Successful real estate investors and business owners have one thing in common: they always have a team of experts at their disposal. Creating a ‘power team’ is vital to your wealth building strategy, and you will certainly be lost without experts to advise and guide you on your entrepreneurial journey. Your allies will protect you from financial harm, speed up your wealth creation and help you attain your goals whilst avoiding obstacles along the way.
Here are a few tips on how to find the right people to join your team.
How to find an excellent CPA
• They are not afraid to use creative, aggressive strategies to save you a TON on your taxes
• They have taken advanced tax courses
• They own real estate and continue to invest on a regular basis.
• They attend real estate conferences and boot camps to stay informed.
• They have written articles, white papers, and reports on tax-saving strategies.
• They have a long-standing reputation for being ethical and knowledgeable.
• They are competent, hungry, energetic, and willing to do what it takes to help you build your wealth legally.
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What to expect with a Great Real Estate Acquisition Specialist
They will:
• Locate the undervalued property
• Perform a cash flow analysis
• Determine the cost of renovation
• Estimate the after-repair value
• Renovate the property
• Facilitate property management
• List property if it is a flip
An acquisition specialist will half the time you need to build your real estate portfolio. Let them do all the hard work for you and save pennies on the dollar.
How to find a good lawyer
• Spends 60% or more of his/her practice doing only real estate
• Has been practicing real estate law for at least 5 years
• Is recommended by other real estate investors
• Is an active member of your local REIA
How to find a good business coach
• Must be experienced in business and investing
• Must be a role model (someone you respect and admire)
• Must have the time to teach you
• Must be active in business and investing.
How to Find a Good Financial Planner
• Check the certificate. Always make sure you know the person you are dealing with is qualified and registered. It’s too easy for anyone to print up a fancy business card and call themselves an advisor/planner. Stick with someone who has a well-known designation such Certified Financial Planner or Personal Financial Specialist.
• Look it up. Check out registries with professional associations like the National Association of Personal Financial Advisors or Garrett Planning Network to locate advisers in your area that have gotten training and agreed to the organizations’ ethical standards.
Do they offer what you need?
• Know what you need. Not all planners offer comprehensive advice. Some focus on retirement, while others cover everything from taxes to estate planning. Decide what you need and expect from your adviser.
• Know what they actually do. Some financial advisers are tax accountants or insurance salesmen who decide to offer general investment advice to broaden their businesses. Consider their other incentives when they start to sell you a new tax strategy or insurance policy.
• Interview, interview, interview. When hiring a planner, interview at least three pros. Don’t shy away from asking them for referrals from clients and don’t fall in love with the first one you meet even if he or she was recommended by your best friend.
What to look for in a Good Real Estate Club
Real estate investment clubs or associations are a powerful way to build up your real estate deals portfolio. Particularly if you’re new to property investing and do not have much experience in buying and selling houses to make money. Here’s what to look for in a good real estate club:
• Has regular, weekly or monthly meetings. These are often free, or charge a nominal fee to attend.
• Attracts a wider range of investors (money lenders, real estate investors, brokers, bankers, contractors, realtors, city officials, property lawyers)
• Hosts real estate investing experts that are well known and respected in the investor world.
• Offers workshops and seminars on all topics relating to investing such as: investing strategies, financial planning, asset protection, marketing and taxes.
• Has lots of networking opportunities for you to socialize, find mentors, partners and build a power team.
How to find a Good Hard Money Lender
Also known as ‘private lenders’, hard money lenders are not hard to find, but you do have to know where to look and what to look for. Here are some tips to find a good money lender to help you fund your deals:
• Talk to other investors and ask for referrals. This is a great way to weed out the ‘bad’ and find the gems.
• Ask settlement/closing attorneys
• Accountants can be a good source for HML
• You can often find lenders attached to deals at the courthouse
• Insurance agents and mortgage brokers are both reliable sources
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Isolation is a Huge Obstacle to Your Becoming Financially Free – Excerpt Credit Dianne Kennedy
Obstacle One: Isolation
A big obstacle that you face when building wealth is isolation. Without question one of the biggest things I consistently hear from from business owners is how they were isolated in their wealth building. They had to do it all on their own.
They couldn’t share their success or failures with friends or family. Their successes because too often that led to financial envy and jealousy. Their failures because that didn’t help them get actionable and useful help to solve these challenges.
As you can imagine this really made it difficult for them to enjoy the level of success, connection, and financial freedom that they really knew in their heart of hearts they could attain.
How Isolation Held Me Back Financially
When I sold off my half of a series of multi-million-dollar businesses that I had spent the previous eight years building the biggest thing I missed after I sold those companies was the relationships and mastermind teams, I had spent so many years cultivating inside those companies.
I walked away with a lot of cash, but for the first time in years I was utterly on my own. I didn’t have a group of like-minded mastermind partners who could help keep me grounded and counsel me to make smarter, healthier, better financial decisions. And that lack of a peer group really hurt me financially. I made some dumb, painful, and totally avoidable financial decisions because I was flying solo, with no touchstone to ask me the tough questions and challenge my thinking.
That’s why over the past five years I’ve focused on masterminding with my peer group so that I had a simple way to tap into the energy, feedback, and contacts of a powerful group of proven achievers.
But most people don’t have access to a rolodex with even 5 to 7 big players who are committed to stepping up and playing full out together. Yet it’s essential that you build a mastermind alliance with at least this many people, if not more. If you aren’t able to do this, you’ll always struggle and won’t ever be able to reach the highest level of wealth and happiness that you are capable of.
Over the years I’ve made this point in dozens of different ways. And I’ve seen how it’s been the single greatest determiner between massive success and total failure.
Alone you are vulnerable and will never reach your fullest potential. But when you connect with the right mastermind group, chemistry will propel you to heights you never dreamed possible.
Here are some recent questions from my blog:
QUESTION: When converting a property from personal use to a rental property, I understand you use the lesser of the adjusted basis (AB) or FMV. I’ve looked at comparable sales in the neighborhood at around the time of conversion. However, what is the best way to determine what portion of the AB or FMV is depreciable, i.e. non-land.
ANSWER: I use the tax assessed value
QUESTION: So my GF is going to be coming up on 2 years in her house, I’m talking with her about renting it out after 2 years, and then buying another house to live in for another two years. My question is, does the capital gains tax stay off of the property even if she is renting it because she lived there for two years? Or does it come back onto the property because she’s renting it out?
ANSWER: Capital gains only occur when the property is sold so it will be when the property is sold to a third party. Also, when she does sell, she can exclude a portion on the gain based on the home sale exclusion according to the number of days she used the home as her primary residence. If it is less than 2 years that she used it when she finally sells, then you would prorate the home sale exclusion.
I address many of these issues in my Wealth Building Plan. Make sure you are getting the best tax advice. Let me evaluate your financial and tax situation, then develop a customized tax strategy just for you. Together, we will come up with a strategic plan designed to answer your questions as you build your own customized wealth-building plan. You can get more information at Wealth Building Plan