS)
https://www.irs.gov/
https://www.irs.gov/forms-pubs/about-schedule-c-form-1040
https://www.irs.gov/forms-pubs/about-schedule-d-form-1040
https://www.irs.gov/forms-pubs/about-schedule-e-form-1040
https://www.irs.gov/forms-pubs/about-form-3115
https://www.flrules.org/gateway/RuleNo.asp?id=12B-4.014
https://www.investopedia.com/terms/u/ucc-1-statement.asp
https://andersonadvisors.com/living_trusts/
Rollover as a Business Start-up (ROBS)
https://www.irs.gov/retirement-plans/rollovers-as-business-start-ups-compliance-project
https://www.irs.gov/pub/irs-pdf/f941.pdf
https://www.irs.gov/forms-pubs/about-form-1040-ez
https://www.irs.gov/taxtopics/tc429
https://www.irs.gov/newsroom/qualified-business-income-deduction
http://tobymathis.com/
https://andersonadvisors.com/
https://andersonadvisors.com/all-events/
Events@andersonadvisors.com
Anderson Advisors Tax and Asset Protection Event
https://andersonadvisors.com/asset-protection/
https://andersonadvisors.com/tax-wise-workshop/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Tuesday Jul 21, 2020
Tuesday Jul 21, 2020
Societal issues surrounding autism not only create challenges for children, but their entire family. Parents of children with autism experience anxiety and uncertainty, especially as their children grow up to become adults with autism. Chances are, they will survive their parents. Then, what will happen? Where and how will they live as adults with autism?
In this episode, Toby Mathis of Anderson Advisors talks to Jim Richardson from Neuro Diverse Living. Jim has more than 35 years of consulting services experience and has been investing in real estate for 40+ years. As a principal in a commercial real estate capital consulting firm, Jim raises and manages discretionary investment capital. As a parent of a grown son with autism, Jim’s business vision and personal mission is to connect in a meaningful way.
Highlights/Topics:
- What will happen to Jim’s son, Michael? Every parent raising an autistic child has or will consider available options to plan for future living accommodations.
- What are options most parents consider? Many families make plans with a sibling, such as a brother, sister, aunt, uncle, or other family member, which may only be temporary.
- What about a permanent move? Jim wanted to find a place where Michael could move to and theoretically live for the rest of his life.
- Why? Change for an autistic adult can turn their world upside down. Once might be fine, but not multiple moves.
- What about group homes? These temporary properties tend to be for people with severe disabilities. Unless Michael gets to the point where he needs that next level of care, a group home can’t accommodate him.
- What’s a parent to do? Create their own long-term housing solution to meet Michael’s needs as an adult with autism. Jim and his wife, Nancy, started Neuro Diverse Living.
- Does Michael live with Jim and Nancy? Yes, because they are setting up their first personal care home, also known as residential assisted living (RAL).
- Will the personal care home only be for adults with autism? Neuro Diverse Living is a 501(c)(3) charity with a blended residence of autistic adults and neurodiverse people.
- Will Neuro Diverse Living offer 24/7 care? To be a legitimate business, Jim needs to follow local, state, and federal regulations. Jim’s business will provide housing based on the level of daily living that each individual needs.
- How many people have autism? Nationally, on average, 1 out of 49 people are on the autistic spectrum. In the next 10 years, 1 out of every 4 or 5 adults could have autism.
- Why create an intentional design for Neuro Diverse Living? Jim intends to make the design model available to other families that want to do something similar.
- Is it difficult for autistic adults to get a job? For every 10 jobs available, about two could go to an autistic individual.
- Why does Jim have a separate group that buys properties for him? There’s a tremendous need/opportunity for long-term leases for autistic and neurodiverse homes.
- Did autism used to be confused with schizophrenia? Yes, years ago. People thought it was some sort of major mental defect. They didn't know what it was or how to treat it.
