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036 How to Quit Your Job in 10 Years or Less by Investing In Real Estate - YouTube

Goal setting is absolutely crucial for you to be successful in life. The goal setting you do now will create lasting changes in your life for the better. 

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I personally use goal setting to help me achieve things I never thought possible.  Personal goals are how I achieve my goals like a champ and you can too. Every year, I set both big and small goals for myself.

My life is amazing because of my goal setting.

Since there are many passive income ideas to choose from, I made my goal setting to start investing in rental properties.  There are many benefits for having rental properties over other investments but the biggest is the cash flow you will make.

In the past I have used goal setting to push myself to higher heights, and extend my limits. A big audacious goal I set for myself when I was younger was to play Football for a major college team. 

I wanted to see if I could push myself enough and have the ability to make the team. So I committed myself to the goal of making the team as a walk-on.

All it takes is hard work, knowledge, and desire to get your goals accomplished.

One of my goals was to replace my income from my job with passive income in my rental properties in five years. With having that goal to shoot for, I figured out what it would take for me to purchase enough rental properties to replace my income and I went for it.

My goal was to have 15 rental properties in five years and I beat it by a whole year. After four years I had 15 properties and $6000 passive income in monthly cash flow.

I did not just stop there.

I set new goals for myself and kept on going. Now, one of my many goals is to purchase an apartment complex that would bring in a minimum of $3000 per month of passive income. Each year I always set new goals for myself and plan out the action steps, and milestones that I need to achieve in order to meet my goals.

Goals Setting For Maximum Results Start with the end in view

Dream big and create your 5 year goals and work backwards.  Start with creating your 5 year goals. Where do you want to be? How many rental properties do you want to own? Do you want to quit your job? How much money do you want to have saved for when you quit your job?

Make a list of all these 5 year goals.  There can be as many as you want but I would limit them to 4-5 major goals to accomplish.

Create 1 year milestones from your 5 year goals

If you want to own 15 rental properties in 5 years, how would you go about doing it? You wouldn’t be able to buy 8 the first year right? How about starting small and as you build year after year, your momentum gains and you can do more in year five than you did in year one. See the blog post on: “How to Retire in 5 Years – Way of the Rich vs. Way of the Poor”

  • Year one: Buy 1 rental property
  • Year two: Buy 2 rental properties
  • Year three: Buy 3 rental properties
  • Year four: Buy 4 rental properties
  • Year five: Buy 5 Rental properties

Each goal should have yearly milestones and monthly, weekly, and daily action steps for each goal. With a general 5 year goal, life gets in the way and by the time you realize it, you are in the second year without any action taken on your 5 year plan.

Now you only have 4 years to do what you originally had 5 years to accomplish. You have made it much harder to reach you deadline and put

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If I Were To Start Over…

Many people ask me what I would do differently if I had to start investing all over again. Well, there are many things I would change.

The main one is to get education on how to invest before getting into real estate.

I lost tens of thousands of dollars because I didn’t know what I was doing. Also, by not building a business first, I lost even more money.

To hear how I would personally redo getting into real estate, check out this article and podcast show I did on getting into real estate.

https://masterpassiveincome.com/007

Create Short Range Goals from Your 1 Year Milestones

These should be specific action steps you can take to accomplish these 1 year goals. If your desire is to save up $30,000 in 5 years you can do it by either cutting expenses or increasing revenue.

You may cut expenses and save $6,000 per year from your salary. Or start a small service business being a handyman to increase your annual income by $6,000 dollars and save that amount.

Each yearly goal should hopefully build on itself. After time, your small service business may not be so small, because of advertising, word of mouth, etc.

It may be bringing in much more money which would allow you to save the $30,000 faster AND buy more properties faster. All while beating your deadline by a couple years!

Read and/or rewrite your goals every day

If you can’t remember your goals, how well do you think you will accomplish them? Keep your goals on the forefront of your mind so you know exactly where you are in the process, what you need to do next, where you are deficient, and how to proceed.

By writing your goals every day, you are drilling it into your head that this is something that you are going to accomplish and nothing can stop you. It also helps prevent some of the roadblocks that come with trying to accomplish your goals.

Work On Your Goals Daily

Spend at Least 30 Min very day working on your goals.  Do anything that will help you reach your goals daily. If you wait all week to take the action steps on Friday what should have been done on Tuesday, you are almost setting yourself up for failure.

Get the most important things done at the start of the day, week, month, and year so you are not up against the deadline as time runs away from you.

Do Not Change Your Goals to Make them Easier

It is tempting to make your goals easier after you made them hard to begin with. Fight the urge to change your goals in midstream to make them easier.

Goals are made to require hard work for a reason. If a goal wasn’t hard to accomplish then it wouldn’t even be a goal. It would be something that you can just stumble into without any effort.

Do not make any material changes to your goals that make them easier but you can change them to make them harder. If you are working hard on your goals you may find that you are going to accomplish your goals in a faster time than you originally planned. Feel free to shorten the timeline or make the goal bigger.

If your goal is to purchase five rental properties in five years, and you reach your goal in three years, go ahead and increase the goal to 10. Why not double your original goal? If you shoot for the moon you will at least get off the ground and you bought a proven that you can do it.

Do Not Move Your Deadline

I’m sorry to do this to you, but imagine this scenario:

You are back in your senior year of high school and the final paper/report assignment is due tomorrow morning at 9am. You had all semester to research, draft, write, proof-read, and finalize the report but you put it off until the day before and now it is crunch time.

Get it done, or fail the class. Isn’t it interesting that when our backs are up against the wall we are capable of doing wonderful things in almost unrealistic timelines?

Remember, you set these goals for yourself and you also set the deadline for when these goals are to be accomplished. When you move a deadline that you create for yourself a couple things happen.

  1. Remove your ability to hunker down and get things done as you did when you were in high school with the report deadline.
  2. Give yourself permission to fail.
  3. Set yourself up to move the deadline again, and again, and again.

If you have not done it yet, take 15 minutes to consider and write down your 5 year goals. Really think them through and get them on paper.  Take another 15 minutes and figure out your yearly milestones

Be Like the Rich In Their Goal Setting

So what sets a part the rich from everyone else in the world?  What helps them to achieve new heights, amass more wealth, and be more successful than the rest of us? Goal Setting!

In America, about 3% of the population set goals for themselves. Just by making goals for yourself you already have a head start on your way to being rich. *67% of rich people set goals for themselves in life and business as opposed to 8% of the poor.

By setting goals for yourself and writing them down, you are creating a road-map to your life. Think of where you want to be in 5 years and start with that end in mind. Below is your primer to get yourself on the path of goal setting.

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Have a vision for the future you want for yourself

Picture how you want your life to be in 5 years. That is called having a vision and being able to see what has not come to be. A vision for your life is a picture or an idea of where you want to be if you could design your life the way you want it.

If you are able to create a master vision for your life, that vision is basically a destination you want to for you to strive towards.

If you wanted to go to the Grand Canyon for vacation, you would need to decide to go there, know what it looks like, plan the route to get there, and set goals and milestones for you journey. You need to have a vision of where you are going with your life in order to get where you want to go.

Dream big – Create your 3 to 4 big 5 year goals from your future vision

Your 5 year goal setting could be to quit your job, have all your expenses paid for by passive income, and be able to travel the world. Another goal could be to have your children’s college fund completely funded and buy a new house.

When you are setting your 5 year goals, try use your vision of how you want your life to be and create a roadmap to get there! Whatever you put your mind to and stay hungry trying to attain the goals you will be able to achieve them.

You could have other goals like saving $30,000 in the bank by the 5 year mark. It could be that in order to quit your job, you need to have some savings as a buffer for when things don’t go exactly as planned. Another goal could be that you want to be the healthiest and fittest you have even been in your life in 5 years.

These can both be quantifiable and measurable.

Set specific measurable goals for your to attain

The purpose of goals is to help you attain what you desire. Make it specific like hiking Half Dome in the Yosemite National Forest, or even retire in 5 years. 

If I were to have the vision of being the healthiest and fittest ever in my life I could find the basis to start from. To reach my goal, I must beat my previous benchmarks I already have for myself. Once I beat these, I have attained my goal.

Set goals you can achieve with maximum effort

The saying, “Shoot for the moon” applies well to goal setting for your life.

No, you don’t want to set the expectations so high you cannot ever attain them, but you want them to be high enough to where you can get off the ground AND make it as close as you can to the moon. Try to make goals that are hard for you to attain but not so hard that you cannot do it.

Your goals setting should be goals that you must continually work on in order to achieve them.

Set a deadline for when the 5 year goals must be accomplished

When you create your 5 year goals, put a deadline date on them to be completed. It is easiest to use either the first of the year or the date that you created your list of goals.

Either way, you have a fixed amount of time to accomplish your goals and it becomes more real to you. Think of it as a work deadline that you must finish.

The “future” you is the boss and the “now” you is the employee.

Get Accountable with Goal Setting

Reaching your goals is a hard thing to do. Life’s circumstances get in the way and things happen that throw you off the path.

Having someone there holding you accountable to achieving your goals is a huge kick-in-the-pants to stay on track. Find an accountability partner who is like minded in setting goals.

They don’t have to have the same goals, but they must be as serious as you are about having, working toward, and attaining their goals.

I suggest meeting or talking to your accountability partner weekly or biweekly. Checking on each other, encouraging each other, and pushing each other along toward your destination.

Roadblocks to Achieving Your Goal Setting

To become financially independent with rental properties, it is wise to have goals that you set for yourself.

Goals help you to plan where you want to go and what you want to do ahead of time and give you something to shoot for. I personally use goals to help me achieve things I never thought possible.

One of my goals was to replace my income from my job with passive income in my rental properties in five years.

With having that goal to shoot for, I figured out what it would take for me to purchase enough rental properties to replace my income and I went for.

With creating goals, there are things that may come up and hinder you from achieving your goals. Some of the stumbling blocks listed below may be a part of your personality or something that you picked up over time.

These are things that you need to watch out for and work your way through so that you can meet and exceed your goals.

Procrastination

When it comes to your goals, it is best to tackle them as you would if you are trying to eat an elephant. One bite at a time.

When you break down your 5 year goals into 1 year milestones and monthly, weekly, daily action items, it is hard to procrastinate.

The daily tasks start to add up and the pressure to get them done builds. As long as you have your goals on your mind, procrastination is hard to overlook when your deadlines keep piling up on you. What you don’t want with your goals is “Out of sight, out of mind.”

Not Creating Proper Goal Settings

The types of goals you want should be quantifiable and attainable. Once you reach the deadline for your goals you should be able to tell if you have accomplished them or not. It is be best to make your goals achievable, specific, and under your control to succeed in.

Goal Settings are Too Ambiguous

If your goal is “has a happier life in 5 years” then you will probably be successful and unsuccessful at the same time. What metrics are you going to use to gauge happiness?   How will you know that you successfully achieved your goal? Rather, think of the things that will make you happy 5 years from now and make a specific plan to get there.

Happiness may be to you is resting assured your kids will be able to go to college because their college fund is fully funded. This is a great goal since there is a specific number you can set that you need to save in order to fully fund the college fund.

College may cost $50,000 for 4 years and you have 10 years to start saving for it. Your 5 year goal may be to save up $20,000 broken into $4,000 each year for 5 years.

The next 5 year goal may be saving $30,000 to complete the $50,000 fund. Because you hopefully make more money 5 years from now it may be good to save more in the last 5 years.

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Luck Driven Goals

A luck driven goal would be: “I want to win the lottery and be a millionaire in 5 years.” More than likely you are not going to win enough to be a millionaire and you are going to be wasting lots of money and time in the process. This type of goal is luck driven and you have no control over winning the lottery or not.

Instead of being a millionaire through the lottery, why not have a million dollar net worth in 5 years through real estate that brings in $5,000 each month in cash flow? A goal like this is completely dependent on you and how hard you work for this goal. You set yourself up for success because you made the goal specific.

Unattainable Goal Setting

Your goals should be hard for you to achieve with maximum effort. Beyond that, when you make your goals so crazy big that there is no way for you attain it you may just stop following your goals all together and give up on them.

Let’s say you make one of your financial 5 year goals to buy 500 single family rental homes. Depending on where you are starting, this is more than likely a crazy goal to try to achieve.

If you already have 250 rentals and they bring in lots of passive cash flow each month, you may be able to do it. Most of us are not starting out with that much of a head start and are starting with either 1 rental or even none. The goal starts to look too big to ever reach so you may start to think to yourself, “Why try? I’m never going to make it.”

Bad Timeline

A realistic goal for a realistic timeline will help you to reach success. 5 year goals are a great way to affect positive change in your life that you pick for yourself.  

