Epic Real Estate Investing - Can You Escape the Rat Race Proven Strategies? | 1288

Episode Date: December 19, 2023

Brace yourself for an extraordinary journey into the heart of financial success on the latest episode of the Epic Real Estate Investing Podcast. Our fearless host steps into the ring, armed with a blueprint for real estate domination that will leave you inspired and ready to take action. In this power-packed episode, discover the game-changing advantages of being a business owner, the strategic brilliance of setting up a business at year-end, and the covert secrets to earning income while minimizing tax liabilities through the magic of property investment. But the excitement doesn't stop there! Dive into the ring of financial freedom with exclusive insights on business credit history, game-winning financing options, and the grand finale – setting up a Limited Liability Company (LLC) for a credibility boost with banks and a year of tax benefits! This isn't just a podcast; it's your golden ticket to becoming a financial champion. Whether you're a seasoned investor or just stepping into the real estate arena, this episode is your roadmap to conquering the world of property like never before. The bell has rung, the crowd is roaring – are you ready to step into the ring of financial victory? Push play and let the epic journey begin! 🚀 P.S. Whenever you're ready to go deeper and further with your real estate investing, looking into my partner program to help you get your first deal might be the move... take the first step here for free 👉 https://epicearnwhileyoulearn.com/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Hey there, I've got something incredible to share with you today. I mean, it's a game changer, especially if you're skeptical or even have the slightest doubts about the ever-changing world of real estate investing. I mean, imagine if you could jump ahead in time to see exactly what the next decade holds in real estate. Now, what if I told you that you can not only see it, but also be a master player in this future landscape? You see, I'm getting together with a small group of aspiring real estate investors like

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I'm seriously invested in you. How? Well, for the fast action takers, I'm covering your airfare and hotel stay here in Vegas. I mean, think about it. You're getting the crystal ball for the next 10 years in real estate. You get to network with like-minded investors and you get to experience hands-on transformative strategies all while enjoying the dynamic energy of Las Vegas. And the best part, the cost of getting here, it's on me. Now, I know it sounds too good to be true, but this is your moment. Whether you're a seasoned investor or you're just starting out, the epic intensive is where your ambitions turn into achievable goals. So don't let skepticism hold you back from a once-in-a-lifetime opportunity. The time's ticking and spots are limited and the plane tickets and hotel reservations

are even more so. So get the details and claim your spot at intensive 2224.com. Intensive 2024.com. Go there now. See you in Vegas. This is Terrio Media. Ladies and gentlemen, get ready for a podcast episode that's not just informative. It's a knockout punch to financial success. Join our fearless host on the epic real estate investing podcast as they lay out the blueprint for dominating the real estate game. In this episode, our host explores the perks of being a business owner, the game-changing advantages of setting up a business at year end, and the secrets to earning income while minimizing tax liabilities through property investment. But that's not all. Dive into the ring of financial

freedom, with insights on business credit history, financing options, and the grand finale. Setting up a limited liability company, LLC, for a credit. ability boost with banks and a year of tax benefits. Don't miss out on this epic episode. It's not just a podcast. It's your ticket to becoming a financial champion. Tune in and get ready to conquer the world of real estate like never before. The bell rings. Are you ready? Let's go. Hey, strap in. It's time for the epic real estate investing show. We'll be your guides as we navigate the housing market, the landscape of creative financing strategies and everything you need to swap that office chair for a beach chair. If you're looking at

for some one-on-one help. Meet us at rei-aise.com. Let's go. Let's go. Let's go. Let's go. Let's go. Hello, and welcome back to the epic real estate investing podcast. This is the go-to podcast for aspiring entrepreneurs and business enthusiasts in the real estate world. And I wanted to bring up a timely issue. See, there's something I did about this time last year that yielded some amazing benefits, or it's about to. And that opportunity is here again in case you missed it last year. And I'm speaking of one of the greatest yet often overlooked advantages of investing in real estate. Whether you're flipping properties or holding them, you're not just investing in property. You're officially becoming a business owner.

And this has a twofold benefit. First, it's a pathway to earning an income through rents and stuff like that or flipping properties. And maybe you're going to do it on the side. or maybe it's your full-time gig, but it's a way to earn income. That's why we want it. That's why we're in real estate. We want the money.

