I know it's kind of a sad day. This is the fourth video in our four-part series,
these are the final ten success tips and today's tips are going to be focusing
specifically on how do you successfully manage real estate and how do you
attract partners that have additional money and resources that can help you do
more real estate more quickly.
We are back for more success tips, these are the final ten tips in this four-part
video series and this one is going to be focusing on managing your portfolio as
well as how do you dive into partnering where you can access more money and more
credit without using any of your own dough. You've heard of OPM, it stands for
opium. - No, it doesn't. It stands for Other People's Money. Let's jump into tip
number 31 and this is what we like to call our swan account. - Is this rated R
because we had a drug reference? - This is Swan. What?
- Okay, swan account. That is your Sleep Well At Night account. This
isn't Billy Madison, this isn't stop looking at me swan..
- Isn't it more like SWANA? Because we say SWAN but it's like, Sleep Well At
Night Account. - No, because we say SWAN account. - SWAN oh,
SWAN account, see it works that way. You've got to prepare.
Now so many people jump into real estate unprepared and what that means is they
just get in thinking, "Oh I'm going to make so much money, this is so exciting you
know so and so that I know is making a lot of money in real estate and I can do
it too." So they just jump in unprepared but you have to understand that real
estates is a business. Real estate is going to provide income and real estate is
going to have expenses. - For example, if you have a house, guess what can happen
to it? It could be vacant longer than you were
planning on. It could have repairs more than you thought so when you buy a house,
you're always setting enough money aside for the purchase but you always got to
have money set aside for the deal itself and there's always a way to work it in
whether it's your money or someone else's money.
I've even seen people and have myself use credit cards temporary, home equity
lines of credit, all sorts of creative ways of funding real estate because at
the end of the day, it's all about trading less for more and trading money
on credit or partner's money or my personal money for doing more real
estate. Make sure that you're prepared and I want to drop this, if you're going to
buy an investment property, it's a good idea to have at least six months worth of
money in the bank after repairs for vacancies and with every additional
property, my SWAN account gets, I need less and less but I'll always be adding
to it until I have enough for four or five homes and then after that, you'll
find at some point with experience how much money is in there.
Don't deplete the account and put your operation at risk because you didn't
properly plan and prepare with your sleep well at night account.
- Absolutely. Number 32 is the taxman. Now sometimes, the taxman
can come to you, sometimes the taxman can come to you and slap you in the face.
- You're such a brat. - Right, you've got to be prepared. Taxes actually, real estate's
one of the things that can actually help you save taxes in the long run and in
the now, so there's so many things that you can look into but you want to be
aware of this as you're getting into it because if you again, you go in
unprepared, you're going to miss out on a lot of great tax advantages and the
reality is this, you need to have a competent person that does real estate.
There's a lot of tax preparers out there that will tell you, "Uh-huh, I can help you
and I've been the one preparing your taxes."
Do yourself a favor, you may need to upgrade to a different accountant once
you start owning real estate and ask them, do you actually help people that
have real estate portfolios, manage it because you want to start getting all
the business owner tax write-offs, you want to be able to write off the
depreciation, for some of you that's a big word, your tax guy knows what it is,
you want to be able to write off all the necessary expenses on the home, you need
to have a tax man that knows how to take the income and write it off against the
mortgage, the first many years I owned real estate, I don't owe any taxes
because I had so much real estate and yet, I was making money by the way, but
the code is written in your favor, the constitution was written for those
that owned real estate which is why it's so crazy to me that word. You know, we're
sold so easy to do our 401k's with, we're gonna give you the match, it's super
seductive and the reality is, real estate will always, done correctly, outpace the
market, the stock market, 401K's and IRA's and so have a good competent tax
person. Number 33, management. Once you buy your real estate, you need to have a
competent system for doing that bond going management which means you're
managing it or you have a property manager that's being paid to manage it
or you also have a tenant in your lease option than they're doing the management
but even with the lease option, you still go to collect money, you got to make sure
that the mortgage gets paid if you have one and there is some management
at the end of the year, there's working with the tax guy to make sure things are
properly set up, management also includes an LLC. Watch one of our other videos for
making sure that you are safeguarding yourself and protecting yourself.
I actually just finished a really unfortunate incident with an individual
that I had done a deal with a long time ago, took a wrong turn at Albuquerque
with the new wife that really wanted to interpret a real estate agreement in a
very different way, he was very passive at the time and when he couldn't
remember the deal, you know, it looked like it could have gone a lawsuit.