It is best to pick 5 year goals is because they are far enough out that you can dream for the future but close enough to not lose focus.   If you create a 1 year goal to own 15 properties, you make it very hard on yourself to make this goal.

That means that you need to buy 1.25 homes each month in order to reach your goal. If that same goal of 15 properties is spread out over 5 years, you are able to break the goal down to each year and make each action step manageable.

You only need to by 3 per year to make the 5 year goal and that is only 1 every 4 months. Timelines that are not achievable will cause you to give up on your goals and fall back into your old patterns.

Not Taking Goals Seriously

The way to make sure that you take your goal seriously is by reading them over in morning and evening to make sure you are keeping the track with accomplishing your goals? Keep your goals written down in a place that you will see daily.

Maybe rewrite the goals in an email and send them to yourself every night before you go to bed so you read them in the morning. Or maybe write them on the mirror your bathroom so you see them every day when you wake up. Make sure you were constantly reviewing goals and assessing your progress.

Your goals should be on the forefront of your mind so that you are always working on them. It is best to work on them for at least 20 to 30 minutes every day so that you are constantly moving forward in your goals.

Not Putting Your Goal Setting in Writing

Goals must be written down for maximum effectiveness and memory. We all know that as life goes by very fast and if we forget about the things that are important they slip by. Life is too precious to let the important things go by. Studies have shown that when you remember better when you write things down.

A written goal gives you clarity and helps to remind you what you need to focus on. A good way to keep them in your memory is to write them down daily. You will be reviewing them twice every day. If you email them to yourself every night it is waiting for you to review when you wake up in the morning.

It will also help you to see where you are and track how are you are in accomplishing your goals?

No Plan to Achieve Your Goal Setting

If you decide to go on a trip, and the destination is the Grand Canyon, it would be wise to have a map that shows you how to get there from where you currently are. You must have a plan for how you are to achieve your goals. Your goal setting is your destination and your plan is the map you will follow in order to get there.

In your plan, create signposts, milestones, and mile markers for every step journey. In doing this you will stay on the right path and find that you will eventually end up in the destiny. You won’t be chasing down rabbit holes or veer off on trails that lead you off the course and miss the destination. If you fail to plan, you plan to fail.

Not Taking Action

What good is a plan if you do not take action on it. It is no good at all. It would be such a waste to do all this work, goal settings, and creating a plan, for yourself, and not take action on it.

In the end you’ll be in the same place if not worse than when you started without goal setting.

The main point is to actually do something daily that helps you accomplish your goals. Start with something small like reading your goals once a day.  It would be best to take 10 minutes to 20 minutes daily doing something that will help you accomplish your goal setting.

Lack of Focus

In today’s society it’s very easy to lose your focus. Everything from Facebook, Twitter, to television keeps you from accomplishing your goals. You only have 24 hours in a day to spend and you need to spend that time wisely.

You need every second of those waking hours to do what you need to in order to accomplish your goals. Since the average person sleeps 7 to 8 hours a night, that is only 16 hours left to spend.

If you have a day job, that’s 8 more hours spent. What about your kid’s sports practice, eating food 3 times a day, commuting to work back and forth? There are so many things demand your time that the little time you have left in the day must be spent wisely.

Try to take 20-30 minutes each day to focus on your goals. Be sure to make this time uninterrupted..

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How to Lower Your Property Taxes and Save LOADS of Money - YouTube

A penny saved is a penny earned right? I was able to earn a lot of pennies by figuring out how to lower property taxes with a rental property tax appeal. With my rental property tax appeal, I was able to save myself almost $1,500!

With investing, I try to come up with different ideas to help me make and save money. The more money we have in our pocket, the more properties we can buy. In this article, I will show you how to lower your property tax bill in 15 min.

 

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How I Made $1,444.62 from 15 With My Rental Property Tax Appeal!

Every time I receive my rental property tax bill, I get irritated at how much I have to pay the government for my property.  A few years ago, I decided to appeal the property value of each of my rental units to bring the value lower and pay less in property taxes.

I knew there was a way to how to lower your property tax and I just needed to figure it out.

After talking with the County Assessor on how to lower property tax on my properties, I learned how the taxes can be lowered with a rental property tax appeal.

Recently, I spent 15 minutes of my time appealing the property value of the three properties and received three tax refund checks for a total of $1,444.62! 

The appeals process for a rental property is a very easy thing to do and it can save you thousands of dollars.  If you have a property manager it is even easier because he will go to the hearing in your place and represent you and your property. 

For me to save $1,444.62, all I needed to do was fill out the rental property tax appeals form and mail it.

First, let me explain how rental property tax appeal and tax process work.

Every piece of real property is taxed by the tax collector of your local County government. Your taxes pay for many different things like schools and roads. Depending on which County and state you live in, the property tax percentage you pay on your property value will vary.

Counties Will Have Their Own Rental Property Tax Appeal Process

Depending on the County you are in, there are usually two different elected officials that oversee the tax process.  The majority of the time one is the Tax Collector and the other is the Assessor. 

The Tax Collector collects the taxes for your property and the Assessor assesses the value of your property to the current market value. The Tax Collector takes the assessed value from the Assessor and applies the tax rate for that specific County and calculates the total dollar amount you are to pay for your taxes.

The county tax rate depends on many different variables, but the main thing is to know that the tax rate is set for all properties.

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Rental Property Tax Appeal What to look at in your Tax Bill Fresno County Tax Bill

Here is an example of a tax bill that you may receive from the Fresno County Tax Collector.

The section of the tax bill I am most concerned about can be called by many different names.  “Appraised Value” “Assessed Value” or even “Full Value” like in the Fresno County tax bill. 

For illustration, lets look closer at the Fresno County tax bill.  There are two line items, when added together, equals the total assessed value or the “Net Taxable Value”.

1. Land:  This is the value of the land itself that the property sits on top of.  Imagine if this was just vacant land and there were no improvements built on to of it.  That value is the value as the land is in it’s raw form.

2. Improvements: This value is for any improvements built on top of the land.  An improvement can be  any man made buildings, structures, etc. that improve upon the property. 

Net Taxable Value

The Net Taxable Value is the addition of these two values.  Mostly, what you want to appeal is the entire Net Taxable Value of the property because it is hard to argue what the Land is worth separate from the Improvements.

Knowing that you pay taxes on the assessed value of your property, you should always review and appeal your assessed value each year.

Naturally, if you pay less in taxes the income from your property goes up and you make more money. You should make this a priority, especially sense it only takes five minutes to do and you can save a substantial amount of money.

Every year I review my tax bill from the tax collector and review the assessed value of my property. In the counties that I invest in, these assessed values are actually online so it is quick and easy to review what the assessed value is.

Being an investor in a specific area, you should have a good handle on the market value of your rental property and know if your property is being over assessed.  Use your knowledge of the market value to see if you should appeal the assessed value to bring the tax bill lower.

Check Your Tax Bills Every Year

There are many times when a quick check of the assessed value for your property can dramatically increase your bottom line income because you can save a substantial amount of money in taxes.

$446.63 Refund Check from an Appeal of One Property!

For one county that I invest in, the cut off to appeal the property value of my property is the middle of February.

Before the deadline I reviewed all my properties and found the ones that are being assessed at a higher rate than the current market value. I found three that I knew I would be able to appeal and bring the value lower.

In the same place that you can look up the assessed value of your property online, you should also be able to find an appeal form that you can fill out and send in to the appeals board who will review your appeal.

I have done this many times in the past and have seen great decreases in my assessed value which lowered my total tax bill.

This year, I spent five minutes reviewing the properties, filling out the forms, and mailing them into the appeals board in hopes to lower my total assessed value and bring my tax bill down.

Now depending on the county you live in, you may need to have your appeal notarized which would take a few minutes of your time to go to a notary and have her notarize your appeal.

Information You Will Need
Parcel Number

This is different than the address of the property.  The parcel number is used by the County to identify the parcel location without and address.  The property address is given by the Post Office for the purposes of mail.  If a parcel did not have a mailbox because it was a vacant piece of land, it would not have a mailing address. 

The parcel number is independent of the address.  As always, depending on the county your property is in, it may be called by other names but basically is the unique identifier of the property location.

Current Assessed Value

This is the assessed value that the County Assessor has given your property.  There are many different ways this is calculated but all you need to know is this is the value you are going appeal.  If you can get this value lower, the Tax Collector will use the lower value for the calculation of the tax rate to get your total tax bill.

Current Comparable Sales

The comparable sales are other “like” properties in the area that have sold recently.  These properties can be used to compare the value with your property.  A “like” property would have the same square footage, bedrooms, bathrooms, lot size, etc. 

The more “like” the property is, the more likely the Appeals Board will accept your new valuation of the property. 

Hopefully, you will be able to find five or six properties in a 1 to 2 mile radius around your property with lower sales prices than your current “Net Taxable Value” or “Total Assessed Value”.

I know what you are thinking…

Like you, my mind goes to this thought: “The value of my home should be hire so I have more equity in the property.”  This is true, you want the value of your home to be higher than when you bought the property, but only when you “Sell” your property. 

Remember, you MAKE your money when you BUY the property and REALIZE the money when you SELL it.  Since this is a long term investment, your rental property will allow you to live off the cash it brings in every month. 

You don’t need to worry about the actual assessed value of the home because you are not selling the property.  If you bought the property for monthly cash flow and as long as you have a positive cash flow, you don’t need to worry about the value.

You will know when it is time to sell the property by the way the market moves. 

I personally wouldn’t sell my income producing properties unless there was a substantial increase in the value of the property.  By substantial, I mean that the value of the property has doubled since I bought it.  I invest for monthly cash flow.  The appreciation on the property is icing on the cake!

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Refund Check for $334.65 Rental Property Tax Appeal Back to the Appeal Process

So with my three appeal forms sent in one envelope to the appeals board, all I needed to do was wait until the hearing date for my appeal. When I received a letter of my appeal hearing date, I informed my property manager of the date and the specific information that I submitted with my form. 

This would be the comparable sales showing the basis for my appeal for a lower value. With this information my property manager then went to the hearing and acted in my stead before the Appeals Board. He didn’t have to do much other than be there and be ready to answer any questions that the appeals board may have.

Once the appeal hearing was finished it was time to wait to hear the decision of the appeals board. What is interesting is in this particular County, I did not receive any formal notice of the decision by the appeals board.

What I did receive though was much better. I knew my appeal was accepted when they sent me an envelope with three checks in my name with a refund of the total taxes that I paid in the current fiscal year.

One Quick Though About Taxes

Even though I was appealing the tax value it was still my responsibility to pay the taxes that are currently assessed and build to my property. From the government standpoint, taxes are always due.  It is on YOU as the tax payer to know to pay your taxes. 

The government believes everybody must know that you have a tax bill if you own a piece of property. They don’t care if you “Never Received It” and make sure to have you pay it because it’s on you to pay it no matter what. The government feels that they are doing you a service by giving you a bill. They don’t really need to, it is a courtesy to you, the owner.  Even if you didn’t get it, you should have known your bill was due and must be paid.

If you don’t pay your property taxes the government can take your property from you and auction it off to anyone. I ALWAYS pay my property taxes the day of the due date in order to not give the government any more time with my money than is necessary.

However though I do pay all my taxes because I don’t want any penalties nor do I want my property taken away.  I suggest paying the exact amount, not more or less on the due date.

How I Earned $1,444.62! Refund Check of $663.34 for Rental Property Tax Appeal

After five minutes of work, I lowered the assessed value on three of my properties because they were higher than the current market value.

By lowering those assessed values my total tax bill was dramatically lower. I got three checks with the difference between the original tax bill, that I paid, and the reassessed tax bill.

From now on, until another event that triggers a reassessment, this new assessed will be the assessed value of which the tax collector will use to calculate the total tax bill.

So not only did I get a refund from this fiscal year tax payment, each subsequent year until an event triggers a reassessment, I will continually have a lower tax bill because the assessed value stays at my appeal value.

Even though I made $1,444.62 from five minutes of work this year, next year I will save more money because the value of the property will be lower for the three homes!

New Lower Tax Payment

For the 2015 year, my first of two installments (tax payment) was a total of $3,380.25 my properties.  After the appeal, lowering the assessed value, and receiving a tax refund check, my second installment is a total of $2,497.44! 

That is a huge savings of $882.81 off my second installment.  I would normally have had to pay the full amount of $3,380.25 but now, the $882.81 is back in my pocket. 

Since I save money each month from my rentals and put the money into a separate account marked for paying taxes, I now have $882.81 extra in that account! 

