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Category Archives: The Top Blog in Apartment Investment
The Honey Trap with Joseph Gozlan
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oseph Gozlan is the founder of EBG Acquisitions, a multifamily investment group in Texas. He and his wife became accidental residential landlords in 2005 and realized that real estate investing was the way.
Jake, Gino and Joseph jump right into the importance of creating your own success and making the most of your situation, no matter where you come from. There is a powerful discussion of the benefits of multifamily vs. residential.
Joseph details how he underwrites at a deal through the three different financing models and the three criteria he looks for when buying, and even touches on the amazing tax benefits of cost segregation and the process of syndication.
Also read: From House Hacking to Infinity & Beyond
This show puts emphasis on persistency as a key factor to succeed in multifamily real estate.
Top 10
- Accidental landlord
- No more residential
- Building real estate in the background
- Go Bro’s
- Scarcity mentality
- 401(k) downsides
- economies of scale
- Higher emotions leading to lower intelligence
- The big boys club
- And much more!
Book Recommendations:
Double Double by Cameron Herold
Profit First by Mike Michalowicz
The One Thing by Gary Keller and Jay Papasan
Invest with Jake & Gino: Create an Account – Rand Partners
www.propertyzar.com/gino
Wheelbarrow Profits Academy 20% DISCOUNT with code :
ELITE
Check out the podcast for iTunes: iTunes Store
Check out the podcast for Android: RSS FEED
Thanks so much for joining us again. Have some feedback you’d like to share? Leave a note in the comment section below!
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Multifaceted Multifamily: Creating Multiple Streams of Revenue In Your Multifamily Business
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The goal of any entrepreneur is to build a business that can be scaled and can eventually turn into a passive investment. Entrepreneurs are focused on creating additional streams of revenue, whether it is in their business or in a new investment. I have learned that as you scale your multifamily investment business, the goal is identical. In this article, I am going to focus on the additional streams of revenue that can be generated through multifamily and detail how diverse an investment can be in multifamily.
I created the term Multifaceted while I was on stage at our live event describing additional streams of revenue.
Check out our latest, best-selling book on Multifamily Investing & Multiple Streams of Revenue, on Amazon [click the below image to know more]:
I was teaching how to add additional streams of revenue to any business. Think of it as a wheel, and your job is to add “spokes” to the wheel. In the example I gave on stage, I was discussing my former restaurant. My goal was to add additional “businesses” to my brick and mortar store. I wrote a cookbook, created training videos to sell on cooking recipes, created e-books, and manufactured physical products to sell on Amazon. Each of these spokes would generate additional revenue to the brick and mortar store. The possibilities are endless!
In the case of multifamily, let’s dive into eight spokes that can add revenue to your bottom line:
1. Property Management
2. Education
3. Brokerage
4. Syndication
5. Service company (HVAC, Plumber, Electrician)
6. Cleaning company
7. Trash valet
8. Building company
Listen to the audio version of this article, narrated by Gino Barbaro:
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Property Management:
When Jake & I bought our first deal, we decided to self manage the property. We were both working full-time, but thought it was in our best interest to learn the ins & outs of property management, so when the time came to hand off to a property manager, we would have an idea of how to manage the manager.
Within a year of that first purchase, we had almost two hundred units under control. We decided it was in our best interest to self manage the portfolio, and it allowed Jake to quit his full-time job and focus exclusively on real estate. Jake was earning a management fee to manage the day-to-day operations of the portfolio, but more importantly, he was maximizing the operational side of the business. The properties were performing tremendously, which allowed us to increase the values and refinance out equity and continue to expand our holdings.
Listen to the Podcast on how to create multiple streams of revenues in your Multifamily Business:
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This spoke can become a rather large revenue generator, but it can also allow you to create wealth through proper management. We were reluctant to create a management company and hire employees, but it was one of the best decisions for us.
