Welcome to the WealthBuilders Podcast with Karen Conrad Metcalfe and Frank Pulley answering the top questions from the recent Real Estate Workshop.
The Q&A addresses how to find knowledgeable accountants for self-directed IRAs, marketing strategies for vacation rentals, trends in the real estate market, setting up LLCs in multiple states, accessing the MLS and more.
Learn the importance of working with professionals who understand your investment strategies. Click the player below to watch this episode, or listen on your preferred podcast platform!
More Resources:
FREE e-Booklet – Understanding Good/Bad Debt
www.wealthbuilders.org/kingdom_stewardship
WealthBuilders Real Estate Workshop: Possess Your Promise
https://billyepperhart.lpages.co/possess-your-promise/
Episode Show Notes
Real Estate Q&A: Coaching Insights, LLCs, and Market Trends
Frank’s Background and Coaching Journey
- Frank transitioned from retail to real estate with the help of a good business coach.
- His knowledge and Christian background make him a valuable addition to the WB coaching team.
- He left the retail business to spend more time with family and align with his faith.
- Other WB coaches on the team: Pastor Mike Davis, Troy Peterson, and herself, each bringing unique expertise to the table.
Answering Real Estate Questions
- Look for real estate attorneys or accountants who specialize in self-directed IRAs.
- Ask for recommendations from IRA custodians.
- Wealth Builders Network will have a list of providers who understand investment strategies.
- Find a good fit with an accountant or attorney who understands self-directed IRAs.
Marketing Strategies for Vacation Rentals
- Optimize marketing strategies for vacation rentals that are not booking.
- Focus on high-quality photos and descriptions.
- Vacation rental descriptions need cozy, personality-filled photos and a well-written description.
- Social media is important in promoting vacation rentals, including videos showcasing the property.
- Use AI to optimize descriptions and make sure the property stands out from hotels.
Using Virtual Assistance in Real Estate
- While virtual assistance can be helpful, it needs to be managed carefully, similar to managing regular employees.
- Virtual assistance can be a good option for tasks like reaching out to potential clients.
- It is necessary to build systems and structures before delegating tasks to AI.
- Virtual assistance can be a valuable tool but needs to be managed effectively.
Opening an LLC in Each State
- In most cases, it is best to open an LLC in the state where your property is located, but there are exceptions for family living trusts or series LLCs.
- Having a good accountant is crucial for managing multiple LLCs in different states.
- Get an understanding of the legal requirements for setting up LLCs in different states.
Investing in South Africa
- Look for alternative ways to generate income from your property, such as using it as a vacation rental or short-term rental.
- Find a strong real estate agent who is also an investor to understand the local market.
- There is potential for appreciation in certain areas of Johannesburg, especially for vacation rentals.
Understanding Parent Companies and MLS Access
- A parent company controls other LLCs and is useful for passing on inheritance or portfolios.
- Set up your legal structures correctly from the start.
- There are resources available to WB coaching members, including legal consultations.
- Access MLS by working with a realtor or getting a real estate license yourself to join a real estate company.
Borrowing Equity Money from a Fully Paid Off Property
- There are various options such as HELOCs and cash-out refinancing.
- Lenders typically loan 75-80% of the value of the property, depending on credit rating and appraised value.
- Understanding good and bad debt is crucial for leveraging properties effectively.
- Get a good understanding of financing strategies to make the most of investment opportunities.