Now fortunately, it didn't but I had myself protected because the home was sitting
in an LLC. So that's also part of management which is, alright I gotta make
sure now that the property is getting paid, the mortgage is paid, expenses are
covered and if you're like me, it's important that I know those things are
happening, I don't want to do that because I believe that in life, you
should only do the things that you love and so for me, that means surrounding
myself with a great competent team that ensures that those things are happening
correctly. - Alright, tip number 34. Now this is about refinancing and
reinvesting. - Growth. This is the best part of any game plan is. You're going to
put all those efforts into like a property but if you do it right, it's
like, how is that property, this cute little vaguely gonna turn into two or
three or four more properties at a time. - You know I was sitting down with a
potential client just a few weeks ago and we were talking about this, I said,
look, you know that you can take this bank account of bricks your primary
residence and you can access equity in that home to actually invest with and
they said, "Well what? How do I do that?" I said, "Well you need to do a cash out
refinance." I said, "We've never heard of that before." I said,
- Mindblowing. Really? - Head explode right? You've never heard of a refinance and
reinvest, a cash out refinance, this is one of the ways that our clients and our
partners actually make the most money is because they're able to
implement this concept and philosophy of the velocity of money
which is the faster you get it moving, the more you get it moving, the more it
goes to work for you and the more money you make.
- Awesome. Number 35, when to sell. It's one thing to know how to do the cash out refinance
where you get to hold the property and buy another property but there's also an
optimal time in the market for, I'm done with this property. Now this part is kind
of crazy and probably new for many of you because Steven and I meet people
everywhere with you that are like, "Oh I'm going to buy a house and I'm going to keep
it forever." And I'm like, "Do you know that seven years from
now you got ten to twenty thousand dollars or repairs because it dilapidate,
there's wear and tear." and I like to get out before we get into deep into that
stuff which means the short-term buy and hold strategy, we recommend is, recycle
your real estate. When I went to Jerusalem and Israel, had a chance to
visit the Dead Sea which if you know anything about it, it's the lowest body
of water on the planet, it's like 33 percent salt content so by the way, I was
doing a full-on superman with my head out of the water,
every part of my body floating, normally I just sink in the water and it was a
really cool experience but there was a lesson behind it because the river
Jordan will flow into it but then there's no outlet so it becomes really
stagnant, your real estate portfolio needs to be oxygenated with its water,
it needs to be in flow which means we're always trading less for more. A time will
come and you need to sell that house some of you have held on to real estate
and properties far too long and what happens with time is you actually end up
getting a diminishing return on your investment. How you keep that from
happening as you buy the house and you're going to get your steepest gain on
it and then before you start getting to that diminishing return, it's time to
recycle it. So usually, before we sell it, we'll do a
refinance if we can so that we can keep it, cash flow it and have the equity and the
down payment sitting in another property and on that same token,
we'll also recycle it by knowing when to sell the property. - Yeah, absolutely.
I guess this is number 36 which is trading less for more. I think
about this.. - Say it again. - Trading less for more.
Trading less for more. Trading less for more right. Trading less for more is really
simple. It's saying, "Hey I want to give you less and you should give me more."
- I don't know what you're up but
this reminds me of opportunity cost. I'm just going to get into the center of the
screen here. So when I took my econ class in college, there was this concept that I
could not get in my head for like two months before my T8 is beaded in there.
It's called opportunity cost and it's very simple, you can get this. What is the
next best opportunity that you are for going with the current choice that
you're making. So for example. - Trading less for more. - So opportunity costs would mean, alright,
I help Steven buy a property and he's making let's say, 15% a year on it and
you guys would say, "Wow that's pretty cool." But what you don't know is that a year
later, I could come back to Steven and say, "Steven if you take some equity out
of this house, you can keep this house, your 15% return is going to drop to 12% but
you're going to pick up another house earning another 15%." What's 15 plus 12?
It's 27% on the same dollar that is sitting in two places at once. How cool
is that? So you want to start thinking about all
of your assets in terms of opportunity cost. How do I trade less for more? Oh I
have money in the stock market producing X, is there something where I could be
earning better and safer? More isn't always more but more plus safer usually
is. - Absolutely. So 37 and 37 it's all about partnering. Now.. - Oh, we're shifting
gears, this is cool stuff. - Partnering is one of the most powerful
conversations and it's one of the conversations that most people are so
afraid of right? You've all heard the horror stories like, I partnered with my
brother, I partnered with my uncle. Don't partner with family, don't partner with friends.
And we're told these things because we hear all the horror stories around it
right? Where someone embezzles or someone steals it or someone takes
advantage of whatever situation but the reality is, partnering is one of the
most powerful forms of doing real estate the right way. - Please never allow a
passed failed partnership or marriage to develop such an energy of betrayal and
mistrust that you can't create space to get partnering another try.. - Truth bomb.
