Lifestyles Unlimited, 12/3

Lifestyles Unlimited
Sunday, December 3rd

Lifestyles Unlimited with Steve Davis, for December 3.


Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Did real estate investor radio show. A real estate investment pro. Listen and learn how to use real estate to build wealth and passive income streams for you when your family. We bring you experts every today to discuss and answer your questions on everything from single family homes all the way up to 600 plus unit apartment complexes. And now. The lifestyles are limited real estate investor radio show. Good morning and welcome to blood cells unlimited real estate investor radio show host the Davis. Where as always we're here talking about your personal financial freedom. We're talking about building passive streams of income. That'll allow you to retire at any age we literally have students in their twenties who are by this definition retired. The example ought to use is go out over the next five to ten years by yourself twenty houses are gonna make about a thousand dollars a month profit off them. If your bills are 4000 dollars a month when you have to go back to work. You don't you're retired. C so many people are using this other method which is almost completely. Ineffective. They're trying to save their way to retirement. And they think somehow we're gonna save up a million bucks for two million bucks and be able to retire and live securely offer their savings. And Social Security. And that's their strategy. But the end result of that strategies at 95%. Of Americans failed to retire by age 6536%. Are dead by age 65. So. The golden years are golden law. But the good news is that we know what the you know when they did the research they. They looked at the 5% who do retire young or at least by age 65. And they all businesses and real estate. I think so it's over 70% of them. And that's what we're doing we're buying groups of single thing we houses. Several little apartment complexes or one big 20800. Unit apartment complex. The produces cash flow for us for the rest of our lives. Whether in the ten years of retirement or fifty years of retirement. It doesn't matter. The money comes in every single month and I'm here to answer your questions. On how to do that. If you're sitting there saying me don't want that second stream of income. Which is what we're talking about because most of us have jobs but we have a second stream of income. And really the goal of that. It is too. Make sure your second stream of income meet and exceed your wants and needs that where you can quit your job anytime you want. Or change companies if you don't like where your working somewhat doubt. So you've got questions about how to start building the second stream of income which real stake. Can you call is 8777115211. 8777115211. Or you're welcome to email me and only answer your. Mean a lot of on the air. It's asked Steve. Those view on NC dot com. Ask Steve that sells you on NC dot com. Well I'm woman continues something that I can't I kind of got cut off on yesterday's show because we just ran out of time. But I was talking about. Not settling. In other words not lowering your expectations. And did all my mentor. It does some of the weekday shows. He really uses that phrase more than I do don't settle. In the end I generally use the phrase. Raise your expectations. Both of them need to be addressed. And the reason is settling is when people lower even their low expectations. And it's very dangerous. And it happens to the majority. Vast vast majority. Of people in life. And I got quite a few emails. Even though I didn't finish the whole subject. I got quite a few emails from people talking about how. What I was talking about I was really talking about sex in them in the long term relationship. Boehner and how there's a thing out here that I never heard of until recently. Call the sex was marriage. In my home the point that the U sentiment amid what are you talking about a sexual smears that doesn't even make sense. You know there's only one thing that you do with your spouse that you don't do with other people sex. So if you're a sexist repeats isn't brilliant man. You know. And I understand there's some people who physically they're so unhealthy that they can't have such I'm not talking about that I'm talking up. Healthy normal average people. Literally in the Texas murders I have friends who complain about it constantly. Around. I was talking about several. Panel did that happen. Did you know. Scene in front of Lou. Whoever the judge or the preacher. And say this. Yup I'm gonna commit to not having sex with anybody else but this person owned by the way we're not gonna have sexy. Is that what you said. It's not as it. But how did it denigrate. Him home to. What it is today. It's because you're speaking in satellite. And what I didn't get too because I ran out of time was how that relates to other aspects of your life. And we'll talk career. Now remember career is separate from your wealth. Many people grouped close to but they are two different things. Your career is one thing your wealth is another in its most easily defined by your careers are earned income you're wealthy Japan incident. Can you wanna separate those two but let's talk about career. How many of you when you took the job that your app right now. In vision and what you're doing right now. In other words many of you working 5060 hours a week. And jobs you have. Somebody here you know maybe it's just forty but it's still at a job you hate. You don't like the people you're working with you don't like the corporate culture you don't like the company mission statement some of Europe are. Asked an ethical. Companies. You know it you know you should quit and get away from him but you keep doing it. So that's the form or another form of certainly. So. When we talk about it and remember we're lifestyles are limited not money unlimited. That's why we talk about fame when we talk about sex we talk about fitness