How to legally avoid paying taxes – feat. Tom Wheelwright


Hi, my name is Rod Khleif and I’m the host
of “Lifetime Cashflow through Real Estate Investing” Podcast and every week I interview
multifamily rockstars. We talk about how they built incredible wealth for themselves and
their families through multifamily properties. So hit the like and subscribe button to get
notified every Monday when a new episode comes out. Let’s get to it
Rod: Welcome to another edition of How to Build Lifetime Cashflow through Real Estate
Investing. I’m Rod Khleif and I’m thrilled you’re here. And I’m delighted to have my
friend Tom Wheelwright back on the show today. Now tom is a CPA and he’s CEO of a company
called Wealth Ability and what they do is they help people save money on taxes or avoid
taxes altogether. Now he also spends a lot of time traveling around the planet with Robert
Kiyosaki is one of the Rich DaD advisors and he speaks at conferences all over the world
for that. Tom welcome the show again brother. Great to have you back
Tom: It’s always good to be here with you Rod
Rod: Thank you thank you thank you. So listen why don’t you take a moment for those that
didn’t hear the previous interview with me to just talk about who you are and what you’re
up to, you know a little bit of background if you don’t mind, little back story
Tom: Yeah so I grew up in Salt Lake City, Utah. I naturally when I was a young man spent
two years as a missionary and I was a missionary in Paris. So I was teaching Mormonism to Catholics
in French Rod: While riding your bike around with the
suit-and-tie on Tom: Absolutely and I did the whole thing
you know except in Paris we ride the Metro right. We don’t ride bikes too much but I
did learn all about rejection right off the back. I mean that is, I think that’s the
big message and stayin on mission. I think the other thing is that you really learn about
staying on mission when you are a missionary. Its volunteer, it’s your own money, it’s your
own time, and you’ve got a whole lot of rules so you know getting that whole mission focus,
it’s almost like being in the Marine Corps only instead of shooting people you’re you
know you’re trying to convert them to you know a church. In any case, so I spent two
years there. I spend then I came home got my undergraduate the University of Utah in
Accounting and went to the University of Texas for Master’s of tax degree spent seven years
with Ernst & Young. One of the CPA firms in the world. In fact I was there in the last
time we had major tax reform 1986. So I watched the whole process at that time this process
was very different obviously and then subsequent to that I spent four years as the in-house
tax advisor for a fortune 500 company and then I started my own firm. I started up from
scratch. I had two clients and beat the streets and after nine months that doubled my business.
So I was at four and couldn’t dwell on that so I bought a practice and we’ve been off
the running since and not too long after that actually I met Robert Kiyosaki. He was a client
of a CPA firm that I bought and so I like to tell people, I paid good money for Robert
and we’ve been buddies and on stage and traveled the world for last up almost 20 years now.
And what’s fascinating is around the world now you probably encounter this yourself Rod
we’ll go around the world and what always happens is we’ll go we’ll do it like one day
or a two-day seminar and somebody’s going to come up to us and say you know what this
is really good stuff only you know you can’t do that here right. So frankly it doesn’t
matter whether it’s Moscow, Russia or whether it’s Orlando, Florida right you’re gonna get
the exact same response and it’s just because what we do you and I, Rod, is so different
from the norm what Wall Street’s telling you and what you brought up when you’re you know
in your education you know you know get a good education, get a job, buy a house, right
you know invest in a 401K, buy mutual funds, I mean that stuff is what we’re taught because
that serves Wall Street. We always call it the big Wall Street lie that you’re not smart
enough to handle your own money so you need to turn it over to Wall Street and I know
what you know Rod because this is what you do and what we teach our clients is that the
best person to handle your money is you and you can do a lot better than your returns
if you’re having your own money and learn how to do it
Rod: Yeah I couldn’t agree more my friend you know we’re trained, it really is the
operative word by this education system and we have in this country to fit into a box
and that’s box you know serves big corporations in Wall Street just like you said and so you
know I know that that you’ve added value you know for decades like you said and you know
let’s talk about, and you wrote a couple of books – can we get put a plug in for those?
Forgive me I forgot to mention those Tod: Let’s do it so one book I wrote, “Tax
Free Wealth”, that’s been a perennial bestseller and this is how to permanently lower your
taxes legally. And then I wrote a book with Robert Kiyosaki called “Why the Rich are
Getting Richer” and then with Rich Dad Advisers, we wrote a book called “Who Took my Money?”
which is all about building your team I know you’re you know you do multi-family so clearly
you’re all about team. I actually think that one of the best books in the world is this
team book Rod: It’s “Who Took my Money?”
Tod: Sorry it’s “More Important than Money” a really old book
Rod: Got it “More Important than Money” Tod: “More Important than Money” and it’s
really from every single adviser including Robert Kiyosaki and Kim Kiyosaki and it’s
all about how to build your team and who should be on your team. And I think that, I think
team really is more important than money as we were talking earlier you know how do you
get things done when you have a team right. The better the team and the bigger the team,
the more successful you’re gonna be Rod: Yeah I know. To those of you that just
to recap that conversation I was just telling Tom how impressed I was with his operation
you know because he is just all the different initiative that he’s doing and so I was just
congratulating him how impressive that was because I love seeing that and he said it’s
just having a great team. So that’s just a pre frame what Tom just was alluding to. Well
so let’s talk about taxes okay so you know there’s no greater vehicle on the planet at
least in the United States for minimizing and eliminating taxes than real estate. So
let’s dig into there where you are an expert and so you know I guess let’s start with this
this bonus depreciation conversation. And of course cost segregation. We’ve had we’ve
talked about costs seg on this show before but let’s go there first if you don’t mind
Tod: No absolutely. So we’re unusual in the U.S. in in two respects one is that we
actually depreciate used real estate okay. So we get a depreciation deduction which is
just you know a portion of the purchase price and we get that every single year even if
we bought it used. Most countries it’s only if you build it new and you only get depreciation
once we get it over and over and over again. So it’s a terrific, it’s a beautiful thing,
terrific incentive to be invested in real estate. Now it’s interesting because you don’t
get this benefit of it’s your own home. You only get it if you build housing for other
people so you know the more generous you are then you know the more tax benefit you get,
the way that works. So that’s depreciation in the first place but what we also get since
2017 is we get this new bonus depreciation and it applies again to both new and used
properties. We’ve actually had bonus depreciation for many many years if only applied a didn’t
play in A, real estate and B, it only applied to new properties so the big change in 2017
is it applies to real estate and it applies to used real estate and the amazing thing
is, if you look at the numbers of course that’s what you know my network and I do all day
is look at numbers what you find is is that if, let’s say that you’re invested in multi-housing
deal okay and you put down $100,000 into that deal but then you know the developers going
to go out and they’re gonna borrow money. So let’s say it’s a 75% loan to values right.
So three dollars of borrowing to one dollar of equity what you’re going to end up with
is a initial tax deduction of somewhere between $80,000 to $100,000 for putting in a $100,000.
So it’s obviously, you can actually end up and I’ve actually seen this, you can actually
end up with a bigger deduction than your initial investment you know depending on how good
the cost segregation is depending on you know what type of property is and so forth. But
I’ll tell you what, the tax benefit there I mean literally consider almost a dollar-for-dollar
deduction. So in that very first year where typically most real estate developers you
know you know you’re improving the property, you’re getting ready, you’re gonna have a
you know you thinking you need to see, “oh a 6% or 7% you know preferred return or 8%
preferred return and that’s really what you’re expecting the first year but consider that
that first year from a tax standpoint you might end up with a 40% return. So the tax
benefits actually exceed the other financial benefits in many cases on real estate now
because of the bonus depreciation Rod: No kidding. It’s that substantial like
you could say from a seven pref to a 40% return based on the tax benefits based on your personal
situation I would guess then Tod: Well yeah if you’re in a 40% tax bracket
between federal and state which you know most accredited investors are going to be in that
tax bracket right. So if you’re 40% tax bracket and you put a hundred thousand dollars you
get forty thousand dollars off your tax bill right away. So it’s really like the government’s
investing forty thousand dollars in the deal and you’re investing sixty thousand dollars
in the deal Rod: That’s beautiful. I’ve never heard it
actually described that way but that is that that really is amazing and we’re like we bought
a thousand doors last year and we’re doing cost seg on all but one of them the one is
getting pushed back to this year because it was destroyed by tornado. By the way guys,
we have another 500 doors under contract right now. If you are accredited, please text the
word “partner” to 41411 to get on our radar and get on our calendar as we’re very
very conservative. They’re very exciting deals in three states and we’d love to chat with
you about them. So just text “partner” to 41411 if you’re accredited and we’d love
to chat with you, Robert, my partner and I and we are doing exactly what Tom is talking
about here we are cost sagging and doing bonus depreciation on these assets. So you know
what he just described is what we’re pushing for because
Tod: This is actually what I’ve been pushing through Rod because I’ve seen a lot of developers
who don’t understand the bonus depreciation and the value of the conservation. And they’re
not doing that or they’re doing it poorly. I mean I actually got a report on a thirty
two million dollar building but the first year depreciation was going to be a million
five and I’m going, how’s that even possible, well clearly they’re not taking bonus depreciation
so what I end up having to do, what I end up doing is my team we end up going back to
the developer and saying, wait a minute okay well our clients are you know because we’re
able to, our clients are all able to take advantage right it’s not like it’s passive
long and yes it may be passive loss but we’re still would take advantage through good tax
planning and so we’re looking at this is. This is a really big deal I mean the difference
between you know a 5% depreciation rate and 100% depreciation rate is like major dollars
Rod: Right right. Oh it’s extremely exciting now guys his website is wealthability.com
and they do proactive tax planning. So many CPAs drive through life looking in the rearview
mirror and what happened behind. You need to be proactive and looking forward and it’s
hard to find decent people in that you know that have that frame of mind I looking in
the mirror as I’m saying this. And so it’s so critical to find proactive forward-thinking
people in the tax space like Tom here because you know it’s critical. Now can you take,
without making my eyes crossed can you can you briefly explain bonus depreciation
Tod: Yeah I can make it really simple. So think about this when you buy a property you’re
really buying four assets. You’re buying the land which doesn’t wear out so you don’t get
depreciation you’re buying the building which wears out for a very long period of time and
in residential case the IRS says it wears out over 27.5 years, commercial 39 years,
and there’s no bonus depreciation on buildings okay. There’s just regular depreciation and
then there’s two other things though that you might typically you buy land improvements
and I’m looking at your backyard there and you got all these palm trees and you got all
this great landscaping and you know you’ve got all these things outside that are improvements
to the land. Well those are called land improvements and you get basically the regular rules are
fifteen years you’d appreciate those over 15 years okay. And then you buy everything
that’s inside the building so you buy all of the window coverings, and the cabinetry,
and the flooring, and the fixtures you buy all of that kind of stuff when you’re buying
that property. Well what a cost segregation does is actually breaks out your purchase
between those four categories. Now what bonus depreciation does is they say instead of depreciating
the land improvements over 15 years and the contents over five years. You get to depreciate
the land improvements and the contents immediately. So that means if let’s say that 20% typically
what we find is about fifteen to twenty percent of the purchase price is the contents of the
building and another five to ten percent on the land improvements okay. So that’s as much
as thirty percent of the building. So let’s say you’ve got a million dollar, you just
go buy a million dollars complex right you know my million dollar building, 30% of that,
as much as 30% of that might be deductible the first year. So that’s $300,000 you may
only have to put $200,000 down to get that million dollar building and you’re getting
as much as a 300,000 bar deduction that how bonus depreciation works
Rod: That is beautiful that’s beautiful thank you for that. So let’s also talk about if
you don’t mind the 20% pass-through deduction. You mind expanding on that a little bit?
