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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 Jan 28, 2020
Tuesday Jan 28, 2020
Bookkeeping has been around forever, even before the days of QuickBooks software and spreadsheets. Toby Mathis and Jeff Webb of Anderson Advisors welcome a special guest, Troy Butler, to discuss how bookkeeping began and evolved to track, document, and record transactions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- Should I hire a bookkeeper for my business, or do it myself? Depends on level of detail and number of transactions
- We have several companies. What’s the best way to pay and track expenses for each? Whether each company needs a separate set of books depends on if the companies are related or not, and go on the same tax return
- What’s the best way to set reminders of accounting tasks that I should do? Set up monthly or quarterly tasks; don’t let everything build up and do it all at once
- What’s the difference between a profit-and-loss (P&L) and balance sheet? Balance sheet lists your assets, liabilities, and equity for the company; P&L shows profitability for specific timeframes
- How do you keep track of reimbursable expenses before your corporation makes a profit? Even if not profitable yet, you need to track your expenses and income
- What are some tips to get good bookkeeping results with the least amount of effort? QuickBooks, Peachtree, spreadsheets, and calendars; automate as much as possible and consistency is critical
- When we take money out of the holding company to use for personal expenses, how do we handle that in the bookkeeping? Distribution recorded as an equity item
- Is it legal to put personal funds directly into our holding company, and how do we document that in our bookkeeping? Yes, that’s allowed; you can put your money into your company, but it’s your money and you can take it back later, if needed
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:
Anderson Bookkeeping Services (Discount Code: BookTax)
Real Estate Professional Requirements
Capital Gains Exclusion/Section 121
Individual Retirement Arrangements (IRAs)
Save A Vet With A Pet – 1 Veteran Foundation
Tuesday Jan 21, 2020
Tuesday Jan 21, 2020
You know it’s time to make a career change when your job becomes more difficult to be both profitable and fun. Today, Toby Mathis of Anderson Business Advisors talks to Ken Harris of Harris Properties Investment Real Estate and Austin Commercial Real Estate Investing Group. Ken was born and raised in Houston. He went to the University of North Texas to study economics and finance because he wanted to be a banker or stock broker. However, after serving in Vietnam for a year and four years in the Air Force, he decided to return to Texas, but not Houston.
Highlights/Topics:
- How did Ken end up in real estate? He didn’t want a state job or work for a corporation and be transferred after a few years
- Why did Ken wish he would’ve never done residential real estate? Didn't know any better
- What should Ken have done? Started directly with commercial business, mostly doing side acquisition for users
- What happened to Texas in the mid-80s? Economic crisis, a total collapse, where Ken ended up with a lot of debt and real estate
- Why did some of the richest people and homebuilders in Texas declare bankruptcy? Lenders no longer giving loans or wanted loans paid back
- How did a two-week projet turn into a 25-year career? Friend in construction business asked Ken to find locations, property owners, and negotiate deals for cell phone towers
- What is Ken’s secret to success? Living a long time and owning places so long to build up some good equity
- Why Ken decided to be a passive investor by getting into apartment syndication? Didn’t want to work hard or have as much responsibility, so converted his equities
- Why did Ken decide not to be a deal sponsor? Wanted to build a portfolio around his lifestyle and love for the outdoors
- How did Ken pick his syndications? Focus on who's running/sponsoring them; know those people are in a position to take care of what needs to be done
- Why meetup for lunch every Tuesday? Networking and education are primary focuses for Austin Commercial Real Estate Investing Group
- What are some of Ken’s biggest wins? Holding onto real estate and then selling it; although it stabilizes, it doesn’t usually go down much
- What’s Ken’s advice about the world of investing? Understand what passive income is, how you establish it, and how you can make it work
Resources
Austin Commercial Real Estate Investing Group
Ken Harris’s Phone: 512-288-2022 or 512-663-2022
Ken Harris’s Email
Rich Dad Poor Dad by Robert Kiyosaki
Tuesday Jan 14, 2020
Tuesday Jan 14, 2020
Do you have enough money saved up for your retirement? Do you feel good about your golden years? The good news is that legislation was passed recently. It’s called the Setting Every Community Up for Retirement Enhancement (SECURE) Act. However, it means saying goodbye to stretch IRAs and age limits on IRA contributions. Toby Mathis and Jeff Webb of Anderson Advisors answer SECURE Act and other tax questions that may impact your financial future. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- I am trying to qualify my wife for real estate professional status, and she will go part-time next year. She is a physician. How will IRS treat her on-call duty hours? Only count hours she is actually working on real estate, not her on-call duty hours
- I have significant start-up costs for training prior to the establishment of my LLC (C Corp). Are there alternatives to recapturing the start-up costs in less than 15 years? No, but you can write off $5,000 for up to $50,000 in start-up costs the first year
- I am interested in providing a Wellness Plan for my employees. How do we structure it, so it isn’t taxable income for employees? Non-taxable benefit to company, and non-deductible benefit to employees
- Is gap lending income passive or active for a 401(k)? Gap lending is lending and passive/interest income; not an active business
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:
Individual Retirement Arrangements (IRAs)
Real Estate Professional Requirements
Capital Gains Exclusion/Section 121
Garn-St Germain Depository Institutions Act of 1982
Rollovers as Business Start-Ups (ROBS)
Tuesday Jan 07, 2020
Tuesday Jan 07, 2020
How can you build and develop a residential assisted living (RAL) space that attracts residents and beats the competition? Today, Clint Coons of Anderson Business Advisors talks to Lisa Cini, founder of Mosaic Design Studio and author of senior living design books. She helps RAL business owners take their properties to the next level. When it comes to RAL, it’s not only about location, location, location, but making it attractive and wanting to live there during your golden years.