Education:
We fell into the education spoke by sheer luck. Investors and friends noticed the success we were achieving with multifamily, so we decided to start Jake & Gino and launch our podcast Wheelbarrow Profits, a top ten real estate podcast on iTunes. Our initial goal was to generate some money from selling training videos and micro-courses. This spoke has morphed into something totally different from where it began.
We have been able to create an ecosphere of multifamily investors, create a brand that has actionable, motivating content in the multifamily space, and garner the trust of hundreds of investors. This has allowed us to build a list of investors who want to invest in our deals, and to be able to offer investors an opportunity to generate passive income.
The education company has also allowed us to create some amazing relationships and learn from some of the top leaders in the industry. How much money would you pay to be able to spend an hour with Ken McElroy? The answer would be thousands, if you even get the chance to talk to him. We had a podcast with Ken, and it was an amazing hour! We were able to learn from a master while sharing his knowledge with our community. Here’s the podcast show:
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Syndication:
Now that the education spoke was created, syndication became much easier for us. A real estate syndication is an effective way for investors to invest in properties and projects much bigger than they could afford or manage on their own with raising capital from investors. We have yet to syndicate a deal, although the investor base has been created and the substantive relationships are being formed.
The number one task of any syndicator is to network and build their database of investors, and we started this process by sheer luck through our educational platform. When the time comes to syndicate our first deal, we should have very little concern in raising the capital for the deal.
Service Company:
One of the toughest challenges when investing in your first multifamily property is to hire a responsible maintenance person. As you accumulate more units, you will begin to hire full-time maintenance personal. One way to handle maintenance is to create your own service businesses: HVAC, plumbing, and electrical (even painting and flooring).
You can utilize these businesses to service your properties, while they are also functioning as stand-alone businesses. Any service contractor who begins to invest in multifamily can utilize their crews to service their own investments, cutting out the middleman, earning income from their business and getting the job done quickly and correctly. I would recommend service contractors to approach multifamily owners to see if they can invest in the deal and offer their services as part of the value proposition.
Cleaning Company:
Many multifamily operators sub out their cleaning services to a cleaning company. What if you decided to create or partner with a cleaning company to service your assets and the assets of other operators in your market?
Trash Valet:
Charging a tenant to pick up their garbage, commonly referred to as trash valet, has come into vogue in the past few years. Basically, the management company charges a fee, usually around $10-20 per month, to have the tenant leave the garbage outside their door so that the maintenance man can come and pick up the garbage and throw it in the dumpster. $10-20 per month may not seem like a huge sum of money, unless you own hundreds of units!
Trash valet companies are popping up everywhere to handle this amenity for larger operators. Why not create your own trash valet company to service your own portfolio and the other property owners in your market?
Building Company:
We own a twenty-two unit property that contains a parcel of land that can be developed into apartments. Although this is definitely out of our comfort zone, we already have a small crew that handles our cap-ex projects. The next step may be to create a building company with partners that have the skill set to build out the units.
The thought of a building company to me is mind-blowing, knowing that we started with a small twenty-five unit property only five years ago. My recommendation to you is to keep an open mind and take what the market gives you. Set goals and make a plan that pushes you out of your comfort zone and takes you out at least three years into the future.
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I’m sure there are countless other businesses you can create for your multifamily. I have wanted to start renting trucks to tenants for them to use when they are moving in or out of the property. I would love to hear your recommendations on any businesses you are considering starting or have started to service your multifamily real estate investments.
Please leave your comments below and I will share with our community!
If you are looking to join a growing community and learn how to become financially free, click here to find out more about our community:
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Leveling the playing field with Brian Dally
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Brian Dally is the CEO of GROUNDFLOOR, a company that specializes in the process of taking private lending public, where both accredited and non-accredited investors are earning 13 to 14%!
Brian wanted to shake up and reformat the financial market so that everyone could participate. The multitude of customization possibilities in how you can invest your money with GROUNDFLOOR indicates a new frontier. There is also a great dialogue about the effects of Securities Laws and the Jobs Act on the financial investing space and how they correlate to what GROUNDFLOOR is able to legally do and provide to its investors.