- Because I'm going to tell you right now, this is where there's so much growth
available. In fact, there is limitless amounts of real estate available if you
understand what Steven and I are about to teach you right now. - Yeah. Guys, this is
so true. So first of all, I want to help you understand, no matter who you are, no
matter how much money you have or how great your credit is, at some point in
your investment career, you're going to run out of both right? - Money oh credit.
- Money or credit. You're going to run out of both. At that moment, the question is, do
you want to continue growing in your real estate portfolio or do you want to
stay stagnant? Do you want to be like the Dead Sea or like the Red Sea, right?
What do you want? And if you want to continue growing, then partnering is
the best way to do that. - Well and really, when it comes to creative real estate,
Steven and I have two powerhouse courses that we teach people, one is on lease
option but then we have our partner profits course and when you're
partnering for profits, what it means is, you can get into the game of real estate
and learn how to leverage resources to bring value with great deals and growing
your money and there's someone else out there that's like, I don't want to do any
of that but I got money sitting in my 401k stagnant like the Dead Sea, I've got
I got money sitting in the bricks in my house that are earning at the rate of
inflation which means that I'm actually losing money and what if we put our
heads together and you can watch some of the other videos where I talk about the
power of partnering because partnering means, one plus one can equal eleven.
Not just two but eleven. Why? Because their money and your expertise together that
you develop here with us is powerful enough for both of you to be far better
off than you certainly are independently and individually on your own and so
that's going to bring us into number 38 which is, alright, Kris and Steven,
explain to us partnering structures. What does that look like?
- Now, real quick. This is not a partnering structure.. Hey good job. Thank you.
Let's do this. Good team. Right? That's not a structure right, a handshake, a wink and
a nod, that's not a proper partnering structure, you want to make sure that
you're doing things legally as well right and so part of that is identifying
well what structure do I want to use? Do I want to do an s-corp or a c-corp? Do I
want to do an LLC? And I know that we've got some preferences, we want to talk
about that Kris? - Right now. It's an LLC every single time for holding real
estate. Number two, we generally recommend starting out with a 50/50 arrangement.
Someone that's active and doing the real estate and the other person that's
passive and bringing the money and credit and then number three, you're
defining that you're the one doing the work and putting in the sweat equity,
they're the ones supplying the funds. That's the most typical arrangement.
Now Steven, could it be a 60-40 or a 40-40? - It absolutely could. Actually, there's other
circumstances where maybe, you're bringing the expertise and you're
bringing the money but let's just say, maybe you've used all your available
credit right now. - Great example. - So you may need to go to someone who has great
credit but they have no money or expertise and so for that, maybe
you'll give up 10% of the deal, maybe fifteen, maybe twenty percent of the or
you could even say, "Hey I'll write you a check for $2,500 to rent your credit for
a while." - I just did one of these right now where I bought a whole pile of
properties out of state and I brought my partner's money in, he didn't have any
more credit available so I basically was renting credit, paid him twenty five
hundred dollars and five percent on the back end, some of them took no money up
front and ten percent on the background. I've done deals where the credit partner
gets up to 20% and what it means is that, you can keep flowing your money
and don't get caught up on the percentages because by the way, let's do
some quick math.. If you don't have the ability to do real estate
and then we can show you how to bring a partner to the table but you
have to give up half.. - you make fifty percent of something instead of zero
percent of nothing. - Boom. Did you just get what just happened there? That's the way
I've built the majority of my real estate portfolio. In fact, Steven recently
you know, we created a financial arrangement where I could help him buy
his next home and all I had to do is do some creative restructuring
So partnering is important. Structures normally start out 50/50, one's
passive, one's active, the active person is putting in the time work effort with
sweat equity, people will rent our team to actually work with you to do that,
someone else is bringing the money, by the way, if you're watching this,
especially you youngsters out there that got started like when Steven and I were
young. Listen up, mom and dad may have money, mom and dad's friends may have
money, you may know people with money and if you work with our team to bring the
properties to the table and the management and you're representing that
and they're putting the money and guess what you've created, a family partnership.
This is one of the things that I love. My father-in-law was my first partner and
I've been able to show so many families how to come together where often older
parents had saved a little bit of a nest egg and they got together with their
kids because parents often want to be in business with their kids, if that's not
true for you, you have father-in-law's out there, you have people out there that
can be like that, you've got people that you get to know in life and you can talk
to them, you can take them to this channel, you can watch these videos and
say, "Hey, I'm going to work with this team, I'm going to pay to join the club and
then I'm going to bring these assets and let's work together on it." And there are
people out there that will consider doing that with you if you have training.