Tod: Yeah this is actually important for real estate because of bonus depreciation you know
if you think about in the past we typically haven’t really had to pay any income tax on
real estate because we’ve got enough depreciation each year to offset the cash flow from the
real estate. But if you take all that depreciation upfront, the second year you’re probably going
to have taxable income. Well this actually works with this new 20% deduction. So basically
what the percent deduction was, was kind of a nod to the small business and the real estate
investor because big businesses were getting their taxes reduced from 35% vs 21% okay that’s
the corporate tax rate reduction you’ve all heard about. So this 20% deduction just says
we’ll look remember income from a pass-through entity like a partnership which is what you
guys. You are taxed as a partnership, that’s corporation. Right one of the two is unless
you’re probably an S corporation that is, you’re only tax on 80% of that okay. So
80% of the income is what gets taxed very much if you think guess so when I guess you’re
only taxed on 85% of your income because you have this percentage depletion. Well it’s
very similar to that so that’s probably where the rule came from is that you’ve got this
twenty percent deduction which means that effectively you’re only taxed like 80% of
your income. Well if you think about it the first year you’re getting a big loss, the
second year you’re probably going to have positive taxable income but you’re only
getting taxed for 80% of it. So it’s a great deal especially I mean you consider we have
bonus depreciation in full only for the next couple of years. So we kind of have an urgency
here because being 2023 it starts phasing down right
Rod: oh it does Tod: So we’ve got a 100% for 2020, 2021, 2022,
2023 it starts facing down over the next several years alright. So what that means is is that
we might have, we might be out there investing for the next couple of years we build enough
we’ve got a good nest egg here you know we might want to be whether we’re waiting for
a market correction or whatever we’re doing, we might find that we have a whole bunch of
taxable income from our real estate because we took all that depreciation upfront to offset
other taxable income. All right now what do we do? Well good news is we only get taxed
on 80 percent of it. Obviously, there’s lots of details in there. I know if I went through
your eyes from class over at about 15 seconds Rod: Okay
Tod: Rather than do that, just sit down with your tax adviser now
Rod: Yeah sure. So can you speak to Section 179 as well if you don’t mind
Tod: I don’t mind at all. Now 179, a lot of people are familiar with it because they
have small businesses and Section 179 is basically a deduction that is very similar to bonus
depreciation okay. The difference is that there are limitations on Section 179 that
aren’t in bonus depreciation. So we almost never take Section 179 anymore. There are
a couple of times we do because there are a couple of types of equipment in commercial
buildings, it does not apply to residential, but in commercial there’s a few things that
are deductible under Section 179 that don’t get bonus depreciation which would include
your HVAC and include your fire alarm you know so your roof okay, but that’s specific
to commercial and commercial meaning people don’t live in there. I mean commercial loans
you know people get confused by that it means it’s a commercial building used for something
other than people living there. So 179 does apply there but for most residential
Rod: Multifamily and single-family Tod: Multifamily and single-family you probably
are not going to use 179 at all as long as we have bonus depreciation
Rod: How about 1202? Tod: All right so this is an interesting one.
So 1202, and I think this is a lot of fun and I that a lot of your investors have their
own businesses okay. So it’s not really a real estate tax issue but it is a tax issue
for those of you who are building businesses and one of your businesses might be property
management, Rod: Construction
Tod: might be fixing and flipping properties, it might be construction, so those are different
types of businesses because they’re not investing really they’re an actual business. And with
that we have this rule that’s been around for ages but the reason we’ve never heard
of it is because it only applies to a C corporation and remember prior to 2017, prior to 2018,
C corporations were taxed at 35% and they were double taxed.
Rod: Double taxed yeah Tod: So you’re paying 35% the first time and
then the next time you’re paying another 15%-20%, why in the world would you ever put your business
into a C corporation unless you’re going to be a public company right. But now it’s a
21% rate. So your effective rate is not that high even if you pull money out but if you
leave money in, a year effect to raise 21%. Well here’s the cool thing, let’s say that
you start a business and you’re running this business you’re going I’m gonna build this
business I’m really gonna put my money back into my business like I’m building a new business
right now and I’m not gonna pull money out all that money is going back into the business
right. You see this a lot with technology companies but you know a construction company
could be the same you might want to just build build build build and then down the road you’re
gonna sell the business. Well wouldn’t it be nice if you could pay twenty one percent
tax now which is about half the regular tax rate and pay zero when you sell it? 21% now
and zero when you sell it, well that’s what 1202 gives us. So if you have a business,
you can actually set it up again this is something you sit down with your tax plan okay do not
do this on your own right, those commercials with the racecar drivers right don’t do
that. it’s a closed track don’t do it on your own. Go get professional help. So imagine
that you can get 21 percent on your tax on the income you sell it you get this big cash
payout and it’s not taxable. That’s what 12 – it’s pretty well given the new tax rate
it’s for corporations, it’s a real opportunity for businesses particularly small businesses
Rod: So you know my listeners are primarily multifamily investors, aspiring multifamily
investors, so what you know can you maybe expand on this wisdom that you’re sharing
as it relates to your wheelhouse, no pun intended, that as it relates to the you know tax is
there any questions, I haven’t asked or anything you could add to my
Tod: Yeah there’s all sorts I mean there’s literally thousands of tax incentives in the
law. Fundamentally, the tax law is really just a series of incentives and if you remember
back to 1986, the big loser in the 1986 tax law was real estate. That’s the big S&L crisis
you know some of us are old enough to remember that probably most of your listeners not.
But I remember it very well Rod: And I remember some of the stuff I bought
back then which was unbelievable. Anyway I don’t want to derail your thought process
please keep going Tod: Anyway so big loser in 1986 was a real
estate, big winner in 2017 is real estate industry. And so what to remember is that
it’s not just depreciation or the 20% deduction there are big wins for real estate investors.
For example you’ve got a new automobile deductions right that you didn’t have before. We have,
depreciation is different, we have not only do we have Section 179 available to us but
we actually have bonus depreciation on automobiles. So here’s what we want to do, we want to make
sure that our automobiles were using them as much as possible for business where people
get really confused here is the importance of a home office for your automobile deduction
because what a home office does is, remember that the IRS says that the first trip you
take every day and the last trip you take every day is community and preemptable. So
let’s say that what you’re doing is you’re going out to see your properties every day,
you go to the first property, the second property, third property and then third property home
where you go that’s all business. Well no, I’m not putting the IRS, in the IRS that first
trip to the first properties and community the last trip home is the community and so
the only the only tricks that are deductible are the ones from the first property, the
second property, the same property and the third property. You can cure that with a home
office because if you have a home office, the IRS says that your commute is from your
kitchen to your office and so that 30 feet is your commute and that means that first
trip of the day and the last trip of the day are going to be business expense. So I’ve
actually seen people Rod go from 50 percent of their business, their car being deductible
to a hundred percent because they literally that commute was 50 percent of their travel.
So if you take out that commute by having a home office, now you’ve got a much better
deduction and consider if you’ve got a big SUV which you probably do or a pickup truck
right which you probably do if you’re a real estate you know if you’re a professional real
estate investor, you’ve probably got one of those two trucks. Well those are if you’re
over six thousand pounds gross vehicle weight you just checked your door let’s see what
we grow spec weight is, if you don’t or six thousand those are a hundred percent deductible
to you you buy it because it’s bonus depreciation Rod: No kidding. Wow I’m actually looking
to buy a twenty five hundred truck right now to pull a trailer on that truck
Tod: Well, there you go and now you can $60,000 on that truck and let’s say zero down on
that truck okay, what are you gonna do? You get zero down on that truck, get a very low
interest rate over five or six years and the bank’s gonna put all the way down on that
truck and you’re gonna get the deduction. It’s an amazing tax benefit but seriously
in order to do that you’re really gonna have a home office. So you have to go through and
take that home office Rod: Okay okay so when you sit with a real
estate investor and you do some tax strategy, some forward-thinking tax planning, are there
any other things that you can chat about, that you might look at think about, suggest
just at a high level. I mean you know I’ve had people on the show talk about captive
insurance when you get to a certain level and some other things life insurance strategies
do you have any any things that any other things. I mean I’m putting you on the spot
here Tod: No problem. Here’s actually the most
important thing I would suggest, and that is how do you do your tax planning. What we’ve
actually developed is a process for doing tax planning that’s far more successful than
even if you got the exact same advice from the exact same accountant because tax planning
is a process that the tax law works as a roadmap and you have to follow the roadmap and you
have to make it simple enough. Remember that I can’t change your taxes, only you can change
your taxes right. If you’re going to change your tax, you have to change your facts, I
can’t change the facts, I can only tell you what facts to change right. It’s like if you
go to a doctor, the doctor can’t take the medicine for you, you have to take the medicine,
you have to go get the medicine, you have to take the medicine, you have to make sure
you’re doing that. The same thing is true with taxes I can diagnose it but I can’t do
it. So it’s very important that you sit down with your accountant and your tax advisor
and you actually look at not just what’s going on now, but what your plans are for the future
and even what your plans are for your legacy because what I think one thing that’ll I would
say almost every tax advisor I’ve ever met missed is the interaction between your estate
planning and your income tax planning. Your estate planning and income tax planning are
very intricately connected okay. So to do one without the other I think is a shame and
at the best. And so we always look at we’re looking at the very very very biggest picture
possible when we sit down with a client to do a wealth and attack strategy because we
want to make sure we take advantage of everything. We’re not just looking at you know you know
what’s this question, what’s this question, what’s this question, because you’re gonna
miss something you’re absolutely gonna miss something. So the process you go through in
your tax planning is frankly more important than who your tax adviser is. So following
the process, we have been, a quick example if I can
Rod: Yeah please Tod: We actually had a prospective client
come to us and he was all gung-ho when we went through you know basically the process
didn’t go through and we told him which CPA firm you know we thought he’d be working with.