Resources
https://neurodiverseliving.org/
https://www.irs.gov/charities-non-profits/charitable-organizations/exemption-requirements-501c3-organizations
Drexel University’s Autism Research Foundation
https://drexel.edu/autisminstitute/
Madison House Autism Foundation
https://www.madisonhouseautism.org/
https://residentialassistedlivingacademy.com/meet-gene/
https://www.imdb.com/title/tt0095953/
https://andersonadvisors.com/tobymathis-2/
https://andersonadvisors.com/
Anderson Advisors Tax and Asset Protection Event
https://andersonadvisors.com/asset-protection/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
Thursday Jul 16, 2020
Thursday Jul 16, 2020
Real estate investing is like a three-legged stool. One leg is tax planning, second leg is asset protection, and third leg is business planning. Always remember to grow the business side of your real estate investment.
Today, Clint Coons of Anderson Business Advisors talks to Andre Johnson of Deal Mastery about real estate investing from the business planning side. Look at real estate investing as a business to turn cash into something sustainable.
Highlights/Topics:
- Pathway to Financial Freedom: Live rent- and mortgage-free by having tenants
- Strategic Partners and Business Operations: Work on your business, not in it
- Unlock Scalability: Fire yourself from as many roles and responsibilities as possible
- Foundational Building Blocks: Mindset, marketing campaigns, and making money
- Basic Marketing Systems: Opportunities via cold calling, yellow letters, and door hangers
- Financing: Almost every business opportunity might need to get a small business loan
- F-ing Focus: Find, fund, fix, and flip by drawing, sticking to, and working that plan
- Virtual Assistants (VAs): Hiring virtual workers doesn't mean the work stops
- Shiny Object Syndrome: Real estate investing is simple, not easy or overnight success
Resources
Deal Mastery (Download Best-Selling Book by Andre Johnson)
https://www.dealmastery.net/
Deal VAs (Free Consultation with Andre Johnson)
https://www.dealvas.com/
Andre Johnson’s Deal Mastery Website
https://www.dealmastery.com/
Clint Coons
https://andersonadvisors.com/clint-coons/
Anderson Advisors
https://andersonadvisors.com/
Anderson Advisors Tax and Asset Protection Event
https://andersonadvisors.com/asset-protection/
Anderson Advisors on YouTube
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
Tuesday Jul 14, 2020
Tuesday Jul 14, 2020
It’s the middle of a sweltering summer and the July 15 deadline to pay your income taxes is fast approaching. Don’t worry because Toby Mathis and Jeff Webb of Anderson Advisors offer a bevy of knowledge to avoid getting burned. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- What is the most tax-efficient way for 401(k) to Roth 401(k) conversion? Entire amount does not need to be converted in one year, or you’ll take a major tax hit
- How do I start a real estate business with income from our current businesses? Is this possible? Yes, pull money out of businesses to establish new real estate entity
- How do I elect trader status? State that you are a trader or select mark-to-market election method of accounting for securities traders
- How can I identify tax breaks at certain income levels? If your income is below the $100,000 threshold, use standard deduction, IRAs, and more to not pay any or much tax
- What is the easiest or best accounting software to keep up with your business expense and get the best tax reductions? Most prevalent software used for accounting and bookkeeping services is QuickBooks
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:
http://aba.link/iiw
Tax-Wise Business Ownership by Toby Mathis
https://andersonadvisors.com/shop/
https://andersonadvisors.com/tax-wise-workshop/
Individual Retirement Arrangements (IRAs)
https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras
https://www.irs.gov/retirement-plans/traditional-and-roth-iras
https://www.irs.gov/businesses/small-businesses-self-employed/like-kind-exchanges-real-estate-tax-tips
https://home.treasury.gov/policy-issues/top-priorities/cares-act
Economic Injury Disaster Loan (EIDL)
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance
Paycheck Protection Program (PPP)
https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf
Paycheck Protection Program (PPP) Flexibility Act
https://www.investopedia.com/paycheck-protection-program-flexibility-act-of-2020-an-overview-4846944
Small Business Administration (SBA)
https://www.sba.gov/
https://andersonadvisors.com/living_trusts/
https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act
