Month: January 2017

30 Jan 2017

The #1 Tax Mistake Most Real Estate Investors Make

Amanda Han, Managing Director of Keystone CPA, Inc.

Last week we interviewed Amanda Han of Keystone CPA, Inc. on our Real Estate Investor Goddesses podcast.  She’s a real estate investor herself as well as a CPA with years of experience in real estate and taxes.

Her interview was chock-full of great advice about how to save more money and what to look out for in the near future tax wise.

There were tons of nuggets of wisdom that she laid down during the interview.  One of the best nuggets was when she shared the #1 mistake she sees most real estate investors make.  This is a mistake that leaves money on the table or in the government’s hands if you will.

If you like paying more in taxes, read no further.

If you’d like to be able to get legitimate tax deductions through what she calls “grateful expenses”, then keep on reading.

What Amanda calls “grateful expenses” are expenses that people are grateful to be able deduct because they’re expenses that you’d have anyway, but because they are expenses that are “reasonable and ordinary” for real estate investment, they can be moved from the personal non-deductible bucket to the deductible bucket.

Examples of these “grateful expenses” are:

  • cell phone
  • computer
  • home office
  • travel costs
  • car
  • dinner with potential investors
  • books on real estate investment or personal development

 

How do you know if an otherwise personal expense should be classified as a legitimate business expense?

 

Amanda says you should ask yourself:

“Would an ordinary real estate investor have this expense?”

If the answer is yes, than you can deduct it.

Most people don’t realize this is possible, so they miss all these deductions.  They don’t claim the hundreds and sometimes thousands of dollars in deductions they could legally claim.

And the nice thing is these business deductions are not just for LLCs and Corporations.  Even if you’re a W2 employee doing real estate on the side, you can take advantage of these business deductions.

Pretty cool, right?

Amanda gave tons of other great advice during our 3o minute interview.  Check out her interview on Blog Talk Radio or on iTunes, and make sure you subscribe so you don’t miss the other great  content and interviews we have every week.

Monick Halm is the co-founder of Real Estate Investor Goddesses.  She is a real estate investor with over 11 years of investing experience in single family, multi-family, mobile home parks, flipping, and syndication. She is also a certified interior designer, Feng Shui expert, author, speaker, certified NLP and money coach, and attorney.  Monick is passionate about real estate, design, and helping women to thrive.

14 Jan 2017

3 Powerful Lessons I Learned from My Real Estate Mentor

Last weekend I spent 4 days with my real estate mentors, Robert Helms and Russell Grey, the Real Estate Guys, working on my goals. We were at their 2017 Create Your Future Goals Retreat. I came with my husband and two older kids (21 and 17).

It was intense, somewhat confronting, and wonderful beyond belief.

Three things were really honed in for me during this weekend. As I watched Robert Helms, who is one of the most successful real estate developers and educators in this country, I received these three important lessons:

1. Spending time to get clear on your goals is of utmost importance.

Too many people “hope” things will work out and have some vague idea of what that means for them. They bop around praying the Universe will deliver something, anything they want. Or, more often, they just hope the shoe won’t drop off the other foot. Instead, we can help ourselves so much more by getting crystal-clear clarity and then setting off in that direction.

Even though Robert Helms, and all the very successful people in the room, are super busy. They all know they’re too busy NOT to take time for clarity and assessment.

2. The people you’re around contributes SO MUCH TO YOUR SUCCESS.

Your peer group shapes so much of your beliefs, attitudes, and behaviors. Being around successful, optimistic people is one of the quickest ways to raise your vibration and increase your results.

That’s why my husband and I have invested A LOT this year (time and money-wise) to be around the most successful people we could find and real estate. The return on investment has been exponential. We went from having 1 rental door this time last year to over 1000 doors today! Wow!!! I am still pinching myself! I owe this in large part to being around people who are actually doing the deal.

3. Learn from the masters.

Learn from those who have taken the time and energy to hone their skills, craft, and knowledge so that you can collapse time frames, and avoid costly mistakes. Robert Helms and Russell Grey interview people every week that they say are smarter than them (at least in what they do). This contributes greatly to their fortunes and success.

I went to over 10!?! live seminars last year and did dozens more hours of online trainings. I don’t think I would have been able to do 1/10th of what I’ve accomplished without this training.

If building wealth through real estate is something you’re interested in. We have created something to help you gain clarity, be around incredible, accomplished women in real estate, and learn from masters in the real estate field.

It’s the Bad Ass Mastermind (BAM) and is for a select group of women who are ready to be bad ass real estate investors (or who are already bad ass, but wanting to take it to the next level).

If that resonates with you, fill out this brief application, and get ready for your most bad ass year yet!

Monick Halm is a real estate investor with over 11 years of investing experience in single family, multi-family, mobile home parks, flipping, and syndication. She is also a certified interior designer, Feng Shui expert, author, speaker, certified NLP and money coach, attorney, and co-founder of Real Estate Investor Goddesses. Monick is passionate about real estate, design, and helping women to thrive.