Well he went behind their backs and went direct directly to the CPA from. Now this CPA firm,
they’re good, CPA firm we prefer clients to them we you know they’re well-trained he
came back to us a month later and he says and he was complaining he goes, “It didn’t
work the way you said it was going to do” Well the CPA firm didn’t follow the wealthability
process and so even though they were smart CPAs, it’s the process that makes it work.
It’s not the smart CPA. So it’s not just who your CPA is it’s what process are they following.
And that’s really what I do most of my day is develop the process and train the CPAs
on that process and how to really serve a client in a much more effective way than anybody
else that I’ve seen you know will do. Most CPAs, the problem is, you ask the question
they answer it Rod: Right that’s it that’s it and it’s based
on historical data usually as well Tod: Exactly exactly. So what we want to look
at is we want to look at the future. We want to look at your whole picture. We look at
things like what’s your relationship with your spouse with your children, from a money
standpoint what do you want to have when you die, what do you you know what are you trying
to get to, you know what kind of asset base are you trying to achieve and we set goals
and we and we track this and we help you all the way through, it’s our goal to work with
you for a few months and then be done although you know the reality is typically we’re going
to reduce taxes by 10 to 40 percent within the first three months. Our goal is to be
working with you for the rest of your life because it’s really a daily, tax planning
is daily right like it’s even as much as which credit card do you use you know to pay for
something you know what do you do when you go on vacation? Do you spend time doing business
so you can take your travels as a deduction? You know it’s how do you record your expenses.
I mean everything you do has a tax impact so why not make it a good tax impact instead
of a bad tax impact Rod: Love it love it love it love it. Can
you share one quote or saying that you love because you are so motivated all the time.
You’re always on you know you’re making stuff happen I’m just so impressed with how far
you’ve come just in a little while that I’ve known you and I know you’ve been doing this
for a long time. You know talk about something that drives you that motivates you that pushes
you Tod: Thank you for asking that. I’m gonna
tribute this to one of my first tax professors Dr. Sally Jones who is since retired she was
at the University of Texas and later at the University of Virginia and I remember in the
tax research class I took from her and this is broadly applicable to everybody. She says,
“You know the great thing about our profession is, the more you know, the more you realize
you don’t know” and people will ask me, “So how do you choose somebody to come into
your network?” How do you you know how do you determine who should come in your network,
I said, well if they already know everything, I’m not interested in them because there’s
so much to learn as you know. I mean, …everything there is to know about multi-family housing
Rod: not a chance that’s why I set up my mastermind. It’s a just to be around people that have,
yeah we share experiences and incredible Tod: You know we do a mastermind with our
with our CPAs, and they sit around, so what I’m gonna do right after we’re done here?
you know at mastermind, we do it every single month with our CPA members. We sit down and
we share experiences and issues that we have and experiences because we’re always always
always learning. So you know to me the most important thing we can do is to continue to
learn you know too many people stop learning you know the minute they leave high school
or college. And they go well I’m you know I’m done with that I don’t have to do that
anymore you know for me you know it’s a lifelong process of learning. I mean I learn from you
Rod. I learned from you know other real estate people I’m learning from other business people
I get to travel with Robert Kiyosaki. I mean he’s like one of the greatest financial instructors
in the world and we’ll have these long conversations about what’s going on, and you know what do
you think of this, what do you think of that, so I think surrounding yourself with good
people, your mastermind is a great example, surround yourself with people I mean the reality
is, if you’re in a row of 40 people you should have 39 people that room that are smarter
than you. I mean if you are the smartest person, you need to get out of that room
Rod: Yeah I love it I love it . You know you guys have heard this me say ad nauseam about
the power of your peer group which is you know a Napoleon Hill said, speaks about the
mastermind, “You get two like minds together, with what he calls the definiteness of purpose,
you’re aligned in your goals in other words I think you create this third intangible mind
that’s greater than the sum of the parts and amazing things happen and we, Tom and I talked
for a little bit about masterminds before we got started. Well listen brother, I really
appreciate you sharing your wisdom on the show. You’ve added incredible value as always
and blessed to know you my friend Tod: You know always good to be with you and
your people. They’re so motivated and so anxious to do better and improve their lives and the
lives of many people. I mean I think of multi-family house, all the lives you’re improving when
you go in and renovate those properties you know if you have a 200 unit complex, you’re
improving the lives of 200 people. I think that’s an amazing thing that you’re doing
Rod: Yeah thank you my friend. Well be well. I hope we’ll see you soon
Tod: Absolutely take care Rod: Take care
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Earn more money, pay less tax | Money matters | Touchstone Education


– Hello, welcome. Today, I’m going to show
you how to earn more money and pay less tax, sound good? (upbeat music) You’re all probably
sat out there thinking, ’cause everybody does think this, the more money I earn, the
more tax I’m going to pay. And I understand exactly
why you would think that because that’s how
you’re trained to think. You are trained to believe
that once you earn more money, then you can earn, as a
20% tax payer, you pay 40%. And then when you go over
150,000, whoa, whoopee! Now you’re going to pay 45%
and you’re going to lose all your allowances. And you’re going to carry on
paying national insurance, you’re going to be paying
53% tax at that point. You’re actually now not
working for yourself or anybody else, you’re
working for the government because you’re giving 53%
of your money to them, and I don’t want you to have to do that. It’s your legal obligation to
pay the correct amount of tax and set the appropriate
measures to optimize that tax. I’m not talking about tax
avoidance or tax evasion, I’m talking about managing it. If you don’t have the tools, you can’t. So this isn’t a complete
everything you need to know about tax, this is specifically
what you need to know to make sure you’re not
paying too much tax. So, I’m going to take a situation
where we’ve got a person and they’ve got a job, but it could be a job or it
might be that they’ve got, they’re self-employed but
they’re paying some sort of national insurance and
tax based on an income. But for the purpose of this, I’m just going to assume it’s PAYE, but it could be if they’ve got
their own business as well. And I’m going to say this
person, we’re all different, aren’t we? I’m going to say they’ve
got 60,000 pounds PAYE, pay as you earn. So that’s going to put them into
the higher rate tax bracket, they’re going to be paying 40% income tax, they’re going to be
paying national insurance, they’ve got various taxes. So what they take home,
this is a nice simple number to work with in the sense
that it’s five grand a month. And it’s more than twice
the national average, so if you’re sitting out
there listening to this and you are earning
60,000 pounds, well done! Because you’re actually earning
double, more than double, the national average. But you will know if you get
paid 5,000 pound a month, by the time it actually
gets into your bank account, it’s an awful lot less. Now, I can’t tell you
precisely on this video what it’s going to be because
you’re all going to have an individual tax code. Now that tax code is the amount of money that you’re allowed to
earn before you pay tax, and it’s got various factors in there, so you will have an individual tax code, and it’ll just say it. It’ll like end in a K or something and it’ll be on your payslip. So you’ll be able to see
all of these numbers. So the first practical
exercise that I want you to do is I want you to go and
get out your payslip and make sure you understand it. ‘Cause it’ll have all the entries on it and if you’re getting given
an amount of money every month but you don’t know what it means, and if you’re just focused
on your gross and your net, and if you just know that
you’re on 60,000 pounds a year and you take home 3,500 or something, or 3,200 or whatever it is, I know you’ll know those
numbers ’cause that’s what hits your bank account every month. But I need you to
understand it more than that ’cause I want you to split
out the various kinds of taxes you’re paying, and I want you to understand
why you’re paying them. Because income tax is
something that can be managed. National insurance, which I just realized I haven’t finished there, I don’t actually regard
national insurance as a tax. And I would want to go out of my way to make sure I did pay
my national insurance. More of that later, but in order to get your old-age pension, you actually have had to have
paid your national insurance for a minimum number of years, and the more years you pay it
for, the more pension you get. So national insurance, for
me, isn’t really a tax. You’re paying money now so
that you can have a pension, a state pension, in old age. So this is all happening over here, and you’ve got it on your payslip, so your first job, get out your payslip and make sure you understand
the various types of tax. Now, what we’re going to do
next is we’re going to go and start to buy some houses, we are going to have a property business, and this is my first and strongest advice, make sure you understand
the tax implications of whatever you’re doing with property. ‘Cause properties can, very
quickly, start giving you significant passive incomes, and if you don’t know how to
manage the tax implications of that, you’re going to end
up paying far too much tax. And I’m sure you’d agree with this, it’s not about what you
make, what your income is, it’s about what you keep. Like they say in golf, for instance, you drive for show, but you
actually putt for dough. So it’s not about the big
flashy, top line number, oh, I’m on 300,000 pounds a year, that’s not the correct way to measure it. The way to measure it
is well, how much money goes in your bank every
month after you’ve paid for all your taxes and
insurances and everything else? So for the sake of this
example, I am going to say that we’ve got a property business, and I am going to say
that we’ve got a number… I’m going to pretend that
you’ve been doing this for, I don’t know, four or five years, and so you’re maybe four years
into your property business, and each year, you’ve done the courses, you’ve had the education,
you’ve learned how to do it, and each year you’ve bought
two houses, or flats, or something, or whatever. And then, as you got more advanced and you understand there’s more options. See, by the end of four years,
you’ve got eight buy-to-lets, but you’ve also done a
couple of commercial deals, so I’m going to say they’re shops, but you’ve only been doing
that for two of the four years. So you’ve got eight buy-to-lets
and you’ve got four shops. And I’m trying to be very realistic here because if you’ve been a
property investor for four years, is it possible that you end
up with eight buy-to-lets and four shops, you bet you it is. So what kind of money are
they going to be producing? How should you own them and
how should you manage the tax? So for buy-to-lets, I want
you to seriously consider putting them into a limited company. So in your limited company, you’ve got your eight buy-to-lets. Hope you’re following all of this. But shops are commercial. These are residential, so if
hear people talking about resi, they’re short-handing it for residential. So what they mean by residential, they mean where somebody lives. So a flat or house or a
HMO, something like that. But then separately, I actually
want you to have a pension that owns the four shops. Now, for the sake of this argument, I actually don’t mind whether this pension is a SIPP or a SSAS, and
