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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 Feb 25, 2020
Tuesday Feb 25, 2020
What’s the answer to all tax questions? Calculate, calculate, calculate. Fortunately, Toby Mathis and Jeff Webb of Anderson Advisors provide additional information to help you determine what makes sense from a tax standpoint. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- What do you have to file when you have an S Corp and take a salary? Payroll tax forms, possible registration with state, county, and/or city for withholding
- I’m a small business owner who didn’t make any income last year. Do I have to file? Depends on type of small business, but filing is recommended, especially for losses
- How much of my remodel can I claim on my taxes as expenses vs. improvements? Remodel tends to mean improvements; separate improvements from repairs
- Can you claim both the home office deduction and the Section 280A for the same C Corp? No, for technical reasons; reimburse yourself for home office costs and corporate use of house for meetings
- How do you report real estate rental income for properties in a trust? Depends on type of trust and how it’s taxed; may be taxable to grantor
- What determines your state residency when you live in a non-fixed location (RV, boat, etc.)? States typically follow the 183-day primary rule, so depends on where you spent most of your nights, as well as where you’re registered to vote and your driver’s license
- I have a family limited partnership that is going to get a large sum of money. I plan to put it all into a nonprofit. Any taxes owed? A large sum of money is typically a source of adjusted gross income (AGI), which is only 60% deductible
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:
Employer Identification Number (EIN)
Individual Retirement Arrangements (IRAs)
Real Estate Professional Requirements
Capital Gains Exclusion/Section 121
Professional Employer Organization (PEO)
Rollovers as Business Startups (ROBS)
Tuesday Feb 18, 2020
Tuesday Feb 18, 2020
Flipping real estate has been a hot topic for the past few years as a way to make money. Some flippers find success, while others struggle to survive. What are they doing right, wrong, or different? Today, Clint Coons of Anderson Business Advisors talks to Tucker Merrihew, owner of TTM Development Company and host of the Real Dealz Podcast. Tucker describes systems and processes he developed to become a successful real estate flipper.
Highlights/Topics:
- How did Tucker get started in flipping real estate? While starting and growing a mortgage company, he flipped properties on the side to make a profit
- Why did Tucker start TTM Development in 2008? Mortgage markets imploded and real estate changed; created company to buy REOs from MLS and at auctions, as well as negotiate short sales to avoid foreclosures
- What has changed at auctions since then? Advances in technology and additional service providers have made it more competitive and difficult to get worthwhile deals
- What is direct-to-seller marketing? Tucker takes out the middleman and works directly with those who own real estate
- What’s the key to successful marketing that generates the biggest return rates? TTM Development’s marketing stands out from its competition by trying, testing, tweaking, and retesting ways to be different
- Marketing costs money, so how does Tucker’s company make money? Three buckets:
- Long-term Money: Redevelopment/new construction
- Medium-price Point: Renovation
- Wholesale: Buy property, then sell it for various reasons to generate profit
- How does Tucker’s team determine where to drop mail? Driving 4 Dollars (D4D) App
- How can real estate flippers raise money to get their business funded? Internal capital, private money, and hard money
- How and where to find good contractors? You get what you pay for, if you value cost over quality, pick one or the other or something in the middle
- What will impact the real estate market in 2020? Supply, demand, and interest rates
- What are must-dos for new investors? Understand it’s a marketing business first and real estate business second
Resources
Tuesday Feb 11, 2020
Tuesday Feb 11, 2020
Spend a little bit of time and money to learn a lot about taxes and put much more money in your pockets. What do you have to lose? Nothing. Toby Mathis and Jeff Webb of Anderson Advisors offer fun and educational tax discounts and freebies. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
- I may inherit a timeshare that I’m sure has fees with it that I don’t want. How do I figure out the details to get out of it? Disclaim/bequest your inheritance
- Is all the funding for legal costs to start a business tax deductible? Organizational costs can be expensed up to $5,000 in the first year
- Which is the best way to fund an Airbnb; cash or mortgage, if money is no issue? Depends on mortgage interest rate to get better capital return, or invest cash elsewhere
- Can you have both a private and public foundation? Yes, you can control both, but can’t own them
- What IRS requirements are necessary to qualify as a real estate professional? Refer to 26 U.S.C. 469C7 to change real estate losses from passive to active
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:
Real Estate Professional Requirements
Individual Retirement Arrangements (IRAs)
Capital Gains Exclusion/Section 121
Rollovers as Business Startups (ROBS)
Tuesday Feb 04, 2020
Tuesday Feb 04, 2020
Most businesses only manage to survive three to five years. Business owners who make it past the five-year mark should be proud of their background, knowledge, and experience in the industry. They stay afloat and make it through minor to major downturns by knowing how to talk the same language and turn a profit. Today, Michael Bowman of Anderson Business Advisors and Bowman's Business Brief talks to Eddie Gant, co-owner of Jet Lending, LLC. The asset-based lender started investing in the real estate business by buying, fixing, and flipping distressed properties, but decided to take a leap into lending, as well.
Highlights/Topics:
- How to evaluate asset-based lending? Multiple forms of protection; #1 is collateral
- Why go to an asset-based lender? Security, safety net, and speedy closing of deals
- Is it a good deal or not? Second set of eyes to review deals; include terms to get an out
- How has the industry changed? Increased competition and bigger audience
- Who to include on your team and build your network? Responsible and reliable partners, contractors, insurance companies, roofers, and structural engineers
- What’s the hardest part of the business? Not finding deals but managing contractors
- How did lottery curse lead to one of Eddie’s biggest wins? Bought house from Texas lottery winner who burned through millions of dollars in a few months
- How to create a win-win for client and company? Do business right to build clientele, your brand, and word-of-mouth referrals without needing to be the cheapest
- Are meetups worthwhile, why? Education, networking, and fostering a community
Resources
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)