we talk about career we talk about wealth we talk about spirituality. Everything. The whole lifestyle. Has to be discussed. The end. Of settling. In all those parts of a balanced life. Is what destroys your life. You just then. Too much work. I bet you when you started your career you pictured yourself at a high paying cushy job with the corner office. Pretty standard right. That's that's what we all dream. And that's what we envisioned. Ourselves doing. Is that the position you're in right now. If not it's because you have settled. For less than your goal. That's that's simple. You've lowered your expectations. And you settled on something that you really don't want. In what Dell brings up. Is. We do and every aspect of our lot. In you've got to change that. By not settling. You've got to go back. And offers fruit for different people it's different for me it was my teens. For some reason. Well I guess that the reason is is because I got a copy of zigzag whose book on goals and when I was very young maybe thirteen fourteen slump like that. And I read it. And I just became a goal so. So I remember even. Will the seventh grade whatever that is 1213. Under every minute sit in seventh grade. Wanting to be a million. I thought about. But here was where I was wrong. I thought everybody. Was like me. I thought that everybody. Wanted to be a millionaire a thought that everybody wanted the great career with the corner office pushing each puff. But what I've realized over time. It's just just not the case. A lot of people never even fallen about being a millionaire it was so out of their belief system. That they could be a billionaire that they never even thought about it. It was just too painful. I can ever achieve it. Why write it down as a goal wise try to was due I'll never be able to do an appearance couldn't do it their peers couldn't do with their peers couldn't do. He's in. Before they even get it changed his dream. Their dreams are dashed. So for a lot of those people it. That didn't think about it when they were in their teens. It's in their mid twenties. When they finally start getting out in the corporate America and they start seeing successful people. And they start then they start to drink so. Like I sit for everybody it's different for me I have to go back to my teens whenever I feel like I'm off course. An unsettling. Or lowering my expectations. I like to think back to what I dreamt of when I was a teenager. When I dreamt of how my life would be. And that gets me back on track. You've got to do the same thing whether it's your twenties or your teens. You've got to think about what did you want why. We'll talk more about this we come back from the break. Call me your questions about real estate investing an 8777115211. 8777115211. Thanks for looks. Lifestyle some limited is the real estate investor education and mentoring group that is taking people by the hand and taught them how to invest in real state for over 24 years our students have been so successful in treating well the past having found that they've won local state and national investor the year awards nine of the last nine years it's easy to see my personal real estate investor magazine named as the best in the US if you're ready to add real estate to your portfolio go to lifestyles on limited Austin dot com to access our free live training events scheduled. Wondering who the free workshop is for we did amazingly successful with people who are pressed for time. Doctors lawyers small business owners and corporate professionals. Who are grinding their lives away for earned income and don't realize they can start creating passive income today. Within the confines of their schedules and commitment. Want to get started now go to my passive income workshop dot com. That's my passive income workshop dot com. 57. I. And welcome back to the lifestyles and unlimited real estate investor radio show phone lines are open at 877. 7-Eleven 5211 let's go straight to the phone lines were rawness on his way to church he's in canyon lake. Ron what was your question. Hello Ron are you there. He may have gone on the church. Iran are there yeah yeah I can hear you know. I'm sorry I request a quick question Torre on this senate bill that they just passed Britain still need to be passed by the president. They have a limit of 101000 dollars which you can write off. Or property tax. Now I've got to the rental homes. Part of our promotional home in what the thing goes on paint over 101000 dollars. Income tax. There are gonna LLC is on both rental home is that she'll beat them at 101000 dollar limit on the LLC is served well I'm impressed him thousand. I'm not an expert on this but I don't believe it applies to business real state it's on our personal residence is wrong it's on our old alliances. On business real state everything's remains about the site. Grew re okay okay. Great hard rock take care thanks for the phone call mama. Yes so many people are worried about. These changes that are going down but it's on the did most of them are on personal residences. You know if you got a business and your paying property tax that's to yourself amid the write that off against the business sports eternal property. Which is a business. So don't be too fearful of what's going on in Washington. You know they're they're gonna screw it up to it like they always do but. At least you won't be too man. Phone lines are open at 8777115211. 