don’t get yourself all het up about that, these are
just two different kinds of private pension and I’m not
going to talk about that today. Just going to keep it nice and easy. But you’ve bought four shops,
you’ve put them in there. Now, in terms of money, what
are the buy-to-lets doing? Well, the buy-to-lets I’m
going to say are producing an average of 250 pound a month each. So you’ve got 250 times eight,
which is 2,000 pound a month. There’s obviously 12 months in a year, so your buy-to-lets
are producing an income of 24,000 pounds a year. That’s profit after all costs. So you’ve taken in some rent,
you’ve paid the mortgage, you’ve paid a letting agent, you’ve done whatever you need to do, and after everything, it’s
realistic to expect a buy-to-let to give you about 250 quid a month. But you’ve got eight of them. And you might be off
on some other strategy, like you might doing
service accommodation, you might be doing tenant buyers, you might be doing rent-to-own, but I just want to keep
it dead simple for today. You’ve got 24,000 pounds a year profit from that limited company. In addition, you’ve got
four shops over here, they’re just nice little shops. What they’re doing is they’re
producing 1,000 pound a month, each, but you’ve got four of them, and that’s giving you
4,000 pounds a month, or 48,000 pounds per annum. So, suddenly, you’ve gone from
just having 60,000 pounds, you’ve got an extra 24 grand of profit from your buy-to-let business, and you’ve got 48,000 pound
a year in your pension. Does that sound like a nice
place to be four years from now? And do you think you need
to know how to manage those income dreams so you
don’t pay too much tax? And would you be somewhat shocked to learn that if you manage this properly, despite the fact that you’ve actually got more money coming in, you can actually pay less tax over here? ‘Cause most people think they’re
going to do some properties on the side or whatever, they never actually
think, in my experience, well, how can I use all of this to reduce my tax bill in my day job? They never think that. And it’s very wise, by the
way, in the early years of being a property
investor to have a day job because it makes getting mortgages for all this lot a lot easier, because you’ve got 60,000
pounds, happy days! Okay, so how do we manage this? First, and this is going
to sound counter intuitive, but I want to just take
the top line numbers and share the principles, and I’m not going to go
to the fifth decimal place ’cause I just want to keep it easy, I want to share the principles. What I want you to do is
take some of your PAYE money and actually pay it into your pension to buy all those shops with. And let me talk you through that. You would set up a SIPP or a SSAS, I help people do it all
the time, it’s very easy, and it doesn’t matter if you haven’t got any pension right now. ‘Cause three quarters
of this country of ours doesn’t have a pension, and
I find that quite scary. Three out of four of us
don’t know how much we’re going to live on in retirement, can’t tell anyone that asks
them what their plan is for a pension, and it’s
just all too difficult, all too hard, and we don’t do anything. But imagine how nice it
would be to have four shops giving you a thousand pound a month each, 48,000 pound a year pension. Is that achievable three,
four, five years from now? Yes. Might it take you five
or ten years? It might. But one thing’s for sure,
if you don’t start now, you’re never going to have any. Very simple process to set it up, there’s a number of providers
that’ll do it for free, and it can be done within a
matter of six to eight weeks. That’s how far away you are
from having a pension set up. Now, the maximum that
you’re allowed to put into a pension every year, and I want you to put in
as much as you can afford, but I’ll tell you the maximum. The maximum is 40K per
annum, 40,000 pound a year. But in terms of the impact that would have on your take-home salary, they’re giving you the tax back. So every 10,000 pounds you put in there is only going to cost you six,
if you’re a 40% tax payer. So, you’re not quite getting
double your money, but nearly, and if you’re a 45% tax payer, you are very close to
getting double your money. So, for every 60 pence,
as a high-rate tax payer, that you put over here, you’re
going to get 40 pence tax back. That’s powerful. And you’re building for your future, and essentially I want
you to ask this question, instead of having six
pounds of income now, or 6,000 or 60,000, or whatever, now, would I rather have 10 pounds, or 100,000 pounds, when I retire? And I’m now, I’m a pensioner
by the way, I’m 55, so I can actually draw my
SIPP or my SSAS if I want to. ‘Cause most people think they can’t retire until they’re 67, 68, whatever it is, and even then they can’t afford to. Well, I can afford to retire
now ’cause I’ve been doing this for 15 years. But this is realistically
achievable over that time frame. So, by putting 40,000
pounds a year over here, you’re actually going to
be getting, effectively, 16,000 pounds of that is tax back. So it’s not going to cost your
40, it’s going to cost you 24. And there’s a reason why
I’ve done it this way, this is not an accident
that I’ve used these numbers as examples. So the next cost to you if
you put 40 from there, there, is not 40, it’s 24. Which is remarkably similar
to that number, isn’t it? In fact, it’s the same. So what you’re doing here is
you’re giving up PAYE income, which is the most tax
inefficient way to earn it, you’re putting it into
a pension where your 24 suddenly becomes 40, and can you go and buy a
shop or something for 40K? Well, I don’t want to go
too far into it today, but you don’t need to
because whatever you’ve got in your SIPP or your SSAS, not you, but the SIPP or the
SSAS can borrow an extra 50%. So the 40K here, it can
take a mortgage, not you. So your 40K becomes 60. So can you now go and buy, because you put 40,000
pound a year in there, I said four shops, that
wasn’t an accident either ’cause you done it for four years, yeah? So you’ve put 40K in, but then each year, you’re adding a 20K SIPP
or SSAS mortgage to it, which is how I’m getting
to my 60,000 pounds. Can you buy a shop for 60,000 pounds, or an office, or a factory,
or a warehouse, or a whatever? The answer is yes, you can. These numbers work, how do I know? ‘Cause I’ve got loads of them. So you can use your tax-free
income to put into a pension that can then go and start
earning money off of shops, or offices, or industrial
property, or warehouses, or garages, or I don’t
know, whatever you want. That then, so this is,
you’ve got four of them, and that’s how much they
give you every month. And this part of it is completely
incredible, blows my mind, and I’m so pleased to be
able to share this with you. It’s insane, still, even now, 15 years after I started doing it, that 48,000 pound a year, 0% tax. That’s pretty tax efficient. And I’m now at the stage where I’ve got, well, I’ve got more than that, but it doesn’t matter what I’ve got, I’ve got a full-up pension fund. And because I’ve been doing
it for enough years, 15, very quickly your annual income, I’ve said you’re four
years in in this example, your annual income from the shops, well, you could even stop
putting the money in now, even that income on its
own, borrow 50% more, that’s enough to buy a shop with. So you’ve now kitted out a pension scheme with enough residual income
that you can just reinvest it every year and get another one. So, it’s 0% tax plus one free shop. So you’re adding one free shop every year, because you put some money in, you’ve got a big tax
credit ’cause you’re making pension contributions, that’s all tax free ’cause
it’s inside a pension, and then you’ve now got
it to a critical mass where it just, it’s like a
snowball going down the hill, you’re getting a free shop every year, which means that goes up every year. And you’re all stood out
there thinking this is insane, what’s the catch? That’s the catch right there,
you didn’t know about it. This is the biggest kept
secret, this is the… Pensions, if you said to me
Paul, in this country of ours, what is the biggest scam? I would say pensions, because if you put money
into a pension scheme and you don’t know all this stuff ’cause you haven’t educated yourself, ’cause they don’t teach
you at school, do they? Come on, I can see you
all through the lens, show me your hand if you did a class on commercial property
investing, using pensions, in school. No hands, didn’t think so. The most you can put
in your pension scheme is just over a million. So it’s currently a million and 40,000. Now let’s say you’ve
put a million and 40,000 into your pension scheme, and you retire, ’cause this’ll be ridiculous, that’s like 10 times the national average. But I want to show you
how massive a scam it is, even if you done that. ‘Cause people say to me oh,
define benefit pensions schemes, final salary pensions schemes, they’re the best you can
have, they’re not, in my view. Because you take a million quid, put it into something called an annuity, that’s what the pension
fund will buy for you when you retire, so effectively, you give them the money, put it into an annuity, and
the annuity will pay you about 3%. So that means your million pounds, you’re going to get a pension
of 30,000 pounds a year. That’s lunatic! You’ve got to live 33 years
to get your money back. ‘Cause when you die, that’s gone. You’ve lost it, nothing for the kids. So if you retire at 67, you’ve
got to live to 100 years old to get your own money back. Now if that’s not a scam,
please tell me what is. But that’s the institutions,
that’s the system, that’s what we’re all
told to do, it’s insane! So, you’re thinking well,
fine Paul, that’s fantastic, but I can’t afford to take 40
grand of my 60 grand salary and stick it into my pension
to buy my shops with, I’ll be skint, the kids will be hungry, no holidays in Marbaiya,
I’ll have to sell the car, or whatever, some version of that. Well, why do you think I’ve
got you invested in buy-to-lets in the first place? So it’s costing you a net 24 grand, you’re making 24 grand over here, extra. So how much is this actually costing you? Nothing if you know how to structure and put it all together in
terms of pieces of the jigsaw. But now you’re saying well, Paul, how do I get my 24 grand
profit out of there? I’m going to have to pay tax on it. Yes, you are. So what kind of taxes are
you going to have to pay on that 24 grand? Well, if you made a profit, I mean, there’s a whole level
of other sophistication, but this is just the really basic stuff. This is the really basic stuff, because can you reduce
that profit, for instance, by charging your car mileage against it? Yes. How much are you allowed
to charge, 45 pence a mile. How many miles a year, 10,000,
that’s four and a half grand. So you could reduce your taxable profit by claiming 4,500 pounds for motoring. And if, as a property
investor, you’re driving about looking at properties and
considering investment areas, is that a legitimate business
mileage, of course it is. Now, please tell me where you
can go in the United Kingdom without seeing a house,
or a shop, or an office of some kind, ever? So could you be doing
research, legitimately, on different areas? And this all needs to be
legitimate, of course. What else could you do
to reduce the profit? So, I’ve talked about car
mileage, let’s write that down. 45 pence per mile, maximum
10,000 miles a year, and that’s per person. So that’s you and, I
don’t know, your partner, your misses, your fiance, whoever, boyfriend, girlfriend, don’t care, as long as they’re part of the business. Board meetings. For years and years and years
I was a senior executive in a big company and we
used to have board meetings. Not every month. 80% of the managers, or
the directors, sorry, that were part of my board
would live in the UK. The only place we never had
a board meeting, the UK. We would go to Singapore
or New York, or wherever. Is that a legitimate
business expense? Yes. Could you extend and
have a few days holiday while you were there, after
your board meeting? Yes. Could you be thinking about
doing service accommodation in Marbaiya, yes you could. So is there a legitimate
reason why you might have a board meeting over
there, and tag on a holiday? So I don’t want to go into that today, there’s loads of ways
you could reduce that, but let’s say you’re
making a profit of 24 grand after you’ve used legitimate strategies to reduce the profit. Well, I don’t want you to pay
that to yourself as salary because you’ve already
got a salary over here, you’ll kick straight into
40% tax, no, don’t do that. And the company will have to pay employer’s national insurance. You will have to pay