https://www.investopedia.com/terms/d/depreciationrecapture.asp
Real Estate Professional Requirements
https://www.irs.gov/pub/irs-utl/33-Real%20Estate%20Professionals.pdf
Capital Gains Exclusion/Section 121
https://www.irs.gov/taxtopics/tc701
https://www.irs.gov/taxtopics/tc554
Internal Revenue Service (IRS)
https://www.irs.gov/
https://www.irs.gov/tax-reform
https://www.federalrealty.com/
https://www.irs.gov/businesses/small-businesses-self-employed/am-i-required-to-file-a-form-1099-or-other-information-return
https://www.irs.gov/taxtopics/tc429
https://www.irs.gov/pub/irs-pdf/f4797.pdf
https://www.irs.gov/charities-non-profits/charitable-organizations
https://www.irs.gov/forms-pubs/about-form-2553
https://www.healthcare.gov/
https://quickbooks.intuit.com/
https://www.sage.com/en-us/products/peachtree/
https://www.oracle.com/applications/jd-edwards-enterpriseone/
https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction
https://www.irs.gov/forms-pubs/about-schedule-c-form-1040
https://andersonadvisors.com/podcast/cost-segregation-with-brett-hansen-replay/
http://tobymathis.com/
https://andersonadvisors.com
https://andersonadvisors.com/all-events/
mailto:Events@andersonadvisors.com
Anderson Advisors Tax and Asset Protection Event
https://andersonadvisors.com/asset-protection/
https://andersonadvisors.com/tax-wise-workshop/
https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ
https://www.facebook.com/AndersonBusinessAdvisors/
https://andersonadvisors.com/podcast/
Thursday Jul 09, 2020
Thursday Jul 09, 2020
Do you know everything there is to know about tangible property regulations? Did you know they even existed? You’re not alone because 90-95% of building owners and investors have never heard of them. In this episode, Toby Mathis of Anderson Advisors talks to Kevin Jerry, Executive Vice President of Sales at Cost Segregation Services, Inc. (CSSI). Kevin is a Master of Taxation (MST) and nationally recognized speaker on cost segregation and tangible property.
Highlights/Topics:
- What are tangible property regulations? Extremely taxpayer-friendly regulations that represent biggest tax change for industry since 1986
- What’s the benefit of cost segregation for clients? Short depreciation life for many assets for a bigger tax deduction
- What is cost segregation? When you separate property that can be removed from a building, instead of the structure of the building
- How are new tangible property regulations different from those before 2014? For assets currently in service; when a repair/expenditure is made, if you take the expenditure, regulations determine if you spread it over 27.5 or 39 years, or expense it in first year
- What are some things you can write off right now? A lot of expenses by breaking a building into components
- What are the three safe harbors?
- De Minimis: If an invoice has an item on it of less than $2,500, generally, it can be expensed.
- Small Taxpayer: If you take the cost of your building minus land and take the lesser of 2% of that cost for $10,000.
- Routine Maintenance: Based on experience levels, industry standards, and warranties, expense the repair/replacement of a component.
- What if safe harbors don’t apply? There are three other rules: per property, component, or taxpayer; you can’t do both a safe harbor and rule, pick one or the other
- How do you know if your CPA knows what they're doing? Ask if they:are applying the tangible property regulations to your trade or business
Resources
CSSI Building Analysis Request (CSSIGBALL) https://cssistudy.wufoo.com/forms/z1gdt1xu19ickzm/
Cost Segregation Services, Inc. (CSSI)
Kevin Jerry’s Email jerryk@costsegserv.com
Kevin Jerry’s Phone: (502) 216-5941
Tuesday Jul 07, 2020
Tuesday Jul 07, 2020
Rather than investing in real estate with emotion, try a more measured approach. Crunch numbers because data beats gut feel and you can’t manage what you can’t measure.
Today, Toby Mathis of Anderson Advisors talks to Neal Bawa, founder and CEO of Grocapitus, a commercial real estate investment company. Neal is the CEO of MultifamilyU, an apartment investing education company. He’s known as the Mad Scientist of Multifamily and uses the power of numbers to acquire properties and create profit for investors.
Highlights/Topics:
- Why should you celebrate failures? A certain number of failures creates a very high rate of success. Failure is a necessary step to success.
- What are the impacts of COVID-19 on real estate? Some good, but mostly bad effects, such as an increase in confirmed cases, job loss, and economic weakness.