And second, though, this is a big one. It slashes your biggest expense in life, your taxes. And so investing in real estate, it's kind of like burning the candle at both ends, but in a good way, because you're building up your passive income while simultaneously reducing your expenses.

And this approach, It isn't just theoretical. I mean, it's my own story. This epiphany, it was my ticket out of the rat race in less than four years. And I've guided many of my private clients to achieve this even faster. I think of Enrique and Tony and Parker and Corey and McKenzie. And guys, there's so many now that they just did it so much fashion. They're all less than, or faster than me.

And some of them did it. I mean, Corey and Parker, I think they did like in 13 months. I think Tony did it in 13 or 14 months as well. And Tony did it with a really, really late start. But their journey, it all began somewhere. And it starts with taking that pivotal first step, officially starting a business. And there's an intriguing twist here.

There are additional benefits to starting a business at the end of the year, something that I'll delve on or dive into a little bit later. So if you're gearing up to escape the rat race, if that's something that you want to do, and if you're listening to this show, I can imagine that it is. Or if you're just simply curious about the entrepreneurial world, you're in the right place because today we're going to be unpacking everything from the benefits of being a business owner to the structures available to all the way

to business financing. All right. So let's get started. Picture this. You are an orchestra conductor, but instead of music, you're orchestrating income. And each instrument is a different source of revenue. So there's the violin of real estate rentals, the trumpet of flip profits, and say the piano of online business.

You get the melody. It's harmonious. It's rhythmic. And best of all, it's profitable. Here, take Jenny from the block. No, not the singer. But our hypothetical real estate maven, she started with a small tune, a single rental property, like a lone flute, playing a simple melody.

But then she added more instruments, a single family home here. a duplex there, and before she knew it, her single melody became a symphony of passive income. And here's the kicker. When the market went south, Jenny didn't flinch. Why? Because her income didn't hinge on a single tenant or solitary property. Her diversified portfolio was like a financial Noah's arc, keeping her afloat when the economic floods came pouring in. All right, so let's bring it back to reality.

Even the greats like Warren Buffett and Elon Musk, they don't put all their eggs in one basket, even though Warren Buffett is kind of famous for saying that diversity is just for people that don't know what they're doing, but he still invests in multiple companies. So what they do is they spread their bets to manage the risk, and your income should be no different. It's about creating a safety net that not only catches you when you fall,

but bounces you back even higher. So as you sit there right now, sip in that morning coffee or hustling through your daily grind, or, you know, taking your next lap on the treadmill, ask yourself, are all my financial hopes tied to one job, to one skill, or even to one industry? And if the answer is yes, then it's time to conduct your own income orchestra, so to speak. I'm going to start small, so don't feel overwhelmed, so you start small, but think big, because when it comes to income, variety isn't just the spice of life, it's the main course. Now, the other side.

of the rat race escape equation. Expenses. Let's talk about that. And we're going to work from big to small so we can make the biggest impact. I'm not going to tell you to do what Susie Ormond tells you to do and eliminate your daily Starbucks. No, enjoy life. Enjoy that Frappuccino, if that's what makes you happy. That's not going to really move the needle that much.

So what we'll do is we'll peel back the layers of the tax code, the big stuff, to reveal the treasure trove of savings for business and real estate owners. Let's say you've done a pair of financial X-ray glasses. And with them, you can see through the maze of IRS paperwork. The tax code, you ever seen the tax code? It's like, I don't know, six, seven inches high the last time I saw it. It's that thick. So we're going to look through that just so we can see the hidden gems that are meant for the savvy business owners like us.

And these aren't loopholes as contrary to popular belief. No, they're your VIP pass to the land of less tax. and they're there available for everybody. If you are a U.S. citizen or even if you're not a U.S. citizen, I think there's some situations where you don't have to be a U.S. citizen, but you're still taxed, right? I think so. But if you pay taxes, you have to follow the same.

If you pay taxes to the United States, then you get to follow all the same rules, whether you're rich or poor. So it's not reserved just for the rich, so don't let that myth to get into your head and discourage you. All right, so first thing, let's talk about the VIP deductions. If your home, if that's your castle, then your home office is the treasury where you keep your gold coins. And every square foot is a potential deduction from your taxable income. Whether you made that from real estate or whether you made that from your job.