employee’s national insurance, you’re just going to get
taxed to kingdom come. You’re going to lose half of your money. So that 24 grand, I specifically want you to pay it to yourself as a dividend. And this is as complicated
as I’m going to get in this video today. But I want you to understand,
you have to understand, the essential elements of dividend. So a dividend can only
be paid from profit. So you’d actually have to
declare a profit in the company of 24 grand. And that means that you’re
going to have to pay corporation tax, so not income tax, yeah, I know, by now your head’s spinning. Another tax, oh, what’s all this? Corporation tax. Well, corporation tax, this year, is 18%, but next year it’s dropping to 17%. So let’s say, for this
example, 24,000 profit, going to pay 18, next
year 17, so it will be 17 by the time you actually do this, ’cause this is in four
years time, isn’t it? So what’s 17% of 24? Well, 20% of 24 would be 4,800, so 17% is roughly 4,400. I haven’t got a calculator,
I’m just doing it in my head, but it’s four and a half grand. Now you can pay dividend. So from your 24, you’ve
got roughly 20 left that you can pay yourself as dividend, so this money now goes
back that way, to you, ’cause you’ve given up some
of that to go in there, yeah? You got that. That’s building a pension for the future. You’ve supplemented it,
you’ve replace it there, and I’ve made the numbers the same. I can’t make them exactly the same ’cause I’ve got to take the tax out. So, you’ve got 24 profit,
pay your corporation tax, bar a few hundred pounds,
you’ve got 20K left. So now, back into your personal
bank account as a dividend, you’re going to pay 20,000 pounds. How much tax do you pay
on that, personally? Well, you are going to pay the
first 2,000 pounds of dividend equals nothing, it’s tax free. Now, I’m keeping it
simple, there’s one person in this example. But let’s say you’ve
got your wife in there and two of your adult children. This 2,000 pounds is per
shareholder, per year. So if there’s four of you, you could be pulling out
8,000 pounds tax free every single year. You can’t make this stuff up. Of that dividend, you
are going to pay 7.5%. So 7.5% on 18K. Well, 10% on 18K will be 1,800, 7.5 is three quarters of that, so you’re going to be
paying about 1,300 pounds, so you can give yourself
20,000 pounds of income and your tax is going to be at 7.5%, and again, in my head,
I might be 100 quid out, I think it’s about 1,300 pounds. So you’re total tax bill is
about four and a half there, one and a half there, it’s
going to be about six on 24. But if you just push that
through as a 40% tax payer, it’ll be more than double that. So your tax efficiently
using your PAYE money to build your pension
to buy shops and stuff, which you’re going to
save for your old age. You’re using your limited
company to replace the income that you’re putting into your
pension, so it’s almost free. So I got a question for you. Hopefully I haven’t, looking back on it, it looks a bit complicated now. But that’s the easy version. So my second action, my
second activity for you is I wanted you to go and
check out your payslip, and make sure you
understand all the numbers, that’s number one. Number two, I want you to
go and find out about SIPPs and SSAS’s ’cause you can’t
do this unless you know what a SIPP or SSAS is
and you get it set up. Number three, and
perhaps most importantly, I want you to ask yourself a
question, and the question, so your third and most important action, if you want to take an action from me, is why you haven’t done this already. And what, specifically, are
you going to do about it? But first, I want you to
understand why you haven’t done it. I know you can do it, I’ve done it, I train thousands of
people every year to do it. I’m going to give you the two
reasons that will stop you from doing this. I really hope you’ve
found this video useful. The two things, in my
experience, that you have to have in order to make this happen. Number one, knowledge. As a wise man once said,
“Information is not knowledge.” All of this stuff is in the public domain. All of it’s available on the internet. Well, if information is all you need, then surely to Christ
everybody would have done it. So information is not knowledge. So I need you to equip
yourself with knowledge. And if you did that, if
you were tax neutral here because you had some
buy-to-lets replacing the income that you were putting into your pension, but you built a million pound pension fund by the time you were 55. My pension fund yields
an average of 12.5%, which is more than 125,000 pounds a year. So my pension gives me more
than 10,000 pounds a month. And if you can gain a pension
of 10,000 pounds a month without it costing you anything, and instead of getting it destroyed by putting into an annuity, you’ve still got the
million and 40,000 pounds, and the income through the
shops that it’s throwing off is 125 grand a year,
it’s 10 grand a month. Think of what difference
that’s going to make, because when you die and you
will, I’m sorry, at some stage, what happens to that pension fund? Goes to your kids, it’s
not like an annuity. You keep it, your family keeps it, it goes wherever you want it to go. So the biggest question I want you to ask is why you haven’t done it. And I know what it’s going to
be, it’s going to be knowledge, so go and get the knowledge,
go and invest in yourself to get the knowledge
to be able to do this. Second thing you need to
do is take some action. So those are your three tasks
if you want to take them on. You’ve been wonderful, I’ve been Paul, hope you enjoyed it, see you soon. If you’ve like it,
please literally like it, subscribe to the channel, get
your friends to do the same. You’ve been wonderful, I’ve been Paul, see you next time, bye-bye.

Why “Billionaire’s Row” Pays the Lowest Property Tax Rate in NYC


432 Park Avenue, designed by Rafael Viñoly is the tallest residential tower in the Western Hemisphere. One57 designed by Pritzker Prize winning architect Christian de Portzamparc has service run by Hyatt’s five-star staff from their Park Hotel. This is Billionaires Row, a stretch of new super tall residential skyscrapers with multi-million dollar apartments in midtown Manhattan.But many of these 100 million dollar apartments that have been purchased, now sit empty, and their owners pay less in property taxes than the average New York City homeowner. These apartments are a safe investment. They’re also lucrative. Not only because the New York City housing market keeps climbing upwards, with a 52 percent price increase, and new developments over the past five years, but also because they don’t cost a lot to maintain. That’s because their taxes are so low. The billionaires who own these apartments are paying a tiny fraction of the taxes that they’d be paying if they lived in a regular apartment building of the same price. Look at this chart by CityLab. It shows how much the apartments would be taxed if the city used the average property tax compared to how much they’re actually paying. The reason why they’re not paying anything in taxes is because New York City’s property tax laws were put into place in 1981. New York City sorts all property into four classes; small residential, large residential, commercial, and industrial. Classes one and two are for the small and large residential buildings. The buildings we’re looking at fall under class two, since they are almost all individually owned condominiums without rental incomes, the city’s Department of Finance chooses a comparable rental building, and creates an imaginary income statement for the condominium based on how much its rental counterpart is making. Then they formulate a property tax off of that number. They don’t take into account the sale price. So, that 100 million dollar price tag is ignored. The problem is is that there is just no comparable buildings for those on Billionaires Row. Any comparison is a wild undervalue. So, billionaire owners pay the property tax rates of buildings with way, way less value. Not that they’re complaining, and there’s more additions on the way. 111 West 57th Street, designed by SHoP Architects is the skinniest, super tall building in the world. Central Park Tower also called the Nordstrom Tower is not completed yet, but will top out as the tallest residential building anywhere. When architect Jean Nouvel’s new building nicknamed The MoMA Tower is complete, it won’t compare to any rental building. After all, do any of those have temperature controlled wine vaults? The owners of Billionaires Row pay less property taxes by percentage than most homeowners. But Mayor Bill De Blasio and a Democrat-filled city council formed an advisory commission on property tax reform in May. They’re looking for a way to make their system revenue neutral, which would hopefully balance out the vast disparity in property taxes. Even still, the buildings have passed a literal shadow over Central Park, and have noticeably changed the New York City skyline. But one thing is for certain, this is where the money is. Leave a comment below, throw us a like, subscribe, and ring the bell to be notified for our next video.

Drip Market To Motivated Sellers For 2.5 Cents – Video 3


I’m going to show you how to drip market
to your seller leads and your buyer leads for 2.5¢ per message. Instead of having to
send out a postcard that costs you a dollar to send out, you can send out a text or a
voice blast that costs you 2.5¢ and you can also put them into a drip system that sends
them a sequence of messages over a period of time.
The Automarketer is actually set up with sequences already in place. We’ve got a three-month
sequence for For Sale By Owners to help them, to make offers to them so that they will contact
us and allow us to buy their property on terms. And when we buy properties, by the way, we
buy them with no money down and in fact we’re not just able to buy these property without
using our money. When we close, we get money. So we set these structures up so that we get
money. And all this is taught inside the Automarketer.
You can also look at my blog and my other videos. I talk a lot about the For Rent Method.
I talk about the other Zero Down Structures. The whole hierarchy of zero down structures:
Subject To, Multi-mortgage, Land Contract, Contract for Deed, Assignable Cash Deal and
Lease Options. If you’ll understand how these zero down structures work, you can make
an offer on For Sale By Owners. You can make an offer on expired listings, you can make
an offer on absentee owners or any other type of seller lead that you come in contact with.
The Automarketer is actually set up so that you can create your own campaigns if you want
to, or you can use the preexisting templates that we use, that we have tested and tried
over the years that work very effectively. Let me how you how the drip campaigns work.
Let’s take a look. I’m logged into the Automarketer now, and
if you’ll remember from the last video I showed you the Automarketer, Zillow Automarketer,
and showed you how the campaigns work, how they scrape leads and how they put them into
the system and how they send them out with a campaign. In this video, I’m going to
show you how to use the follow up campaign that will, how we actually set up the follow
up campaign. So the system scrapes the lead, it then puts them into a campaign and these
campaigns will actually send out a series of messages. And they can be voice messages,
voice blasts. They can be text messages or they can be emails.
And the emails can only go out to opt-in leads. We don’t have a way to scrape leads from
craigslist or Zillow with emails. But we do have their phone numbers. So, what I’m going
to do is go into the Automarketer campaigns, because we’ve got different campaigns that
do different things. But I’m going to show you the Automarketer campaigns that are set
up. And let’s look specifically at the three-month
campaign because that’s the one that I was showing you yesterday and that’s the one
that we use the most. So, I’m going to go here and I’m going to actually – and you
can see here I’ve got 655 people that are currently in the Automarketer, and 1,700 of
them are in the system right now. So I’m going to look at the details of this particular
campaign. You can create your own campaign. You don’t
have to use this one and there’s a lot of different ways that you can create these campaigns.
And I want you to know right up front you don’t have to do this at all. This is already
set up for you. You don’t have to know this stuff, you don’t have to understand how
it works. You don’t have to do any of this stuff. I just want you to see what the capability
of the system is because it can do a lot more than you’ll probably ever need it to do.