I personally suggest saving for your taxes, insurance, and maintenance for your properties monthly so you have that money when it comes time to pay it.  It is always a bad day getting a tax bill or a major repair when you do not already have the money saved up ready when the problem occurs. 

Now that I have a new assessed value for my property, and I saved $881.82. The 15 minutes worth of work earned me $2,327.43 which I can spend buying another property which will make me more money!

A penny saved is definitely a penny earned!

 

Please leave me a comment below letting me know your thoughts!

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Rental Property Tax Appeal & How to Lower Property Taxes

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In order to learn how to start investing in real estate, you need to understand that it is not as hard as you might think. Once you get past the fear of it, because it really isn’t hard at all, then you will be on the road to financial freedom with rental properties.

Real estate investing is not as hard or as scary as one might believe. It is actually something that anyone can do. Learning how to start investing in real estate all starts with education and then implementation.

Being an investor myself, currently 30+ rental investment properties, I know first hand what it takes how to start investing in real estate.

Also, with coaching many, many others, I have helped them to build amazing businesses that make them money while they sleep.

Today we are going to look at how you can start investing in real estate and how you can actually make money by having other people do the work for you.

I quit my job when I was 37 years old and I want to show you how to do it. It took me nine years to quit my job by buying one property after another, until I had 20 plus properties. Since then I keep growing my business bigger and bigger.

This is what I want for you!

You don’t need to start with hundreds of thousands of dollars, have wealthy family members, or even be a real estate agent. All you need to start investing is real estate is the determination to succeed.

I want to show you how you can quit your job and dramatically change your life, by having rental properties make you money every single month.

Listen to the Podcast

1. Why You Should Learn How to Start Investing in Real Estate

When you learn how to start investing in real estate, you will hear people talking about many ways to do it, but there really is only one way to invest.

Investing means you are putting your money to work over and over.

If you just jump right in and buy that first property, you will probably make mistakes.

I’ve made so many mistakes, and I want to make sure all of my coaching students and everyone who goes through my online course, The Ultimate Real Estate Investing System, don’t make these same mistakes. The mistakes are almost common sense, but you might not realize it until someone tells you.

Why would you even want to start investing in real estate versus something else? Nothing else compares to the amazing benefits it has.

Six Ways Real Estate Makes You Money 1. Cash Flow

Money is coming into your pocket every single month, without you working at all. That is how I am able to not have a job, travel the world, be with my family, and not worry about paying our bills.

When rent exceeds your expenses, that is cash flow.

Here is an example:

Monthly Rents = $1,200
Monthly Expenses = $950
Monthly Profit = $250

Now if you had 10 properties like this that made you $250, then you would be making $2,500 a month!

The amount of cash flow that you can achieve is only limited by the amount of properties you want to own.

Best of all, you do the work one time and the property makes you money year after year.

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2. Equity Capture

Equity capture means making money when you buy something. Imagine that you buy a car and make money the first second you buy it.

We know that is not true!

Any time you buy a car, you lose money the second you drive it off the lot, because it becomes used. If you buy a property for $100,000 and the market value is $125,000, you’ve captured $25,000 in equity and you can use that to buy more properties!

3. Market Appreciation

The market always appreciates. Even when a market crashes, it always goes back up. The market is currently right back up to where it was when it crashed in 2009.

The value of homes will always go up, even if it is just for inflation. Other things, like buyer demand and interest rates, can drive up the value of properties.

4. Forced Appreciation

Let’s say you buy a property for $100,000 and it is worth $120,000, because you bought it below market value, and the you put another $5,000 in it to paint and fix it up a bit, and it is worth $140,000.

There is a $35,000 gain on that property because you forced the appreciation up.

5. Mortgage Pay-down (Paid by Tenants)

You are not paying the mortgage principal or interest — the tenant is! Let’s say you buy a house for $100,000 and get an FHA loan and put 3.5 percent down, which is $3,500, and you still owe $96,500 on that property.

If you rent this property out for the length of the loan, you are not paying that mortgage balance. Your tenant is paying for the mortgage and the interest, because it is accounted for in your expenses.

6. Tax Advantages

Owning rental properties is a business and you get business write offs, you get to use capital gains, you can have tax deferment where you defer your capital gains to the next property (1031 Exchange), and there are many more.

Tax advantages are ways to get out of paying taxes legally and make money at the same time.

If you want to hear more about this, check out Episode 028: 6 Ways Real Estate Makes You Money.

Bonus Reasons to Invest In Real Estate An Automatic Business

It is a business that runs itself. I have taken weeks-long vacations. In 2017, I went to Japan with my family for six weeks. In 2018, I went to Europe with my family for six weeks and traveled to 11 different countries.

The way I make my business automated is by hiring others to do the work for me. They do all the work and I make money from their labor.

In all the vacations I take, time spent not working a J.O.B., etc. I didn’t do any work at all on my properties and I still made money every month.

This year, we are driving from Florida to Washington D.C. and New York for a four-week trip, because we have a couple conferences to go to.

The beauty is that other people do the work for you!

Financial Freedom

You can retire and quit your J.O.B, which stands for Just Over Broke.

When I quit my job, it was one of the best days of my life.

Imagine not having to worry about your bills anymore or being able to go on vacation, because you are earning money each month.

Almost Never Lose Money

If you invest in real estate rental properties, there is a 99% chance you will not lose money, if you do it the right way. So many people have fears and concerns that they are going to lose money, because of “what ifs”.

If you do the business right, you will almost never lose money each year. In fact, you will almost always make money each year.

It has been at least 10 years since I have had to write a check for any of my properties. I am always getting checks because my properties are making money.

Generational Wealth Transfer

Real estate investing is a way to bring financial wealth to you and generations to come when you buy and hold that property. You can pass it down to your children, they can pass it to their children, and so on.

Until you sell the property, you are able to give the properties to the next generation. These properties will be making them money without them even working.

PRO TIP: Teach the Next Generation How to Invest In Real Estate

There is a terrific saying that apply’s here:

“Give a man a fish, you’ll feed him for a day. Teach a man to fish, you’ll feed him for a lifetime.”

This is what you should be doing for your children, grandchildren, and great grandchildren. Show them that there is another way to make money than working a J.O.B. (Just Over Broke)

When you show them what is possible, then give them the tools, the will be set up for the rest of their life to be financially free.

2. What Is Not Investing

In my opinion, investing is buying and holding something in real estate. Investing is when I put my money in something and I make money over and over again, until I sell the property.

Here are examples of things that are not investments:

Flipping Homes

You may invest your money for two months or six month and then pull your money back out, but it is not investing. You are buying a property, fixing it up, and selling it to someone else really quickly to make money.

If you flip one property and makes some money, that is great. However, you need to flip more than one property to keep making money.

You don’t have a cash machine where money just keeps coming in. Once you sell the property, it’s gone. You can’t sell that property over and over again. I could rent a property over and over to many tenants.

Flipping is basically a job.

You work one time and you get paid one time. You don’t work one time and get paid multiple times.

Wholesaling Properties

Wholesaling is where someone finds a person who wants to sell their property, they talk them down, and get them under a contract with them instead of a realtor.

They then find a buyer who wants the property and they make a commission on the connection just like a realtor would.

A wholesaler completely relies on the next deal. If they don’t get the next deal, they don’t eat. It is not investing.

Being A Realtor

Being a realtor is a job. When you sell a property you make money, but then you need to go out and do it again. If you don’t work for an entire year, you won’t make any money.

If I don’t work for an entire year as an investor, I still make money, because my property works for me.

I haven’t worked in two and a half years, since I quit my job, but I am making hundreds of thousands of dollars over and over again.

3. The Steps – How to Start Investing In Real Estate

The steps to start investing are going to be broken up into a couple of podcasts, because there are so many steps I want to give you so you get a good understanding of how to start investing in real estate. Here are some of the steps:

Get Your Financial House in Order

Make sure you are financially set to start investing. If you inherit or win a million dollars and don’t have your financial house in order, you will blow through the money and you will be left with nothing.

You need to understand money, understand how it can benefit you, and understand how to use it for your benefit. Here are three ways to get your financial house in order:

Reduce Expenses

Look at everything you are spending money on and figure out if you can reduce it or cut it out. Instead of paying an $80 cable bill look at alternatives like Hulu or an antenna.

Once you have enough money coming in, then look at getting cable. Now is the time to sacrifice so you can live the dream life later.

Increase Income

Increase the amount of money you make every month so you can increase how much you can invest into real estate.

  1. Ask your boss for a raise
  2. Get a second job
  3. Drive for Uber on the weekends
  4. Start a side business
  5. Create an online business
  6. Sell items on Amazon

The means by which you increase your income doesn’t really matter. The only thing that matters is that you put more money into your pocket every single month.

This money that you will be saving will be used to buy your first investment.

Eliminate Debt

Destroy that debt as quickly as possible.

I am not talking about a mortgage, I am talking about consumer debt, like credit cards, car loans, etc.

Get rid of your school loans, car loans, etc. I have students who have sold their cars and bought less expensive cars so they have money to invest in real estate.

PRO TIP: Debt Snowball to Eliminate Debt

If you have debt on many credit cards, use the snowball method. If you have four cards, attack the lowest balance first and get rid of it as fast as possible.

After that, apply that payment to the second lowest balance, and so on.

Before you know it, you will have your credit cards paid off successfully and be read to start investing.

PRO TIP: When the Debt Is Gone, Save Your Payments for Investing

When you successfully go through the debt snowball, you will have a large monthly payment you will be making each month to the last credit card. Once the card is gone, you now have that entire payment at your disposal.

Don’t spend it. Save it in a savings account that makes you money every month. Here is a link to the bank that I personally use that gives me 2.45% return on my money in a savings account.

Buy Your Own House and Stop Renting

There is a reason I rent my properties to people. If you don’t have a home you live in and you rent, you are putting extra money into an investor’s pocket, and I want that to be you.

Buy your own house and stop renting, so you can stop throwing money away. When you own a house, you are putting money in your own pocket and you are getting equity in that property.

You can use that equity to buy more properties that will make you money.

Check out the BRRRR Strategy I talk about in Episode 006 to learn more.

Create Your Investing Goals

Create your goals so you can understand how you are going to be able to quit your job, or change your life, so you can get the life you want. Figure out the best path for you. If you don’t have options, you will react.

I’ve done a lot of things right and a lot of things wrong, and I know just about every single thing that is going to happen and the decisions you will need to make, the options you can have, and the route to go.

If you want to quit your job within five years, figure out how to get there. Or, maybe you love your job and just want more money each month. Look at where you are starting and what you can do to accomplish your goals.

PRO TIP: Don’t lose sight of your goals!

Life is going to get in the way and there are always excuses, but you need to push through those.

It is tempting to use the money you are making on other things, but you can do it! I understand, because I have been there and have made this mistake.

4. Get Real Estate Investing Education

When I bought my first rental property, I did everything wrong. The main reason was that I did not learn how to start investing in real estate. What I should have done was hired a real estate investing coach to help me through all the pitfalls that can come with investing.

Another thing I should have done was to pursue education in real estate investing. Now I did read a couple of books and blogs, listened to a couple of podcasts, and decided to go ahead and invest.

There was a problem though. That little bit of education was not enough.

In doing that, it has cost me tens of thousands of dollars, maybe $30,000, I don’t want to count. I bought two properties at the same time around 2010. I didn’t know that the power was off for about a year and the city said it had to be brought back up to code.

In order to get the electrical turned on, I had to rewire the entire house and it cost me $3,500 for one house, and it was a total of $7,000 for both. Had I known this beforehand, I would have lowered my offer by $3,500 each.

Get a real estate investing education!

I offer both one-on-one coaching and an an online course called the Ultimate Real Estate Investing System.

This course walks you through, beginning to end, how to create a fully functioning rental property investing business that makes you at least $250 a month with one rental property.

You can grow the business yourself from there.

If you want to learn more about coaching or the online course, click here.

When you follow these steps, and get over the fear, that is when you make the decision to buy your first property.

If you get started on these steps right now, you will be in a much better position than someone who decides to skip ahead and buy a rental property.

Listen to the Next Podcast

When I was younger and my parents turned 40, I specifically remember them having parties with funny over-the-hill presents. Back then, 40 was old! I was 37 years old when I quit my job, because I started buying real estate rental properties when I was 27.

Property after property, I just kept buying and buying as fast as I could. I knew that eventually I was going to be able to quit my job, and now I am turning 40 years old and I will never work another job again. I am so blessed to be able to say that!

Now, I am looking forward to my 40s where I will be able to do more great things with my life and teach even more people how to quit their jobs and change their lives.

Wherever you are, start investing now!

“The best time to plant a tree was 20 years ago. The second best time is now.” — Chinese Proverb 

Plant that tree now, because before you know it 10 years will go by. If you had started investing 10 years ago, you would already be retired.

