Just Start Real Estate with Mike Simmons

In this episode, I am joined by Amanda Han. As a CPA, tax strategist, and real estate investor, Amanda Han combines her passion for real estate investing with her expertise in tax tactics. Her goal is to help investors with tactics designed to supercharge their wealth-building using entity structuring, self-directed investing, and income offset opportunities to keep more of what they make.

 

Amanda begins by giving us a little bit of her background. She talks about how both her parents and grandparents were real estate investors but encouraged her to follow the more traditional route of getting an education, followed by a good job. She began her accounting career at Deloitte, just by chance, in their real estate specialty group. She realized very quickly some of the tax benefits her investor clients could take advantage of, increasing their income while not necessarily working a ton of hours.

 

Amanda explained that the majority of real estate investors are not aware of the tax strategies available to them. She pointed out that it isn’t necessarily anyone’s fault but that the tax codes are written in a convoluted way. Reaping tax benefits requires very specialized knowledge for each and every industry.

 

I asked Amanda to explain a little about what is going on with the tax situation during the current COVID-19 pandemic. She said as part of the Cares Act pandemic relief package, the new filing deadline is July 15th. Most of the states are following these guidelines, and Amanda recommended getting more information from AICPA State Tax Filing Guidelines.

 

I wanted to find out Amanda’s recommendations for newer or smaller investors on when a good time is to begin working with a CPA and employing tax strategies. She said it was important for even brand new investors to consult advisors in order to form proper legal entities necessary for both tax benefits and protection, and also how to use them effectively.

 

I asked Amanda to explain a strategy that I have recently become familiar with which is cost segregation. She said first that one of the things that is so attractive about real estate investing is the depreciation that can be claimed no matter how much is put down on the house or other factors. Cost segregation is just the next level of this type of tax advantage. It involves defining all of the components of a particular investment property, not just the building itself. Some of these components may be eligible for an immediate deduction, providing the possibility of taking a higher deduction upfront rather than having everything depreciate over the standard timeframe.

 

Amanda went on to explain strategies that could benefit some types of real estate investors but not others, giving specific examples. She also gave some great, practical advice on how to determine whether an individual’s tax advisor was helping employ these strategies.

 

I then asked Amanda about the charity that she and her husband and business partner, Matt, formed named Animals for Armed Forces Foundation. The foundation helps to place shelter animals with current or retired servicemen and women. Normally on Memorial Day and Veteran’s Day each year they will work with local shelters to place animals in military homes for free, while the foundation pays for any necessary fees. Amanda talked about how rewarding it is to receive pictures of these pets in their new homes with their forever families.

   

We then talked about the two books they have written on tax strategies for real estate investors (see links at the bottom). She said that she and Matt read a lot of books about taxes benefits for investors and found them difficult and dull to read and wondered how people who were not CPAs would get any useful information from them, so they wrote their own books to help people find strategies that could help them. The first book is story-based about specific successes and mistakes made by investors and provides actionable, easy-to-understand advice about various tax schemes.

 

If you are like me, you may not know much about taxes, but please join me for this interesting, motivating, and believe or not, fun interview with tax expert Amanda Han!




Notable Quotes

 

“I think there is a misconception that investors think they only need to work with a CPA or an attorney when I have ‘X’ number of rentals.”

  • Amanda Han

 

“It is more transaction-focused rather than a number of rentals in terms of who could benefit from tax planning.”

  • Amanda Han

 

“In the tax world, there is never a one-size-fits-all strategy.”

  • Amanda Han

 

“In the spirit of Michael Scott, now say it like I am a four-year-old.”

  • Mike Simmons

 

“Flipping burgers - not nearly the upside of flipping houses.”

  • Mike Simmons

 

“Our firm specializes in proactive tax planning.”

  • Amanda Han

 

“We have people whose tax preparer is their father-in-law… you can’t fire your father-in-law.”

  • Amanda Han

 

“We always recommend this team-of-advisors approach, where we are all working together.”

  • Amanda Han

 

“I like talking to people that do good things, good people who aren’t just business, business, business, cutthroat - people who care.”

  • Mike Simmons

 

“I don’t like not knowing, but I just don’t know, so thank you for telling me your book is basically for dummies.”

  • Mike Simmons

 

“Our goal in writing the book was to show people what can be done.”