And we set it up so not just, so that you couldn’t just send out the kind of campaign
we think you should send out, but you can send out a campaign that you want to send
out. Or, you could modify one of the campaigns
that we create. And we’ve got it set up here so you can actually clone our campaigns
and then you can go in and modify a campaign so you wouldn’t have to start from scratch,
or you can start from scratch. So, let’s take a look at what this means and how this
thing works. This is a campaign. You can see that there’s
14 total events. In this particular campaign it’s all text messages. But it could be
a text message, it could be a voice message where it leaves a message on their voice recorder,
on their phone. Or it can send them an email. It can also set up a task system so that we
can say here’s a task that needs to be done and have that message go out to one of your
team members and remind them that hey, you need to do this today, or you need to do that
today. And you can create templates of tasks. I’m going to show you how to do that in
a later video. It’s a very cool thing that will make it possible for you to completely
automate and systematize your business. It’s absolutely an amazing addition to this Automarketer.
But this is a text blast campaign that is designed for the Automarketer, for the scrape
ads, the FSBO scraped ads, of the For Rent ads that are coming in from the Automarketer.
And you’ll see here I’ve given it a title. We gave it a category so this in the Automarketer.
And I could set it up so that if, when this campaign ends I could have it start another
campaign. I’m not going to do that on here. I’ve got it set up as active. I’ve also
got it set up so that the email events, the mail events, oh, yeah – it also sends out
snail mail which I’m going to show you in a later video.
This will send out postcards, self mailers, letters – We Will Buy type campaigns that
all you have to do is click a button and it’ll send those things out. But I’ve got that
turned off. You can put them in a campaign so that you could do a series of postcards
that go out over time. It sends out text messages, I’ve got that turned on. And voice blasts,
I’ve got that turned off in this particular campaign. You can see I’ve got 2,400 people
that are active in this campaign right now. Now, as I scroll down the page, this shows
you the events that are going out. Again, it’s got 14 events. That means 14 texts
that are going to go out over a three-month period. Because I set this up as a three-month
campaign. And I can create new events on this and I can put as many in here as I want. If
I wanted to add voice blasts into this campaign I could. If I wanted to add snail mail into
it I could. I could add, you know, email into it as well and create these new events if
I choose to. But I just want to show you how these events, what these events look like.
So, on day one the first thing that gets sent out is a text that says, “I saw your home
advertised and I was wondering if you’d consider selling it” and this would go out
immediately. If I wanted to change this to go out over a period of time I could change
it to this and then I could change the days, hours, weeks months – how often it needs
to go out. But I’m gong to have it go out immediately. So as this campaign is attached
to a lead that is scraped it’s going to send out this text blast. “I saw the home
you had advertised . . .” If I wanted to modify this message, I could.
All I have to do is click on this little button here and it’ll open up this in a window
and it’ll allow me to change the text message that is going out. The second message that
goes out is on day four, and these are days that I decided. You can change them if you
want. I think this makes a lot of sense and you probably want to use the system that I
set up at least until you understand what you’re doing and are able to get going on
it. And it’s going to send out a different message on day four, with a URL this time,
that goes to one of the clone sites. This goes to the Rent To Buy seller site.
On day eight it sends out another. And again, I can modify these, change them, I can add
things to them and make that work. And down below, if I scroll down below, you can see
the activity log of this campaign. So, you can see all the ones that have been sent out
since you know, since I’ve been running it. About 40,000 text messages have been sent
out through this particular account to these particular campaigns that I’ve run in the
Automarketer. If you’re watching this video on YouTube
make sure to hit the subscribe button. If you click the one with the little bell, YouTube
will send you and email every time I release a new video in the series. If you go to JoeCrumpBlog.com
you can also sign up for my email subscription and you’ll get all sorts of free content
that I don’t have on YouTube.

Are You Using VR In Your Real Estate Marketing? #485


Hey, everybody, it’s Aaron Norris
with The Norris Group. It is Friday, January 17th, and are you using these as part of your marketing? That and much more as we cover the biggest headlines in real estate. Up on the radio show and podcast, we’ve got Cary Pearce. He is in the mortgage industry and has been for 35 years. We talk about the state of lending, how it’s changed over the last couple of years, if it’s getting more risky, accessory dwelling unit financing and way more. So don’t miss that on the radio show and podcast this week. The Mortgage Bankers Association reported that the amount of available mortgage credit decreased in December by three point five percent. Mortgage delinquencies were at their lowest in 20 years in October with 3.7% of mortgages being in some stage of delinquency. They also reported a 3.2% increase in mortgage applications. And Freddie Mac says mortgage rates are now at 3.65% for 30-year and 15-year rates are at 3.09%. If you missed the newsletter, make sure to go on thenorrisgroup.com/turmoil. You’ll get a free look at our TNG economic newsletter, which is typically only for VIP subscribers. We go through county information, updates on iBuyers in several counties throughout California, and some of the things that we’re going to cover at Turmoil. So, thenorrisgroup.com/turmoil. It’s free. The video is up. Go check it out. A new report from ATTOM Data Solutions found that buying a medium-priced, three-bedroom home was more affordable than renting in 53 percent of the 855 counties analyzed across the U.S. In 36 of the 43 counties nationwide that had a population of one million or more, renting was more affordable than buying. This includes the nation’s largest cities like New York, Los Angeles, Chicago, Houston, and Phoenix. No surprise there. Cities where it was still cheaper to buy than rent include Detroit, Philadelphia, Cleveland and Pittsburgh. Additionally, three highly populated counties in Florida, including Miami-Dade, Broward and Hillsborough County, was on that list as well. With home prices rising in 67% of the U.S. markets, renting could become an even better option in the year ahead. Did you know there are currently 218 cities with one million dollar averages on a typical home? Yikes. Three more than at the end of 2018 and 74 more than there were five years ago. And did you know that more than half of these are in three metro areas? Bet you can’t guess what they are. Yep. L.A., New York and San Francisco. 46 in San Francisco, to be exact. 43 in New York, and 30 in Los Angeles. And in 2020, eleven more are expected to join the list. Five cities will lose their million-dollar status in 2020. They are – so I think it’s Kahlua, Hawaii, Milpitas, California, Harding Township in New Jersey, Daly City, California, and Fremont, California. Sorry about it. A story on Marie Claire this week says if you’re buying a home, you need to consider more than making your budget. Hidden costs can sneak up on you if you don’t pay attention. Of course, things like down payment and closing costs will hit you up front as far as things that you’re going to need in your budget. But second are the ongoing fees: interest, PMI, homeownership insurance, HOA, property taxes, and of course, renovations and overall maintenance. My favorite is air conditioners. Air conditioners do not like me. And whenever I buy a house, it invariably goes out in the first year or two. So you better be prepared for that. If you want to make sure you can afford your new dream home, you better follow these tips. 1. Save, save, save. 2. Improve your credit score. 3. And learn to negotiate, because you’re going to need that extra cash later. The future is here, and while it isn’t the future of my childhood cartoons and dreams like flying cars on the Jetsons, technology is allowing some really cool things in real estate. One of those is advances in 3D virtual reality tours. 2D photography has been used to make rooms appear larger than they actually are. 3D walkthroughs are designed to show people what it’s truly like in a home. They can see that from anywhere without having to be in the physical space. Show you the dimensions of a room, any angle in any view, has the freedom to look around. This is actually something we’re handing out. I guess this is the first time we’re announcing it. It’s actually virtual reality glasses. This is a Google Cardboard. So at the live event Turmoil, every guest will get one of these. You put your phone in it, and you’re going to be able to look
around the models in Florida, and I’m hoping to get a few accessory dwelling units, which should be really fun. So if you’re there, you’re going to get one of these. And it’s really interesting to see how a matter port – this is a matter port that we’re using in conjunction with this – how they’ve decided to include the virtual reality experience. I think virtual reality is going to have some very unique opportunities in the years ahead for marketing as well. I’d like to know if you’re including VR technology in your marketing. Love to hear what you got to say. What if I have a flip phone? Flip phone? You need a new phone. If you’re on YouTube, please leave your comments below the video, and don’t forget to like and subscribe to the channel. Hit that bell if you’d like to receive notifications when we have new videos come online. If you’re on Facebook or any other social media platform, please like and make sure to like the Norris Group page so you can find our content online whenever we produce it. Leave your comments below the video. Give us some love. And don’t forget to share. If we missed the story. Also, feel free to leave a link in the description below. We would love to see you out and about. Of course, February 1st we have Turmoil: The Coming Storm of Changes. We have been really excited to announce this last week that Chris Porter and Robert Kleinhenz is going to join our panel on profits in progress, while profits in politics is going to be featuring leadership in the governmental affairs and legislative industries around the builders, the Apartment Association, and the California Association of Realtors talking to us about what they got watered down in 2019 and what to expect in 2020. Turmoil is not all about a recession. Half the day is going to be on timing, and the other half is going to be where RISAs is going to pop up. That has nothing to do with the economy but could impact the economy. And that’s politics and change. So you won’t want to miss it, but we’re very excited to announce those. If you’re interested in signing up, go to thenorrisgroup.com/turmoil. February 10th: 6 Things to Succeed in 2020 with L.A. South REIA. March 19th is our Florida boot camp. So if you’re interested in attending, you’re gonna want to sign up early because you got some homework before we go. That is on our calendar. So you won’t want to miss that. April 1st: 6 Things to Succeed in 2020 with IVAR. All of our events you can find on thenorrisgroup.com under that Events tab under Live Events and Training. For hard money loans, including fix and flip, buy and hold, and new
construction, as well as accessory dwelling units, hit that hard money tab. And for passive investing with the Norris Group, hit that Invest tab. With that, have a fantastic weekend and we’ll see you next week.