Start investing today with education, knowledge, and learning, and then start putting your money to work in real estate rental properties.

Anyone Can Be An Investor!

You may be thinking…

“I’m not rich.”
“I don’t have a lot of money.”
“I don’t have any experience.”
“I don’t have any contacts.” 

The key is that just about everyone starts from ZERO.

We all have to start somewhere and I get it. It is hard to get started especially with no money. I can relate because I was in your shoes!

If I can do it, you absolutely can too. Every single one of my students that have quit their jobs will tell you that they are normal people just like you.

They have applied themselves, saved money, put that money into a rental property, keep it rented, make money every month, and do it all over again.

Eventually, you will have so much money coming in every month and will never need to work another job again.

5. Save for a Down Payment

A down payment is going to allow you to buy a property for less than it is worth. When you get a mortgage, you will need to put money down as part of the total purchase price.

There are many ways to come up with the cash for a down payment and there are many ways to have other people help you to make that money. If you are like me, you don’t have much money.

I didn’t have much when I first started. In fact, before I got married, I had $0 in savings and I had about $2,000 of credit card debt that I would pay off every month.

My wife had a little bit of savings, we got a little bit from our wedding, and then we saved more money to eventually buy my first property.

When you are looking at what you need to do to save for a down payment, you need to answer the question:

“What are your goals?”

Your goals dictate how much money you will need for a down payment, what type of properties you are going to buy, how fast you are going to buy them, etc.

If you want to buy higher priced homes, you will need a larger down payment, and if you want to buy lower priced homes, you will need a smaller down payment.

Pay Yourself First

There are many ways to save for a down payment. This is why I talk about increasing income and reducing expenses, as well as eliminating debt. When you start knocking those out, you increase your ability to save money, and you are able to start paying yourself first.

You need to pay yourself first, at minimum 10 percent. If you are just getting started, pay yourself 1% or 5% — pay yourself something.

Your boss pays you, but when you really break it all down, that money is already spent. You need to use it to pay for your car, rent, phone, cable, and other living expenses. Whatever expenses you have, they are taking money out of your pocket that you cannot use for investing.

When you pay yourself first, you are putting money into a savings account and you can hopefully earn interest. When it is time to buy a property, you have money saved up for the down payment.

If you already have money and you are already saving, I strongly recommend that you put the money into a savings account that makes you one or two or three percent interest. You want the money to be liquid.

Liquid means you can get to the money at any time, like a checking account. You can go in and pull the money out whenever you are ready. When you put that money into a CD or into a stock or mutual fund, it is going to be harder to access. There will be fees and penalties for taking the money out early.

If you aren’t going to touch it for a few years, that is okay, but I like to have the money ready to go if a deal comes along.

If you make $2,000 a paycheck, take $200 and put it in a savings account.

Keep doing this every single month.

Any money my kids get from a birthday present or from doing chores like yard work, I have them take out 50% and put it into savings. For the other 50%:

10% goes to God
20% goes to mommy to help pay for household expenses
20% they get to keep and spend

Each of my kids have a savings account and they can watch it grow and see when it earns interest. They want to put more into savings, because the more they have in there, the more interest they make.

Start saving by paying yourself first. Ask Your Friends and Family

As you are building your business, if you come across a good deal, you may want to ask your friends and family to invest with you.

When I was first starting my business, I asked my dad for a loan. He loaned the money to me, but he charged me 9% interest, because that is what he could have made in the stock market.

Even though I was paying him a high interest rate, I think I was making like $400 on it every month. Eventually, I paid it off. You may not have this option, but think of other family members or friends that may be interested.

PRO TIP: How to Ask Friends and Family for Money

It can be awkward to ask your friends and family for money, so what you want to do is tell them about the deal. Make sure they understand..

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How do you get past all the roadblocks that are stopping you from investing in real estate?

First, knowing the issues or challenges is the best start. Next, learn from others how they got past their issues and go onto success.

First: Success Breeds Success.

Every little win along the way will give you courage and help prove to yourself that you can do it.

You need to make up your mind and start today. With all the great ways to make money with real estate investing and start makign passive income.


Listen to the Podcast

I want to give you my best selling book for FREE! 🙂

“How to Quit Your Job with Rental Properties” is the book that has changed so many people’s lives and I want to give it to you for free. All you need to do is pay a little bit in shipping and handling but I’ll send it to you myself.

Go to: https://masterpassiveincome.com/freebook to get your own copy.

In it, I give you step by step ways to invest in rental properties and earn enough money to replace your income.

Many people have already changed their lives and are successful business owners.

Let me help you start investing in real estate.

Now, here are some reasons I, and many others, have delayed our start with investing.

Fear of the Unknown

When we are young, we are all told to go to school and get good grades. Then we are to go to college and get a degree.

Once completed, we are told to go find a job and get a pension, IRA, 401k, and you will be able to stop working when you are 65 years old. It seems as though traditional education teaches the way of an employee, not the way of the rich. Being an employee is very honorable and for the majority of society this is where they are and will stay.

The government schools do not teach you how to be rich. You need to educate yourself and learn from those who are already rich.

For those who want to be rich need to educate themselves to think like the rich because the rules of life are not different for them. Some may say that the rich in America has different rules than the rest of us but that is not the case.

As in America, when there is equal justice under the law, there is equal opportunity to be rich.

The only way to be rich is to learn how to play the game by the rules the rich play by. They have the same rules but they know how to use those rules to their advantage.

Make A Change – Get Education

Devote 1-2 hours a week to personal education.

I know this may seem like a lot of time and energy but without it, nothing will change. Also, take this in bite size chunks. Do 15 min each day of learning about passive income.

Here are some great ways to learn easily on any subjects:

  • Read blogs
  • Listen to podcasts
  • Check out and read books at the local library
  • Listen to Audiobooks

Success happens when you are prepared for it with education.

In the podcast, I talked about how I was very concerned about the hot air balloon ride I was taking my family on. This was because I was not educated on the process and wasn’t aware of how safe it was.

Being concerned about my young kids falling out or us plummeting to the ground is an huge ball of fire was on my mind for two weeks leading up to the ride.

After I was educated and then experienced the ride, I realize there was nothing to worry about.

Because of education and experience, my fear was gone.

Life Getting In The Way

The only thing that really matters is life. Not money, not time, just life. If you waste the life you were given, then it’s gone. You can never get it back.

Life does get in the way though. Jobs, marriage, children, hobbies, etc. These are great things in life (except your job) and you shouldn’t feel like you need to get rid of them. You do need to adjust a bit to make your life more accommodating to your passive income.

If you don’t change something now, you will continue on the path of working for the rest of your life. Your life will run you instead of you running your life. Eventually, you will end up wherever life takes you.

Make A Change – Take the First Step and Force Yourself Into the Investing Life

Make the decision today to change and start down the path towards passive income in rental properties.

Let’s make a new hobbie for you right now. Your new hobbie is making money with passive income.  This should be a passion for you. Make a conscious choice right now to apply your life to being rich with passive income.

Lao Tzu said that the journey of a thousand miles begins with one step.

It’s time for you just take the first step.

Time – or Lack Of It…

Time is inevitably one of the things that keep us from being rich.

If you have a job where you are working more than 40 hours a week, your time is taken away from you while you are making money for other people.

There are only 168 hours in every week.

If you spend 40 hours of it at a job (Just Over Broke) you have only 128 hours left to do the things you want to do.

What about sleep? 8 hours each day is taken up by sleep. Subtract 56 hours to your 128 and you only have 72 hours left to making passive income. 96 hours every week are taken up by things that you have no control over.

If you wanted to, you can cut out sleep to only six hours a day which will give you two extra hours to spend. But then you may be less effective throughout the day. All the things that you were trying to get accomplished will be done poorly if you don’t have the brain capacity to push forward to reach your goals.

Every minute you spend watching TV takes away from you making money with passive income.

Make A Change – Take Back Your Time

You will not be rich if you spend your time watching TV, reading Facebook, watching the news or doing anything that doesn’t advance you to your goal. Focus all your time and energy on making money with passive income.

Try to take a one week fast from all social media, news, TV, and anything else in your life that is distracting you. Take those hours that would normally be spent wasting time and make sure that you are applying that time to making passive income.

No Money to Invest

I hear it said all the time: You need money to make money.

This is not true.

There are many ways to make money without money. Most people never start investing because they believe they don’t have enough money. Anyone can make plenty of money in real estate without any money at all. It’s just a lot easier if you already have money to start out with.

Don’t let the lack of money keep you from moving forward.

All it takes is education and learning from those who have already set the path for you to take and do what they’ve done.

Make A Change – Start Your Passive Income Snowball

The great thing about passive income is that it builds on itself. The more rental properties I buy, the more money I have to invest.

You can start investing with little to no money down.

Check out this article where I share how I would invest with little to no money down.

Fear of the Failure

Are you afraid of failure?

Some people go through life without trying anything new, exciting, or adventurous. Stepping out away from your job is a very scary thing to do. But if you have income already coming in that covers your expenses, you can quit without worrying.

Are you afraid of losing money?

What if you bought a $150,000 rental home that went vacant for 2 months. You still have your mortgage and bills that need to be paid even though it is not rented. Can you tolerate not having income for a month or two?

We all are to some extent. Some are just more tolerant of these than others. I personally have a high tolerance for failure because I have learned that growth comes with failure. I have learned so much more from my failures than from my success.

Make A Change – Do Something Every Day that Scares You

Step out of your comfort zone once a day and do something that you are afraid of. Are you afraid of making cold calls to make sales? Force yourself to do it everyday.

If you do not face your fears, they will always stay with you.

Remember: Nothing Ventured Nothing Gained

Making Excuses to Never Start Investing

Everyone has excuses why they won’t start investing in passive income. Excuses are easy to make and they all are horrible.

It’s always harder to actively focus and work towards your goals while making things happen. Only when you put effort towards making money with passive income will you ever start.

When you making excuses, you are only making excuses to yourself. It is up to you to get motivated. You are only letting yourself down when you make excuses.

Make A Change – Goal Setting

Find reasons why you should start making money with passive income rather than reasons why you shouldn’t. If you focus on the negatives, that is all you will see.

Don’t let yourself make excuses for missing deadlines, seizing opportunities, or not starting today.

Stop making excuses right now and focus on the goal of passive income so you can quit your job!

What is holding you back from investing in real estate rental properties?

I want to know.

Leave me a comment below.

Get the FREE Investing Starter Course

Sign up to get the FREE Real Estate Investing Starter Course Below

 

 

6 Things Stopping You From Investing In Real Estate and How to Overcome Them

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It’s hard to start investing without money. Rob and Melissa found a way how to invest in real estate with no money. They didn’t start with money. They started with a chair that was thrown away by someone else which they used to start learning how to invest in real estate with no money.

They started with one item and then turned that into $100,000 of inventory to sell to buy a rental property.

Today I have Robert and Melissa from FleaMarketFlipper.com with me, and I am so excited to talk to them. They are going to be sharing with us how they started investing, and how they are going to continue investing, in real estate with little or no money.

Listen to the Podcast:

Tell us a little bit about yourself.
  • Robert and Melissa have been married for almost 12 years.
  • They have three kids ages six, five, and three.
  • They enjoy water sports and going to flea markets.
  • Robert and Melissa both grew up near Orlando, Florida, and they love surfing, jet skis, and anything to do with water.
  • They also love jogging, camping, and anything outdoors.
  • They also wanted to learn how to invest in real estate with no money
Tell us a little bit about your first real estate deal.
  • About 10 or 15 years ago, Robert was buying houses and flipping them.
  • Fastforward to now, they wanted to learn how to invest in real estate with no money so they started flipping items they found.
  • They have one rental right now. They were living in the house and then bought the house across the street when they outgrew it.
  • They kept the first house and did long-term rentals for about five years, but last year they started renting it through Airbnb.
  • Robert and Melissa love real estate and flipping, because there is so much money to be made and saved.
  • Their long-term goal is to have about ten properties that they manage.

Tell us about the switch from having a long-term rental to Airbnb? Are you making more money?
  • They are making more money through Airbnb.
  • It is more work, because Melissa does the cleaning, but the house is only 600 square feet.
  • The house is perfect for two people, which means they don’t get big parties renting it.
  • The house mostly rents to couples who are looking to move to the area. They’ve had a good experience with it.
  • Robert and Melissa make three to four times as much on Airbnb versus having it as a long-term rental.
  • Renters don’t have enough time to settle into the property, so they take pretty good care of it while they are there.
Is this something you will continue doing or will you have both Airbnbs and long-term rentals?
  • They like Airbnb.
  • If the property was larger, they would probably do a long-term rental.
  • Since it is small, it makes it easy to fix and clean up, especially since they are right across the street.
  • With AirBNB, you can also learn how to invest in real estate with no money by flipping items they find.

