EP036 Building a Full Service Property Management Company, Tips on Leasing and Managing, Mistakes landlords make and the importance of the RPOA in protecting landlords with Mark Troy

Statistics tell us that one-in-four Americans will be sued in their lifetime, and Real Estate Investors are targeted even more frequently.  So what can we do as investors to protect ourselves and our investments? Our guest today, Scott Smith, is an Asset Protection Specialist and owner of Royal Legal Solutions, which provides business, tax and legal solutions geared exclusively toward real estate investors.  Scott is going share his asset protection strategies, as well as stories from the front-lines of the legal system. Scott will share his advice on why you shouldn't hold your property in your personal name, using trusts to shield your assets, traditional v.s. series LLCs, the importance of accurate accounting and how to avoid piercing the corporate veil. Scott will also tell us why insurance is not a substitute for asset protection and has a $4 million dollar horror story to prove it. If you own rental property you need to protect yourself and your investment.  This conversation is a great place to start. Scott can be contacted through his website, email & phone #: https://royallegalsolutions.com/ Scott@royallegalsolutions.com 512-757-3994

28 Maj 201831min

Ric Conkey is a true "Do-It-Yourself" Landlord and Multi-Family Investor who grew up helping his father manage their family's rental properties. Today Ric shares the secrets he's learned over the years on maximizing rent, decreasing turnover time, and marketing to tenants.  He also shares the frustrations of being on call for maintenance and repairs, waiting for cleaning crews, and sorting through multiple keys for his 14 units.  We also talk about laundry income and the pro's and con's of owning your own machines. Ric is also a home appraiser for Real Value Group and will give you the inside scoop on how to maximize your properties' appraised value.  Ric and I also discuss his epiphany on retirement and how it relates to his passive income from owning real estate. There are many great nuggets of wisdom in this conversation that will definitely add value and real estate knowledge.  If you'd like to contact Ric, his phone # is 616-813-8952, and his email is rconkey@comcast.net

21 Maj 201852min

Lane Kawaoka is an engineer by day, but whenever he's not on the job, he's full-on into Real Estate Investing as the owner of MPFE Investments which is focused on value-add multifamily apartments. Lane and his partners own over 626 units and he's raised over $2 Million from private investors. Today we're going to discuss the steps Lane is taking to break the "Golden Handcuffs" of his high paying job, why its important to get started investing, even if you're buying a mediocre single-family, the reasons he doesn't like 1031 exchanges, and the three ways a deal can fail. Lane also lives in Hawaii, and explains how he's able to invest in other states.  He also describes his transition into commercial real estate investing and how he learned to talk with brokers and find strategic partners in new areas.  You'll definitely pick up a lot of great information from this episode that will help you in whatever type of investing you're interested in. You can contact Lane through his website or email: http://simplepassivecashflow.com/ Lane@simplepassivecashflow.com Enjoy the show!

14 Maj 201851min

Tyler Lyons has acquired and rehabbed three houses in the Grand Rapids, Michigan area, and in the process he's added substantial value to each one. Tyler's goal has been to "BRRRR" - Buy, Rehab, Rent, Refinance, and Repeat. But when it came time to put financing on those properties, he wanted to make sure he avoided the pitfalls that led many investors to lose everything during the Great Recession. How much debt on your rental properties is safe? Should you keep a good amount of equity in your property, or pull out the maximum in order to buy more? What's better, a 15-year mortgage or a 30-year? And are investors making the same mistakes in financing that were being made leading up to the last recession? These are questions that need to be taken seriously, so who better to help answer them than "Friends of the Show" Justin Workman and Rob Minch. Justin and Rob join Tyler and me in the studio to perform a bit of Real Estate Therapy and Counseling. Rob calls on his lending background to compare today's loan environment to the one ten years ago. Justin breaks down just how much money Tyler needs to keep in Capital Reserves for his rentals, and what that means to his ROI. And Tyler shares the process he went through in building his portfolio. This is a great episode that I know you're going to enjoy. And I guarantee that Justin's CapEx breakdown will make you rethink how much money you should be keeping in reserves for your properties. And if I may ask a favor, please take a moment and go to itunes to give us a rating and review. This will help us increase our listener-ship and continue getting great guests.

