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

Vacation Rentals & airbnb's can be a great way to exponentially increase the returns on your real estate investments.  But there are also many pitfalls that investors must avoid and be aware of in order to be successful. On February 23, 2018, the RPOA hosted an expert panel to discuss short-term vacation rentals - how they work, why they're such a great strategy for real estate investors, tips on being successful, and how to avoid the pitfalls that can cost you extra money. Here are the four investors & experts you'll be hearing from: Gary Hall is in the process of converting a low-income 11 unit into an airbnb.  Gary is an entrepreneur, passive income strategist, and the operations manager of Westshore Property Management in Muskegon. Gary was also a guest on the podcast – episode #89 and the Halloween episode Frederick Kidd  is a licensed realtor in Illinois, and has been managing and operating short-term rentals for the past eight years. He personally owns and operates  five short-term rentals in the West Michigan area and the Chicago metro market. He also provides full-service management of short-term rentals and rental properties through his company, Silver Lakes Property Management – which is currently managing 20 short-term rentals for clients located in Benton Harbor, Grand Haven, Spring Lake and Manistee, Mi.  Kim Post  has 10 Units in Cadillac Michigan that she’s in the process of converting to short-term vacation rentals.  Kim’s been a real estate investor for over 30 years and is the owner of Post & Associates Appraisals and Next Door Properties, LLC You can hear Kim on Episode #28 of the podcast. Clay Powell is going to give us the perspective of someone who rents and stays in airbnb’s – so he’ll be representing the end-user – what they expect and what they respond to.  Clay is also the Director of the RPOA. Clay has been on the podcast several times, including Ep #6 & 72 Enjoy the show!

26 Mars 201850min

Raising Other People's Money to invest in real estate is a time honored tradition.  But did you know that once you have more than two investors in an investment that you technically have a syndication?  Are you also aware that the Security and Exchange Commission (The "SEC") has rules regulating how you go about raising that money and the types of investors you can allow in your deals, and that if you don't follow those rules you can get into serious trouble? Now that I've made syndications sound scary, its a good time to make them more understandable and accessible with Amy Wan, the Founder & CEO of Bootstrap Legal.  Amy is an attorney who specializes in real estate syndication and crowdfunding for entrepreneurs and real estate investors across the globe.  Her mission is to democratize access to legal counsel and capital. Amy will help us understand what we can, and can't, say to investors, the types of investors we can allow in our deal (accredited or sophisticated), SEC rules regarding Regulation D and exceptions 506B & 506C, the types of documents needed for syndicators, and how to avoid getting into trouble with the SEC. We'll also discuss the pro's & con's of Regulation Crowdfunding and the ways it has changed raising money. If you've ever considered using Other People's Money to accelerate your investment strategy, or you're already using OPM, you'll definitely want to listen to this episode. Amy can be contacted at www.bootstraplegal.com

19 Mars 201855min

Joe Howard and Kevin Schultz were standing in the middle of a dumpster when they came up with a business idea that would change their lives.  As real estate investors, they knew there was a huge need for getting rid of all the junk that accumulates in the houses they were looking at for flipping or rehabbing.  So they became the owners of "Junk King of West Michigan". Through this business they've been able to find opportunities that most investors never get to see.  Today they tell us about those opportunities and share stories of the less-than-glamorous side of the junk removal business. Joe and Kevin discuss the traits that make for a good partner both in real estate and business, the first rehab they did together and the challenges they faced, an abandoned house full of cat litter, and how they donate a lot of their time and items to Family Promise, a local non-profit serving homeless families in West Michigan. You'll also learn tips on how to deal with bed bugs and fleas, and how to properly dispose of paint. Joe and Kevin can be contacted through Junk King by phone or their website: 1-888-888-JUNK https://www.junk-king.com/locations/grand-rapids/ Enjoy the show!

12 Mars 201850min

With the recent passage of the Trump Administration's Tax Cuts and Jobs Act, there have been a lot of questions from real estate investors and rental property owners about how the new tax changes will affect their tax preparation for 2017 and beyond. Here to explain the changes and their potential benefits to investors is Duane Culver, CPA and President of Culver CPA Group.  Duane will give us the low-down on the following topics: The Return of the Education Deduction, changes in 2017 regarding Depreciation & Bonus Depreciation, Section 179 and how it affects your ability to write off capital expenses, the drop in tax rates throughout the different tax brackets, changes to the Standard Deduction, ways in which congress is trying to simplify Tax Laws, how those tax laws affect LLCs, and ways in which Real Estate Investors save tax dollars from these changes. If you're about to sit down & do your own taxes, or you have a professional prepare them, it pays to learn as much as possible about tax rules & how they apply to real estate investing.  The more you understand, the more you'll be able to use tax law to your advantage, avoid mistakes, and prevent IRS audits. Duane can be contacted by email, his website, or phone: dculver@culvercpagroup.com www.culvercpagroup.com 616-456-6464 Enjoy the show, and please take a moment to go to itunes to subscribe, rate & review.