 

When you buy more properties, would you want to continue that model?
  • They want the rentals to be in the same area in Florida, because it is a very desirable location.
  • Robert and Melissa want to buy another property by the end of the year, and they want it to be in their town, because it is easier to manage themselves and rent as an Airbnb.
Robert, do you still flip houses?
  • Robert got out of doing that when he and Melissa met. He had done a couple of houses and made good money on them, but there is a lot of red tape.
  • They don’t know if they will do any flips on houses in the future, because they want to focus on getting ten properties to rent either long term or through Airbnb.

 

With Airbnb you make three to four times the amount you would on normal rents?
  • It is crazy how much more you can make renting a property by the night instead of by the month.
  • Just like a hotel that charges $100 a day, you can rent your property for $100 a day. That is $3100 a month for a 31 day month.
  • That same property would rent for $1400 max if it was rented per month.

What was it like moving from a 600 square foot house to buying the house across the street? Was that planned or spur of the moment?
  • When Melissa was pregnant with their first child, they knew they needed to move but they didn’t know what that looked like.
  • They were friends with the elderly lady across the street, and she said she was going to be moving in with her son and selling her house.
  • They expressed interest in the house and she was happy to sell it to them.
  • Then, they thought it would be great to learn how to invest in real estate with no money
  • Robert and Melissa never had intentions of selling their other house, because they always wanted to get into rental properties.

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I saw your story where you found a chair in the garbage and sold it for a lot of money. Tell us how to invest in real estate with no money.
  • They are doing a 2019 flipping challenge. Robert and Melissa walk to their downtown area, about a mile from their house, at least once a day.
  • They regularly look at the things people put in the trash and in the beginning of January there was a nice looking accent chair somebody was throwing away. They went home, got their truck, and picked up the chair.
  • The owners threw it away, because there was a little piece of wood that was broken on the underside of the chair.
  • It took Robert about five minutes to fix the chair and they sold it for $50 on Facebook Marketplace.
  • After that, they bought two exercise bikes on OfferUp with the $50 and sold them each for $500, which got them up to $1,000.
  • Ever since then, they have been reinvesting that money and they have never put a penny of their own into the pot.
  • Since January, they are now up to over $100,000 of inventory they bought with the money they made from that free chair.
  • They have already brought in about $11,000 of cash, but they have reinvested about $5,000 or $6,000 get up to the $100,000 inventory mark.
  • They want to have $150,000 in cash by the end of the year, so they can buy a rental property with the cash they made from a chair they found in the trash.

 

Tell us about the process of finding something, either for free or at a flea market, and flipping it. If someone was interested, how would they go about doing this?
  • Robert has a passion for finding undervalued items and reselling them.
  • The deals can come from the trash or apps online like OfferUp or Facebook Marketplace.
  • There are people everywhere that are getting rid of stuff for free, because they don’t want to own it anymore.
  • If you have your eyes open and hone your skills, you can buy items or get them for free and then turn around and make money on them.
  • If flea markets and yard sales are not your thing, you can sit in your chair, like Robert, and surf OfferUp or Facebook Marketplace. He scrolls through the deals, sends the seller an offer, and if they accept he picks it up, takes pictures of it, and lists it online.
  • They make the most money and sales on eBay, because of how big it is.
  • This is the best way they found how to invest in real estate with no money

 

Do you need to be handy or creative to do this?
  • It comes into play with the society we live in. You actually don’t need to know a thing, because you can use YouTube and Google to figure out how to fix things.
  • If there is a problem with an item, you can easily look on YouTube or Google and find someone who has the same problem that tells you how to fix it.
  • Not all of the stuff needs to be fixed, probably about 50 percent.
  • Last week, Robert and Melissa sold a commercial compressor. Robert bought three compressors for this challenge and sold one for $5,350. He originally paid $333 for it. All they did was wipe it down and list it online. They didn’t need to fix it.
  • Now, they are well on their way how to invest in real estate with no money.
  • They sold the compressor on eBay to a buyer in California. It cost Robert $315 to ship the compressor from Florida to California. It is a commercial compressor, so it is on a pallet and is about six feet wide by four feet deep, but the buyer paid the shipping cost.

 

Will you continue building your real estate business by what you learned how to invest in real estate with no money?
  • They do things a little differently. Robert finds the property he is interested in buying, goes to the property appraiser’s website, and finds who owns it. If the owners don’t live in the house, whether it is a rental property or it is rundown, he contacts the owners directly and tries to talk them into selling him the house.
  • Robert has never bought a property off the MLS and none of the properties he has bought have been for sale. All of his purchases were done by talking to the owners.
  • This is what they will do in November. They will look at places they want to buy and Robert will do some legwork to see if he can secure a property and get into a contract with somebody.

 

Are you trying to save up enough money to buy the property for cash?
  • They want to use cash to buy their next property, and they hope to buy it for around $150,000.
  • Robert estimates they will be at about $400,000 to $500,000 of inventory at the end of the year. Their goal is to have $100,000 to $150,000 in cash to invest in a house.

 

Is this how you live? Do you have jobs outside of this?
  • Robert and Melissa flip items for a living.
  • They have been keeping the chair money separate from their other income.
  • They have been doing this full time for three years.

 

How are you going to continue to build your real estate business? Do you have any other thoughts beyond the next property?
  • For this year, they are focusing on one house for $150,000.
  • After that, probably within the next two years, they will start doing the same thing to invest in more properties. They do not have a specific plan for how quickly they will acquire more properties.
Will the next property be a long-term rental or an Airbnb?
  • They are aiming for another Airbnb.
  • Their downtown is small and people love it. If the property can be close to that, they will probably do an Airbnb. It depends on the location.

 

Looking back, are there any mistakes you made, either in real estate or in finding items to resell, that you can share?
  • Robert and Melissa had another property that was close to their downtown. They bought it about six years ago and sold it two or three years later.
  • They wish they hadn’t sold the property.
  • The house needed quite a bit of work, but they wish they would have held onto it and either fixed it or bulldozed it and put another house on it.
  • They didn’t have the motivation to fix it up, because they had a lot of things going on in their lives and couldn’t find the time.
  • In their flipping job, sometimes they make mistakes, but they get back up and keep going. That is the best thing they could do.
  • If you own a piece of property, don’t sell it. Real estate is, by far, the way to go. There are ups and downs, but it seems like no matter what happens it always comes back. It is something you can pass down to your kids and it is a wealth-generating vehicle for your entire family.
What is something you would go back and tell yourself, before you started investing in real estate and flipping items, to help you get to where you are now faster?
  • The lessons you learn in life are very valuable.
  • Robert wouldn’t give himself any advice, other than hanging on to the property they sold.
  • When Robert bought the 600 square foot house, he bought it with a partner. When he bought the partner out, he had to pay a higher interest rate on the new loan. Michelle would have bought it without a partner.
  • It is hard to deal with partners. People are different and they have different expectations. You need to know and understand each role you have in the deal.
  • If you can buy a property without a partner, do it.

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Hypothetically, if you had to start all over again, what would you do to get your first property?
  • They are able to generate income off of something from the trash. It is amazing to take something and keep selling it and creating income.
  • If you didn’t take it, the item would be taking up space in a landfill.

 

Are you going to continue to try to buy properties for cash and apply how to invest in real estate with no money the same way?
  • That is what they really want to do, because it makes the whole process easier.
  • Everything is easier if you can use cash, instead of having something hanging over your head.
  • Their model is cash versus borrowing money.

 

You are also living off of the items you flip, so you need to make more than $150,000 in order to provide for your family.
  • It gets tricky, because when they buy something, they need to figure out if they want to use the flipping money or if they want it to go to their income for flipping it.

 

Are you having to sacrifice your time and money to get to your goals?
  • Learning how to invest in real estate with no money is time consuming.
  • Robert and Melissa sacrifice a lot of sleep, because they work a lot of nights.
  • They spend time with the kids during the day. The kids go with them to the flea market and they are in the business with them when they are not at school.
  • Robert feels blessed in what they do, because they don’t answer to a boss and they get to schedule their own time. They can spend time with their kids and they are building a business.
  • Robert doesn’t feel like they sacrifice that much, but everything in their house is second-hand because of the business they are in. However, they have high-end appliances and nice stuff, because they are able to find good deals.

 

Thinking of your kids and how you can pass down your wealth and properties to them, how else are you helping your children? Have you thought about how you are going to pass down what you have learned?
  • Their oldest child is six, so they are just getting into more responsibility and learning about money.
  • They just started a system where the kids do small chores and they get a couple of dollars to go to the flea market.
  • The kids understand that what Robert and Melissa do is work.
  • The kids do videos with them for their blog.
  • They want their kids to follow their passion and have a good work ethic so they can afford the lifestyle they want.

 

Is what you do, how to invest in real estate with no money, something that anyone can do?
  • If it is what you like to do, or if it is something you are interested in, then yes.
  • It is a skill you can learn. Three years ago, Robert and Melissa started a course to help people figure out if it is something they would like to do and they teach the skills needed.
  • Robert has been flipping items since he was 16 years old. He has learned a ton of things along the way.

 

How can listeners find you, see what you are doing, or take your course?

Check out all of the free resources available on www.masterpassiveincome.com/resources.

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How to Invest in Real Estate with No Money | Nothing to $100,000 in 5 Months

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MPI 001 | The 15 Best Reasons You Must Own Real Estate Rental Properties - YouTube

Investing cash flow is the primary reason why the rich buy rental properties. The amount of investing cash flow is amazing and the money comes in EVERY MONTH!

These 15 fantastic reasons why real estate investing is the absolute best investing cash flow you can ever make. Real estate rental property investing will make you wealthy and allow you to quit your job, never having to work another job again. You can learn much more at www.MasterPassiveIncome.com

Real Estate Rental Properties are the best investment for every person interested in making money.

Much better than stocks, mutual funds, IRA’s, etc. In one year, it is entirely possible to earn 780% return on your money invested into a rental property.

A rental property business is not hard to learn or develop. It just takes time and effort to do it right.

All of my properties I have purchased make me money each month in the form of passive income and cash flow. That means money goes into my pocket each month if I work of don’t work. My properties do the work for me.

Rental properties have many benefits to the investor and below are 15 of the best reasons why real estate rental properties are better than all other investments.

All my years of investing has brought my family and I terrific wealth and security.  When you look at how the laws are created to benefit those who own real estate, you too will see that real estate rental properties are the only true way for wealth creation and long term passive income.

If you have one rental property or one hundred, these benefits will apply to you immediately.  Cash flow from the rent received is one the easiest the think of, but there are many more.

15 Reasons Real Estate Rental Properties Are The Best Investing Cash Flow

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1. Investing Cash Flow From Monthly Rent

When you buy your rental properties, you must buy them to earn cash flow from day one. The rent minus expenses is your cash flow for the property.

It is not uncommon to have anywhere from $200-$300 in monthly cash flow from each property you own.

When I quit my job at 37 years old, I had 30 rental properties making me investing cash flow of $15,000 or more each month!

Because I had so much money coming in each month investing cash flow I was able to cover all my expenses, pay all my bills, and never need a job again.

2. Equity Capture

You MAKE your money on a real estate purchase when you BUY the house. You REALIZE the money when you SELL Buy low, sell high.

Just as you buy the property to earn cash flow from day one, you also want to buy the property below market value, so you automatically gain equity on the property.

If a three bedroom, two bath, single family home market value is $120,000 and you buy it for $100,000, you automatically gain $20,000 in equity for the property.

3. Equity Buildup

You, as an investor, want to get paid for the value that you bring, not the hours that you work. To build up equity yourself, you can find the worst house in the best neighborhood, fix it up with minor repairs like paint, carpet, etc. and make the value of the home increase beyond the current market value.

The same $120,000 home that you bought for $100,000 will be worth $140,000 after you fix up the property and make it worth more. Also, when you build the value, the rental income goes up because the property demands a higher rent due to the superior property compared to the others for rent in the area.

4. Market Appreciation

For the last 200 years, the real estate market has doubled in value every 20 years. Two of the main reasons for this are inflation and interest rates.

The value of the dollar is reflected in the current gold price. An ounce of gold is worth the same 200 years ago as it is now. It is just the way in which we buy the gold that has changed in value.

The dollar, through inflation, has lost its buying power over the years, and the government quantitative easing (governments’ term for printing money out of thin air with nothing backing the value of it) to stimulate the economy.