8777115211. Or email me at ask Steve and I told you on NC dot com. Ask Steve and bill you buying and C dot com so where begin talking about settling. And there's another phrase that I like to use an open don't use this too much. But it's it's the phrase give yourself permission to be happy. Him when I say hit people like well let's. Don't. But it's really not. It's not an adult moment is not that simple. I know. And have consultant hundreds if not thousands of people. I have to say it is thousands. Of people. Who literally do not give themselves permission be happy. They take the first job that they can get an order or even worse. They take the highest paying job they can get whether they like it or not. Because they believe that money is the solution to happiness. Yeah I'll take this job pays 101000 dollars a year or more no sure unloved the other job. And I hate this job but all gonna get that extra ten green and they do it. And you could say we'll let sounds like a rare case no it's actually the majority. I think I think my past experiences it's the majority of people. They will take eight crappy job that pays more. Because they think with that extra money they combined happiness. And as we all know. And I hate this phrase. But UK you know money doesn't buy happiness. I must admit of a lot happier with money them without. So somewhere in between you say actual truth. But it's what you wanna do is. It's it's okay to be happy you really yes. And you wanna start designing your life. To be happy. And what ends up happening. Is that if you do that and I'm not just talking here I have read book after book on happiness probably. I guess four or five different books on happiness. And how happy people make more money. Think about that. Go out and be happy you'll make more money. If you look at people who make big money. There that things that their passion about. Things that they love to do most of the people that I know that make 800000002. Million a year. At their earned income. They will literally will be drinking Beers and logo I can't believe I get paid to do this. I'm looking at them going that is the worst job I've ever seen in my life I wouldn't do that a million years. But to their room. They don't understand they're like I would do this for free. They love it. Just like some people would say well mentor and been consulting. What more would you. You look at me. When you go out whenever one of these but for me I can't believe I get paid to do it. Are we'll talk more after the break gimme a call if you got a question about real estate investing it's 8777115211. 8777115211. Thanks for listen. Long time lifestyles member Curtis Haines. A real joy for me looking back. Is helping others and I wouldn't be able to have done it without the support of lifestyle they just can't please thank you enough feel for that. If we were to ask people if they could vote on the top ten guys. That help for the people you'd be one of them there's no doubt about it you have to. Roadmap of holy success stories on this one I'm just. One person out of the thousands fantastic success story that each and every person can learn from that's my advice. Take Curtis Painter advice come meet felt like minded successful investors who are helping others just like Dell helped him. Attend the workshop get your map. Safely and quickly build wealth and passive income so you never have to worry about working till you drop. Losing your job or retiring in poverty. Call 18669718970. Or go to lifestyles unlimited Austin dot com that's lifestyles unlimited Austin dot com to register for the workshop or change your life. Tough thirteen 721. Welcome back to watch trials on. Limited group was that mr. radio show host the Davis phone lines are open at 8777115211877. 7-Eleven. 52. Eleven let's go straight to the woodlands Texas and talk to chain him. James thanks a lot for calling in Howard you to death. I am excellent power in excellent health is OK my one question. I purchased my third common open side and thank and don't like to fool around not okay. Not the question I can't let it be moved back into. You know. In or one who handle live in the home for two years before you could balance that you worry about him back but a lot of them. And that they changed at five years or. No it's still it's two out of the last five years I believe I don't think that that's gonna change. But I've got to be honest with Eugene and I don't know. Now I've I've read some of the material on it. But not a lot. But I don't think you're gonna have any trouble with your home stood. If you flew into the flat out fun years and it. Yeah what would be negative I'm 81. And I had heard that there there was some panic I think you could do what you want. Now I don't know whether that I think I got that from my X-Men the opera. Well you know that they're here because I'm not a real estate group so anybody. I've got a you know Jane and I've got a tax guide. That. It is a real estate guru. If you email me this question. I will ask Hume and get back to you. Okay good. It's okay grandma and and have a blessed day. You two Jayne you take care. Young my email is again open to everybody 24 hours a day seven days a week. But for. UNC dot com. Ask Steve and bill you on NC dot com. In June there's something else you should know about it some things bulletin 31 exchange. If they do change that law. And suddenly they say I just. Don't think that's in there Jane I do not believe that's in there but if it is. And you know no longer qualify. That you can do at 1031 exchange in defer those taxes. As well. But email me at ask Steve I don't view on NC dot com ask Steve. I have told you I NC dot com. Okay. A cup I've got a couple emails here. They're pretty long I'll read one of them during the break or maybe both of them and only a term when we come back from the break. So keep them coming and I will get those questions answered. If I don't get it he entered during the show. The novel actually email you myself in the interim through email but either way you're gonna get your question and answer. Think to ask Steve I know you on NC dot com. So to summarize what I've gone through the first half of the show. Is. My favorite phrase. Is really raise your expectations. It's you know the don't settle. Kind of is a negative way to look at it which that's the contrast between Dolan on. He's a moving away twice person he moves away from paying a move toward pleasure. It's different personalities. The end. So it touches different people so don't choose one or the other. I'm sorry choose one or the