  • Amanda Han



Links:

7 Figure Investor

Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months

Keystone CPA Facebook

Keystone CPA Website

AICPA State Tax Filing Guidelines

Animals for Armed Forces Foundation

The Book on Tax Strategies for the Savvy Real Estate Investor

The Book on Advanced Tax Strategies: Cracking the Code for Savvy Real Estate Investors

 


Welcome to this version of the Just Start Real Estate Podcast! I am excited to bring you another replay of my Facebook Live Question and Answer sessions. I just started doing these live forums in April and they are going so well and I am getting such great feedback and questions, I thought I would share them here on the podcast. Especially for those people that are unable to join us live, this will provide an opportunity to hear the awesome questions I am fielding about business, taking risks, real estate, and so much more! Some of the questions have been very real estate specific, but others have been general business questions, like asking about overcoming fear in order to get started and how to successfully scale. I have also received more personal questions like how I decided real estate investing was right for me and the steps I took to get my business off the ground.

 

This presentation is the live Q&A that I did the week of February 9th and each Thursday we will offer you another chance to take advantage of listening to the answers to our guests’ fabulous and compelling questions! Don’t miss this new episode of the Just Start Real Estate Podcast!




Notable Quotes:

 

“Postcards for my company’s marketing were the cash cows… for years.”

 

“When COVID first hit, people were taking their mail out of the box with salad tongs.”

 

“PPC took the place of postcards in terms of the amount of calls we were getting.”

 

“We are more profitable now than when we were sending out the mail.”

 

“Cold calling was our number two lead source for a while.”

 

“We are increasing our radio marketing and trying some new things there.”

 

“I am not a big fan of doing five or six marketing channels because I think you end up doing some of them poorly.”

 

“The best talent isn’t always the talent that is within arm’s reach.”

 

“I wouldn’t let your Zoom burnout keep you for achieving everything you can achieve.”

 

“I am interested in making as many 7 Figure Investors as I can, right now.”




Links:

7 Figure Investor

7 Figure Flipping

Return on Investments

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter

Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months

 


My guest today is Paul Wakim. Paul is the founder of Fly Over Properties, a real estate photography company and he is also the co-founder of TwnSqr, a web-based company that works as a lead generation engine for real estate agents. Paul started TwnSqr as a project to create an algorithm to predict who was going to sell their house next so he could find more deals. TwnSqr is 100% free and very easy to use, and with the recent influx of institutional and hedge fund money moving into the single-family rental space, it’s focused on simplifying access to properties and giving investors the tools they need to quickly and easily sell their properties.

 

We begin the episode with Paul sharing his background story and how he ended up in real estate. He shares that he has always been his own boss, even through middle and high school. He owned a landscaping company with his brother, and he kept the business alive through college. He also started a real estate photography company with his wife, and they ended up working with the biggest real estate company on the east coast. For the first year and a half, Paul was the only photographer and had a lot of interaction with top agents and investors before they hired their first employees. The start-up was really a grind for him, but he’s happy to have started there.  

 

We then talk about Paul’s transition from real estate photography to investing in properties. He shares that he spent hundreds, probably thousands, of hours in the car listening to podcasts about real estate investing while he was driving around to do his work. They were the primary photography companies for some of the highest flippers, and he saw their operations and the kind of money they were making. All of this exposure to real estate led Paul to his own investment journey. He got his real estate license and eventually started ground-up residential development. Because he started as a realtor agent, he appreciated the experience it gave him about the real estate market. However, he says it’s not a necessity if you want to start investing.    

 

Next, we talk about Paul’s first investment in real estate. Paul shared that his first investment was a conservatorship which took them two years to complete. They ended up purchasing the house for a dollar in front of a judge, and then two weeks later, they sold it for $89,000. According to Paul, the deal was worth it, and he learned a lot in the process. Paul also shares that he lost his access to MLS when he started investing after getting rid of his realtor's license. As a result, he taught himself how to code and built a very rudimentary algorithm that successfully predicted who was going to sell their property next. This enabled him to wholesale properties for a profit and opened up an opportunity to do high and ground-up real estate construction.  

 

We then talk about Paul's coding algorithm and the company he created out of his coding experience.  Paul shares that the program was based on properties with similar attributes in the same neighborhood and geographical locations. From this coding experience, Paul built a web-based company called Twnsqr that serves as a predictor of who will sell next and as a lead generation engine primarily for real agents. However, according to Paul, COVID screwed up the prediction algorithm, and it’s no longer a part of Twnsqr. It also made it difficult for them to find people who wanted to sell on-market, and they primarily deal with off-market sales.       