- Should investors consider buying or selling real estate right now? Plan ahead to project future wealth by buying and holding onto properties to generate cash flow.
- Should you invest in the Stock Market, real estate, or both? Why? The Stock Market is stressful. Even when real estate values go down, rents tend to go up during a recession.
- What should you consider when buying property?
- Population growth
- Income growth
- Home price growth
- Crimes
- Jobs
- What’s the future of real estate, interest rates, and economy? Things will get back to normal. Opportunities will be available to invest in real estate.
Resources:
RealFocus (Free Real Estate Investing Course)
Tuesday Jun 30, 2020
Tuesday Jun 30, 2020
Confusion continues with the CARES Act and related tax relief programs due to COVID-19. Toby Mathis and Jeff Webb of Anderson Advisors provide clarity by answering tax questions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- I’ve had my work hours cut due to COVID. Under the CARES Act, can I access my 401(k) from work or solo 401(k)? You can access the solo 401(k) through a distribution or loan, but access to a work 401(k) must be approved by the plan administrator
- How should I handle sales tax within my eCommerce store? Do I follow my state use tax or do I need to get the buyer’s? Depends on various factors, but sales tax is tax on things you sell, and use tax is tax on things you buy
- Do we have to pay taxes on an SBA loan? No, unless loan is not repaid
- Can you accept the EIDL, if you’ve already accepted the PPP loan? Yes
- Will there be any issues with PPP forgiveness, if you accept EIDL? Depends on whether you received the emergency cash grant
- Am I able to purchase real estate with my solo 401(k) account and rent the house to my brother? Yes, your brother isn’t a disqualified party, but you must charge him a fair rent
- Did the deadline for Roth conversions get extended? No, it’s still Dec. 31
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:
Tax-Wise Business Ownership by Toby Mathis
Paycheck Protection Program (PPP)
Paycheck Protection Program (PPP) Flexibility Act
Economic Injury Disaster Loan (EIDL)
Capital Gains Exclusion/Section 121
Applicable Federal Rates (AFR)
Real Estate Professional Requirements
Individual Retirement Arrangements (IRAs)
Internal Revenue Service (IRS)
Small Business Administration (SBA)
U.S. Department of the Treasury
Tuesday Jun 23, 2020
Tuesday Jun 23, 2020
Do you want to enjoy a lifestyle free from tenants, toilets, and trash? Maybe it’s time to invest in the self-storage business. Today, Michael Bowman of Anderson Business Advisors and Bowman's Business Brief talks to Scott Meyers of Self-Storage Profits, Inc., which offers educational courses, events, and mentoring/coaching.
After becoming a penniless landlord in the single-family rental and apartment business, Scott began investing in self storage. He quickly sold all his single-family rentals and apartments to create a small empire of self-storage facilities nationwide. Scott focuses on syndicating self-storage deals and helping others launch their own self-storage business.
Highlights/Topics:
- What’s Scott’s story and evolution into investing? Shifted from being a hobby to business, but not as much cash flow and free time as anticipated
- What was the first downturn that Scott experienced? During the tech bubble and recession in 1999-2000, when most of his tenants left to buy their own homes
- Why are self-storage facilities in demand? During economic downturns, people lose their jobs, times are tough, and extra stuff is moved into storage until things turn around
- What are the details of self storage? Scott talks to and teaches people about the benefits of self storage and what not to do
- Why did Scott decide to teach others about self storage? Divine calling and mission field due to his story being similar to others struggling in real estate
- Is funding available for self storage? There’s no shortage of lending sources and supplying money flowing into self storage
- What are Scott’s tips and tricks to getting into self-storage business? Start sooner than later, know how to value market, evaluate numbers, get mailing lists to send out mailers, talk with brokers, and find facilities
- Why isn’t Scott afraid of aggregators? Nobody’s forcing owners to use aggregators; look at the market, Websites, traffic, and placement to spend money that draws people in
- What is Scott’s Self Storage Evaluator? Underwriting software that analyzes storage facilities and shows about 150 income and expense categories and calculations
Resources
Community Reinvestment Act (CRA)