other based on your personnel. But for me it's like to raise my expectations. You know whether it's your romance whether it's your income home where the richer fitness whatever. Frazier dog on expectations. Don't settle. This is another common ones is when I see people at 5050 pounds overweight. Why are they fifty pounds overweight yes there overheating of course but. They just lower their expectations. They put up with that they've settled. All that's just what happens when you turn fifty so it doesn't. When that moment I can do a whole show on this. What happens is you change your eating habits as you get older it's not that your metabolism slows them much. Like everybody wants to blame it on their metabolism. Sorry it's the older you get a more food becomes entertainment. And you start eating apple three and 5000 dollars of how thousand calories a dead. And that's how you doing went. So. Raise your expectations for your fitness Frazier expectations for your parents raise your expectations for your Roman treasure expectations for your income. Raise your expectations for your passive income for many of you just thinking about passive and how. He's the first way to raise your expectations. Then we'll talk more after the break here on the lifestyles unlimited real estate investor radio show and call me at 877711. The 8777. Levin who. Did you know that every dollar you put into a piece of real estate makes you money five ways. Cash flow of money in your pocket each month. Equity capture the thousands of dollars you create when you have the right team and by the right property using the right map. Appreciation. Real estate doubles in value about every ten years equity buildup. Printers pay down your mortgage each month and finally there's tax advantage we pay almost no taxes on our cash flow and capital gains. These are the five ways we make money in real estate. Which is why real estate accounts for more millionaires in the world today than any other investment vehicle you should have some real estate in your portfolio. To learn how to attend one of our free workshops or call 18669718970. Or go to lifestyles unlimited Austin dot com and register for the next available workshop. That's 8669718974. Go to lifestyles unlimited Austin dot com. Welcome back to the lifestyles unlimited real estate investor radio show on your host Steve Davis phone lines are open at 877. 7-Eleven 5211. 8777115211. Or email me as quite a few you've done. It's ask Steve I know you on NC dot com ask Steve. And don't you on C dot com ominous start ago. Out of order on these emails because some of them are very long I was able to read one. You've given me some personal information. And I could probably answer on the here but I must say this one till after the show. And I will email you myself anonymous. The next one. Comes from Gayle who basically says on selling a piece of property. That is contiguous to my homestead that I'm not selling. The property that I'm selling is on develops and this is raw land non income producing real estate it's actually negative cash flow. She says I've owned it for over thirty years 38 years so I'm going to have a large. Capital gains. I'm hoping to put some of the proceeds into an income producing property. Which is wise that would qualify for 1031. Does this sound possible. And if so what do you recommend. Well. More and yes it's it's absolutely possible and it's absolutely what you should do. You know be very careful though and I'm preaching now but here comes. Don't take any of that money. 1031. All of it. The reason is that that is the groups. And when you take some of that. Your hacking away at the deuce and remember gale the object of the game is to live off the Phoenix. The cash flow. So my first recommendation is take every done let's leave it's a 100000 dollars take every dime of that 100000 dollars and 1031 it. In 25 or six single family houses for a small apartment complex. That starts to produce your cash flow. In them whatever you were thinking about buying. With that money. Pay for them the cash flow I hope that makes sense. But if you say. No Steve. About a 100000 I want take 20000 of it to pay off dead or. There's a specific reason you need to keep some of it that's fine you can do that you can do it. I don't know what the term Fortis but it's simply put it's a partial 1031. You can 103180000. Yucatan 3150000. In key 50000. And pay the taxes on just what you keep. That is not a problem. One thing you may be asking is is it okay to 1031 from raw land to income produces. Any answers again yes absolutely. So that is what I would do. See if there's a way that you can 1031 every dumb of the so you're not hacking away at the deuce. To create cash flow. That will pay off your dead or buy that car you want or upgrade your house whatever it is you were thinking of doing with that extra money. Pay phone lines are open 8777115211. 8777115211. The next one comes from let me see if you put his name and email note so this is another anonymous. Says what is the ideal rental property these days. Well to be honest with you anonymous it's actually been saying for the thirty years I've been an investor. It is middle America now has the price risen over the thirty years of course prices more than doubled but. It's and that's just the rule real state levels and on almost every twenty years so it's of course doubled in value. But if you look at what homes they are is the exact same homes the homes that were selling for. 75000. Dollars thirty years ago are now selling for 200000 dollars. That's the same home. So what happened thirty years ago is were buying homes for 25 to 50000 dollars. Now we're buying them from 10250000. Dollars. So they answered your question 20250000. Dollar homes. I don't want you paying a 10450. Form. But they are three or four bedroom. Two were two and a half. Two car garage Holmes three to two fortunate to. In near between I think the smallest. I really. And comfortable with is about thirteen hundred square