The guys get into a deep discussion of crypto-currency trends and what the future of investing looks like.
Top 10
-Entrepreneurship
-Financing disruptions
-$10 minimum investments
-Reformatting financial markets
-Jobs Act
-Accredited investors
-Non-accredited investors
-Fix n’ Flip loans
-No margin…no mission
-And much more
Book Recommendation:
Buy: The Five Dysfunctions of A Team: A Leadership Fable by Patrick Lencioni
GROUNDFLOOR | What are you building?
Invest with Jake & Gino: Create an Account – Rand Partners
Check out the podcast for iTunes: iTunes Store
Check out the podcast for Android: RSS FEED
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The Go-Giver By Bob Burg & John David Mann
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One of the huge benefits of hosting a weekly podcast is that you are able to ask successful entrepreneurs what books have had a profound impact on their lives. When we asked Dave Zook what was his favorite book, he quickly shot back “The Go Giver”. I was surprised to hear that Jake had listened to the book on Audible, and was in total agreement with Dave. That prompted me to buy the book, and I am thrilled to have listened to the guys for their recommendation.
The book resonated with me on so many levels with where I am on my journey in life. I have been able to leave my business, focus solely on real estate, and devote the majority of my energy to helping others achieve financial freedom through the Jake & Gino platform. My only regret was that I wasn’t exposed to the book sooner. I can assure you that my journey to financial freedom would have been a lot quicker.
I love the simplicity of the story, centering around a man named Joe, who is struggling in his job to land the big deal. He is introduced to a mentor names Pindar, who leads him on an amazing, eye opening adventure that changes Joe’s paradigm and in the process, is introduced to Pindar’s Five Law’s Of Stratospheric Success. Let’s focus on these five laws and how you can adopt these laws in your life.
The First Law: Value
how much more you give in
value than you take in payment.
In the book, Joe was only focused on his personal situation, similar to the mindset of most business people. The truly successful businessperson focuses on what they are giving, their product or service, rather than what they are getting. This has been a life-changing law for me to embrace. My focus has shifted to what we can give to our Jake & Gino community, and the more value we provide, the more successful we will become. As Zig Ziglar says, “You can have everything in life you want, if you will just help other people get what they want.”
The Second Law: Compensation
how many people you serve
and how well you serve them.
This was one of my biggest failures when I owned my restaurant. I only had one location, and could serve only a certain number of customers. With Jake & Gino, I have the ability to serve countless members located all throughout the world. Talk about scale!! As MJ DeMarco says, “To make millions, you have to serve millions”!
The Third Law: Influence
abundantly you place other
people’s interest first
Do you remember early on how I said that the book resonated with me at this point in my life. It would have been difficult for me and for anyone else to follow this life if their focus is on paying the bills and following the daily grind. Once the burden of focusing on paying the bills was removed, I was able to focus on our community and what their needs were. I was able to ask them what they needed and structure training and education based on their needs, not MY needs. HUGE mindshift for me.
The Fourth Law: Authenticity
The one thing that I treasure the most with Jake & Gino is the connections and friendships I have been able to develop. The most effective strategy to effect change in people’s lives is to share your story and your own shortcomings, as well as your successes. Be open to share your time and energy with others, and don’t expect to get anything in return. People will naturally gravitate to others who are open and authentic.
The Fifth Law: Receptivity
This is a tough one for most people. We are taught that it is better to give than to receive, and that’s how I used to live my life. Be open to receive any type of gift in life, whether it be a material gift or words of encouragement. I have received countless emails of thanks and encouragement for my work at Jake & Gino, and this gift has allowed me to continue to create value for our community. It has also allowed me to enjoy the work while in the grind.
