6.Ccc_deroos_intro_1-12.qxd 2/7/05 3:33 PM Many property investors dont both getting a chattel depreciation schedule. It explains how and why real estate works so well for wealth building. Other than that, awesome book that will get you super stoked. The only thing I disagree with is he is comfortable carrying a lot higher debt than I am. My favorite is Real Estate Riches by Dolf de Roos.
An-introduction-to-commercial-property-finance-development-and-investment 1/2 Downloaded from gcc.msu.ac.zw on Octoby guest Books An Introduction To Commercial Property Finance Development And InvestmentO you dislike your job, distrust your boss, dread each day, and fear you might lose the job you can’t stand? Well, if you do, then you’re like millions of other Americans today who want the freedom that more money would bring. When hiring candidates for the writer’s position, we apply a. All of our Mid Term Appraisal: Eleventh Five Year Plan 2007 2012Planning Commission Government Of India writing experts have an academic degree and broad expertise in scholarly writing, which allows them to deliver superb essay help online.
Your breakfast was interrupted and you still have more decisions to make today, such as whether to go snorkeling or surfing and where to have dinner tonight. As you gaze out over the ocean, sipping your freshly squeezed orange juice, you weigh the relative merits of selling and decide, in this instance, to keep the building. Your leisurely breakfast is interrupted by a call from a real estate agent asking if you want to sell one of the buildings you bought the previous year for a profit of $150,000. Imagine being awakened by the sun (no ear-splitting alarm clock for you). If you cannot create a mental picture of what being rich means for you, how will you ever achieve it? Let’s create that image together. Everyone wants to be rich, but few people know exactly what that means.
Remember that this is an “insider’s guide.” Unlike the stock market, where insider trading can land you huge fines or even jail time, real estate insider information is not only legal, it’s also a critical part of creating wealth. Those are the types of ideas that can make huge differences in your life. As you read through The Insider’s Guide to Making Money in Real Estate, you might find ideas that challenge what you believe about real estate. There’s work involved, to be sure—some of it will be physical, but most of it will be mental. Are you ready to put in the effort to go from where you areNow to this idyllic scenario? You can make these dreams come true with real estate.
Diane, a CPA to some of the nation’s most wealthy 2INTRODUCTION people, looks to real estate for the tremendous tax benefits. Dolf has always promoted real estate as not just a little better than other forms of building wealth, but actually orders of magnitude better. Well, that’s what has happened for the authors of this book, Dolf de Roos, author of the best-selling Real Estate Riches— How to Become Rich Using Your Banker’s Money, and Diane Kennedy, author of the best-selling Loopholes of the Rich— How the Rich Legally Make More Money and Pay Less Tax. Rather than opinions or guesses, you’ll learn the actual facts from successful real estate investors who have had years of experience in the market.HE SAID, SHE SAID Have you and a friend ever had completely different reasons why you should do something and yet came to exactly the same conclusion? If two different patterns of logic give you same the answer, that gives you a more confident feeling that the conclusion must be right.
But, Dolf had a decision to make. His classmates would have been delighted with that offer. Dolf was offered a job at $32,000 per year when he graduated with his Ph.D. And, even more important, despite our active schedules due to our respective businesses and speaking calendars, we are both still prolific real estate investors. In fact, we added it up and found that together we have 50 years of experience in real estate (and we looked at each other thinking “That makes you quite old!”). We, the authors of this book, have both been active investors for over 20 years.
Dolf spends time doing what he loves and a large part of what he loves is real estate deals. For Dolf, the decision was easy. You might decide to work one more week hoping to repeat your success, or maybe you’ll just wonder what to have for lunch and whether you’re going swimming in the morning or the afternoon. What choice would you have made—making $32,000 per year, working 50 weeks per year, showing up willing and eager to do your boss’s bidding, day after day after day, or making $35,000 after one week’s activities? Of course if you did not take the job, you would still have to decide what to do with the rest of the year.
The solution for Diane was to do what her rich clients had always done—start a business and buy real estate. Then, one day she woke up to discover that she had been working really hard, and so far all she had to show for it was (1) a highly paid position in a business that was facing massive layoffs, (2) more debt than assets, and (3) court-ordered alimony payments to an ex-husband. She started out working for someone else in the typical 10-hour-day, six-days-a-week cycle.
Here are a couple more stories of how our clients and customers have been able to use insider’s tips to make money in real estate.PROFESSIONAL ATHLETE STARTS MAKING REAL MONEY One of Dolf’s colleagues is a highly compensated professional ballplayer. But, those are just our stories. The freedom to pursue her passion is made possible because she invests in real estate to create passive income with huge tax benefits. She started a new business again about a year later, but this time she was able to design it to attract the businesses and clients that she wanted to work with.
They found that they could buy certain properties on a block and then control a large portion of that block. But they wanted to do something that Dolf calls “property with a twist.” In other words, they searched for extraordinary profit-making opportunities. For example, they could make money buying, rehabbing, and selling property.
Marvin was a highly compensated doctor and his wife Joan continued to work parttime as a nurse. We’ll call them Marvin and Joan for purposes of this story. That was the case for two clients of Diane’s CPA firm. They’ve made a lot of money, and they’ve also had a significant role in transforming neighborhoods.NURSE QUITS HER JOB SO SHE CAN MAKE SOME REAL MONEY Sometimes work gets in the way of making money. Recently they spent nearly $3 million by slowly buying individual properties, and then resold them as a project for over $9 million.
They realized that their single biggest expense was their taxes. That’s why they came to consult with Diane’s company. They didn’t want to change their lifestyle, but instead looked for ways that they could make more money. The money they made went to support their high lifestyle. Marvin earned a very high income, but he felt trapped.
Joan was very interested in the real estate. Taxpayers making over $150,000 per year cannot deduct their real estate passive losses against other income. They lost most of the tax benefits because their income was too high. They had also begun buying a few real estate properties that created a little cash flow, but few taxBenefits.
Be employed by a business engaged in a real estate activity (you must own 5 percent or more of the company), or 2. While becoming a licensed real estate agent involves a considerable investment of time and effort, to qualify as a real estate professional under the IRS guidelines is simply achieved by any of the following three methods. As a real estate professional, she and her husband could now take 100 percent of the real estate losses against his income. She now could easily qualify as a real estate professional under the IRS guidelines. In order to increase their net income, Joan had to quit her job! Joan loved that idea and quickly quit her part-time position as a nurse.
They immediately began taking advantage of the tax benefits from their real estate. Joan qualified under (3) above. If not employed, spend 750 hours per year in real estate activities.
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