Highlights/Topics:
- What sparked Lisa’s interest in RAL space? Interior design that transformed into certified healthcare to make an impact when sending people home
- What’s the difference between a nursing home and RAL? Nobody wants to go into a nursing home during a crisis situation knowing they’ll never leave alive
- How has RAL changed over the years? Mindset shifted to make a comfortable and attractive transition where average stay increased from two to 20 years
- Is bigger always better for RAL? Better for the bottom line, publicly traded, scaled up version for profit and FTEs, but not for residents who live in them
- What makes RAL your or your loved one’s home? Walk-the-walk and talk-the-talk of what you do at home; forget about bed hair and getting dressed up
- Why does RAL staff become a surrogate family? Interaction, engagement, and intimate one-on-one care lets residents put their guard down and live like they did at home
- What issues are related to RAL properties? Make it a place for residents to thrive and relieve burdens to change fear to freedom
- How should RAL properties be designed? Similar to spa design with curb appeal, vestibules, soft surfaces to reduce noise, induction loop, indirect lighting, wholesale residential furniture, and space for guests
- What technology is essential for RAL properties? Lowe’s, Home Depot, and other big box companies are getting into RAL business by offering:
- Wi-Fi for streaming, gamification, face-to-face video, etc.
- Bidet toilet seats and handles to safely and independently clean yourself.
- Are RAL properties going to the dogs? People respond to and love their pets/comfort animals; they shouldn’t and don’t want to give them up
- What else should RAL properties and their owners take into consideration? Be open minded about cannabis and the role it can play in residents’ lives
Resources
Tuesday Dec 31, 2019
Tuesday Dec 31, 2019
Have you ever thought about assisted living homes? Whether it’s for you, your loved ones, or as a real estate investment? If you’re thinking about becoming a landlord, consider the assisted living marketplace as a great place to find potential tenants. Today, Toby Mathis of Anderson Business Advisors talks to Vern Harris from A Better Way Realty, which invests in assisted living real estate. Vern shares how he helps buy, fix, and get assisted living homes ready for operators.
Highlights/Topics:
- Who puts up the money? Investors invest in A Better Way Realty funds, and their money is deployed into assisted living homes
- Do you lease it to an operator? What's the typical lease term? Usually, a five-year lease
- Do operators have to keep paying Vern as their landlord for five years? After three years, operators are given the option to buy the property
- How is the purchase price calculated? Purchase price is agreed on ahead of time
- Have any operators purchased a property? Two operators exercised the purchase option in the last 10 years
- How are the operators doing? Assisted living is a tough business; operators that understand the business, work at it, can grow it
- What’s the typical age range of those in assisted living? Silver Tsunami (i.e., people over 65 in residential assisted living; average age is 82 years old)
- What about ages of those in adult care homes? As young as 18 and up to 60 years old on average, including sober living, medical illness, and/or autistic clients
- How do you identify properties? Assisted living works best with space for either a 10- or 16-bed home and about 3,500 sq. feet, which can be hard to find in certain locations
- Your model is different by running a fund. How does somebody invest or put money in, if interested? Passive investors can get into the fund and management is taken care of; operators make sure everything works, and investors are paid
- Are you doing a share? Carve-out? How are you running that? Usually, it's an 8-10% annual return by monthly payout
- What's been your favorite project that you've been involved in? Four-pack of houses that helped operator more than double their business
- Where do you find your operators? Do they find you, or are you looking for them? Both
- How does somebody become an operator? Volunteer in an assisted living home; unique type of caregiving that requires compassion and business sense
- What’s the worst part? If you fail and lose money, worse than that, you displace tenants
- Do you have projects that you're waiting on to be completed? Newest fund has been open a few months and has a fair amount of cash lined up
- What's the average amount that tenants pay? Depends on home, location, and Medicaid vs. private payments
Resources
Denver Association of Assisted Living Residences
Residential Assisted Living (RAL) National Association
Tuesday Dec 24, 2019
Tuesday Dec 24, 2019
Technology is changing real estate and information sharing. Well-paid realtors can’t just sit back and wait for buyers and sellers to show up. How do they remain relevant and fundamental in transactions? Today, Toby Mathis of Anderson Business Advisors talks to Justin Stoddart of Think Bigger Real Estate. Justin focuses on business development by serving as a business consultant to help real estate agents better serve their clients.