With inflation, your homes you buy will increase in dollar value and history shows the value doubles every 20 years.

Interest rates are also a cause for price fluctuations in the real estate market. As interest rates lower, which we have seen in the past 10 years, prices go up because the ability to borrow money is cheap (currently 3%-4% interest rate), and people can buy more expensive homes for less money each month out of their pocket.

If people can only afford a $1,500 a month mortgage payment, a $400,000 home at 4% interest for 30 years is a home they can afford. But if the interest is at 9% (as it was in the 80s and 90s) for 30 years, their $1,500 a month will only allow them to buy a $235,000 home.

5. Tenants Pay Your Mortgage for You

With the monthly rent you collect each month, part of the money goes to pay the mortgage you took for the purchase of the property. A $100,000 home, which can be rented for $1,200 per month, with a 4%, 30 year mortgage is only $477 per month. That leaves $723 per month to pay the property manager and the expenses. The balance is yours to keep as passive income.

6. Complete Control Over Your Investments

Unlike stocks, where you have no control over the business, you have complete control over your real estate business. Want to increase rents? Increase the value of the property. Need to replace an AC unit and want to save money by buying a smaller unit because the original was too big? That is your choice.

Want to pass on a tenant that has bad credit and prior evictions? Again, all in your control. You have complete control over the business and property to do as you see fit.

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7. Owning Real Estate is Seen as a Business

Because owning rental properties is seen by the IRS as a business, you get many tax deductions.  These deductions makes it look like your passive income is lower and because of that, you save money.

  1. Depreciation – The IRS lets you deduct the value of the property over 27.5 years. Depreciation is looked at as an expense, but no money was ever spent. You purchased the property, which makes you money and still has its actual value, and the IRS lets you deduct part of the value of the property over 27.5 years.
    • Another great thing about depreciation is that if you give the property to your children, they get to start the entire depreciation cycle of 27.5 years all over again at the current market value!
  2. Operating expenses
    • Mortgage interest, insurance, repairs, advertising, Property Manager, utilities, yard maintenance, losses, etc.
  3. Ownership expenses
    • Property taxes, mileage, business cell phone, professional fees for accountants and lawyers, travel, convention attendance, business education, home office, etc.
8. Taxes on Your Properties can be Deferred Almost Indefinitely

With real estate, you can defer the taxes you incur when you sell your property almost indefinitely. With an IRS 1031 exchange, you can exchange the property for a like-kind investment. Like-kind is real estate exchanged for more valuable real estate. Like-kind is not selling a Coffee Shop business in exchange for real estate.

For example, you buy a single family home, sell it 10 years later, and make $50,000. Use a 1031 exchange to buy a more expensive property like another single family home that makes more income or even an apartment building!

Do all this without paying any taxes today and defer them to a much later date if you decide to cash out completely.

9. No Liability, But All the Control

When you purchase properties as rentals, the best way to own the property is with a company like an LLC.  You want to “control” the rental properties and not “own” them.

You may buy your personal residence in your name, but the investment properties should be put into a company you create, like an LLC or an S-Corp.

An LLC is a Limited Liability Company that you own and control, and the LLC then owns the property.

Since it is the LLC that owns the property and not you personally, if the property ever gets sued, you are not personally liable and your assets will be safe. Remember that you “control” the property, not own it.

10. Low Volatility in the Real Estate Market

Unlike the stock market, the real estate market does not change overnight. Even if the real estate market crashes, at it did in 2007, you are able to see it coming as well as get out of the way if needed.

But, no matter what happens in the market, if you learn how to buy right, you will never have to worry about another crash in the real estate market because your rent still comes in every month.

11. Making Money In An Up or Down Market

Even better, though, is if you purchase your properties right and they cash flow from day one, you will not have to worry about an up or down market.

Since the mortgage is fixed at 30 years and you have income coming in to cover the expenses, you will always make money.

Rarely do rents ever go down, and actually they are always going up with inflation. In an up market, you can sell your properties and use a 1031 exchange and buy a better property with your gains. Also, in a down market, homes are cheaper, and the rent to purchase price is more in your favor.

12. Constant Demand for your Product

The product you are selling is basically a place to live for anyone.

No matter what happens to the economy, people need a place to live and will be there to sign a lease with you for the property that you own. Since everyone needs a place to live, your product will never go out of style.

13. Use O.P.M. to Start Your Real Estate Rental Business with Leverage

Go ahead and ask a banker to lend you $100,000 to buy stock in Apple or Microsoft. He would laugh you out of his office. Now ask the same banker to lend the same $100,000 to you to buy a home; be ready to sign the contract.

Leverage is the most widely used means to acquire rental properties because banks are so willing to lend to the right investor who knows how to manage properties.

Leveraging a property and taking on a mortgage is using other people’s money to make you money. When you buy a home with all cash, your rate of return (return of money that you put into the deal) is much lower than if you use leverage.

  • Purchase a $80,000 home:
    • Paying cash in the amount of $80,000 would bring you $8,400 a year income. Equity capture of $18,000, Appreciation of $5,000 and Cash flow of $8,400 is a total return of 38% on the $80,000 you spent
    • You use leverage and put a down payment of $8,000 for the $80,000 home brings you $2,400 a year in income. Equity capture of $16,000, Equity increase from mortgage payments of $600, Appreciation of $5,000 and Cash flow of $2,400 is a total return of 200% on the $8,000 you spent.
14. Hedge Against Inflation

Inflation averages about 3% per year. If you keep your money in the bank earning .01% per year in your savings account, you are losing money every day. You may be gaining a few meager dollars, but those dollars buy less and less every year.

As you can see from the savings vs. inflation image to the right, your $10,00 you saved for ten years with simple interest makes you $10 in interest. 

After the same ten years, your original $10,000 can only buy $9,930 worth of goods.

So you may gain $10 after ten years but you lose $30 because of inflation which makes a net loss of $20.04 after ten years.

15. Insure Your Investment

You can insure your rental properties against things like loss, theft, fire, and liability.  Just like you cannot get a loan for stocks, ask a insurance broker to give you  insurance for losses in the stock market. 

He would laugh at you and then kick you out of his office.  If you own a rental property with a replacement value of $250,000, you can pay yearly insurance on the property of only $700 for full coverage and protect your investment.

How could that get any better?  Easy!

Have your tenants pay for the insurance by adding it into your numbers when you purchase the property.  $700 a year is $58.33 a month. 

When you run your numbers when you purchase a property, make sure the costs of insurance is in there so you have it covered by the rents the tenants pay.

Would Stocks Be A Better Investment Than Real Estate?

There are people out there that believe they are not cut out for real estate investing. I personally disagree and believe that anyone can invest in real estate.

The difference, I find, is the barrier to entry into the stock market is much easier to start “investing” in stocks. All you need to do is open an account at a stock website, load some money in your account, and buy a stock. Super easy.

But to do it right and actually make money investing in the stock market, you need to know what you are doing. You need to study the market, the companies you are investing in, the companies competition, and the economy.

In my perspective, real estate is the safer and more lucrative investment but I am probably biased.

Joseph at MyStockmarketBasics.com has done even more research on Stocks and how they are a good investment compared to real estate. In his findings, both the stock market and real estate are even in their investment potential.

“Well, crap! I didn’t plan on it coming out as a 3-3 draw. As much as I love real estate investing though, I still have to give the thumbs up to stocks. While returns are higher in real estate, most investors won’t see those returns because they won’t be able to diversify across different property types and in different markets. ” says Joseph in his article.

The downside though is that you don’t get much investing cash flow from stocks. Even with dividends, you are making such little money.

Conclusion

Now you can see why rental properties are the best investment that anyone can invest in.

It is not reserved for the rich, just those who want to work hard and be independent.  Master Passive Income is here to help you achieve the dreams and goals you have created for your life. Success breeds more success.

Now is the time to act! Get out there, look at properties, analyze the deal, put in offers, and get started on your rental property business!

Do you have any questions or comments?

I want to hear from you.

Please comment below.

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Investing Cash Flow and 15 Amazing Reasons to Own Real Estate

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When you have an investing business, finding a good rental property management company is crucial to your success. Without a good rental property management company, you will be losing money.

Finding the rental property management company takes skill, experience, and patience. When you find a good rental property management company, you try to keep them for 10 or more years at time.

There two types of people I love to pay in this world.  One is my accountant and the other are my rental property management companies (PM).  They are the muscle of my business and allow me to be truly passive in my investing.  Without them, my business would not function as well as I would have to do more work than I want to.

As I have shared in another post there are many reasons why rental properties are the best investment , and this is yet another one to add to the list.

Out of all the ways to make money in the world, rental properties are the most passive of them all because you hire one person to manage your properties and the properties are doing all the work.  The PM is just there to facilitate the property and make sure it is doing the job right.

Your real estate business depends on who you have managing the property. If you manage the properties yourself, great, more power to you.

Rental Property Management Companies

I personally do not want to manage my own properties so I hire a rental property management company to manage it for me. I would rather spend my time on the things that I want and pay my PM to manage the property for me.

When I first started investing, I went with a PM who did a great job for about 8 months.  After a while, I started noticing charges on my statement without having receipts to go with them.  Then I had many major repairs back to back on properties that were eating away my profits.

She told me that one of my properties needed a new main drain which cost $1,000 and would not produce a receipt for the improvements!

So, after being patient for far too long, I finally fired her and found a new PM.  I took the experience from that horrible PM and tried to learn as much as I could from it.  The lessons I learned from that first PM has helped me to develop my rental business to be even more profitable and successful because I learned from my mistakes.

DIY or Hire A Property Manager

If you decide to manage your properties yourself, you don’t need to have a Property Manager (PM) because you are the one the tenants call when there are any issues. I personally do not like to manage my own properties, so I hire a PM.

If you do decide to have a PM, you must take your time and find one that you feel comfortable with and can trust. The PM is your employee for your business, and you need to treat him as an employee. There are 7 things I look for in a PM.

What To Look For In A Rental Property Management Company

Here are some key items to look for when finding the right property manager.

The items in this list are non-negotiable for me. There are other things I look for in a PM but I will not do without these.  The only way to find out if your property manager has these qualities is to build a relationship with them and ask them many questions.

Here is an article I wrote on the 22 Questions you must ask all property management companies before you hire them.

Since I invest all over the country, I always meet with a few property managers in person while they show me the area I am going to start investing. I like to meet with at least 3-4 different PM’s so I hopefully find one, and a backup, that will take care of my business well.

 

Listen to the podcast on this section in the article:

Trustworthiness of the Rental Property Management Company

You must be able to trust your PM. Remember, they are your employee, and they are working for you. One property manager I had was not trustworthy, and I had to fire her. There were missing receipts, unexplained expenses, upset tenants, etc. Don’t put up with a bad property manager. Get rid of them quickly. Like an employee, hire slow, fire fast.

Don’t put up with a bad property manager. Get rid of them quick. I treat them like any employee I have ever employed.

If they are good, I treat and pay them well. They are running my business for me and if it was not for them, I would not have a business. But if they are a bad employee I get rid of them as fast as possible. Like an employee, hire slow, fire fast.

 

Accountability

Everything the PM does should be ran through you, and you should be able to verify what they do. I give my PM’s the authority to spend under $100 per property per month without my approval. I don’t want to be bothered with a $5 toilet leak, but I do want to be bothered about a $300 water heater or a $2,000 furnace replacement.

I review every statement and every expense/income that I receive. If there are any issues or questions, I ask them right away. If the PM is unable to adequately answer my questions, I start to get suspicious of them doing their job well and how much I can trust them.

Once the seed of doubt is planted, it takes a lot of time for the PM to build that trust back up in me so I am able to fully trust them.

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Communication

The rental property management company should be able to return your call/text/email within the same day, or at the latest, within 24 hours. This is a non-negotiable. Only with good communication can your real estate business run well and keep you and your tenants happy. I have had bad PM’s in the past and they make your life too hard to keep them.

I find that the main problem with a lack of communication is that I start to worry about my properties and imagine the worst possible scenarios for my properties. I employ my PM so that I don’t have to think about the property and if he/she is not communicating promptly; my properties are all that I think about.

When I am screening out rental property management companies before I invest in a new area I expect the PM to be on their “A” game and be in constant conversation with me because he wants to get my business. If the PM has horrible communication timelines and abilities while he is trying to get my business, I can only imagine how much worse it would be when I actually hire him to do the job.

I have passed on many PM’s because of their lack of communication in the hiring period because it will more than likely get worse, not better.

Quality of Work

When you have a good PM, the quality of the rehab or repairs she will do should meet your standards. You should be able to rely on your PM to make the property desirable to tenants and get top dollar for the rent. If your properties are run down the rent amount would be much lower than if you took care of the properties because they are not as desirable.