And those business trips you take or any trip that you take, they're not just adventures. No, they're gold digging expeditions that can pay off in tax write-offs. You know, maybe it is a business trip. and that's an obvious one. Or maybe it's a trip to Hawaii to look at real estate. And you walk through some open houses, you grab some property flyers,

and voila. It's a business trip, and it has right-off potential. I mean, consult with your CPA or a tax prep person to see what you can qualify for, and then take as much as the code will allow you to take.

It's there for you to use. It's the rules that are, set out for you. So just follow the rules and watch how much you can really start trimming down your tax liability. Now the real estate itself, there's this thing called depreciation. You heard of that? Think of it as the secret sauce that makes your property is more flavorful to your wallet over time. Even while your real estate ages, like a fine wine, the IRS lets you take a sip, I mean a deduction for its gradual wear and tear. It's a portion of the tax code that knows that over time your property is going to deteriorate, so to speak,

and they give you an allowance for that to keep it in good shape. So that's your depreciation. And then for the grand finale, let's go ahead and pull the curtain on the magic act known as the 1031 exchange. It's like a teleportation device for your investments. You know, sell a property here, you buy a new one there, and then poof, your capital gains taxes vanish. For now, it's not permanent.

or it could be if you got the right plan in place. There's lots of strategies where you can keep those plates spinning indefinitely. So again, consult your CPA for that. But these tax benefits are like finding cheat codes for a game. But here's the catch. They're not cheating. They're completely legal. And they're sitting right there in the rulebook.

And by utilizing them, you're not dodging taxes. You're playing the game by the rules set out for you. So if you feel like the tax man's playing Pac-Man with your hard-earned cash, it's time to turn the tables. And just setting up a business can do that for you. Even if it's a small business, even if it's a business not even real estate related. Say it's just a business making tidilywinks. And did you know you can claim a loss in that business for three years before you have to claim it as a hobby?

And then what do you do? You just start a new business and try to make a profit over there. And you can keep doing that. And it's legal. You've been given permission to do it. And so do it. It's kind of silly not to. And then you want to, of course,

equip yourself with knowledge and a good accountant and then watch your taxable income shrink like that wool Christmas sweater in the washing machine right now. So let's move on and we'll hoist the sales of autonomy and steering the ship of business ownership. So imagine you're at the helm of a grand vessel, your business. Each decision that you make is like choosing which way to turn the wheel. Will you head into the stormy waters of high risk, high reward ventures, or stay the course on smoother seas with steady trade winds. The beauty is, the choice is yours. So let's anchor down for a moment and meet Captain Maverick.

No, not the high-flying ace from Top Gun, but our visionary in the vast real estate ocean. When the housing market currents turned unpredictable, Captain Mav didn't just batten down the hatches, he charted a new course altogether. He shifted from the choppy waters of flipping houses, where every crest and trough can be a gamble to the steadier streams of property management. He transformed his homes that once would have been sold into sought-after flips,

he turned those into rentals, creating a steady flow of income. And just like that, Captain Maverick rode the wave of change. In his portfolio, once a single vessel operation grew into a fleet of rental properties, and each one catching the tailwinds of a booming rental market, propelling him towards a horizon of financial success. So here, the point being, owning your own business gives you the control that you want and oftentimes need to navigate shifting markets. It gives you flexibility.

It just gives you choice in life. It gives you options. You know, if you're at a job, you better hope that your boss makes the right choices for you if markets should shift. And when you're at the helm and you've got the steering wheel in your hand, you can make those decisions on your own based on what you think is best. All right. So let's talk treasure, the personal kind. You know, constructing a business from the keel up, plank by plank. It's no small feat. It's hard work. Don't get me wrong. It's not easy. But it's not impossible

either, for sure. It's a journey, though, of personal growth where every challenge faced, it's a storm weathered. Every sale made is a new port discovered. And every happy customer is a flag planted on your own entrepreneurial island. And the satisfaction that comes from building your empire, it's gold. It's the tales that you get to tell. It's the legacy you get to leave and the satisfaction that when you look at the horizon, it's yours for the taking. You know, I listen to a lot of personal development.

