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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 Dec 05, 2023
Tuesday Dec 05, 2023
In today’s episode, Toby Mathis, Esq. welcomes Shane Sams, CEO and Co-Founder of Flippedlifestyle.com. Shane is one half of the dynamic duo at FlippedLifestyle.com with his wife Jocelyn. The Sams Family built an online membership business that generates hundreds of thousands of dollars per year in profit, while only requiring a few hours of work per week. Now they help other people build & grow online memberships of their own.
Highlights/Topics:
- Shane’s path to finding his own side gig
- Librarians and their challenges
- Selling what you know and solving problems
- Startup costs and hosting platforms
- The moment Shane decided to change paths
- Yard sales to get start-up money
- The Toddler Apocalypse blog
- Some great monetization ideas
- What are people charging per month?
- Crazy ideas that worked - chickens and needle felting
- You can probably achieve your goals with an online business
- First steps to take
Resources:
https://www.flippedlifestyle.net/a/2147732658/ZQEgEiNx
https://www.youtube.com/c/tobymathisesq
Infinity Investing
https://infinityinvesting.com/
Friday Dec 01, 2023
Friday Dec 01, 2023
In this episode, Clint Coons, Esq. speaks with Seth Williams and Neil Clements, experienced real estate investors who are joining us to discuss land investment deals that may be a little off the beaten path. From sending out blind offers by mail, to water and mineral rights, to subdividing parcels, Seth and Neil give you the inside track on challenges and opportunities within this lucrative space in real estate investing.
Seth Williams is the founder of REtipster.com; an online community that offers real-world guidance for real estate investors.
Neil Clements is an avid real estate investor who builds his wealth by capitalizing on investment opportunities no one else pays attention to. He is passionate about teaching wealth-building strategies through real estate and how to find opportunities off the beaten path.
Highlights/Topics:
- What’s the state of land deals today?
- Make sure you have a ‘pivot’ once you purchase
- Parent and child land parcels
- Sending offers by mail, text, and ringless voicemail
- Perc tests, subdividing, water and using AI
- Mineral rights in TX land deals
- Some typical numbers on recent deals
- Time frames on turning deals
- Explaining ‘entitlements’
- Due diligence
- Doing land deals remotely, Land ID mapping software
- Blind offers, how to find the right agent
- How Neil and Seth started working together
Resources:
https://retipster.com/
neil@swiftlandoffers.com
https://www.rliland.com/
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=land-investing-demystified-proven-strategies-for-finding-lucrative-deals
https://andersonadvisors.com/
https://andersonadvisors.com/podcast/
https://www.youtube.com/channel/UC5GX-U6VbvMkhSM1ONBiW8w
Tuesday Nov 21, 2023
Tuesday Nov 21, 2023
Did you know you could be sued if your tenant’s dog bites someone? In this episode, Toby Mathis, Esq. welcomes Shawn Woedl, President and CEO of the National Real Estate Insurance Group. Shawn is an industry-recognized speaker and educator with an emphasis on Commercial Property and Premises Liability, and shares the top four lawsuits his company sees every day. From slip and falls to discrimination and dog bites, tune in to find out how to protect yourself from these common scenarios.
Highlights/Topics:
- Top lawsuits as seen at National Real Estate Insurance Group
- Lawsuit sizes - how much is being paid out?
- The cost of carrying insurance and deductibles
- Submitting claims and potential policy increases
- Umbrella and excess coverage
- Tenant discrimination
- Dog bites and “vicious breed” exclusions
- Renovations and contractors
- Mold
Resources:
https://affiliate.nreig.com/Anderson
Download the PREMISES LIABILITY Policy PDF
https://drive.google.com/file/d/16iz1d8almLd2sgENkWFXQUA-sxe3vI6x/view?usp=sharing
https://www.youtube.com/c/tobymathisesq
https://andersonadvisors.com/
Tuesday Nov 14, 2023
Tuesday Nov 14, 2023
In today’s Tax Tuesday episode, tax experts Toby Mathis, Esq., and returning guest Jeff Webb, CPA, the CFO of Anderson Business Advisors, discuss some interesting tax questions including questions around gifting your home or property to your children while you’re still alive (tip: don’t do it), passive vs. active income on rental properties, and how/when you’re able to use a loan from your investment accounts to purchase real estate.
Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- "Could I still qualify for the Qualified Business Income Deduction for rental activities even if they do not have the real estate professional status?" – Qualified Business Income Deduction, 199A. Could you still qualify for QBI for rental activities even if you don't have real estate professional status? The answer is yes.
- "I have a question about incurring expenses and paying them with my personal credit card. How do I recoup that money that was used for my business but charged to my personal credit card? My LLC is less than a year old." The simple answer is yes, you can pay for stuff with a personal credit card and deduct it in your entity.
- "Suppose a Florida LLC has a piece of land bought three years ago and hired a construction company to build a single house when the house is sold." Can I allocate part of the profit to the sale of the land, long-term capital gain, and the other part to ordinary income?" - You've now converted it into inventory that you're selling, so no. As a matter of fact, it doesn't play off against ordinary income, it is ordinary income. The entire sale of this property is ordinary income.
- "How do I use my 401(k) or IRA to invest in real estate?" - If it's an IRA, you need a self-directed IRA, where you're pretty much the custodian.
- "My husband's father wants to sign his house over to us. My husband's sister also owns 65% of the property." What tax advantages are there for us, his dad, and his sister? And what tax issues does it raise for us? Should we start an LLC or some other structures?" - I'm not a fan of signing over a principal residence to my children. If Dad gives it to you before he passes, he just made it all taxable.
- "What is the best way to use funds from my S-corp to pay taxes? Since the corporation taxes flow through to my personal taxes, I understand I need to pay my personal taxes for my personal account, but the money is really in the business account. Can I use a distribution? And is there a dollar amount limit for such a transaction?" – if you're profitable and distributing money, you really need to pay some kind of salary.
- "If I elect to aggregate rental properties into one activity, for example, managing, operating single-family homes as rentals and limited partnership interest in a multi-family syndication. What happens if years down the road, one of the assets is sold from the aggregate group? What are the tax and legal implications?" - If I sell a property that I've aggregated with other properties, just treat it like any other sale of property.
- "Is it tax-wise to pass on single-family rental home properties before my death to my kids? We have plenty of income, and passing on a few of them to our two kids might even lower our tax bracket. Each rental property is in a separate LLC, and we've owned them for 7–8 years now." - Based on the way we answered the previous question about gifting, I think it's a bad idea, especially if you had it for seven or eight years.
- "If I elect to aggregate rental properties into one activity, for example, managing, operating single family homes as rentals, limited partnership interest in a multifamily syndication, and electing all of my investment real estate as one activity,” which you can do, it's called an aggregation election, “what happens if years down the road, one of the assets is sold from the aggregate group? What are the tax and legal implications?" - you wouldn't aggregate into those circumstances. If you’re going to be selling it soon, but you don't lose the loss carry forward, you use it against passive income.
- "We have two newly opened short-term rental Airbnbs. We want to do cost segregation and do bonus depreciation for the 2023 tax year. We're logging our time for the 500 hours rule. I heard that a small business should be taxed as S-corps to save on self-employment taxes, but others say don't put Airbnbs in an S-corp because they're passive. What to believe?" - Short-term rentals are a trade or business. If you are materially participating in them, then it's active ordinary income or loss.
- Send us your questions, and check out the event schedule listed in the resources section.