Also read: Turning One Deal into Multiple Deals w/ Bruce Petersen
Everyone should put this book on their list, and read the book at least once a year. I have made it mandatory reading for every new Jake & Gino employee. Learn how to serve others first, and all your needs will be taken care of!!
Thanks for a terrific book Bob!!
Wheelbarrow Profits Elite Program
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From House Hacking to Infinity & Beyond
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Matt Faircloth is the founder of The DeRosa Group, serving both investors and tenants. He is an advocate of the beginner investor strategy of living below your means and using the extra disposable income to snowball into your first real estate investments. Matt similarly begin investing by getting his start in house hacking and us ing out-of-the-box tactics to find his deals.
On this episode, the guys talk about everything from navigating and using 1031 exchanges and the nuances of financing and mortgages to structuring a syndication deal. A lot of great advice on getting the deal and big picture discussions of how and where the majority of people today are investing their money. The discussion even turns to partnerships (both business and personal) and how to structure them and what is required to make them work.
This show covers a little bit of everything, everyone will be able to find something useful in this show, and we recommend it to all of our listeners (and beyond)!
Top 10
1. House hacking in your 20’s
2. Fix n’ flips
3. Longview
4. Buying from mom and pops
5. Time value
6. 1031 Exchange
7. Syndication
8. Blue collar/Retail tenants
9. Broker relationships
10. And much more!
The Derosa Group: Investment Strategies and Investing in Real Estate
Book Recommendations:
Buy: The Science of Getting Rich
Buy: The Way of the Superior Man
https://www.propertyzar.com/gino
Check out the podcast for iTunes: iTunes Store
Check out the podcast for Android: RSS FEED
Thanks so much for joining us again. Have some feedback you’d like to share? Leave a note in the comment section below!
If you enjoyed this episode, please share it using the social media buttons you see at the top of the post!
Also, please leave an honest review for our Podcast on iTunes.
Ratings and reviews are extremely important to our show and help in our rankings. Please leave a review if you find value in our show!
Click here to learn more about our multifamily educational platform:
If you have any questions, please email me at gino@jakeandginostg.wpengine.com
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Millionaire Success Habits with Dean Graziosi
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If you are investing in real estate, chances are that you have heard the name Dean Graziosi. Dean has been investing in real estate for his entire adult life and the real estate community was blessed when he decided to start teaching real estate over twenty years ago. He has written five books on investing in real estate, but I think his last book Millionaire Success Habits may be his most important for all types of investors.
The average investor thinks that there is a set of secrets when investing in real estate. Dean does an excellent job in his trainings and education to expose and teach these secrets, but the beginning investor needs to read his latest book to achieve success in all aspects of life. Dean dives into the Fundamental Success Habits, and discusses in detail why it is crucial to identify your “why” in order to achieve success. Once a person can identify their true “why”, the major bumps in the road will only be a temporary setback, not an occasion to quit and give up on their goals. The “why” will lead you to your “how”!
The power of focus is discussed in his book, and he attributes focus and clarity as one of the most important habits. Have you ever asked yourself “What do you want?”
Also read: Wealth Can’t Wait By David Osborn and Paul Morris
What is your first thought? For most of you, it is what you DON’T want. Therein lies the problem, as Dean states.
“If you don’t have vision and clarity on where you want to reach, you’ll simply never get there.”
I struggled with this for years. I knew I did not want to continue with the restaurant, but I truly did not know what I wanted. Only when I became clear on my intentions and my vision was I able to leave the restaurant and pursue real estate & Jake & Gino full-time. I could have saved years if I had read Dean’s message sooner!
Dean also opens up about his difficult childhood, and how he was at times in his life up against some amazing odds. His story allows the reader to relate to his difficult upbringing, and how he used his past to create an amazing future. It is an uplifting and motivational message that brings hope to the reader that anyone can become successful. Through his life experiences, he has created a framework in the book for the reader to follow.
I want to list Dean’s 10 Happiness Habits because I want you to start embracing them!!