Your rental property management company is who makes sure the property is desirable. If you are not able to get the same market rents as the properties near you, look into the quality of product your PM is selling to the prospective tenants.

References

Just like hiring any other employee, check their references, and see if they have a good track record with previous/current landlords they are working for. If they have good references you have hopefully been able to get a leg up on finding a good PM.

I never understood when PM’s do not give references. I had one potential PM tell me that he will not give any references because his other landlords are confidential. This was a huge red flag for me. No matter the reason for him being secretive, this goes against points 2 and 3. It shows that they do not want to be held accountable and that they may not be trustworthy enough for me to hire them. I moved on.

Commission Percentage

The amount that I pay my rental property management company is based on what I contract with them for their services. Some areas 8% of rents is the going rate and in others 10% is. If it is hard to find a good rental property management company in a specific area. You may pay an awesome PM 12% because you are getting awesome service for your money.

I have an area where I have paid up to 12% for my rental property management company, but was worth every penny.

The biggest thing I can leave you with is this: When you get a good PM, pay them and treat them well. The PM whom I pay 12% of the rents, which is rather high for a percentage, is worth every penny. One day I thought to change the terms of our agreement once and bring the % down to 10%.

After I considered the change, the amount of money I would save would not compare to the amount of dissatisfaction my PM would feel. The decrease would lower his desire to do the job right. Just imagine if your boss came to you and asked you to take a pay decrease all while you are the one making the money for him. That wouldn’t be good at all.

Other Fees

On top of the commission for the monthly rents, it is wise to watch out for other fees that they may charge you.  These fees add up quickly and eat into your cash flow each month.  Some things I look out for are:

Minimum monthly fee if the property is not rented

This is a non-starter for me.  I was interviewing rental property management companies for a new area and came across one who had a minimum of $50 charge even if the property was not rented.  Funny that he charged 10% of the rents for his commission and the home rented for $550.  So he would only have a $5 incentive to get the property rented!

Up charges for contractor repairs

Some rental property management companies feel like they are general contractors and add a % to the cost of rehab or repairs.  I believe that this should not be a charge.  This is a part of their business and their payment should be the % of rents they collect each month, not up charging for work they are not doing.

Finders fees

I am totally fine with a finders fee because it does take a lot of work to get the property rented.  They need to market the property, show the property to prospective tenants, handle applications, screen the tenants, and get it rented.  Depending on the PM, you can be charged a flat fee or even part of the first months rent.

Some have even wanted all of the first months rent which is a lot!  If they charge a high finders fee, I make sure they guarantee one year occupancy before they can charge another high finders fee.  That way, if I have to rent the property again in the same year, I won’t have to pay the finders fee again.

Marketing fees

Some PM’s pay to market your property to prospective tenants.  I find that this fee should be included in the finders fee for renting the property and not tacked on top of it.

Charge to visit the property for any reason.  Rental property management companies can come up with many different ways to charge more money and this is an easy one they like to tack on top of everything else.  I begin to ask what the monthly commissions they charge are for when I see charges like this.  The commission is for running the property monthly and I feel they should not be many other charges than the commission percentage.

The biggest thing I can leave you with is this: When you get a good PM, pay them and treat them well.

After considering the change over to another rental property management company, the amount of money I would save would not compare to the amount of dissatisfaction my PM would feel if I nickel and dime them till they are hurting for money. If you negotiate and ask for a decrease in rent % that goes to your PM, that would lower their desire to do the job right and become dissatisfied.

Just imagine if your boss came to you and asked you to take a pay decrease all while you are the one making the money for him. That wouldn’t be good at all.

Again, when you find a good property manager, pay them what they deserve.

How to Find The Right Rental Property Management Companies

Listen to the podcast on this section of the article.

Property management companies are just that, companies. They want to be found by you, their customer.

To find them, just think of how they would normally try to attract clients and customers.

Roofstock.com

Roofstock is a company that matches investors with rental properties. It is basically a marketplace for investors like us to buy and sell rental properties to other investors.

They work hard on the research and due-diligence on each property so you see the numbers before you really have a need to have your property manager to see the property.

Even though they do give you their numbers they run showing passive income, show you their inspections they have done, picked out a property manager for you, and many other things, you still must do your own due-diligence on the property. Before you commit, do not trust their numbers, you need to make sure you are buying the right property.

Internet Search

Any and all internet search companies are capable of finding a few property management companies in any given area.

The trick is to use the search to find the right property manager for your company.

DuckDuckGo.com (my favorite because they don’t track you)

Google.com  Bing.com  Yahoo.com

Even though we depend on search engines for many things, this is not the only way to find what you need.

You can find many property managers in other ways.

Yelp.com

Yelp is a company that shows you companies in your area and allows its users to rank the companies. They do this by allowing users to review and give the company 1-5 stars for their business.

This will be a good service for you to find and weed out the bad Property management companies.

As you go through the list, remember that Yelp.com is a company that is in the business of making money. They will move other companies to the top of the list if that business gives them money to do so.

So, just because one is at the top of the list, does not mean that it is a good company.

PRO TIP:

The star ratings are good and bad for us as landlords.

If you see a company that has a 3 star rating, don’t be quick to skip past them just because the star rating is low.

Watch for landlord ratings and tenant ratings.

Read the reviews to see if the reviewer is a landlord or a tenant. If there is a negative review from a tenant, then take those loosely. I say this because the tenants are quick to say bad things about a Property management company if they are kicked out of a property for not paying their rent.

Watch and read for reviews from other investors and landlords. When a landlord says “This is a great company and I am so glad I have them managing my properties. My last Property Management Company was horrible and now I am so happy with this company.”

These are the types of property management companies you want to look for.

Craigslist.org

This company is basically an online classified database. You will find many things for sale, services you can hire, and many other types of classified ads.

Now, what you can do is a few things:

  1. Market Research of the area you are going to invest in
  2. Competitor properties in the area
  3. Find comparable rental properties to see how much you can rent a property for
  4. Find property management companies that may not be on the other platforms
  5. Connect with other investors to find good property managers
PRO TIP:

Look for properties that have the same phone number listed as the property manager or landlord. This will indicate if you are looking at property management companies or an investor with only a few properties.

Plus, the property management companies will have a logo, business name, and other contact info on the listing to get people to call. So, these are more Property Managers to put on your list of ones to interview.

PRO TIP:

When you find properties that look like they are ran by a single investor, give them a call too. By networking with other investors in the area, they may have good contacts for you to find other property management companies.

Zillow.com

In Zillow.com, they have a market place of professionals who want to do business for you.

Here is a like to search through their property management companies: https://www.zillow.com/agent-finder/property-manager-reviews/

As in all of these ways to find property managers, make sure you interview them BEFORE you hire them. Don’t take anyone else’s recommendation without doing your own homework.

How to Select the Right Property Management Companies

When selecting the right property management companies to work with, there is more than just how much they charge. There is so much more.

First, you need to know how to interview them to get to know them much better. Go through my 22 Questions You Must Ask Before You Hire A Property Manager to understand how they function as a rental property management company and if you can work with them well.

Second, make sure you interview at least 3-4 different property managers before you hire one.

Third, conduct multiple phone call..

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Do you want to have financial independence? When it comes to financial tips, they are as “profound” as the tips are to lose weight.

To lose weight, all you need to do are two things. Eat less and exercise more.

It’s that simple.

Following these tips is not as easy as they sound. Most people can follow them for a few days or weeks, but then give up when it starts getting hard or life hits them. That is exactly the time they should dig deep and push through it.

Becoming financially free or have financial Independence, you need to follow five simple tips. These tips are easy to say but much harder to put into practice.

Obviously there is much more to these tips to adequately do them but, this will be a start for you down the road to become financially independent.

I was recently asked by Medi-share.com about my financial independence tips for their readers. I was glad to share my tips because I am bless to have financial independence and it is my hope that many others do too.

1. Make More Money
Everyone would like to make more money. Even though it is easy to say “Make more money” it may be hard for others to actually do it. You may be working 50+ hours a week, have a spouse and kids, responsibilities, and have little time to make more money. The key to making more money on limited time is not to get another job. That is time spent that you don’t have. How about making money while you sleep, are on vacation, or playing with your children? Wouldn’t that be amazing?!
It is actually possible to make money while not working. This is called “Passive Income”. It is not rocket science or difficult to do. You just need to put your effort and time into something that will continually make you money. Here are some examples: write a book, start a blog, start a podcast, invest in real estate rental properties, create an online course. All of these are examples of things you can do in your spare time.
Once you have the book published, course created, or rental property purchased, these assets work for you. It is amazing not having to work for money ever again. Not having to work is financial independence.
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2. Spend Less Money
Living paycheck to paycheck is a horrible stress on you and your family. Many people in America increase their standard of living when they get a raise in income from their job. Also, many people actually go into debt each month because of their spending. This habit needs to stop if you want to be financially free.
Look at your credit card statement at the end of the month. What are you spending your money on that you could do without? Are you spending too much money eating out instead of eating at home? Are you enjoying too many entertaining events, shows, or movies? Is your $125 cable TV bill each month really worth it? Are you spending lots of money on interest on your credit cards? Go through your spending each money and cut all that you need to to actually spend less money.
I personally saved $8000 a year by using Medi-Share instead of an insurance company.
3. Save More Money
Saving is a lots art in today’s America. We spend what we make and hope we will have enough money each month. You must save money if you are going to get ahead in life. There is a saying “Cash is King” and it is completely true. If you have money saved up, you can buy things much easier and cheaper than if you used credit.
By saving money, you will have: 1. an emergency fund for rainy days  2. money for future investing  3. a discipline of not spending your money when you make it.
Saving money will also allow you to not go into debt. To have financial independence, you can’t have bad debt that takes money out of your pocket each month. Debt is the biggest killer of wealth and waste of your money that you can ever spend it on. Paying interest on money borrowed is exactly how you keep yourself from being rich. This is because bankers are rich because they take your money in the form of interest and line their pockets with it.
Interest is only good if you are receiving it, not paying it.
4. Invest Your Money
Get a return on your money by investing it in more than just a savings account. Ideally, you will invest in something that will do one or both of two things: gain in value and make monthly income. If you invest in the stock market, make sure you find a stock that gives dividends that will put money back in your pocket without you selling the stock. If you buy a rental property, make sure you make at least $250 a month in passive cash flow every month.
The rich use their money to make money. This is how they do it. They buy assets that make them money every month. A rental property is an asset that makes money every month. A new car you drive is not an asset because it does not make you money. Focus on buying assets that put money into your pocket every month.
I gained financial independence with through rental properties. After just nine years, I was able to quit my job because I became financially independent. All throughout my blog www.masterpassiveincome.com, I have loads of information on how you can do just what I have done.
Anyone can become financially free with rental properties. It is not rocket science, nor is it hard to do. It just takes having someone show you how to actually do it.
I want you to be financially free. Take my online course on Investing in Rental Properties so you can start your business and live the life of your dreams.
5. Give Your Money
Everything we have on this earth is a gift from God. Even having financial independence.
We cannot serve two masters and we must chose between God or money.
By giving, we are also having faith that the Lord will provide for us. Our faith rests on Him to provide for our needs just like He says He will. Like how the birds of the air are taken care of by God. We, who are much more valuable than the birds will be taken care of as well.
Lastly, we will not have faith in ourselves to make or keep money. What good is it if we store up millions of dollars but requires our life the next day? Good for nothing. Don’t have faith in yourself, have faith in the Lord.
What are your thoughts about financial independence?
 Will you become financial independent? Is your process different, the same, or other?
Leave a comment below.
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5 Simple Steps to Financial Independence for All Who Want to be Rich

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Wondering if you have enough money to live on is always going to be on the front of your mind when you are about to quit your job. Managing finances for both your business as well as for your personal life can be a challenge but is one you can overcome.

For your business, managing finances must be done when you start your business, not after.

Simply put, managing finances will help you make money or lose money.

Let’s say that you don’t manage your business finances for 1 year and let the income and expenses come and go from your account and spend what is left over. For a rental property, you may make $6000 a year in passive income from one property and spend it as soon as it comes in.

Without managing finances, you will have bills that will come up that you didn’t plan on and they can cost you lots of money and sleep at night.

A few good examples of unexpected expenses for a business are: Income Taxes, Property Taxes, Insurance, Homeowners Association fees, Quarterly inspections, and even Government inspections.

Not to mention possible unexpected repairs your property needs: Roof ($5,000-$6,000), Furnace ($2,000), A/C ($3,000), Main drain replacement ($1,000), and electrical issues ($1,000).

