The Myndful Investor

2021 Tax Tips for Real Estate Investors

We all know that just buying four walls and a roof is not going to make you successful. The strategies [http://www.mynd.co/knowledge-center/capitalizing-on-your-investment-strategy-with-chris-from-the-stealthy-rich] that you implement will make you successful. A lot of real estate investors [http://www.mynd.co/] don’t think about that until the tax day creeps up on them, and then it’s too late to start thinking what strategies they should have implemented 6, 9, or 12 months prior. As we know, 90% of all wealth is attributed to people who own and control real estate, and who are very successful [http://www.mynd.co/knowledge-center/10-rules-for-successful-real-estate-investing-and-the-importance-of-management] at it with different strategies of tax savings [http://www.mynd.co/knowledge-center/10-tax-deductions-often-overlooked-by], tax implications, tax depreciation, and tax benefits. Today, we have a special guest Ana Klein, a CPA who works specifically with real estate investors, and who shares with us the basics that real estate investors need to know about tax savings. WHAT IS COVERED: ‍ 4:44 - Why, as an investor, you should always hire a tax professional with experience in real estate [http://www.mynd.co/]. 9:16 - The secret of how the wealthiest people in the US end up paying less in taxes. 10:23 - Whether there have been some changes with COVID for real estate investors tax wise. 14:44 - What the 20% qualified business income deduction is. 16:26 - The implications of investing in certain areas of the US from the tax perspective. 18:23 - How to earn the professional real estate investor status. 23:38 - Number #1 tax saving strategy for 2021 - keep good records. 28:00 - Why you need to have tax planning conversations with your accountant more than once a year. SHOW RESOURCES: * AKK Tax & Accounting [https://www.akk-tax.com/] * Connect with Ana Klein [https://www.instagram.com/anakcpa/] * Connect with Steve Rozenberg [http://www.instagram.com/RozenbergSteve] MEET ANA KLEIN: Ana Klein is the CEO and owner of AKK Tax and Accounting. With over 10 years of accounting experience she spearheads the organization. Ana has been featured on various podcasts regarding her expertise in the specialty of real estate investing and small business sectors of accounting.

The Importance of a Strong Foundation When Investing in Real Estate

Mindset is the most important part of any business, but that’s especially true in real estate. From overcoming the fear in the beginning to upscaling your business and leveraging your time, mindset [http://www.mynd.co/knowledge-center/victim-to-victor-changing-your-mindset-during-covid19] is the one thing that makes all the difference. Before you even get into real estate investing, you should know what your endgame is. What does financial freedom [http://www.mynd.co/knowledge-center/climbing-your-way-to-a-better-financial-future-through-single-family-real-estate-investing] look like to you? That’s what I will discuss today with Terrie Schauer, a property management [http://www.mynd.co/] and real estate investment coach. From setting up a good business model to learning that time is your most valuable resource, Terrie is here to share years of experience in coaching real estate investors! WHAT WE COVER 00:02 - Terrie’s background in property management [http://www.mynd.co/] and investment and the most important lessons she learned. ‍08:00 - How to overcome the fear of failure and decide to start your investing and get into real estate like a professional. ‍14:26 - The most important lessons you need to learn as a property manager and how to protect your time and assets. ‍19:17 - As you get further down the real estate business path, how to leverage your time and overcome the fears that come with expansion. ‍22:32 - Why it’s so important to find a business model that will have you working less but making more, and how to do that in real estate. ‍28:27 - The most important question you need to answer as a real estate investor in order to live a full life and enjoy your time more. ‍35:36 - Terrie’s plans for the future, as an investor and a coach, and how to get in touch with her and learn about the real estate mindset. SHOW RESOURCES * Connect with Terrie Schauer at https://terrieschauer.com/ [https://terrieschauer.com/] * Find Terrie on Facebook [https://www.facebook.com/TerrieSchauerInc] * Mindful Landlord: How to Run Rental Property for Profit and Peace of Mind [https://www.amazon.com/Mindful-Landlord-Rental-Property-Profit/dp/1554832365], a book by Terrie Schauer MEET TERRIE SCHAUER Terrie is a real estate investor and property manager with twenty years experience in Canada's major markets (Toronto, Vancouver, Montreal) as well as in Marseille, France. She sees real estate investing as a path to financial freedom. As a coach and speaker, she works with fellow investors on property management, the mental aspects of investing, as well as landlording for profit and peace of mind. Her best selling book, Mindful Landlord, is currently available on Amazon.