1. Define what happiness looks like and feels to you.
2. Make the present your friend.
3. Stop over-thinking.
4. Focus on a positive outcome.
5. Let go of specific outcomes.
6. Don’t be afraid to fail.
7. Let go of grudges
8. Be grateful for what’s in front of you.
9. Don’t settle for good enough.
10. Be part of something bigger.
Now print them out & start following them!!
Dean has, up to now, focused his amazing teaching on how to make money in real estate. He has finally written a fabulous book on “why” to invest in real estate and has shared his millionaire success habits for all to us to employ. Please read this book before even thinking about picking up another real estate book.
Visit Dean Graziosi’s website & Facebook page:
Download for Free here: Free!
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Snowballing Capital with Devin Elder
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Devin Elder is a multifamily syndicator who has completed over 100 residential and commercial real estate projects in six years! Devin worked in the corporate IT world for ten years, but quickly became tired of the rate race and working so hard for zero job security. He had always admired entrepreneurs and chose to apply himself to real estate in the single-family investing realm. He quickly snowballed into multifamily.
Hear Devin’s take on Buying Right, Managing Right and Financing Right with both single and multifamily. He also talks about how it felt getting into multifamily syndication, his buying criteria, and what his business plan looks like for repositioning a property and getting his investors returns.
Also read: Wealth Can’t Wait with David Osborn
He also discusses the major benefits to his business when he focuses on the things he is good at that are most worth his time and delegating the other day to day business activities go to others.
This was an awesome, high energy show that our listeners will definitely enjoy!
Top 10
-Starting with single family homes
-Snowballing Capital
-Entrepreneurial Hero’s
-Corporate Anti-Hero’s
-Refi and Roll
-Scale
-Buying Right
-Buying at Retail
-Fix and Flips
-And much more!
DJEtexas.com
Invest with Jake and Gino: Create an Account – Rand Partners
www.crowdstreet.com/wheelbarrow
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Multifamily Financing: How To Get The Best Terms For Your Deal?
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Most investors are familiar and find comfort when it comes to financing a single-family home, but become overwhelmed and intimidated when the conversation turns to multifamily financing. In this article, I would like to describe the differences between a residential and commercial loan, outline the different types of commercial lenders, and how to qualify for a commercial loan. A commercial loan is simply a loan that finances properties that are five or more units.
Multifamily Financing Podcast:
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There are a few key differences between a residential and commercial loan.
1. Commercial loans are underwritten using the income approach and rely heavily on the performance of the property that is being financed. Residential loans employ the sales approach, where the comparables (comps) in the market weigh heavily on valuing the asset.
2. Commercial loans tend to have a much shorter maturity period than a residential loan. This shorter maturity requires a balloon payment at the end of the term. The maturity periods are typically five, seven or ten years.
3. Commercial loans employ a Debt Service Coverage Ratio (DSCR) to analyze the viability of a loan. DSCR is simply a formula that measures a company’s ability to service its current debts by comparing its net operating income with its total debt. You take the Net Operating Income and divide the total debt service. The rule of thumb for a reasonable DSCR is 1.2.
4. The interest rate on a commercial loan is usually higher than a residential loan.
We consider the financing portion of an investment to be a crucial part of our three-legged framework, which entails “Buy Right, Manage Right and Finance Right”. We employ the analogy of our framework to a wheelbarrow, where if one of the legs is weak or unstable, it will topple over. It is vital to master the financing portion of the investment, or else you will put the investment in jeopardy.
The first thing an investor has to realize is that money is a commodity, thanks to the Internet. Years ago, banks had more control over the process and made it more difficult to secure financing. But once a product is turned into a commodity, the consumer benefits with lower and more aggressive pricing. If you don’t like one bank’s terms, walk down the street and elicit a quote from another bank to use in the negotiating process.
