I was just asked at a charity event the other night if I was still running MC Companies. I replied, “Yes I am.” while laughing. I will tell you, I am
While many of the events of last year were unpredictable and unprecedented, we’re now at the time of year when we need to address a very predictable and recurring event: paying your taxes. If you’re a real estate investor, there are numerous deductions you can claim, including some you may not be aware of.
Before I get into the particular deductions, my number one piece of advice is to hire an experienced CPA. While it may be tempting to save some money by doing your own taxes, real estate tax law is extraordinarily complex and you could easily wind up paying more than necessary. It will be well worth your time and money to hire a CPA to make sure you follow the best approaches for your deductions and you take advantage of all of them.
Finding the Right Short Sale Property
If you’ve been considering an investment in real estate or buying a home, you may have found yourself looking at short sale listings. But what exactly is a short sale? A short sale occurs when a lender allows a homeowner to sell their property for less than they owed on the existing mortgage. This process allows the lender and the homeowner to avoid the lengthy and costly foreclosure process. Unlike regular home sales, in a short sale, the lender is actually the one approving the sale
Primary markets as most of you know are suffering. What we are seeing is a lot of secondary markets by the big cities are heating up as the cities cool down. For example, as Washington DC cools, Virginia Beach heats up. Same with San Francisco -> Sacramento and Los Angelis -> Riverside. The truth is, these more expensive cities were already at their tipping point prepandemic. The pandemic only accelerated it.
I see this misconception happen all of the time. “Well my realtor says ____________ about the market.” That blank is always something like “Buy now or you’ll miss out” or “The market won’t go down anytime soon” or my favorite “This isn’t 2008.” Yet, guess what? Realtor’s were saying that in 2008 as well ha.
People often times miss this very important question. They try and measure the cashflow of the future value, or they say they don’t mind feeding it some money each month. To be direct, it is only a good investment if it cashflows based on the rents and expenses of today, not the future rents you think you will get five years from now. Cashflow is the most important thing when deciding on a rental property.
I am going to show you how to look at a Zillow listing and decide if the property is cashflow positive or negative. Obviously, I want you to dig into these numbers and verify the rent and expense numbers, but start with just the basic calculation. If the numbers don’t work on the initial calculation, then it is not worth your time. If the numbers do work, it is time to move into due diligence and verify the rental and expense amounts. FYI in this hot market, most listing don’t work. That is why it is up to you to always look at the new listings and run the numbers daily.
Return to Orchard Canyon follows three family members who are doing their best with what life has handed them. David, one of the protagonists, has recently lost his “secure” formerly lucrative day job when he brings his teenaged daughter to visit his elderly father in David’s hometown of Sedona, Arizona. David is so embarrassed by his job loss that he asks his daughter not to tell his father. Despite David’s worries at the outset, Return to Orchard Canyon is ultimately about transforming your path and using life’s setbacks to discover what you truly want to do
A correction is coming to the real estate market and I expect to see it early next year. Each downturn is very similar to the next. We have high unemployment, and housing prices that are extremely inflated. Yet, people keep asking me, “how can you say it’s going to crash when prices are skyrocketing? If I keep waiting, I’m going to miss out on the buying opportunity!” So let me put a few things into perspective for you. This is a supply and demand issue. That is what inflates and deflates prices: inventory versus demand for housing
If you find yourself saying or thinking, “it won’t happen here,” I need to give you a reality check. Denial is not an investment tool. In fact, you can’t be a successful investor if you don’t understand market cycles. When a correction occurs, it generally happens everywhere in the country. Of course, some areas are affected more than others, but every city and every state is eventually affected.
I will tell you that affordable housing will become more and more of a need in the United States over time and this is definitely something you should understand and look into. That is potential here from owning a park to possibly even converting a mobile home into a rental.
If you are interested in obtaining a rental, then take the time to read my book “The ABC’s of buying Rental Property.” The next couple of years you may have the biggest buying opportunity you will see in your lifetime, so you need to be prepared. I wrote this book to prepare you with all of the in-formation you need to know when purchasing your first rental. I am going to help to prevent you from making the same mistakes new investors make and to maximize your investment.
I’ve met and worked with countless high-net-worth individuals. Over the years, I’ve noticed some consistent patterns amongst them and it’s enabled me to pinpoint six skills that every future millionaire must