How to Get Started Investing in Real Estate as a Young Professional

Being a successful real estate investor [http://www.mynd.co/] hinges heavily on having a business owner mindset and establishing systems and processes. Unless you can leverage your business to scale without overextending yourself, you’ll never be able to grow. Your key lesson should be how to achieve scalability through working with other people. Today on the show our guest is Palak Shah, who’s done just that. With a background in engineering, Palak set up systems and hired people who allow her to sit behind the desk and grow her portfolio [http://www.mynd.co/knowledge-center/diversify-your-real-estate-investment-portfolio] seamlessly. Join us as she shares advice and lessons she’s learned along the way. WHAT WE COVER 00:00 - Introducing Palak, her background in engineering, and why she decided to switch careers. 08:49 - What inefficiencies Palak found when reviewing her first deals [http://www.mynd.co/knowledge-center/hunting-for-value-add-deals-and-remote-investing-with-ashley-kehr] and the three most common types of investors. 13:13 - Palak’s growth plans and how she leverages strategies to build long-term wealth. 16:26 - The systems Palak has in place to manage [http://www.mynd.co/] and grow the 40 properties from her portfolio. 19:05 - Why you need to change your money mindset if you want to build wealth as an investor. 24:42 - Learning to spend $30 on a solution before it becomes a $3.000 problem. 29:41 - The number one lesson Palak learned since her first deal. SHOW RESOURCES * Open Spaces Women [https://www.openspaceswomen.com/] * Open Spaces Women [https://www.instagram.com/openspaceswomen/] on Instagram * Join Palak's free Facebook group Real Estate Investing for Busy Professionals [https://www.facebook.com/groups/reiforbusyprofessionals]. MEET PALAK SHAH Palak Shah is the founder and owner of Open Spaces Capital that generates over $1M in revenue. An Engineer by trade, after the birth of her two kids she decided to make the move to entrepreneurship to be able to spend more time with her children. Though Palak has invested in real estate for many years, in her first two years investing full-time, she purchased, renovated, rented, and refinanced properties creating a $4M rental portfolio. It is now her passion to empower other investors to pursue entrepreneurship through real estate investing to live an empowered and financially free life.

How Todd Baldwin Turned House Hacking Into A Multimillion-Dollar Business Before Age 30

There are so many different ways to make money as a real estate investor [http://www.mynd.co/]. The best and the worst part of this game is that there are no rules. This is why it’s so important that we keep learning from each other. Our guest today is Todd Baldwin, a young and super successful real estate investor from Seattle. He’s perfected house hacking and rentals [http://www.mynd.co/knowledge-center/why-build-to-rent-properties-are-a-great-way-to-invest-in-real-estate] in the Greater Seattle Area [http://www.mynd.co/knowledge-center/mynd-property-management-names-the-10-most-popular-seattle-area-zip-codes] and has made millions within a couple of years. He shares his best advice for new investors and some tips and tricks specific to his market. We also discuss the mindset that goes into getting started and picking great deals. WHAT WE COVER 00:00 - How Todd got started and what his first deal looked like. 07:34 - The way COVID affected his business model… in a good way. 11:57 - Things to keep in mind when picking houses and writing up lease agreements. 16:51 - How Todd chooses new deals and the decision-making process behind that. 21:55 - Why you need to trust numbers and leave emotions on the side. 25:33 - Todd’s scaling up plans and markets [http://www.mynd.co/] that he’s looking at in 2021. SHOW RESOURCES * Get in touch with Todd on Instagram [https://www.instagram.com/toddjbaldwin/] * Learn from Todd on his YouTube channel [https://www.youtube.com/channel/UCOuNWZsENdfImyUdJ0lR0vw] * Mynd Property Management [http://www.mynd.co/] MEET TODD BALDWIN Todd Baldwin is a Real Estate Investor, Entrepreneur, Healthcare Specialist, and a YouTube Partner with Google. Baldwin was interviewed with CNBC for his unique real estate strategy that made him a multi-millionaire in his mid-20s. Baldwin has also been on the cover of the BiggerPockets Wealth Magazine and featured in two documentary series about politics, capitalism, and healthcare.

Getting Your Start in Real Estate Through Remote Investing

Real estate always finds a way to surprise you. The success in this game depends on your ability to adapt and learn new things. At Mynd [http://www.mynd.co/], we believe that the best source of information and learning comes from other investors. Our special guest today will help us get to that next level faster. Tony Robinson is the Real Estate Rookie Podcast host, and a passionate real estate investor [http://www.mynd.co/knowledge-center/10-rules-for-successful-real-estate-investing-and-the-importance-of-management] himself. We discuss the science and art of investing, and everything from numbers and data [http://www.mynd.co/knowledge-center/how-to-approach-real-estate-data-and-underwriting-in-2021] to the success mindset [http://www.mynd.co/knowledge-center/how-a-strong-foundation-severe-struggles-and-a-powerful-mindset-turned-into-100-million-in-real-estate-assets] you need to make it as an investor. WHAT WE COVER 03:15 - Tony’s background and why you don’t have to quit your 9 to 5 job to become a real estate investor. 10:03 - The secret to success in different areas of life and how to keep the end goal in mind. 15:49 - How Tony got into real estate [http://www.mynd.co/] and what took him from learning to action. 22:27 - Tony’s best deals and how he set up his business to maintain and grow his portfolio. 32:22 - The world of short-term rentals and why you should sometimes sell even the properties with good ROI. 38:13 - The up and coming trends for 2021 and whether you should care for trends at all. SHOW RESOURCES * Get in touch with Tony on Instagram [https://www.instagram.com/tonyjrobinson/] * Check out the Real Estate Rookies Podcast [https://www.biggerpockets.com/real-estate-rookie-podcast] * Short-term rentals with Alpha Geek Capital [http://alphageekcapital.com/] MEET TONY ROBINSON Tony Robinson is well known in the world of real estate investing as the host of the BiggerPockets Real Estate Rookie podcast (over 2 million downloads). After starting his investment career by purchasing single-family homes as long-term rentals, he found the tremendous opportunity that short-term rentals provide, and has since focused 100% of his efforts on growing that part of his business.