 

Lastly, we talk about the process that they use on their platform to vet buyers for different properties. Paul shares that anybody can submit a proposal or an offer through the platform, but it’s up to the person who has posted the property to determine who they want to work with. According to Paul, when sending in your proposal, you can include your preferred purchasing price and information about yourself to increase your chances of getting the deal. However, they are working on incorporating profiles, proof of funds, and reviews to help sellers make the best decision possible. 

 

Make sure you don’t miss another amazing episode of the Just Start Real Estate Podcast with Paul Wakim and get valuable information on how you can buy and sell off-market properties with Twnsqr!



Notable Quotes:

 

“You don’t need to be a real estate agent to be an investor, but it will help 100% in understanding the legalities of the real estate market.”

  • Paul Wakim

 

“The best way to learn is to work for somebody for free. Just be valuable, absorb and ask questions without charging anything.”

  • Mike Simmons

 

“Listening to podcasts and interacting with people who are successful in real estate can help you get the ball rolling.“

  • Paul Wakim 




Links:

Twnsqr

Paul's Email 

Paul on LinkedIn

Paul on Instagram

Paul on Twitter 

Paul on Youtube

7 Figure Investor

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter

Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months

Direct download: Buying_and_selling_off_market_properties_with_Paul_Wakim.mp3
Category:Real Estate -- posted at: 3:30am EDT

Welcome to this version of the Just Start Real Estate Podcast! I am excited to bring you another replay of my Facebook Live Question and Answer sessions. I just started doing these live forums in April and they are going so well and I am getting such great feedback and questions, I thought I would share them here on the podcast. Especially for those people that are unable to join us live, this will provide an opportunity to hear the awesome questions I am fielding about business, taking risks, real estate, and so much more! Some of the questions have been very real estate specific, but others have been general business questions, like asking about overcoming fear in order to get started and how to successfully scale. I have also received more personal questions like how I decided real estate investing was right for me and the steps I took to get my business off the ground.

 

This presentation is the live Q&A that I did the week of February 2nd and each Thursday we will offer you another chance to take advantage of listening to the answers to our guests’ fabulous and compelling questions! Don’t miss this new episode of the Just Start Real Estate Podcast!




Notable Quotes:

 

“Here is the tough question - what is their motivation? Why do they need to sell?”

 

“When I was in sales, I would start out with kindness.”

 

“When it comes to long-term scaling up for your business, you are going to have to find other lenders besides banks and credit unions.”

 

“What I think is of great value to realtors are the leads that are not going to work for you as a wholesaler.”

 

“If you just got your first or second deal, what do you do to celebrate? Go get your third deal!”

 

“When I get a win, it makes me hungry for the next win.”

 

“I really want you to put that money back into your business.”

 

“Whenever I go out, go to a REIA and meet people, I am always happy I did.”

 

Links:

7 Figure Investor

7 Figure Flipping

Return on Investments

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter

Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months

 


I am excited to welcome Art Morrison III to the show today! Art is a former basketball player, the founder of AboveMAX Basketball, the CEO of United Home Relief, and the author of Overcome: The Key to Unlocking Your Superhuman. Following his retirement from basketball, he single-handedly built a basketball camp for children and later transitioned into real estate. He now seeks to teach young adults how to get into the real estate investing game and expedite their path to financial freedom. 

 

We begin the episode with Art sharing his background story and how he ended up in real estate. Art shares that after a rocky childhood, he went on to play collegiate basketball at a D2 school on scholarship and eventually to professional basketball in Portugal.  After moving on from his career, Art applied everything he learned in basketball in entrepreneurship to grow his organization, and later, his real estate business. He started investing in real estate in 2018, and he did over $2.5 million in transactions in his first two years in wholesaling. He later moved from wholesaling and flipping to doing full syndications, and he has done over $6 million in transactions, across 15 properties, in only three years.  

 

We then talk about how playing sports impacted his business life. Art shares that there is a lot of value in playing sports, being an athlete, or being part of any organization that requires discipline at a young age. When you apply discipline, character-building, persistence, teamwork, and commitment to entrepreneurship, you’re setting yourself up for success. Art was hungry for success, and he poured his efforts into basketball, which earned him a successful career. In real estate, it was no different; he knew how to play the game and how to win.

 

Next, we talk about how Art started his entrepreneurship journey after he left his basketball profession in 2014. Art stopped playing basketball because of injuries and corruption. As an entrepreneurial-minded athlete, Art didn’t want to get a job. He wanted to be in control, so he started a basketball organization. He was doing well, and he knew that if he applied the same efforts and principles in real estate, he would be successful. Art was in an industry that had a ceiling, and for him venturing into real estate, the sky was the limit. In 2018 he stepped forward to make his dream a reality. However, he didn’t do it openly until he got his first wholesale deal, which allowed him to make $40,000 from an off-market deal.

