Watch this before buying your first rental property...
Vložit
- čas přidán 11. 07. 2024
- Join us for the Biggest Tax and Legal Conference June 5-8th, you will not want to miss it! Grab your tickets today at: taxandlegal360.com/
Being a Tax Advisor is a lucrative opportunity...Learn more here : mjk.webinargeek.com/freetaxad...
Ebook & Newsletter: markjkohler.com/youtube/
Call the MJK Team: 208-745-2865
KKOS Lawyers (My Law firm): kkoslawyers.com/contact-us/
Directed IRA (My Trust Company): directedira.com/appointment/
My Certification and Membership: markjkohler.com/become-a-cert...
Podcast: mainstreetbusinesspodcast.com/
Main Street Business Services: mainstreetbusiness.com/
Facebook: / markkohler
Instagram: markjkohler...
Threads: www.threads.net/@markjkohler
X: / markkohler
TikTok: www.tiktok.com/@markjkohler?l...
LinkedIn: / markjkohler
CZcams: czcams.com/users/markjkohlerf...
LinkTree: linktr.ee/MJKCZcams
If you liked the video, please give it a "Thumbs up!" and please subscribe to see more!
00:00 - Introduction to Common Mistakes in Buying First Rental Property
00:35 - Tracking Expenses for Rental Properties
02:16 - Setting Up the Correct Type of LLC
03:04 - Separate Bank accounts and Avoiding Commingling
03:56 - The Process of Mortgage and Title Transfer
05:08 - Understanding Your Lease Agreement
06:25 - Having the Right Insurance
08:27 - The Need for Hiring Professionals
09:19 - Avoid Cutting Corners and Paying Cash
11:16 - Bonus Tip: Letting Your IRA or 401k Buy a Property
I am 53 and retired at 50. 1 thing I did do to retire early was to get out of the 401K and IRA programs. Bought rental real-estate and I am now a Limited Partner in about 1500+ units from collabrative efforts in the fund my estate planner has me invested in. I do not work.
I only contribute 5% to get full company match, that’s it. The 401K plan is designed for you to work until you are about dead. Also, the government does not have their hands on it yet either.
My wife and I live off of our 401K. We don't work. I recommend highly to everyone to build your 401K or Roth IRA's as an alternate revenue stream in retirement to your Social Security. An observation on 401K's is when it gets over 300K it starts to accelerate. When you get over 500K it can really accelerate as the stock market grows.
If I may ask, as in withdrew all of the money from the 401K and IRA programs? If so, what was your strategy behind that decision? Thank you.
I learned about govt actions from cfp in ny by name MonicaMaryStrigle. Ms. Strigle explained the benefits of long-term Treasuries and alternative investments, which the govt doesn't disclose. Lately they been investing in solid start ups, bonds, digital currencies, precious metals with real backing, while manipulating the stock market decisions as influenced by congress, driven by year round events and consumer sentiment in the past half decade.
I learned about govt actions from cfp in ny by name MonicaMaryStrigle... Ms. Strigle explained the benefits of long-term Treasuries and alternative investments, which the govt doesn't disclose.
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Patricia Annie Brooks
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I'm new at this, please how can I reach her?
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
she's mostly on Instagrams, using the user name
This free game right here so grateful for this guy ❤
He's awesome 👍
Fantastic video 🎉
Thank you for educating regular people!!!
Enjoyed the video. Thanks for sharing
I believe in AMS99T just like you mentioned in the last video
I like your videos a lot, and you have a natural gift for teaching; understandable, entertaining style. straightforward information and just an enjoyable experience for an otherwise boring topic. Thanks - subscribed. By the way, I bought my first rental 12 years ago and I also live in a unit. I didn't have much of a 401K or Roth then so I didn't bother with the LLC route. Now I have another building plus a lot more in 401k plus Roth and wondering about doing this. I live in Virginia. I've had an LLC before with an insurance business (selling policies) I used to operate, so I know a bit of what they are. Anyway, thanks for this.
Terrific stuff. Excellent info.
Thanks!
Good one Mark ! 👍👍
Mark, that blazer is SICK!
are you in florida?
Hey Mark. Quick question. I want to put a few stocks from my IRA into my Roth before they explode in value. It looks like I can easily do this conversion through Schwab, but it looks like they want me to choose an amount to withhold for taxes. Can't I legally just choose 0%, and worry about it at the end of the year? I'm assuming Schwab would just send me the appropriate form at the end of the year to put in my taxes. Sound right to you? Thanks for any thoughts.
👊🏽👊🏽👊🏽
Who the hell can afford a owner rental insurance! You have to be getting a substantial rent income to be able to afford one. Not for Chippewa County 😅
I think I am going to consult with you in 2025 .. i love you
A new investor does not have enough money to afford not even a good CPA.
A standard 30 years fix loan does NOT allow to be put into an LLC
169😊
Don't get me wrong, you are providing lots of golden nugets but some things depends on each business economic market where it is operating 😊
AMS99T is still extremely undervalued
Is a lie!!! LLC does not protect a one person owner.
I was thinking the same thing! A single person LLC in accounting is a pass through entity same as a sole proprietorship. Also all anyone has to do for court is show you pierced the veil between LLC and personal, commingling funds, deed transfers…
0Thank you for sharing AMS99T💗 I really appreciate it