Jake and I recorded a video on bank financing terms. We discuss all of the relevant terms you need to negotiate with the lender:
Multifamily Financing: How To Get The Best Terms For Your Deal
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What are bankers looking for from an investor? They are looking to lend on deals that make sense. Their priority is to lend money on sound investments that do not end up in default. Their bonuses are usually tied to the amount of loans that they underwrite. Bring them a deal that is viable and that they feel comfortable underwriting. Bankers are also looking for an investor who is prepared and who can articulate the merits of his deal. We created a credibility book to illustrate to bankers, brokers, partners and even potential investors to outline our investment strategy and list our portfolio of properties. We are trying to create “credibility” with individuals who are interested in doing business with us. Click here to download a copy of our credibility book:
Click Here to download a copy of our Credibility Book.
In commercial lending, Net Operating Income (NOI) is key. Click here to read an article I wrote for Bigger Pockets on how to calculate the value of multifamily real estate. The article dives into NOI and how to properly analyze and add value to a multifamily deal.
Now let’s discuss the different types of commercial lenders:
1. Banks
2. Life insurance companies
3. Conduit lenders
4. Mortgage banker
5. Mortgage broker
6. Agency lender
7. Private Money
Banks:
Banks are the preferred lender of choice for most investors when it comes to multifamily financing. You can break down banks into three different types: commercial bank, savings bank and credit union. We have funded most of our deals through a commercial bank. There are a few benefits to using a commercial bank.
• A local commercial bank is usually much easier to work with. They tend to have an intimate knowledge of the market and are in search of demand deposits.
• It is easier to get a deal financed with a commercial banker, especially a portfolio lender. Portfolio lenders hold their mortgages in their portfolio and do not sell them off to the secondary market. This allows them to be more flexible with their terms.
• Once you establish a relationship, the bank may even bring you deals from their portfolio.
There are a couple of drawbacks with using a local bank. The loans have a shorter amortization period, the prepayment penalties can be onerous, the interest rates may not be as competitive as other lenders and the loans are usually recourse (the borrower has to personally guarantee the loan). When you first begin your investing career, commercial banks are the easiest and quickest way to finance your deals.
A credit union is a financial institution that is owned and controlled by its members. It is not open to the public. All three of these banks rely on customer deposits to be able to lend money out for loans.
Listen to our podcast with our commercial banker Mike Saporito on how to secure financing for your next deal:
How To Network With a Banker When Buying Multifamily Apartments
Life insurance companies:
Life insurance companies are a huge source of real estate loans. They originate loans from all of the premiums they collect from insurance policies. Insurance companies are risk averse and tend to lend on around a 75% loan to value. They also seek out assets that are in newer locations. Mortgage brokers will employ insurance companies when looking to finance a deal.
Conduit Lender:
A conduit lender is an investment bank that originates loans. A conduit loan is an individual mortgage that is pooled together with other commercial loans, and then securitized. This process is known as commercial mortgage back securities (CMBS), where these loans are converted into fixed income securities. A couple advantages of a conduit loan are that they are non-recourse loans, the amortization is longer than those of commercial banks, and rates are very competitive. On the other hand, these loans are expensive to originate and they have hug prepayment penalties. There is very little flexibility with these loans, although many of these loans are coming due on the next twelve months, which may force lenders to come to the table and renegotiate the terms.
Mortgage banker/ Mortgage broker:
The mortgage banker originates and funds commercial real estate loans for a fee and then sells the loans. They generate revenue by charging origination fees and servicing the loan. A mortgage broker, on the other hand, is an intermediary who works with the borrower and lender to secure financing. One distinct advantage of a mortgage broker is that they have access to hundreds of different types of loan programs to match the borrower with the program that suits his or her needs.
Agency Lender:
An agency lender is a commercial mortgage-banking firm that originates and underwrites loans for the purpose of selling back to either Fannie or Freddie, but not all agency lenders sell their loans back. Agency lenders have strict underwriting guidelines, and their terms are competitive in the market. They quote their interest rates in relation to the Ten-year treasury bond. We have seen rates priced at around 200-250 (100 basis points equal 1%) basis points above the Ten-year treasury. These loans are non-recourse and have longer amortizations.