 

We then talk about why Art got into wholesaling and how he was able to scale it. Art shares that he wanted to own his own business and destiny. According to him, wholesaling fit well with his personality. From his studies, Art knew that wholesaling is an OPM (other people's money) strategy, and it was easy for him to scale up. After his first deal, he bought a multifamily property with the money that he earned from it. Art also got more deals from Instagram marketing, and he was able to do the same thing with his industrial partners. 

 

Lastly, we talk about how Art was raising money at the beginning of his real estate business.  Art shares that he had a trustworthy brand and network, and when he launched his real estate company, everybody knew he was smart and trustworthy. He had a professional basketball organization, and people trusted him with their children. This made it easier for them to trust him with their finances, and he was guaranteed a loan for the capital that he needed to scale his venture. However, later they shifted to the LLC space, and now they are limited to only accredited investors. According to Art, this experience has allowed them to build their brand on social media and in their demographic to raise more funds publicly.

 

Make sure you don’t miss another fantastic episode of the Just Start Real Estate Podcast with Art Morrison III and get valuable information on creative ways of starting and financing your real estate projects!



Notable Quotes:

 

“There’s a lot of value in playing sports, being an athlete, or being part of any organization that requires discipline at a young age.”

  • Art Morrison III

 

“You just need to find motivation. If you find a person who is not motivated to sell their property you might end up paying too much.”

  • Art Morrison IIII

 

“It doesn’t matter how much money you have, you need to educate yourself or you’ll lose it.“

  • Art Morrison III

 

“Investors invest money with people. They have to like you and trust you as a person.”

  • Mike Simmons 

 

“Success is not a coincidence - it’s about self-awareness of what your strengths and weaknesses, and creating a team that compliments you.” 

  • Mike Simmons 





Links:

Art’s Website 

Art on Instagram

Art on LinkedIn 

Art’s Book 

7 Figure Investor

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter

Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months

 

Direct download: Overcoming_obstacles_and_finding_your_superhuman_with_Art_Morrison.mp3
Category:Real Estate -- posted at: 3:30am EDT

Welcome to this version of the Just Start Real Estate Podcast! I am excited to bring you another replay of my Facebook Live Question and Answer sessions. I just started doing these live forums in April and they are going so well and I am getting such great feedback and questions, I thought I would share them here on the podcast. Especially for those people that are unable to join us live, this will provide an opportunity to hear the awesome questions I am fielding about business, taking risks, real estate, and so much more! Some of the questions have been very real estate specific, but others have been general business questions, like asking about overcoming fear in order to get started and how to successfully scale. I have also received more personal questions like how I decided real estate investing was right for me and the steps I took to get my business off the ground.

 

This presentation is the live Q&A that I did the week of January 26th and each Thursday we will offer you another chance to take advantage of listening to the answers to our guests’ fabulous and compelling questions! Don’t miss this new episode of the Just Start Real Estate Podcast!




Notable Quotes:

 

“There were a number of years that I argued you need to have financing in place before finding a property.”

 

“Just find the deal and the money will come.”

 

“Here’s the key - a good deal will always get funded.”

 

“If you think you are spending too much time analyzing deals, you probably are.”

 

“Be 80% sure of what you are talking about with your numbers.”

 

“Make the offer. It is going to start a dialogue.”

 

“Spend less time analyzing deals and make more offers.”

 

“I rain down hellfire on people that try to take my deals.”

 

“Make sure your relationships with your sellers are really strong.”

 

“A buyer can only go behind your back if a seller is willing to play.”

 

“Success leaves clues.”



Links:

7 Figure Investor

7 Figure Flipping

Return on Investments

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter

Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months

 


My guest today is Drew White. After 10 years working as a pediatric nurse, he quit and became his own banker. Drew is now an entrepreneur and an investor, and he teaches real estate investors how to protect and store their wealth in their own highly liquid banking systems.

 

We begin the episode with Drew sharing his background story and how his entrepreneurship journey started. Drew shares that he graduated from nursing school with over $150,000 of student loan debt, which would require him to use 50% of his earnings over a long period of time to pay off. That was the first time he understood the true impact of the debt he had created. He and his wife paid the whole debt, leaving themselves with nothing. This experience gave him a hunger to create wealth-building side businesses to take control of his family finances.