How to find Off Market Apartment Deals For Less than $5


alright guys let’s go ahead and look for
some off marque department deals and I’m gonna show you guys how to do it for
really really cheap, in fact, you’ll probably spend less than the dollar
looking for a deal and this is something that I did beginning early on when I
just got started you know I didn’t have hundreds of dollars of you know
the marketing budget for post cars and bandit signs and ads so what I’ve done
is I’m going to show you exactly what I did using a screen share so that you can
be able to dive in right with me to show I’m gonna show you exactly what I did to
look for off market apartment deals just using the internet a laptop and some you
know brainpower you’re gonna need some of that so stick around and I’ll show
you guys how it’s done all right guys so what you guys are
looking at is the screen of my laptop and you probably see me here as well
right on the upper right hand corner so I’m gonna assume a role of someone who’s
just getting started in this business don’t know pretty much anything other
than just hey I’m gonna go and look for some deals now this is a very very very
cheap way of doing very archaic way but it really works and it’s really
effective especially if you’re looking for a multi-family I don’t let me quite
see this working for single-family no you’ll see why so I think she’s really
really excited because I’m I’m gonna go ahead and actually look for a real deal
and show you guys how this works and by the way any information that I share are
gonna be off are gonna be available to the public anyway so I’m not gonna share
anything that’s private I’m not gonna go and disclose email addresses or phone
numbers I’m gonna do my best to make sure that any information that is being
shared is already on the public record so you guys something guys know I’m from
Chicago Chicagoland area and that’s nice that Google was telling exactly where
I’m at so for those uh want to stalk me down there right there I am but I’m
gonna go and look at completely different area so that I am NOT biased
because I know all the areas in Chicago that are that are hot and yeah places
look at but I want to go and look at somewhere else where say like
Indianapolis I actually know very little about Indianapolis
I’ve been there a couple times right for different events but I don’t I don’t
know particularly a whole lot about Indianapolis so I’m gonna go and assume
that I like I’m new to this market right I’m not I’m not sure what I’m looking at
so first thing I’m gonna do and this is Google Maps by the way I’m not using
some fancy schmancy software it’s just simple as going to maps google calm and
you’ll you’ll see this so first thing I do is I switch to satellite and some of
these smart cookies you already know what I’m doing here um so I’m looking at
Indianapolis and honestly Anna I don’t really know where to start but I’m just
gonna zoom in to where I can at least see the content of the streets so I’m
gonna look around this area now already I think I found something here so you
guys can see here that I’m it’s kind of obvious right so you you look after the
like mAb you and you’ll see rooflines and you’ll notice that some of these
roof lines like this one actually looks like an apartment now
oh this actually it might be a church or some sort of a industrial campus so if
you guys want to pan down this way to actually see I call this the FBI view
because you know I feel like the government agents I don’t know like I’m
like a satellite view but what you do for this and you guys are thinking well
how is he doing that so what you do is you hold that control key right the ctrl
key for those are what that is control key and click and drag so you’ll be able
to just pretty much drag and do one of these things it’s pretty cool I feel
like I’m in Mister Rogers neighborhood so this is really cool you can just go
around you know stuff like this this is pretty cool right so here’s something
ready it’s just a church another church this isn’t a part of building right it
appears so I’m gonna verify that it is yeah it looks like I’m partly clicking
apart building it’s right in front of a bus stop as you guys can see right here
Michigan Street and State Avenue so now the question is okay well how do I know
the address I’ve never been there well click right over the right click over
the building and click where it says what’s here click on that oh ho look at
that’s 504 with wood rough place West Drive Indianapolis Indiana right so I
know the address now right ok there it is boom might do a little Street View as
well see what it looks like cuz I again I’ve never been in this place so I I
cannot be biased it appears that there’s oh I see ok got it
that’s why it looks different ok so I was looking at the side of the building
instead of originally how I was the connect ok all right terrible neighborhood again I don’t know
this area so for those who are from Indianapolis
you might be thinking yeah this guy has no idea what he’s saying well yeah
because I don’t know this area and I’m looking at it as if I’m brand new to the
market but honestly this building doesn’t look too bad it’s you know brick
I can see there’s been some tough pointing done right and this was
captured in October 2017 so last year and it’s got a parking on the back nice
nice okay cool so here’s what I’m gonna do
guys I know where this is I know the really I just at least the address is
here’s what I do I want to find out who the owner is I want to make a contact of
the owner now we’re looking for off-market deals and this may not be
this may not turn into a deal right the owner just just might as well say I’m
not interested right they may give us a cold shoulder so this is just about any
like a marketing where in the beginning you’re gonna do a lot of hustling you
did a lot of work so let’s go and copy down the address okay there you go
control C which is copy for those tow know what that is there you go copy and
to do to find out who owns this public records says it all right so if we want
to find out who owns this baby we’re gonna go into the tax assessment so
county tax assessor sites so in Annapolis I’m gonna first find out what
county it is Indianapolis County there we go so it’s its Marion County wow it’s
pretty square so we’re gonna go to Marion County tax assessor there we go and go in dive in boom again
this is public record so I’m not doing anything fishy guys so one of the things
that we want to do is I want to I want to go into more the tax Treasury records
so let me see if I can do this and again I don’t do this a lot in Annapolis
search by address boom boom boom there you go so hit no results so what
we’re gonna do is we’re gonna try that there it is so if you guys are having a
hard time looking for or searching by address and nothing’s popping up it’s
because you added a little too much data so what you want to do is cut back right
and just leave the the street street name and street number so here we have
it right there we go final four would replace West Drive it’s owned by mr.
John Simmons right now again on the record we’re not exposing John here okay
he should have known better to put this on a trust if you wanted some privacy
right so we’re gonna generate the record card hey oh I don’t see if we do this so
it’s I mean having oh there it is okay so I have to download it got it kiss
it’s not a browser view somebody obvious I’ll download it okay here we go so this
is what the owner is seeing I believe if I can predict this right this is what
the tax though is so come on now yep there you go so this is what the owner
gets every year there we go John B Simmons and here’s all the
information okay now some of these information is gonna be you know it’s
gonna be important especially if you’re doing your due diligence but I don’t
need it right now what I really want is I need to know the sellers information
it’s all looking for it so the rest of the information can be useful and it
will be for sure in your due diligence period but what I’m really after is this
right mr. John B Simmons so I might go and look for the tax by the tax Treasury
so let’s this Marion County Tax treasurer there
we go so we’re gonna look going here a different Department of write the
Marion County so we can look at property taxes again I’m assuming the role of a
beginner so let’s see so obviously if you guys are from Marion County but you
guys may have done this thousands of times but I’m I’m assuming it all wrong
okay so I found the the view payer view bills which should give me the address
of the the person perfect there we go may have found something
so that was Woodruff place out here do the CAPTCHA okay oh we
could have done through owner’s name instead of the property street address
okay so we’re here all right so just go run with this okay so after a couple
minutes of waiting we’re finally here and we got the enquiries as you can see
there’s a lot of entries so there’s 300 entries and I’m sure it’s more than that
so what we’re gonna do and what this allows us to do is just hit property
addresses and we have it in order so let me see if I can find this baby which is
504 Woodruff let’s keep on going 0:01 so I’m gonna keep going and I mean
you would imagine this would be much easier right is I mean so alright we’re
getting close by 20
– 509 wow that’s interesting 503 and 505 so 504 is missing we have a ghost
property interesting hold on so let’s let’s see I might be wrong as far as okay so
5:04 does not exist maybe because let’s see if I can do this okay so it’s clear
that this guy it’s got one address now sometimes it can have multiple addresses
and if that’s the case and it’s probably a condo condos will obviously have
multiple addresses or multiple unit number but in this case I’m seeing I’m
seeing just one address and things like five oh five or nine is missing or 504
is missing so I am not sure of what is going on so yeah it’s it’s missing goes
to 509 502 503 504 505 for you guys obviously this isn’t telling us maybe
John Simmons living living him which I don’t know if that’s the case but let’s
go and look for a different property okay but you guys might already be
getting the idea here um that you look for the refine and if it looks like a
multi-family and you can confirm that it is alright you know you got yourself a
database without you even have to go out the door of your house right this is a
berry except you know quote-unquote lazy way of doing it but it is very effective
and it’s time time effective sure so here’s some couple of part of buildings
yeah what appears to be okay so senior community so obviously I had to do get
to take a look very closely but here’s something I think could be a potential
candidate let me go ahead and drop my okay yep
so we got a couple part buildings now not the best shape in the world but hey
if the figures work why not right so 202 for East 25th Street okay that’s what
we’re looking at so let’s see who owns this baby here we go so we’re looking at
fifth streets 202 for 25th Street so we’re gonna go ahead and put the CAPTCHA
in there and now we wait so obviously we can
always go back we can go into the the Assessor version of this right the
parcel numbers but let’s go and give it away
so you guys can see that actually I ended up finding this other site that
seems to be a little more easier and funny loaded finally waited but here if
we’re going to look at this but if you can’t find anything like this will
definitely go and look at this cuz it looks like this is the new government
government page apparently so we’re looking at 202 for
East so we may have to do a lot of searching here as well so you guys can
see here that to get to 2 or 2 for 2 or 2 for East and I’m not sure if you’re
gonna get much luck in this either yeah it’s it’s going up and uh oh
all that no yeah so this is obviously not the best you know organized thing in
the world as you guys can see here it’s just going off of everywhere so not the
biggest fan not the biggest fan of the way that this is this is structured so
what we’re gonna do I’m just gonna go and mess with this here search yeah this this seems better so I’m gonna
actually do control fine I can do that two and two four it’s not in this page
so we’re gonna go next to it to four in here maybe not okay so none of these have two two fours and go back to you so I’m gonna go back to looking at
proper cards just this is what we’ve seen earlier if you guys remember so
let’s go ahead and hand hit there we go so it’s actually owned by an LLC which
is good I actually like properties that are owned by LLC and I’ll show you why
as to why I like them better so here we go we got the property cards and they’re
this car carving in scar minions LLC so here’s what we do with the LLC name
because for right now all we want to do is contact the owner so we’re gonna go
ahead and actually do a indiana LLC lookup now let’s see you look up and
we’re gonna go ahead and hit yeah i’ve been i’ve been on this site before so
i’m gonna click on that and we’re gonna go ahead and search the LLC name
carbanions LLC and of course there you got to capture thing going so i gotta
click on capture ed search and we should have anyway there y’all boom so they’re
actually out of Illinois which is quite interesting or actually Indiana so there
it is they’ve owned that they have this LLC since 2008 so they’ve they’ve been
have been the game for a while and here’s the individual Paul or Watson is
that is a person who is the the owner of the LLC which obviously is all is the
owner of the property so what’s really cool is that you have an address and a
person’s name to which you can go and start sending out a letter now with the
letter I’ll show you guys how to do this in a very systematic format is you take
the name you copy it and put it in a spreadsheet ok and what I want you guys
to do is is separate the first name and the last name okay and go ahead
write the address down of the mailing address and what you also want to do is
you want to break this down to into state city zip code all of that now you
don’t have to do USA cuz you know that’s kind of apply so here it is and actually
add another roll above so owner first name I’m gonna do owner last name
mailing address mailing city mailing State mailing zip now those labels are
gonna be super important I share exactly why and okay so we got their info we got
that as your business address let me see if one second if I can verify something
okay sometimes you can google them and see if they have you know if they’re