Highlights/Topics:
- What’s the difference between an expert vs. technology/low-cost worker? Save money, but deal with significant net difference; someone knowing what they’re doing is true value by being net positive and putting more money in your pocket
- Why are people enamored with technology in real estate space? People think they can do it themselves; who needs an expert when they can do it themselves and save money
- Do Zillow, Redfin, and other online sites buy properties? Yes, they buy at wholesale and sell at resale; they don’t buy and hold properties to make profits
- Why do people choose not to hire real estate experts when buying or selling a property? Matter of convenience, not transaction costs
- What got Justin into real estate? Family business, studied construction management, left to start his own home building company
- Is Justin’s passion building homes? No, he’s passionate about building people, growing people, and growing business
- Does Justin plan to expand Think Bigger Real Estate? Yes, plans to go nationwide
- How do real estate agents remain well paid and not be replaced by technology/low-cost workers? Innovate at pace equivalent to technology; be less salesy, more customer service oriented
- Why select full-service real estate? Higher degree of service/quality, and pay for it
- Why select Software as a Service (SaaS)? Lower degree of service/quality, and pay for it without advisors/experts
- What drives Justin’s focus on real estate? Family life is where it’s at; great way to live
- What helps make real estate agents successful?
- Develop more business than you think you need; fire customers bad for your business, mindset, and quality of life
- Differentiate yourself by having a voice; think bigger, educate others, and step into expert role
Resources
Multiple Listing Service (MLS)
Tuesday Dec 17, 2019
Tuesday Dec 17, 2019
‘Tis the season for giving, so how do donations to charities and nonprofits impact your taxes? Toby Mathis and Jeff Webb of Anderson Advisors provide answers to help you get through the holidays when helping others. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- I received a large sum of money via inheritance in 2019. How can this amount be protected and have the tax burden minimized? Inheritances are not taxable to recipient
- Is keeping a log of miles always required? How should the car be purchased so all the miles are considered business? Keep track of all business miles via MileIQ; how car is purchased doesn’t matter as much as how the car is used
- If I make a large stock contribution to my 501(c)(3), are there any capital allocation or income sourcing requirements that would force my charity to sell it off? No capital allocations or income sourcing requirements, but you must fulfill nonprofit’s purpose
- Is a quitclaim deed sufficient to transfer the title of a timeshare from personal name to revocable living trust in California? Technically, you can, but most use a warranty deed; determine if ownership is deeded interest or right-to-use contract
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:
2019 Year-End Tax Planning Special
Capital Gains Exclusion/Section 121
Real Estate Professional Requirements
Tuesday Dec 10, 2019
Tuesday Dec 10, 2019
You'll never go wrong, if you live by the Golden Rule: "Do unto others as you would have them do unto you." Today, Michael Bowman of Anderson Business Advisors and Bowman's Business Brief talks to George Antone, a financier and industry thought leader. George has the ability to take complex topics and make them easy to understand. He can change your perspective on financial life and teach you how to hack finances. His goal is to leave the world a better place by being in it.
Highlights/Topics:
- Is there an overarching premise that George uses? Go straight to numbers; look at everything and ask, "How does this work, if it does work?"