There's a great app on the phone. What's it called? Mercedes actually turned me on to it. It's called Pep Talk. Get that. Lots of good information there. Lots of good information to feed your brain. It's free. I paid for the version. I think it was like $19 for the year or something like that so I could get rid of all the advertisements. But it's all I mean, they do have a free version. You just have some ads in there. But anyway, I listen to a lot of Jim Rohn on there. I love him. And he has said that everyone should strive to become a millionaire. Everybody should strive to do that. And not necessarily so much for the money, although the money is sweet and nice, but really for who you become in the pursuit. of becoming a millionaire.

And when I first heard him say that, I actually really, I said, you know what, that's so true because that now that I have quote unquote arrived, that was a long time ago, and become a millionaire, broke and a millionaire again. But the person that I've become along the way, I can see a difference.

I can see that I look at the world differently. I see people differently. I see situations and opportunities differently in a way that I, I don't think I would have had I not strived to become a millionaire. Strive is that the road or strove? You get the picture, right? So I think it's really important in building a business is one of those things.

And whether you want to become a master real estate investor or, you know, you want to sell hobbies and crafts or something from your house or open up a Shopify store, striving to become a millionaire. It builds character for sure. It builds personality and builds grit. We'll be back with more, right after this. Boarding for flight 246 to Toronto is delayed 50 minutes. Ugh, what? Sounds like Ojo time. Play Ojo? Great idea.

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grab a free investor package at cashflow savvy.com. Elevate your real estate portfolio today. Hope is not a financial strategy. Let's get back to work. Let's talk about the vessel of choice for many a modern day merchant and adventurer, the LLC, or limited liability company. You can think of this as kind of like a Swiss Army knife in your entrepreneurial toolkit. It's versatile, it's handy, and it's just what you need in a pitch. And imagine you're a captain of a sturdy ship again.

Lots of metaphors going on here. But the captain of the ship, it just kind of fits when you're running a business. and we'll call this one the SS entrepreneur. An LLC is like this ship built with the finest materials designed to withstand the roughest of seas. It gives you the flexibility to navigate through calm waters and the protection to weather the fiercest of storms, all while shielding your personal assets from the wrath of the ocean, or in our case, business liabilities. So let's take a real quick trip back in time. Have you heard of the East India Company?

It was a huge trading company a long time ago. Think of it like a giant ship carrying treasures from one country to another. But this ship, it had no safety net. So if pirates attacked, which they often did, or a storm hit, which they often did, everyone's investment could be lost or was lost as sea. Now, if they had something like an LLC, a modern safety net for businesses, the investor's money would have been much safer, kind of like having a treasure chest that pirates couldn't open.

And here's the secret that I alluded to earlier. If you set your LLC's keel in the water at the end of the year, like we're in right now, it's like catching the tide just right. You know, you might just get a year's worth of credibility with the banks and a full year of tax benefits in your logbook, even if you've only sailed for a month or two. You know what I'm saying? it's kind of like discovering a shortcut to a hidden cove filled with treasure. Even in the event, you may have an idea for a new venture.

Maybe you don't have it totally set in stone yet. You don't have it all thought out. You don't have all the eyes aren't dotted, the T's aren't crossed. And maybe even it's just an idea right now. Or if you see yourself opening up another LLC next year to say hold some of your new acquisitions, from my experience, it's worth it to open it up right now before. for the end of the year. If you need some help with that,

I've made an arrangement for you at freeentity.com. Where for just a few hundred bucks in your state filing fees, so a few hundred bucks versus a few thousand bucks, it's not free, but it's almost free compared to your other options out there. You can get it all done for you at free entity.com.

And then you can just put it in the filing cabinet. Once you've got your LLC, just put it in the filing cabinet until you need it. Here's the thing. I just did that a year ago, and at the end of this month, It will show that I have two years of seasoning on my LLC, although I will only have had it for, say, I don't know, 13 months or so.