Click on the link. Later we can actually show you exactly how we
break that down. - Awesome, let's go to tip number 39 and tip number 39 is all about
finding partners through social media. As a matter of fact, Facebook is a wonderful
place that you can go to find partners and part of that is learning how to have
this conversation. This is one of the things that we love, is teaching people
how to how to attract these partners, how to put a deal together and bring it
out to them so that they're interested. Kris, just give us a quick example,
what's one thing that you would say on Facebook that could potentially or that
they could say on Facebook to attract a partner? - First of all, you can go to our
website, you can access some of the deals that you can find there and you can post
it on Facebook and actually be like, I found this amazing deal, who wants to get
in on it and all of a sudden, you're interacting with our team, boom, there's a
partnership and actually, I'm going to divert it, I'm going to take a couple
minutes because for some of you, this one idea is a million-dollar idea, for some
of you it is a multi-million dollar idea. Number one, grow your Facebook up to five
thousand friends and that's super easy to do, all you need to do is network with
other groups and with other hobby interests and go out there and find
people interested in finance and real estate but also your own hobbies, if it's
photography or dance or someone fire knife dancer moment fire knife dancing
like skeet with us and you go out to those groups and you join the group and
then you start making posts and creating value and meeting people and all the
people that comment and like your post, send them a private message, be my friend,
be my friend, be my friend, be my friend, and all of a sudden your Facebook page
is going to grow with like-minded people, they're not then once in a while, two
times a month, you just take a deal and post it there or say, "Who wants to do
real estate?" or "Who's got 35 grand and can do a deal?" and guess what,
oh my goodness, you started attracting people with money saying, tell me about
your deals and you can come bring those situations to us and we'll show you how
to partner. This is one of the cool things that Steven and I do. So Facebook,
social media in general, is a great place to network and meet people, as long as
it's in the spirit of creating value for others, by the way join our Facebook page,
you're going to want to be a part of it and bring as many people as you can because
we have the dialogue of partnering all the time, we put our deals on there all
the time and you have a chance to actually snag those deals and work with
other people to help make that happen because guess who your power team is, we
become your power team and this is super super powerful stuff here so
Facebook is a great way to put yourself out there to find potential partners.
- Alright, tip number four zero. We're coming to the end now.
Hopefully you've had a chance to take some notes and write these down because
we are coming to the end and this one is just an amazing tip so if I can tell you
one thing that you can do to be the most successful in real estate is to create
your own turnkey team. - Oh my gosh, build a team of knowledgeable people
that you can work with that are gonna help you do your real estate successful.
- One of the first things that Kris did and he can speak for himself, one of
the first things that Kris did when he wanted to branch outside of just doing
it by himself, well is he called me. He called
me up and said, "Hey Steven, I got this thing going, I'm starting to build the
system and you keep coming to mind and you know I feel like this is a perfect
opportunity for us to partner up." And so we did and I'll tell you, ten years later,
we've been able to help thousands of people,
thousands of real estate deals, millions and millions, nearly a
billion dollars. - BOOM. - That is a huge boom. - So I just want to say this because
I was tired of going it alone and right now, if you're watching these videos and
trying to get out there and you're all by yourself, it's kind of lonely, it's not
always fun, you don't get other people's perspective and you don't have help and
support that you need. We believe in the power of team, so build a team and my
realistic book that you can download for free will give you information on how to
build your own team, the other option that you have is come be a part of our
team, it's nationwide, it's everywhere, you can plug in to what we're doing and join
the conversation.. Click the link become a part of this and if you've watched all
of the videos at this point, we hope you've enjoyed these 40 success tips, I
hope that they help you become the most amazing investor with time, remember it
starts with doing deals now and whether you got no money, no credit, do the lease
option system or somebody's and get out there and start making it happen. If you
got some money saved up in a nest egg, a 401K, IRA, money under the mattress, you
got a little bit or know people that do, bring them to the table and we'll do all
the real estate, you guys get to make 100 percent of the money and those are just
two of options. We'll even, you know, share with you our partnering system
on how to show you how to find real partners, how to cultivate them because
we live in a world where today, if you want to do real estate, it's too easy to
do, it's too easy to not do, you've got to start somewhere, you got to take action
so either go out and do, it if you want some help, we're certainly here to
provide that benefit for you and I want to thank Steven Miller for coming on
out, such an awesome guy who beat me and I push him
to the ground every chest day.
And I'm going to use my victimhood excuse. - Yes right. Aww aww.
Friends, hope you enjoyed this
and we look forward to sharing more with you soon.
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