If you do not manage your finances to plan for these expenses, you may be stuck between a rock and a hard place when these bills come up.

Start managing your finances now, before you quit your job, life will be much easier in the end.

6 Keys to Managing Finances For Your Business
Cash Flow
    • Track all the money going in and out of your business. Any expense, big or little, must be ran through your finances.
Managing Customers (Tenants)
    • Keep track of all your tenants by documenting as much as possible. Knowing more about your tenant will help you make better decisions in the future.
Develop a Quality Team
    • Find a great team for your business is a must. They will keep your expenses low and keep your business running.
Comply With The State
    • Report all your company’s income, expenses, payroll, etc to the IRS and the local Tax Collector.
Know Your Numbers
    • In order to make accurate decisions for your business, you must know it’s finances. Review your finances regularly.
Prepare for the Future
    • Investing takes money. Most times, you need to use other people’s money. Acquiring bank for financing for your properties will allow you to grow your business dramatically. Having your financial house in order will make the process much easier.

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Managing Finances for Business Watch Your Cash Flow

Cash flow is the lifeblood of your business.

If you run out of cash, your business may be on life support with debt.

First off, never invest in anything that gives a negative cash flow.

Secondly, only invest in properties that give at least a $200 a month positive cash flow. The more the better. I personally do not put my money in any investment that does not get me at least $350 a month positive cash flow.

Keep a close eye on your income and expenses. As your expenses goes up, your income goes down. As your income goes down, so do your profits.

Remember that Cash is King and that cash flow is what will keep your business alive.

Quick Tip: Always ask for a discount from your contractors. If they say it will cost $1,700 offer what you believe it should cost. If $1,400 is a better amount and is reasonable, offer them to do the job for that. You don’t want to rip anyone off but you don’t want to be ripped off too!

Use a Spreadsheet To Keep Track of Income and Expenses

This is a screenshot of a spreadsheet I created for my business. Yes, I know there are some things that could be added or taken away but it works well for me.

Some items you could include are taxes, insurance, other business expenses.

This is strictly used to check all the income and expenses from my Property Manager. By checking over every penny on my PM statement and placing them into this spreadsheet, I am able to catch any discrepancies here.

The ending “Total Profit” should equal the distribution (payment) from my PM into my account.

How to Handle Fixed Expenses That Come Up Yearly

Expenses that come up yearly like insurance, taxes, government fees, and others should be accounted for on a monthly basis. Even though you pay for these bills once a year, it would be wise to plan ahead for these expenses.

If you know you have a $2000 insurance bill once a year due in March every year, you should plan starting in April for the expense the next year.

The way you do this is to break down the $2,000 divided by 12 for the number of months in the year. That is how much you should set aside in your savings account for when that bill comes due.

$2,000 / 12 = $167

That is $167 a month that you must put aside every month in order to be prepared for the $2,000 bill that is due every march.

For every bill you have that is paid annually, make sure you put aside each month as if it was a payment being made towards your bill.

The small benefit doing it this way is that if you hold your money in an interest baring account, you will make interest each month from that cash you are holding onto.

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Bank Online with Multiple Accounts

I run all my banking through an online bank called Capital One.

Besides the fact that they have everything is online, they have great rates for checking and saving accounts. For my business, I create multiple savings accounts for my properties where I park my money.

Aside from the high interest rate for a savings account, the multiple accounts is probably one of the best reasons for me to park my money there. I am able to create up to 20 savings accounts with different account numbers and I use these to separate my money into different categories.

Even though it is all my money, having them separated into different accounts differentiates the money so I don’t think it is money that I can spend.

Here are the categories I have:

Rental Properties

This account is where all of the rental property money is deposited.  All regular repairs and expenses are paid through this account.  I always leave a balance of $2000 in case there are any expenses that may come up.

Rental Property Savings

Taxes, insurance, HOA Fees, and other non-monthly expenses.  An automatic withdrawal from my “Rental Properties” account goes into this account to save for when these items need to be paid. 

Since my taxes are due twice a year, I need to save for these so I take the entire bill, divide by 12 and have that amount automatically deposited into the savings account.

Investment Savings

You must continue to save for investing in future properties. Your passive income needs to continue to grow over time. This is a game of patience and discipline.

If you spend all the money your properties earn without reinvesting it, you are cutting your feet out from under you.

Keep building your business with the profits so one day you can live off it.

Savings

This is used as a regular savings account for my family to save for anything.

Emergency Fund

This is a big deal for entrepreneurs who have quit their job.  With the ups and downs of your income, it would be wise to have at least 4-6 months expenses saved up in case there are any issue with my properties. 

This is just for emergencies and is not to be used for investing.

Health Savings

This account is to set aside $10,000 for our medical bills and deductible.

I opted out of my employer based health care because I was paying $900 a month for the premium. That turns out to be $10,800 a month just for insurance.

My family rarely uses the insurance so we were just throwing away money every year. Now we save almost $10,000 a year with our own health coverage.

Hire a Bookkeeper If Needed

If you are not able to keep everything neat and tidy managing finances for your business, you may want to look into hiring a part-time book keeper.

Just like accountants, they will make your life much easier. Having a clean set of financial books will help you run your business well and make you money.

Conclusion

How your handle your finances will dictated how profitable your business will be. I always scrutinize all expenses and income. I implemented these into my business before I quit my job with my passive income businesses.

You can do it to.

Let me know what you think. Leave me a comment below.

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Steps to Managing Finances for Your Business

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Most rental property expenses are fixed expenses. Property Management, taxes, insurance, etc. are all rental property expenses that are locked into our businesses. Wouldn’t it be great if you could cut your expenses down each year or at least, be prepared for them?

The good news is that you can do that. Every year you have the opportunity to cut your expenses in many ways. If you do not try to reduce your expenses, you are leaving money on the table.

Money that should be in your pocket because these rental property expenses you can do without.

Always be on the look out for lower prices and fees for everything.

So, what are some of those expenses and how should we handle them?

Rental Collection Software and Credit Card Processing

As a landlord, you may choose to manage your properties yourself.

I personally use property managers for most of my properties but I do have some I manage myself.

When you manage properties yourself, it is a must to have an online company handle the managing of the properties. There are many great things that these online companies do:

  • Online payments
  • Automatic reoccurring monthly payments
  • Online maintenance requests for tenants
  • Manage the property expenses and income
  • Track leases
  • Track tenants
  • Property reporting
  • and much more

There are many companies out there that charge a fee for this. Some charge monthly fees for their service that you will have to eat the cost.

How You Can Save Money In Your Rental Property Expenses

But there are some companies like www.Cozy.co that do not charge anything at all for their service.

I have personally used Cozy and recommend you to use them for your properties. The system is very easy to use and you don’t even pay for any of it! 🙂

FREE: ACH transaction for your tenant
1% Charge: Debit card transaction
2.5% charge: Credit card transaction

With no added expense to you, you have a full management software at your fingertips.

Book Keeper (& Software) Rental Property Expense Can Be Eliminated

Do you have a book keeper? One that tracks all income and expenses every month? While these are very helpful and fulfill a vital part of your business, you possibly could do without one.

Every month, you should receive a statement from your property manager. This statement should itemize everything for each property.

If you manage the property yourself, you should keep track of EVERY expenses you incur for each property and the income.

I personally suggest that you document the income or expense as they occur. Don’t put it off for another day. Do it right then and there. It will only take 1 minute to get it done and save you lots of head ache in the long run. Waiting for the end of the month to do all your income and expense documentation is problematic as well as a pain.

Some people pay for an actual book keeper who does the books for them. Others even have software they pay for that manages their books. If you don’t have any employees for your business, I suggest doing it yourself.

Book Keepers are not that expensive but do cost money every month.

Why not try to do it yourself? This is a rental property expense you can cut out.

Book Keeping Software

There are many book keeping software companies out there that want your money. Their products are nice and do a lot fancy things that your business may not really even need.

This can potentially be another hidden expenses that you may not need to pay. For all of my properties, I have found that you can do most of what the book keeping companies offer with Google Drive or Microsoft One Drive.

Both of these offer free storage and a free version of Excel.

How You Can Save Money

Make yourself a spread sheet that includes income and expenses. For your accountant doing your taxes, be sure to break down your income and expenses so he can account for them in your tax return.

On the left side, have a list of your properties.

Along the top, have a list of the income and rental property expenses.

At minimum, you should have these separated into different columns:

  • Income should be: Rents, Security Deposit, Other Income.
  • Rental Property Expenses should include: Repairs, Supplies, Maintenance, Management Fees, and Legal Fees.

Here is an example of what I use:

Having a spreadsheet like this can really help you to cut costs and keep track of your business.

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Capital Reserve Expense

It is easy to overlook a crucial expense that most people do not account for. Capital Reserves must be a rental property expense you put into your expenses ever month. This can be as much or as little as you would like it to be. I recommend to all my rental property students to set aside 5%-10% of each months rent as capital reserves for future expenses.

A furnace may go out in the middle of winter or the water heater could spring a leak at a moments notice. You need to have money saved up for these future rental property expenses.

A tip would be to keep that money in an interest baring money market account you can have quick access to.

I use CIT Bank. They give 2.45% monthly return on your money stored there.

If you sign up with them, they are currently giving a $100 bonus if you get referred.

Here is where you can find the bank: http://masterpassiveincome.com/bank


Rental Property Expense – Insurance

From the first day you own the property, you should have homeowners insurance on all the real estate you own. Hopefully when you bought each rental property you found the best and least expensive insurance out there.

But…

Insurance rates change.
Insurance companies change.
Insurance salesmen change.

It may not be every year that you should shop for new insurance for your rental properties but it should be at least, every other year.

When it is time to renew your property insurance, go get at least two more quotes for insurance with other companies. Look to change up the coverage too. Changing the deductible can lower your cost.

A tip is that, depending on the property, you could lower your insurance by getting 60% replacement value coverage instead of 100%. The reason to do this would be because the property may only be worth $30,000 and the replacement value could be $150,000.

If the entire property burnt down you would get $90,000 back (theoretically, so talk to your insurance broker).

Take that $90,000 and buy three others just like it.

Remember, things change and you may lower your rental property expenses by $100 or more just by shopping around.

Homeowners Association Fees

In some areas of the country, there are homeowners associations. These associations manage the properties in a certain area and those that are in the association.

When you buy a property within an association, be sure you read everything in the agreement. You are signing a contract saying what you can and cannot do.

Check out this article/podcast where Michael shares his experience with HOA’s.

Municipalities Fees and Charges

Many cities and municipalities mange things like sewer, water, trash, etc. These items CAN be tied to the property, NOT the tenant.

With a cable bill, telephone, electricity, those are usually private companies that cannot go after the homeowner. BUT, when the government has it’s hands in the cookie jar, they never let go. They will pass laws and ordinances making the homeowner liable for the bills the tenant does not pay.

This is so that they can collect their money from you, no matter what. Even when you go and sell the house, the bill needs to be paid. You can and will be brought to collections if you do not pay the outstanding balance plus late fees.

Pest Abatement

You make sure your property is in good condition when you give it over to your tenants. It is not unreasonable for you to want your tenants to be good tenants and keep the place clean and free of pests.

Since you did not bring in the pests, your tenants did.

Make sure you do not have to pay for any pest abatement in your properties. Have your tenants pay for the abatement of critters they bring in by putting the pest abatement clause in your lease.

Landscaping

In most areas of the country, it is normal to have the tenants take care of the yard. In others, you may need to hire someone to maintain it.

I prefer to have the tenant maintain the yard. Put it in the lease that the tenant is responsible for care taking of the yards.

Electricity and Other Utilities

NEVER, NEVER, NEVER include the variable rental property expenses like electricity included in the rent.

When the tenant does not pay for the electricity bill themselves, they will run up the bill. They won’t care about your money. They believe they have already paid it in their rent.

So, make sure the tenant pays for the variable bills like electricity and gas.

Real Property Expense – Taxes

There are two things in life that are certain: Death and Taxes

Every year, you should appeal the taxes on your real estate rental properties. Taxes always seem to go up but this is one way you can get your taxes to come down.

I personally got back almost $1500 from my taxes with only 5 min of work.

Every year, I go through all my property tax statements and appeal the assessment values of each property that has a high property value. It is super easy to do and all the forms are usually online.

Go to your county Assessor, Tax Collector, or Treasurer to get their Property Value Appeal form. Fill it out and mail it off. I usually save thousands of dollars each year by lowering my taxes.

Check out my blog post where I explain how to do it.

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Some of the links in this article are affiliate links. I do get a commission for the referral at no cost to you. Also, I wouldn’t recommend them if I didn’t believe in the product. 🙂

Sneaky Rental Property Expense List and How to Avoid Them

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