Resources:
https://infinityinvesting.com/
taxtuesday@andersonadvisors.com
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=how-to-use-your-401k-or-ira-to-invest-in-real-estate
https://andersonadvisors.com/
https://www.youtube.com/@TobyMathis
https://www.tiktok.com/@tobymathisesq
Tuesday Oct 31, 2023
Tuesday Oct 31, 2023
In today’s Tax Tuesday episode, tax experts Toby Mathis, Esq., and returning guest Jeff Webb, CPA, CFO of Anderson Business Advisors, discuss the usual mix of complex and simple tax questions including questions around paying minor children through your LLC, gifting vs. inheriting property, structuring your stock trading business, and how and when to use cost segregation to get the biggest tax benefits. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
- “When dissolving a C-Corporation with a single share holder and having a net operating loss, does the loss go on the shareholder’s personal return and can the loss be offset against personal income?” No, because that C-Corporation is its own entity. However you probaby finance some of those losses. Anything that you invest in the company that you don’t get back will be a capital loss to you.
- “I jointly-own an inherited property that is currently on the market. Can the expenses that I have (utilities, staging, maintenance, repair, taxes) be added to the cost value?” It depends on how the property is being used once you inherit it.
- “Can I deduct expenses for working at home and what forms can I use?” That depends. If you’re an employee, then no deduction anymore for employee work expenses.
- “My wife’s father wants to sign his house over to us and her brother. What tax advantage is that to her dad? And what tax issues does it raise for us? Should we start an LLC or some other structure?” No tax advantages for Dad. When dad transfers the property over, it’s a gift. And when you give an appreciated asset you receive the basis of the gifter. If it is an investment, it is best to start an LLC.
- “When you have a C-Corp (no income at this point, a Wyoming LLC that owns two LLCs with rentals), which entity pays for general expenses like memberships, cell phones, internet, education, etc?” When you have an LLC with rental (C-Corp), then you pay the C-Corp and management fee. The C-Corp then covers all the expenses.
- “How does paying for your child (under 18) help with taxes, if any?” If under 18 through LLCs, there is no employment tax.
- “Can you benefit from cost segregation at any time?” The longer you wait, there’s nothing left to depreciate. A tiny benefit, if any.
- “Need to move from sole proprietorship to some form of business entity. [...] C-corp? Something else?” Jeff is not a fan – there’s a lot of landmines out there. If you’re doing well, you want the capital gains. Put your cash in an LLC with an 80/20 split. Watch how to structure a trading business!
- “I currently own a home in one state (Oregon) and I am looking to purchase an investment property in another state and plan to do so using an LLC or an S-Corp. [...] What would be the easiest way to go about this?” Do not own in an S-Corp! Buy the AZ property in a land trust and LLC. Have someone guide you through this process
- “If I invested $30,000 in a marketing class to start a marketing company, do I have to amortize it over 15 years to see any of it back? Can it be a business investment and get it all back?” The only ones that can do this are C-Corps.
- “Is 1245 property subject to depreciation recapture if the rental property is sold with capital gain?” Gain is subject to recapture. You’re going to pay ordinary income tax.
- Send us your questions, and check out the event schedule listed in the resources section.
Resources:
https://infinityinvesting.com/
taxtuesday@andersonadvisors.com
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/
https://andersonadvisors.com/
https://www.youtube.com/@TobyMathis
https://www.tiktok.com/@tobymathisesq
Thursday Oct 26, 2023
Thursday Oct 26, 2023
Toby Mathis, Esq. welcomes Jason Zundel, Esq., an asset protection and estate planning attorney with Anderson Business Advisors. Jason and Toby discuss all the aspects of lawsuits, including getting served, things to worry about, protecting yourself, being actively involved, and possible outcomes. Protect your assets with Anderson’s asset protection services.
Highlights/Topics:
- You need to receive a Service of Process for an actual lawsuit
- Default judgements
- Case studies from Toby and Jason - suits can haunt you for decades
- Next steps when responding to a suit
- Timeline to expect
- Pursuing YOUR rights with a lawsuit- first steps
- The ‘hurry up and wait’ period
- Initial discovery can last 6 months to a year
- Make sure you’re involved every step of the way- don’t be passive
- Reminder - first, take a deep breath!