And this will help me with business credit and financing. And more on that in a bit, but my friends at freeentity.com are ready for you if that idea makes sense to you. Now, don't get me wrong, I'm no legal cartographer. Had to use the thesaurus for that one. That's a person that draws maps, by the way. But in my voyages, I've seen how an LLC can be the trusty ship that gets you to the land of opportunity. So consult with a seasoned legal captain before you set sail and make sure your ship or your business entity is seaworthy and fit for the journey that you're about to embark on. All right, free entity.com can do all of that for you too.

So there are a couple other options that you have for setting up your legal entity. There's corporations and there's partnerships. And these are not just any boats. They're the mighty galleons and agile schooners of enterprise, each with its own role in your fleet of ambitions. So corporations, they're the flagships. Majestic and structured, like the great galleons of old, they sail under the banner of Sea Corps and S-Corps.

With a Sea Corp, you're the captain of a vessel with the power to cross vast oceans, brave enough to face the high seas of the stock market and capable of carrying a large crew of shareholders. And if you're navigating closer to the coast, an S-corp offers a sleeker form with favorable winds of tax status, blowing strong for smaller crews.

So take a leaf from the logbook of someone like Carnegie or Rockefeller. The corporate galleons didn't just sail. They charted new waters and reshaped commerce. But remember, a C-Corp needs a full crew in the business world. That means more formalities, more paperwork, and governance akin to the intricate dance of a captain and his officers. All right. So now let's tack into the win towards partnerships. And these nifty schooners are for those who sail better with a trusted co-captain.

So they're swift, they're nimble, and they get you into the trading ports that bigger ships can't reach. And the beauty of partnerships, it's the camaraderie, the shared decision-making. The split responsibilities like two friends with a map to buried treasure. And, I mean, think of the legendary duos. There's jobs and Wozniak, Paige and Bryn. Their partnerships were vessels that navigated through uncharted territories discovering new lands of innovation and profit. And if you're wise, you'll try your partnership course at the end of the year

when the tides are favorable. It's like seizing the trade wins when they're at their strongest, setting you up for a year of adventure and success. So whether you choose the grand, juror of a corporation or the agility of a partnership, remember to navigate these decisions with the counsel of a savvy legal navigator, a lawyer, because these are the choices that will define your journey, the craft that will carry your dreams across the entrepreneurial seas. All right, intrepid listeners, before we hoist the sales towards the treasure-laden topic of financing,

let's drop the anchor for a moment. If you've been navigating these waters with me here from the beginning of the podcast, you might have noticed I've been quite generous with my C of metaphors and analogies. And I hope it's made the journey as entertaining for you as it has for me as it was for writing some of that stuff out. But I asked for a bit of pardon if I've gone overboard. My aim here was just to chart what can often be the drier realms of business in a way that's well a bit more captivating, sometimes setting up LLCs and corporations and entities and stuff like that. Not the most exciting, but it doesn't make it any less important. It makes it, I mean, it's vital. But fear not, we're about to dock the ship of fancy language and unload the cargo of

clear practical advice as we venture into the realm of financing your business. And before we set foot on this new land, let's cast a glance back to the shore we've just left. Starting a business entity at the end of the year isn't just about seizing the day. It's about seizing the fiscal year. It's a strategy that might not ring with urgency right the second, but in the chronicles of your business saga, it could be a tale of triumph. Okay, so let's pivot from the lyrical to the ledger. Grab your quills or your smartphones as we delve into the nuts and bolts of business financing, okay? So from traditional loans to the brave new world of crowdfunding and the strategic leverage of real estate, we're about to get into the how of funding your dreams. whether you're a startup or looking to expand,

understanding your financing options, it's crucial. So traditional financing. Comes in many forms. You know, there's banks, right? Those are probably the most common. They're reliable. But sometimes they can be tough to secure for new businesses. Actually, they're very tough to secure for new businesses

without a solid credit history or a significant number of assets. And lines of credit, they offer a little bit more flexibility, allowing you to draw from them, draw those funds as needed up to a certain limit. and this is one of the reasons you want to get a head start on seasoning your LLC to qualify for this bigger institutional financing sooner. And then there are investors. There's another form of financing.

So you can bring an investor on board. And that means you're not just sharing profits, but you're also typically sharing decision-making. And it's crucial to have a solid business plan and a clear vision to attract the right investors who see the potential in your venture. And then there's the more. creative side of things.