7 Maj 20181h

Jack Gibson knew early on that having a job and working for someone else just wasn't in his destiny, so he sought out alternative paths to creating wealth. By the age of 21 Jack was running a successful multi-million dollar business coaching clients on effective nutrition and fitness strategies.  Then he realized how profitable real estate investing could be.  Now he's the Co-Owner of High Return Real Estate, LLC out of St. Joseph, Michigan, and he's passionate about helping other investor find high-yield cash-flowing properties and investing in them passively. Today Jack and I discuss his early beginnings as an entrepreneur, Multi-Level Marketing businesses and the important lessons they thought him in sales and marketing, and the effects reading Robert Kiyosaki's "Rich Dad, Poor Dad" had on him. Jack also shares the types of returns he strives for in his turn-key properties, the importance of finding the right team, and the $60,000 mistake he made on one of his early investments. I know you'll enjoy this episode.  You can contact Jack through his website: https://highreturnrealestate.com/

30 Apr 201845min

When it comes to Finding the Money for your purchase of a home or investment property, Seller Financing can help you avoid traditional lenders while setting terms that work for both the buyer and seller. From a seller's standpoint, seller financing can help you maintain a steady income, while spreading out the tax consequences of a sale. But with the passage of the Dodd-Frank Consumer Protection Act, a lot of investors are unsure whether Seller Financing is still a viable strategy. Luckily, the RPOA held, and recorded, an expert panel at it's annual conference where we discussed how Seller Financing works, the legalities to be aware of, and how to do it right.  Here are the experts you will hear from: David Hill, a Real Estate Attorney with Barnes & Thornburg LLP.  His specialties are Real Estate and Finance Law.  David was also a guest on the podcast – episode #12 Justin Workman, a Residential Redevelopment Specialist, landlord, investor and home buyer.  His company is Work’n It Properties LLC, and Justin has experience with various types of seller financing.  Justin was also a guest on the podcast – episode #3, 51 & 67 Javier Rodriguez, a real estate broker at Lake Michigan Realty Management who has sold over 500 properties in Kent County.  He’s also a former loan originator with experience providing his clients with seller financing options. Steve Whitteberry has 10 years experience as a real estate investor in West Michigan.  He’s done fix & flips, buy/repair & holds, and he’s purchased properties using seller financing and has sold four properties using Seller Financing out of his Self-Directed IRA.  Steve has been on the podcast several times, Ep #19 & 20 There is a lot of great information packed into this episode that I know you're going to enjoy and profit from.  Please take a moment to go to itunes to give us a five-star rating and review.

23 Apr 201851min

If you've ever wondered what it would be like to star in one of those Fix & Flip Reality TV shows, then you're going to love this episode. Last year Jeremy Cole and Ramon Huerta shot a pilot episode for a new series called "Gritty To Pretty".  Last month it debuted on the DIY Network, and today they'll share their 'behind-the-scenes' stories and secrets. You're going to learn how Jeremy and Ramon got comfortable being in front of the camera, how they chose the property to rehab, and why the producers asked them to clean the bathroom before filming began.  You'll also find out what its like working with a real Hollywood tv crew, how it affected their rehab schedule, and what a 'clapper' actually does. Jeremy and Ramon have been on the show before (Episode #65) and they always provide a fun and interesting conversation.  Soon they'll be learning whether or not their show will get picked up by HGTV, and you can stay informed by checking out their "Property Krawl" facebook page, or Jeremy's website:  www.kzoorestored.com Enjoy the show!

9 Apr 201843min

When it comes to politics, everyone has their reasons for voting for a certain candidate or backing certain issues.  And as real estate investors, we need to be aware of which candidates are best suited to support our ability to provide housing for our residents while still making a profit. Today we're going to talk about the places where politics and Real Estate Investing connect, and how we as real estate investors and landlords can support the candidates and legislation that in turn supports us as investors. Here to have that conversation is Tom Koetsier, award-winning realtor with Compass Realty Services.  Tom also sits on the Grand Rapids Planning Commission, he's the current president of the RPOA, and is also a successful real estate investor as well. Tom also volunteers on the RPOA Government Affairs Commission, as well as the RPOA Political Action Committee (PAC). You can support the PAC by following the link below: https://rpoaonline.org/rpoa-political-action-committee/

2 Apr 201833min