Resources:
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=what-steps-to-take-when-facing-a-lawsuit
https://www.youtube.com/c/tobymathisesq
https://andersonadvisors.com/
Wednesday Oct 25, 2023
Wednesday Oct 25, 2023
In this episode of Anderson Business Advisors, Toby Mathis, Esq., welcomes Anderson Attorney Jonathan Evans, Esq., to dig into the ins and outs of using the IRS’ 1031 exchange in your real estate investment toolbox. Jonathan shares what a 1031 exchange is, how it works, what types of real estate investments you can exchange, the potential pitfalls, using a qualified intermediary (QI), and more.
Highlights/Topics:
- Light/kind or 1031 exchanges
- Using 1031 as a tool – only for trading real estate investment properties
- Carrying out the transfer - using an intermediary or ‘accommodator’
- Other rules and requirements - timeframe and number of properties
- Debt and the 1031 - mortgage boot
- Pitfalls and potential problems - what you can’t do
- Qualified intermediaries - check references
- Intent vs. hard rules
- Drop-n-Swaps, multiple owners/syndicates, LLCs
- Have a structured game plan before entering a 1031
- Share and subscribe
Resources:
https://andersonadvisors.com/
https://www.youtube.com/@TobyMathis
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=how-to-use-the-1031-exchange-to-avoid-taxes-in-real-state-investing
Learn Next Level Passive Income Strategies Through Real Estate & Stock Investing
https://infinityinvesting.com/infinity-investing-workshops/?utm_source=aba&utm_medium=podcast&utm_content=is-airbnb-dead-the-numbers-nobody-is-discussing
Tuesday Oct 24, 2023
Tuesday Oct 24, 2023
In this episode, Clint Coons, Esq. speaks with Shannon Robnett, a 4th generation real estate professional who has built his deal network by being THE BEST resource for ‘connections.’
For more than 30 years, Shannon Robnett Industries (SRI) has built a strong reputation as a leading commercial real estate investment group by investing in multi-family properties in the Treasure Valley. Their family of subsidiaries, including My Vertical Equity, Phoenix Commercial Construction, and Executive Management Services (EMS) Property Management, have grown to become a substantial earner in multi-family real estate syndication, investing in and around Boise, Idaho.
Highlights/Topics:
- Robnett’s family generations of real estate professionals
- How Shannon built his source list and later diversified
- Building your network - be everyone’s best resource for connections
- Learning from more experienced investors
- Cash flow, deal parameters, long-term debt
- Solving the seller’s problems
- Moving up to bigger deals, becoming part of a bigger machine
- Finding deals in non-local markets - how to drum up referrals through experts
- Questions to ask when vetting realtors, leveraging out-of-state connections
- Money or deals, which comes first?
- Aggregating capital first - creating your investor list
- Helping to structure the deal - creative financing, options for sellers
- Learning this process, the jargon, doing the homework
- Reach out through his website to get on to Shannon’s calendar!
- The 2008 crash could have been averted if we had these podcasts at that time
Resources:
https://shannonrobnett.com/
Robnett’s Real Estate Rundown Podcast
https://open.spotify.com/show/0JiVrqBwzZQinfzD3DReef
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=how-to-elevate-your-real-estate-investing
https://andersonadvisors.com/
https://andersonadvisors.com/podcast/
https://www.youtube.com/channel/UC5GX-U6VbvMkhSM1ONBiW8w
Thursday Oct 19, 2023
Thursday Oct 19, 2023
In this episode of Anderson Business Advisors, Toby Mathis, Esq., welcomes Jamie Lane, the Chief Economist and SVP of Research at data aggregator AirDNA. Jamie’s research leadership has helped the whole STR (short-term rental) industry understand the drivers of success. He is a leading voice of authority on the health and outlook for the STR industry: on top of hosting AirDNA’s own podcast, STR Data Lab, he is a regular contributor to international media outlets such as Wall Street Journal, New York Times and Bloomberg, providing exclusive analysis and forecasts of the industry to global audiences. Jamie delves into the cold hard numbers, percentages, and facts from this market, which are actually very encouraging. Tune in to hear how STRs remain a strong space for investors and where you can look to find the best markets for your rental.