Private money:
Also referred to as hard money, this method of financing commercial real estate is not as popular. The fees on private money tend to be very expensive and the interest rates can hover anywhere from 8 to 25%, depending upon the experience of the investor and the quality of the deal. When seeking private money, a lender requires much more equity in the deal to protect his investment and will usually lend on 65-75% of the loan to value of a property. Any investor who is looking for short-term money and can’t get conventional multifamily financing should consider utilizing private money. I have a student who uses private money to purchase the investment, repositions the investment (AKA increases the NOI) and goes to his local bank to refinance the property once it is stabilized. He uses the funds to pay off his private lender and utilizes the remaining funds for his next deal.
Task:
It depends on where you are in your investing journey. Beginning investors will find it easier to utilize local banks, while seasoned investors will find the benefits of agency-led multifamily financing attractive, even with all the effort involved in securing agency financing. If you have any questions financing your next deal, or are looking for a partner, we’re here to help. Email us at gino@jakeandgino.com
Read more about multifamily financing: https://jakeandgino.com/tag/multifamily-financing/
If you would like to partner or invest with Jake & Gino, please fill out this form:
Investor Form
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BOOK REVIEW: Tax Free Wealth By Tom Wheelwright
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Tax Free Wealth: A must read for all business owners and entrepreneurs who want to understand tax laws and utilize them to their advantage.
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Here are several important points that Tom conveys in his book ‘Tax Free Wealth’:
- Tax law is meant to encourage certain activities, businesses, and investment.
- Tax law shapes the economy.
- 95% of the tax code is not to raise money, but to stimulate growth.
- The focus should be on after-tax returns.
- What is the single biggest tax shelter? Real estate!!
- Entrepreneurs and investors get all the tax breaks.
- Why you should think twice before utilizing the traditional strategies of retirement planning.
- What you need to look for in competent tax preparer.
Tom dives into the “Cash Flow Quadrant”, a chart that Robert Kiyosaki designed that illustrates the four types of earners, and how taxes affect each of the quadrants. Tom describes in detail how the business owner and property investor receive a far more favorable tax status.
The book shattered my limiting beliefs surrounding taxes and made me focus on how to use the tax code to my benefit. I decided to focus on investments where the government is trying to stimulate growth.
Once you finish the book, you will be able to engage in an intelligent conversation with your tax preparer and come to the realization the importance this team member is to your success. As Tom says, it’s not what you make but what you keep! Finally, the book reinforced to me the power of real estate as an investment that delivers superior tax benefits along with favorable returns.
Tom also delivers on the ease with which the content can be consumed. It is well written, easy to understand, filled with actionable content and most importantly enjoyable to read with all the stories interjected throughout.
Whether you are an aspiring entrepreneur, or a seasoned veteran, I would highly recommend reading “Tax Free Wealth” for a better understanding of how taxes affect our lives and how you can take control of your own tax situation.
Here is a link where you can buy the book: Tax Free Wealth
Let me know if this review was helpful! – Jake & Gino
Additional Read: The Millionaire Fastlane By MJ DeMarco
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What Is A Multifamily Syndication?
The first step, and most important, is to understand the process of investing in multifamily. We teach our students the three-step framework: Buy Right Finance Right & Manage Right®. If you have yet to master how to buy deals, and how to manage them, it would irresponsible and dangerous to go out and raise capital from investors.
As a syndicator, you are in effect taking money from investors and becoming the steward of their hard earned capital. If you don’t know how to underwrite deals, finance the deal appropriately, or asset manage the deal, I would hold off before starting to raise capital. I look at the three-step framework as the foundation to your syndication business, and if the foundation is weak, then your business will fail. Please take the time to educate yourself on investing in multifamily, and to create your own business plan.
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