Crowdfunding. That's emerged as a powerful tool. Platforms like Kickstarter or GoFundMe, those things can turn your business ideas into a community-backed project. And maybe your real estate project is something for the community. And it's not just about raising funds there,

though it's about building a customer base before you even launch. Something I'm looking more and more into and something I would do something to see myself executing here soon, particularly in the new year. And then another way is, leveraging your real estate, your existing real estate, and that involves using existing real estate as

collateral to secure loans for further investment, or allowing you to amplify, and what that does is it allows you to amplify your purchasing and your operation power. And you can use it as collateral, or you can do refis, which I like, what I like about all of those is it's money that you get to use and apply towards your business, but it's money that you get that you don't pay taxes on, because the IRS does not tax borrowed money. All right. But regardless of which path you choose, establishing a strong business credit history, that's key. So start by finding vendors that report to credit bureaus and set up accounts with them. Home Depot is a pretty popular one.

I don't think it's that difficult over there, although I haven't done it in shame on me. But now that I'm thinking about it, I'm doing it tomorrow for sure. But you can get a line of credit over there at Home Depot and I think like $250 or something like that, but they'll do it towards your business entity, which will start building a credit. history for your business entity. And it's just, it's like laying the groundwork for your future financial opportunities as small as it may be. And who knows, I don't know what the, how they're qualified, how they do the qualifying over there? Maybe you're going to qualify for a bunch more. But I know just about anybody can go over there and get like a $200, $250 line of credit and

have that attached to your business. And then all you got to do is just take that line of credit and start buying stuff. And then, I mean, even if you don't need it or, you know, whatever that is that you do need, see if you can find it there first and then just pay your bills on time or even early. And that's going to demonstrate to lenders that you're a safe bet. And while you might think you need years and years under your belt to build this credit, not always the case when you can find companies like that. Maybe even Lowe's will do that too. And then I bet you can find it with a quick Google search too. And then you can just begin this process even with a new LLC by using secured credit options and keeping your accounts in good

standing. So if they offer a secured credit options or maybe your bank will offer a secured business option or business credit option and you can start building that way. But you will need to really do this right and have it officially being business credit separated from your personal credit. That is to go get a Dunn's number from Dunn and Bradstreet. It's essentially your business's credit profile idea. It's like your social security number for your business. And it's often required when applying for business loans. And that absolutely will be when you go to banks and go for the big stuff.

So building business credit and securing financing, it can seem daunting, but it's about taking the right steps. and just being consistent. Even if you start small. There was a client inside of the Creative Closers Club, and that was like a four-month time together. And she started right at the beginning, and she had, I think it was a $5,000 credit card or something attached to her business by the time we were done.

So it was like in four months, and she had that, and that's what she used to finance her marketing and everything. So even if you're just starting, these early efforts, they can pave the way for a solid financial foundation. And I'm going to go ahead. I'll wrap this up and just kind of, to reiterate as why you should take advantage of this time of the year to set it up your entity. Because just getting an extra year's worth of credit. It's just, I mean, it's time. You can't get your

time back. So here's the deal. The age of a business matters as it can impact your ability to get certain types of credit, especially from the traditional lenders like banks. They often prefer businesses with a track record. And the bottom line here is just being in business for a longer time can give you more credit options. And you can start the credit building journey, even with a relatively new LLC entity, as I was explaining, but when it's time to level up to major funding, time in business, it counts. And by setting up your next LLC before the end of the year, it's like you get a year's worth of seasoning for free. And speaking of free, you can set up your next LLC for almost free at free entity.com. So just do that before the end of the year.

and next year we'll be like playing a video game. You know, you don't need to be at level 50 to start doing cool stuff, but the higher your level, the more doors that open for you. So seasoned entities equal a higher level. And that wraps up the epic show. If you found this episode valuable, who else do you know that might too?

There's a really good chance you know someone else who would. And when their name comes to mind, please share it with them and ask them to click the subscribe button when they get here and I'll take great care of them. God loves you, and so do I. Peace, blessings, and success to you. I'm Matt Terrio. Living the dream.

Yeah, yeah, we got the cash flow. You didn't know, home for us, we got the cash flow. This podcast is a part of the C-suite Radio Network. For more top business podcasts, visit c-sweetradio.com.