- When talking about investing and real estate, does George view leverage as good or bad? People need to understand and measure leverage; it can work for or against you
- What is financial leverage? Borrow as much as possible vs. don't use debt for anything; find right amount of debt, not too much or too little
- Is there good and bad debt? Good and bad debt exists; build wealth by focusing on using and measuring right debt and financial leverage
- How much debt should you have? Determine debt-to-asset ratio as metric, depending on stage of life; most investors’ debt-to-asset ratio is too high (80-90%)
- What is a loan constant? Measure of flexibility and risk for loan; monthly principal and interest (P&I) payment, multiplied by 12, and divided by loan amount to get percentage
- What should you consider when buying property? Know what to do when market goes down and be ready for it
- Are reserves necessary when using debt? Anytime you use debt, you must have reserves; money in the bank gives you peace of mind when using leverage
- What’s the difference between delayed vs. instant gratification? Be safe, especially when market goes down, reserves become allies
- How George sets up his reserves? Create two types of reserves, primary and secondary
- Should you use reserves to bring a loan down? Refinance to lower payments; never use debt for reserves
- What /when to measure? Make sure every investment and entity line up each quarter
- Where’s the Finish Line when it comes to finances? Move faster, not backwards; generate a certain amount of money every year to maintain your purchasing power
- What are banker’s rules? Play the spread game and pass all the negative impact of inflation to their depositors by being honest, ethical, and disciplined money manager
- How to build wealth with fewer doors? Use new metrics and definition of success; start with good books and invest in knowledge
- What are three metrics George recommends tracking? Debt-to-asset ratio, assets under management (AUM), maintain your reserves, and use right type of debt
Resources
The Debt Millionaire by George Antone
The Wealthy Code by George Antone
The Banker’s Code by George Antone
Rich Dad, Poor Dad by Robert Kiyosaki
Tuesday Dec 03, 2019
Tuesday Dec 03, 2019
Did you gain too much on Thanksgiving? Spend too much of your income on Black Friday? It happens. Make better decisions when it comes to your taxes by listening to Toby Mathis and Jeff Webb of Anderson Advisors. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- Can you ever do a 1031 exchange for tax lien certificates? No, unless you have a right to own or take title of property; different states have different statutes
- Are free-and-clear properties taxed heavier? Doesn’t matter if you have a loan against a property, but you don’t have a mortgage interest deduction
- What are the tax consequences of borrowing money from a private lender and agreeing to pay a fixed percentage over time? You get money to do your development; paying back percentage of interest or profits reduces gain of taxes that you’ll pay
- What itemized deductions will be allowed for 2019 returns? Mostly the same as 2018; refer to Schedule A for medical expenses, mortgage interest, and charitable giving
- What’s the best vehicle to use for retirement without paying taxes on it? Best and safest methods include annuities, bonds, stocks, and real estate
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 2019 3-in-1 Offer/2fer Tuesday Bulletproof
Qualified Retirement Plan (QRP)
Capital Gains Exclusion/Section 121
Ed McMahon Settles Suit Over Mold for $7.2 Million
Annuities vs. Bonds: What's the Difference?
Tuesday Nov 26, 2019
Tuesday Nov 26, 2019
Would you rather spend money on a Lamborghini, mansion, and jet, or make more money for non-profit ventures? Sometimes, something outside of ourselves drives us to do amazing things for other people.Today, Toby Mathis of Anderson Business Advisors talks to Bryan Canter, an experienced investor turned active trader. He has spent the past seven years developing his trading education through several training programs.
Highlights/Topics:
- What prompted Bryan to get into trading? Interest in non-profit side that needed funding by leveraging existing job and money
- What’s Bryan’s level of involvement? Expected 8 hours a day for 4-5 years of education to reach expert level to dedicate 1 hour a day for market assessment and set up trades
- How and where did Bryan start? Introduction to trading stocks and options at David Mitchell’s trading education company called, Neuventure, now named TRADEway
- What were Bryan’s results? Lost money, but not because of the system; 5% of traders are successful, and 95% of traders lose money
- Is Bryan making money now? Yes, by primarily trading in futures markets
- What’s Bryan’s advice for others? Find platforms that give you ability to paper trade
- What are naked calls and naked puts? If selling naked puts, you don't own the company, but someone can make you buy it at a certain price
- Did Bryan get free money and sell a put (you get money, and you get to keep it)? Two strategies: Sell naked puts on stocks and crude oil futures
- What's the percentage loss that Bryan’s willing to take? 25% loss on selling puts, but usually gets 10% gains
- What’s the difference between investing and trading? In real estate, investing is owning rental real estate, and trading is buying something (i.e., fix-and-flips)
- What’s the purpose of options? Acts as insurance because prices of options fluctuate with market volatility and decrease in value over time
- What makes a successful trader? Recognize need and commit time for college-level education; and find mentor assess trades with people
- What’s Bryan actually trading? Follows trend trading strategy, but not trying to pick the top or bottom, but 60-70% of the middle
- Why Bryan likes futures over stocks? Fair growth stocks can be Ponzi scheme, if they're not paying a dividend; futures contract usually goes against some kind of commodity
- What is Bryan’s advice for future investors about stock vs. futures markets? Put every penny you can into investing in high-quality dividend paying stocks
Resources
The Future for Investors: Why the Tried and the True Triumph Over the Bold and the New