feet there's no limit to how big they committee I've bought 3000 square foot homes. For. Less than a 150000 dollars before another word for more than a 150. But that was what I was able buy them at that price. And they're generally in the neighborhoods. Now there are exceptions to this rule anonymous. But you're you kind of asked for the ideal rental property so there in neighborhoods with 4500 other houses. Very stable. In that price range. That's square footage that number of bedrooms those things are gonna release in a week if you're in Texas in May take two weeks in some other states. There Leeson week. The rents range from thirteen hundred to 17100. What would happen if you didn't show up for work tomorrow. For the next couple of days for a week. A couple of months a heat how long until you lose everything you've worked for in a fraction of the time it took different. If this fear keeps you up at night it's time to learn the strategies we teach at lifestyles unlimited start with the free workshop. Go to my parents who didn't come workshop dot com and find your true financial piece like so many of our members already have. That's might passive income workshop dot com. Come back polite golf unlimited real estate investor radio show on your host the Davis we are in the final segment today shows if you got a question for me. He's called now it's 8777115211. 87771152. He loved. So I guess we could summarize what is the ideal property. With. If you want the ideal property. The number one I gave your range three or four bedrooms. But the 32 to 15100 square foot. 150 are hundreds and hundreds of 150000 dollar home. Is your target deal. Me and those things lease. Instantly. You know between 1415100 dollars a month. And you make about 400 dollars a month cash flow off without. That's taking our principal interest taxes insurance 200 dollars a month for maintenance and vacancy. And now you you do have to know the correct business model for how to do this otherwise your maintenance costs are going to be way way higher than now. But if you do. That should that should do it for him. Saying anonymous listener just to you know meet him what I need to look out for with Harvey flooded homes meanings. Many homes that have never flooded before. I don't really worry about them that you may be asking if there's anything specific. Physically. To look out for because it has flooded. I don't have an answer for them. Just make sure anonymous which are always taking a contractor in with you. That has done flooded houses before this is very important. That is done flooded houses before. That where they know how to get rid of the mold. Pass inspections and so one. Don't take. And certainly don't try to do it yourself. The first time. Make sure you take a contractor in their before you write your offer at that written bid for all the repairs. They should offer offer of those that did. And no there's nothing specific that you have to look gulf war. And I do agree with you which is what I think you're saying anonymous is that you're not buying houses that flooded three times in the last ten years. But Harvey was a fluke. It's probably not gonna happen in our lifetime again. So yes I do by Harvey flooded houses or wood on the market for some fame and but. I would buy it. Houses that were flooded in Harvey but I would not mind if they also flood in the other two events. Take phone lines are open at 8777115211. 8777115211. Or you're welcome to email me it's ask Steve and LU I NC dot com. Ask Steve and I told you I NC dot com. And let's go to the next question. It's from a Maggie. She listen to the show yesterday where I was assaulting. IRAs. And she's wanting a 441 K is better than the truth is no. The IRA in the 401K. Are really epic fails for America. There are in the 401K A really benefited. The corporations. It guts. Pensions off their back. You know back in the day. Our remember when it was you've worked for a company for forty years thirty or forty years and Beckham you would take care route to a pension. When they. Decided. That that was that system wasn't working more. They put the responsibility. All into the employee. But saying all we got this great thing IRA. The 401K. You can just say your way to retirement. Well that's been an epic fail money 5% of Americans failed to retire in America. Successful. So. No I don't like 401K easy either. Then what comes up is you have they match the first 6% of my income so file puts it so make a hundred grand a year. At the job I can put 6000 there are no match it with another 6000. That give you a 100% rate of return. And you say that's a sweet deal woman police gonna do now. Know we don't do that either. And the reason is we're making over a 100% rate of return with no limit on our real estate. That makes sense. No words no 6006%. Limit. As much as we can put in the real estate. We're literally made the first year we owned property we're making a 100% rate of return. So we match our own funds and we get to keep our money. And the cash flow comes back to it's not back to the irony. So no I don't care for the 401K. For the IRA I think they're terrible places to have your money. Keep your money pay the taxes and go invested in income producing assets. Businesses or real state and I'm obviously very pro real stake. Okay this has been the lifestyles unlimited rules say mr. radio show. I'm your host the Davis remember that you are welcome to email me at any time 24 hours a day seven days a week. It's asks the good old U volume C dot com asks the good old U. By NC. Thanks for those. Thanks for listening to the lifestyles and limited real estate investor radio shows remember that this show is for entertainment purposes only. And should not be construed as legal investing more tax advice results may very well. Always consult a professional before making any financial decisions if you like to find out more about the mentoring available at lifestyles are limited please visit them online at lifestyles unlimited dot com.