 

We then talk about the basic and high-level steps of flipping a mobile home and how Drew conducts evaluations. Drew shares that to invest in mobile homes, you must know what you are doing, and just like in real estate, you must look for good deals. Basically, what he does is that he looks for someone to give him a down payment and then pay monthly payments for five to seven years. There is a fine line with mobile homes, if you fix them all the way up, you’re not going to get your money back, and the goal is to get your money back. 

 

Next, we talk about how to get good deals for your mobile home investments. Drew shares that a lot of it depends on the park you are in. and whether you’re doing it inside or outside a park. In a park, you should evaluate the state of the park, whether people want to be there and what is near the location. Drew says there is no exact formula for evaluation, and for him, he started by doing tests to find out what a mobile home goes for. As he got better, he started searching to find out what and how people were selling them in the market. According to him, many people don’t care what the total price is; what they care about is their monthly payment. 

 

We then talk about what infinite banking is and why he prefers putting his money there as opposed to the stock market, CD, and others. According to Drew, infinite banking is a way to create your own private, personal, or family banking system outside traditional banks using whole life insurance. With infinite banking, you also get more benefits compared to traditional banking, such as uninterrupted compound interest because it’s a whole life contract. When you use that money, you are using the insurance company’s money. Your money always grows in a tax-free manner and a guaranteed 4% rate plus dividends. In contrast, when you use a CD or savings account, you get less 0.2% on your savings, which interrupts any compounding that you have.  

 

Lastly, we talk about Drew's advice for people who are dissatisfied with their job. The first thing that Drew talks about is identifying your long-term goals. Sometimes people complain about where they are, but they don’t think about where they are going. According to Drew, there are different things you can do to create passive income and move from a job that is not paying you enough. The first thing that Drew recommends is to assess where you are and your short and long-term goals.  Start from the basics and be open-minded. There is no one size fits all when it comes to building a passive income. 

 

Make sure you don’t miss another amazing episode of the Just Start Real Estate Podcast with Drew White and get valuable information on how to start your entrepreneurial career and gain financial freedom!



Notable Quotes:

 

“There is a fine line with mobile homes - if you completely renovate them, you’re not going to get your money back.”

  • Drew White 

 

“The most curious people are the most successful.“

  • Mike Simmons

 

“A lot of people don’t care what the total price is of a mobile home. What they care about is their monthly payment.”

  • Drew White

 

“Most entrepreneurs are born when they are placed in the right environment.”

  • Mike Simmons





Links:

IBC Drew 

Drew’s Podcast

Drew on LinkedIn 

7 Figure Investor

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter

Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months

 


Welcome to this version of the Just Start Real Estate Podcast! I am excited to bring you another replay of my Facebook Live Question and Answer sessions. I just started doing these live forums in April and they are going so well and I am getting such great feedback and questions, I thought I would share them here on the podcast. Especially for those people that are unable to join us live, this will provide an opportunity to hear the awesome questions I am fielding about business, taking risks, real estate, and so much more! Some of the questions have been very real estate specific, but others have been general business questions, like asking about overcoming fear in order to get started and how to successfully scale. I have also received more personal questions like how I decided real estate investing was right for me and the steps I took to get my business off the ground.

 

This presentation is the live Q&A that I did the week of January 19th and each Thursday we will offer you another chance to take advantage of listening to the answers to our guests’ fabulous and compelling questions! Don’t miss this new episode of the Just Start Real Estate Podcast!




Notable Quotes:

 

“There is always a right and a wrong way to conduct your business.”

 

“I have way more faith in direct mail than I do for cold calling for finding leads.”

 

“I don’t know of any cold calling system that can reach the level of response and revenue from direct mail.”

 

“Historically, direct mail is hands-down king.”

 

“My short answer is ‘Don’t wait.’”

 

“If you are going to hold a property for 10 or more years, buy now.”

 

“If you are buying at a discount, you can wholesale the property, or flip it, and sell it for a profit. That works in any market.”

“Figure out how to generate more leads so you can make more offers.”

 

“Real estate investing is all about two things - leads and money.”

 

“If you can generate leads and raise money, you can conquer the world in real estate.”

 

“Nothing in your business is important until you start generating leads.”

 

“This business is simple. It is not always easy, but it is simple.”

 

“The people who have success take consistent action, sometimes massive action.”

 

“The most successful people are the ones that start working and stop making excuses.”




Links:

7 Figure Investor

7 Figure Flipping

Return on Investments

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter

Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months

 


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