Secret to Tax Savings for Real Estate Investors
Diane Kennedy is a Rich Dad advisor for Robert Kiyosaki (www.RichDad.com) and has her own website www.TaxLoopholes.com. She holds the Maui Mastermind seminars on real estate investing every year and is also the co-author of the new book, Maui Millionaires. We thought you might find her recent e-mail interesting:- Mick Orton
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"I've talked to a lot of people about real estate investments around the country these past few months. Some markets are seeing a real slow down and others are seeing steady growth. This past week, I saw an episode of 'Flip This House' (a reality show that documents the fix and flip method to riches by taking broken down houses and turning them into mansions that sell almost instantaneously) of a young couple in Sacramento, who against the advice of all the real estate experts they asked, bought a house to fix and flip. They figured a budget of $30,000 and something like 3 months to finish it. A month over the timeline and $15,000 over budget, they finished – to a dead market. In fact, they said in one square mile there were 77 homes for sale. They waited months and months and finally got an offer they eagerly accepted that would cause a break even on the house.
"I suppose that brings up the question, 'Whose advice do you trust?' In this case, I just bet they'd attended a real estate seminar or read a book that told them to never listen to the people who say it can't be done, or shouldn't be done. Yet, in reality, caution from someone who is an expert is a really good thing to know. It's not a matter of just shopping opinions until you find the opinion of someone who agrees with you. It's finding someone who has proven success in the field you want and then following what they say.
"I'll never forget what Kelly, one of the Maui Millionaires highlighted in my new book, Maui Millionaires (co-authored with my friend and real estate mentor, David Finkel) had to say when asked how she went from $77,000 in credit card debt to over $1,000,000 in net worth in just a little less than two years. How did she do it? She explained that she just found people she trusted and did what they told her to do. You don't have to reinvent the wheel. You don't have to research millions of strategies to find the one right one that will work. Just see what's worked for other people and do the same! (By the way, there were lots of short cuts to wealth that Kelly discovered along the way. That's what made the book so much fun to write. It's the secrets of the successful that were proven again and again at Maui Mastermind, the exclusive wealth retreat that is sold out months and months in advance.)
"Good advisors make you money, save you headaches and make life just generally easier. If you're interested in learning more from some of my personal advisors, please go to www.dkapproved.com. And, if you're really ready to step up and take some action, contact any of the featured advisors with a specific question and learn how you can get them on your team, by clicking on their article or here to contact them directly."
"If you're in real estate today, you need to be smarter and quicker than the next guy. And, never ever pay more tax than you legally are responsible for."
- Diane Kennedy
posted by SFResidence.com @ 9:08 AM
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