5 Mars 201848min

This is a Special Re-Broadcast of last year's episode with Jeremy Cole and Ramon Huerta.  You can WATCH THEM This Saturday, March 3rd at 7 p.m. on the show "Gritty To Pretty" on the DIY Network.  HGTV has shown a strong interest in taking their show to series, so the more people who watch, the more likely we'll get to see more! Whether you love or hate those HGTV shows on Rehabbing and Flipping, you're going to really enjoy today's conversation. Ramon Huerta and Jeremy Cole host a 'Property Krawl' every month in Kalamazoo, Michigan, where they invite all levels of investors to accompany them on a tour of properties that are ripe for rehabbing, flipping, and buy & hold investing.  Ramon is a realtor/investor, and he chooses the homes to view, while Jeremy uses his contractor skills to help others understand the costs involved in rehabbing the properties.  Together, they strive to help beginning investors understand the complexities of acquiring, rehabbing, and owning rental property, while sharing creative strategies with the more experienced investors who also join in. We also discuss the economic dynamics of Kalamazoo, a city where you can still buy houses for under $10,000. I highly recommend visiting the facebook page for 'Property Krawl', where you can see videos and photos of the events.  You should also take a moment to go to itunes where you can rate and review this podcast! Enjoy!

2 Mars 20181h 12min

When it comes to raising Other People's Money, syndication is both a science and an art.  There are specific and time-proven ways to do it right, and many ways to do it wrong. Today David Toupin, a Detroit-area investor and syndicator, will share his top-ten tips on Successful Syndication.  David's company, Borland and Toupin Holdings, owns and manages a $6 Million Dollar Portfolio of 120 units, as well as single-family fix & flips. David will discuss the tools he uses as an investor, he'll explain 'Preferred Returns' and 'Annual Returns', and why its important to make your investment opportunity as easy as possible for your investors to understand. This is a great episode to listen to if you're interested in Syndicating Multi-Family and Apartment investments, or if you're curious about raising Other People's Money. You can contact David through his website or facebook page: www.theborlandgroupllc.com facebook: @thedavidtoupin

26 Feb 20181h 2min

From the outside looking in, Shaun McCloskey was a successful real estate investor and making a ton of money doing short sales and pre-foreclosure investing.  But deep down he know that he was working way too much and becoming consumed by his business.  He needed a better balance, and a better vision for his business. Today Shaun discusses the Lifeonaire strategy that he discovered, and how it helped him redefine his relationship with his family, with success, and with the debts he had taken on to build his business.  He also explains how anyone can design their own vision for what you want your life to look like, and then reverse engineer your business to make sure it serves your vision Shaun also tells us why the worst day of his life was the day he made $102,000 on a deal, and how he felt when he lost $87,000 on the first deal he ever did after losing his job.  He's since gone on to do over 300 deals and only lost money three times. Shaun is also a featured speaker at the RPOA's annual Real Estate Investor and Landlord Conference & Expo, which is happening February 22-24 in Grand Rapids, Michigan. You'll definitely want to hear him speak live, and you can register for FREE at www.rpoaonline.org For anyone who works too hard and wishes they had more time to spend with their family and friends, this episode is for you!

12 Feb 201851min

Is it possible to buy a house that no one else wants for $5,000 and then turn that house into a successful money maker? My guest today, Larry Goins, says that not only is that possible, but you can earn more than the average investor makes on a house worth 10 to 20 times that amount. And he has real-life examples to back that up. Larry has been investing in Real Estate for over twenty years, and has developed strategies that allow him to buy 10 to 15 properties per month without ever leaving his office. Today Larry shares his "Filthy Rich" techniques using Seller Financing and Lease Options. Larry also gives examples of how he uses facebook, craigslist, and ebay to find leads and buyers. You can also hear Larry speak live at the RPOA's Annual Real Estate Investor and Landlord Conference & Expo, which is happening in Grand Rapids, Michigan February 22-24, 2018. This is an event you Don't Want to Miss! You can register for FREE at www.rpoaonline.org

5 Feb 201838min