Posts Tagged ‘True Wealth’
The key to good, no GREAT, Real Estate Joint Venture (JV) Partnerships is good record keeping and good communication.
I found this audio recording with George Dube and Russell Westcott and wanted to share it with you … it is approx 45 minutes long, but FILLED with good information for both seasoned and newbie investors.
In this audio they talk about the importance of proper financial reporting to both your investors, and the CRA, as well as on Raising Capital to grow your own investment portfolio.
Making sure that you are properly handling the accounting and tax issues that arise when dealing in joint ventures is critical to your success in both attracting and keeping good partners.
We attribute our own success with navigating the paper trail to having strong team members, including Lisa who owns Balanced Beans Bookkeeping; and from always continuing to grow our knowledge base by listening to people who are already successful in the areas we want to be in.
We provide quarterly reports and pay our Joint Venture Partners on a quarterly basis, and provide full access to our books for any partner that would like to visit our office. Timely book keeping, clear records and an easy to use filing system have helped us to not only grow our business, but to keep stress at a minimum.
I strongly encourage you to Click below to connect through to George Dube’s blog and then listen in as Russell Westcott, of the Real Estate Investment Network (REIN), interviews George Dube of Dube & Cuttini Accountants, and then to take an Action that will get you on the right track to raising capital and keeping your Investors for the long term.
I love to hear your comments on this audio or with any questions that you have. Additionally, if you are interested in partnering in with Jeff and I, please let us know. We are your “no pressure” source of information on partnering..
We love to help others become Financially Educated and to make good choices that make sense for your circumstance.
To Your Financial Freedom!
As Real Estate Investors, Jeff and I looked & trained in a number of areas including Tax Liens & Deeds. Although we have chosen NOT to follow this path, many of our friends and mentors do use this strategy with great success. Today I read this article on the RichDad Education Blog and wanted to share it with you, as one strategy to consider when building your own path to True Wealth. I hope you will read this article and open your mind to another Real Estate Strategy to consider! We both thank Robert Kiyosaki and his commitment to financial literacy, as his first book was a turning point to building our own path to Financial Freedom & True Wealth!
Tax Liens and Deeds Overview
Property tax is one of the primary ways cities and counties generate revenue to fund the services they provide. When taxes aren’t paid, these government entities still need a way to borrow the tax money that isn’t paid, and often do this by selling tax liens and deeds to investors. Tax liens are effectively loans that can be turned into a deed if not repaid after a certain period of time, often called the redemption period. A tax deed is a deed to the property which may or may not have a redemption period. Laws vary from state to state, but here are some of the basic advantages of tax lien investing.
Tax Liens and Deeds Advantages
Priority Lien. If a property tax is not paid and a lien is placed on the property, then the tax lien position moves in front of other mortgages and trust deeds. This gives a great deal of security—if you had to foreclose on the tax lien certificate, and become the owner by getting the deed, then you would own the property free and clear.
High Interest Rates. To encourage investors and penalize delinquent taxpayers, interest rates are often set high. Interest rates can range anywhere from 8 to 50% depending on the state you are investing in. Read the rest of this entry »
True Wealth has many components and comes from many areas in life, Financial Education is one of the most important parts of obtaining and keeping True Wealth. You learn by doing, by making both good & bad decisions and learning from those decisions; and by following what others are doing that already have what you want.
We are big fans of on-going financial education and we listen to a variety of experts in many areas. We make our own decisions, but draw from the education we have and from the knowledge that others share.
The following short video includes a few of the people that Jeff and I have learned from (and personally met and like) including: Robert & Kim Kiyosaki from Rich Dad and a few of their personal Advisors including his Accountant Tom Wheelwright; Mike Maloney who is an expert in Gold & Silver and Ken McElroy from the MC Group of Companies - who is an expert in Real Estate.
We hope this short video will inspire you to keep learning & growing your own financial awareness and help you to get, stay or become motivated to learn more on finances & money - so that Your Unfair Advantage will be education!
In my first blog - I speak about WHO do you listen to? The following video is two people who I think have an excellent background in the Canadian Real Estate market.
Peter Kinch is one of the Mortgage Brokers that we have used and recommend to others; Don Campbell is the Founder of REIN, the Real Estate Investment Network. Have a Listen and let me know what YOUR opinion is!
PS - They banter about the upcoming Stanley Cup games for the 1st few minutes …