Highlights/Topics:
- Short-term rentals are seeing record numbers but normalizing
- Stats in the short-term rental space
- Market and season-specific occupancy
- Rentals in the top 25 Metro Statistical Areas (MSAs) vs. high demand secondary destinations
- Revenues per unit
- Second home statistics and short-term rentals
- How rentals are being used - not just for tourists
- Laws and restrictions on STRs in some metro areas
- Looking forward into 2024 - many new areas for STR investment
Resources:
https://twitter.com/Jamie_Lane
https://www.linkedin.com/company/airdna
https://www.airdna.co/
https://www.airdna.co/podcasts
https://andersonadvisors.com/
https://www.youtube.com/@TobyMathis
Learn Next Level Passive Income Strategies Through Real Estate & Stock Investing
https://infinityinvesting.com/infinity-investing-workshops/?utm_source=aba&utm_medium=podcast&utm_content=is-airbnb-dead-the-numbers-nobody-is-discussing
Tuesday Oct 17, 2023
Tuesday Oct 17, 2023
On today’s Tax Tuesday, host Troy Butler, Senior Manager of Bookkeeping at Anderson, speaks with Jeff Webb, CPA, Vice-President of Professional Services at Anderson about some timely tax questions around deductions and payroll. The discussion also addresses some detailed information around bookkeeping including services offered by Anderson, and other apps and software that are best for certain situations. Submit your tax questions to taxtuesday@andersonadvisors.
Highlights/Topics:
- "How do you write-off classes or courses, cars, equipment, or anything in general? What is the process? What do you keep? How do you show your proof of funds spent?" In a C-corp, you're allowed to take education for new lines of business. Other entity types, you're only allowed to deduct education for business tha you’re already doing.
- "What's the best way to get payroll started? I want to start with hiring a couple of part time employees." - I highly recommend using a third-party for payroll. I don't recommend that you do it yourself, unless you have a full-time dedicated bookkeeper that this is their job.
- "Can I deduct expenses for working from home, and what forms can I use?" - What we recommend, typically, is that if you have an entity such as a corporation or even a partnership, you do administrative home reimbursement.
- "What's the best way to record startup expenses incurred on your private accounts?" There's a lot to read there, so we'll go on to the next one. - Startup costs, organizational costs are actually intangible assets, and those intangible assets get amortized.
- "Which bookkeeping app would you recommend for four units or less landlords to make our tax preparation easier for all of us?" - QuickBooks is always good. I like QuickBooks Online.
- "Can we discuss how our bookkeeping service works?" I can do that pretty well. "We're drowning in Excel and Quicken." - We have several different services we offer here at Anderson. The flagship one is called full service bookkeeping, and that's where we're going to do your books on a monthly basis.
- "What are common expense categories I should use?" - There are lots and lots of templates of charts of accounts out there that can give you a good baseline. For our Platinum members, we offer some generalized templates.
- "Can I discuss some big picture strategies to help with bookkeeping automation/AI?"
- “We have a physician set up their PLLC in New York State. Do I need to set up payroll, give myself W2? How much do they pay themselves to avoid an IRS audit? What's the bookkeeping needed? How do I take the remaining money out as a distribution?" That's seven questions in one. They're getting their money's worth out of that one.
- “What are the minimum requirements to do so and suggested curiosity of tasking?" – If you have a ton of activity, and a week's worth of transactions takes you four hours to do, then you probably shouldn't wait a whole lot of time to do your bookkeeping. At the minimum, I would recommend doing your books quarterly.
- "If our business is still paying off business debt from previous tax years, how do we account for that as far as bookkeeping and reporting?” - If you take out a loan, and you're making payments against that loan, those loan payments aren't expenses, except for the interest on that loan.
- “How does the bookkeeping service integrate with the accounting service?" – If you're using us for bookkeeping and using us for tax, we will coordinate your tax return with your tax preparer. Your bookkeeping team will work with your client tax coordinators/tax preparer
Resources:
https://infinityinvesting.com/
taxtuesday@andersonadvisors.com
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=how-to-write-off-general-business-expenses
https://andersonadvisors.com/