public if they are great then you can contact them so here it is you got their
mailing address and you also have their the address for the property so we’re
gonna do property address it’s just what we’re interested in boom property city
which I know is Indianapolis same thing here this property state and property
zip so all right by the way this is Google
sheets so this is absolutely free if you don’t have Microsoft Office guys if
you’re using Gmail you know Google Apps comes in it’s free doesn’t cost anything
so there we go make it this make this a little bigger so here we have the data
right so the owner first name last name mailing address all public records I’m
not sharing something that can’t be found anywhere else right so here it is
so here’s what I’m gonna do okay and this is a super important now this is
where you know I’m going to take back with take that back with the Microsoft
Office but you can go to the library and dig out out Microsoft Office so you need
Microsoft Office for this one so I sorry guys I’ll I forgive me
so we got the data right here and go and download this as as an excel file okay
I’m just gonna throw in the desktop okay and what we’re gonna do is I’m going to
open up word there you go and we’re gonna go ahead
and then we’re gonna go ahead and we’re gonna do is go ahead and write a letter
and before we do that we’re gonna go ahead and click on mailing and select
recipients use existing list so the list that I that we downloaded guess what
comes from the excel sheet right so obviously the the proper way the more
effective and efficient way to do this is if you have a say twenty twenty eight
enquiries write list of twenty property owners that will be more effective so
I’m just giving you more of an example you know for sake of time so here’s a
non-title shift spreadsheet there we go and what was really cool and some of you
guys may already know this cuz you guys went through business you know classes
for those who haven’t here it is so we’re gonna do is going to insert merge
field on our first name on our last name now this is super useful if you’re
dealing with twenty different names you don’t wanna have to write twenty
different letters that will be lots of time you’re gonna it’s fine
so owner first name or last name mailing address city so what this is doing is in
place of this these codes that you’re seeing it’s gonna go and merge those
data for you so that you don’t have to write twenty different letters if you’re
dealing with twenty different owners okay so the preview results boom look at
that you see it goes right in there right and then I’m gonna make slow
prettier there you go and then go and put you know just as any
professional actually you want this first so I’m gonna do Sam Kwok where I
can put my LLC in there okay X Y Z you know I’m gonna do I don’t want you guys
know where I live okay Main Street Chicago Illinois there we go and then
going around your letter so dear again insert first name my name is Sam Kwok
I’m a real estate investor in the area I am writing to you to ask if you would be
interested in selling your property , and we’re gonna go and insert the
property address right there so that’s the property that we’re interested in
looking at and seeing if they’re interested in selling that property
right there we go I’m writing to you to ask if you would be interested in
selling your property right I may be able to help you potentially double your
your net now for those who are wondering why am I saying that can i really help
that person double their net yes I can I have a way there’s a strategy now
obviously you guys aren’t gonna write that down if you don’t know how my
students obviously for those are my trainees guys know exactly why I’m
writing that down so if you guys are interested in that I’m gonna go ahead
and leave that in the link this link description below if you guys are
interested in being one of our trainees and I’ll show exactly what I do I I just
I put that in and I actually help people pick up walk away with double internet
so here we go if you are interested in selling your property please give me a
call or email me at and go and put your email right XS x X Gmail comm and I’ve
just provide a phone number all right sincerely whatever your name is
alright same quacks so here we have pretty polish flutters right so what you
can do is you can go ahead and don’t go to click on prints on the upper right
hand corner what you’re gonna do is go to mailing and finish your merge and
then click on print documents that way if you have 20 owners on the list you’ll
be able to print 20 letters and each letter is gonna have all the data that
you’ve selected through the excel sheet pretty cool right so this is basic merge
this is virtually free if you don’t have Microsoft Office you can go to do this
in your local library fairly easy to do so go ahead and click
on print documents print everything now as far as the envelope I encourage you
guys to handwrite the envelope the reason being is that we want the seller
the the owner opening the envelope in the first place if it’s printed
professionally it’s more than likely that’s gonna go right into the trash can
so we obviously don’t want that so handwrite the envelopes if you don’t
want to do it have a family member if you have kids pay them to write it if
they have good handwriting that is I don’t want a four year old writing the
envelopes for you obviously so 10 write the envelopes because you want to make
sure that they open the letter if you want to make this even more effective
buy one of those gift card envelopes with colors like blue green or red and
actually handwrite those because they will be open and you you’ll notice how
effective those are if you want to increase your effectiveness
now obviously you have to pay postage which is 49 cents hence why I told you
guys in the beginning of this video it’s gonna cost you less than a dollar per
lead if you’re if that’s what if that’s your budget so if you’re doing 10 pleads
that that’s gonna cost you four dollars and ninety cents I mean if we’re gonna
really factor in paper ink you know all that I mean it’s gonna come down to five
bucks for 20 people that are gonna reach out to so based on my math and based on
what I’ve done in my track record you see every twenty to thirty direct
letters I send I usually get one coming back that says yeah I’m interested
so obviously this works it’s all about numbers and and hitting up the right
person really you don’t want to hit up everybody because you’re gonna waste a
lot of money on marketing but if you hit up hit up that certain people that you
want to target you’re gonna have success because you’re gonna have the results I
really want you’re not we start time on results I don’t why
you’re gonna spend time on the leads how you want to work with that you want to
buy properties with so here it is guys um so from the very beginning right
using Google Maps very archaic way very easy cheap you’re not paying for
database or anything like that all you’re doing is you’re scanning around
looking for rough lines to see if there any multi families in your area part of
buildings finding out what the addresses of that
property using that address to going to to go over to your county tax records
and tax assessor records and one thing that I’ll give you a disclaimer certain
states may not allow this certain states it’s not illegal to do this but certain
states won’t disclose certain information to you so some of you guys
may have a hard time doing this but if you guys can figure out a way a
different variation creative way to do this then yeah I think you guys are
gonna be coming at the top so from there we’re gonna look for who the owner is
with their addresses and then from there we send a letter using the method that
I’ve showed you which is very effective very efficient this shingle this should
cost you less than five dollars to send out twenty letters very effective so
guys I hope this helped and this is what exactly this is this step this right
here is literally the duplicate step of what I’ve done early on before I had
hundreds of dollars a marketing budget to spend on postcards right all those
things so guys utilize this tech I hope that you guys
took a lot of notes if you guys need a rewind pause rewatch you guys are more
than welcome and do that so again if you guys are interested in more info more
materials go and look down and in the link description box below because I got
a lot of goodies in there they can check out and download take advantage of all
absolutely for free it’s my gift to you guys you guys can download and have it
so guys I hope this helped and I might do another video just like this to show
you how to find deals in a different variation if you guys are working with
more budget I’ll show you how to properly use that budget so that you’re
not wasting money on you know silly marketing tactics that aren’t gonna
aren’t gonna work anyways so here it is guys cheapest way to look for off-market
apartment deals again if you guys have any questions gonna leave them down
below and I’ll be more than happy to answer those questions for you
all right guys take care well hello there you made it to the end of this
video congratulations and that probably means that you liked our video and you
loved what we did so be sure if you want to get more information more YouTube
videos from us about real estate investing be sure to subscribe to our
YouTube channel and hit the bio icon to make sure that you get notifications on
our future videos about real estate investing

How Much Do I Need For A Down Payment – First Time Home Buyer


Kris Krohn here with Limitless TV. And today were going to be talking about down
payments on property. How much money do you really need for a down
payment? And are their down payments where you don’t
actually need a down payment? That’s all coming your way, right now. Some of you have been reaching out on our
site and have been asking, all right, how much do I really need for a down payment? Today’s video I really want to dive in to
how simple and basic this is. I’m going to be sharing with you three different
types of down payments. The first type of down payment that you’re
going to need if your going to do real estate would be for a primary residence. Now you can and investor, and I always encourage
investors to look at a primary residence, or the home they are going to buy, for them
to live in. I’m going to encourage you to always buy that
home as a house, as an investment. So that it really can play on both sides. And I think you’ll see shortly why I do that. Because, in our country, if you are buying
a home for the first time. And I want to be clear, there are a lot of
programs out there that are called first time home buyer, that doesn’t mean you’ve never
bought a house before. I really actually should just translate to
mean, I’m ready to buy another home to live in. And right now if your going to buy a primary
residence. Something just for you. There are a lot of programs out there that
will allow you to put in 3%, 5%, and there are programs after programs after programs,
federally sponsored programs. And your loan officers, the people that are
going to do the lending, and lining this up. They are knowledgeable on this. Now not all lenders are created equal. Some of them are more knowledgeable on these
programs than others. But in general, the average lender is very
familiar with these type of loans. Now what’s great about that is I could buy
a home with a lot of equity, that would make a really prime investment property. But think about it, I’ve got a home that I
could buy for $100K, that is worth $150K, and guess what? 3% on $100K is $3000. I walk into $50,000 of equity for $3000 out
of pocket. That’s essentially what happened on my first
house. And I got hooked. That was more than double what I made in an
entire year. And I’m like… Man! That is so smart. 2 years later I bought another home and moved
again, because I wanted that 3% down payment, right? So that’s primary residence. The down payment, however, on what’s called
a non owner occupied. Which basically means, a home I want to buy
as an investor, and I’m not planning on living in. Your going to, on a non owner, or I’m just
going to go ahead and write here, on an investment, the standard is 20%. And you’ll find programs out there where lenders
will say, well if you put 25% or 30% down we’ll really bump your rate down another point,
or half a percentage. I don’t participate in those, because I would
rather take that money. I don’t care about a half of a percent when
I’m making all that money in real estate. I’d rather take that extra money and put it
where? In another deal right? You will find from time to time, depending
on where we are at in the economy, before we ever hit a collapse, there’s always these
stupid 0%, 5%, 10% lending programs. And these are the banks that often go out
of business and get spanked, right? Like Washington Mutual went down hard, in
the last economic crash. And I’ve been banking with them since I was
16 years old. And so, an investment property, even if they’ll
allow you to put down 10%, I still always put 20% down. And I just want to share with you why for
a second. When I purchase a house, and let’s say it
has a value of $100,000, and let’s say that I’m able to purchase this home for $70,000. Then if I… I’ve got a good equity position here, 30%,
in fact that’s really significant. And if that gap right there, because I’ve
hunted some good pirate treasure down. Is going to equate to a larger cash flow. Why? Well think about it. If I were to buy this $100,000 house for 100
grand, them I’m going to have a higher mortgage. A higher mortgage means less cash flow. So for example. If I’m able to rent this home for $800 a month. And my mortgage, if I just bought it, and
let’s just say at $100,000, and I just put the minimum 3% down or something like that,
I might have a mortgage of $700. And a $700 mortgage and an $800 rent only
leaves $100 left over. It’s not a great cash flow. But if I buy it with this equity right here. All the sudden $700 can turn into $500, and
then check it out. Now I have a $300 delta, a difference. $300 of cash flow. Now if I put 20% down on top of this $70,000,
and let’s just say then that what I’m going to owe is ultimately going to be $55,000,
guess what I just did. I just lowered my payment again, and I made
my cash flow even steeper. So understand this concept of 20% down. There is a reason I put 20% instead of 10%. Some will say “but Kris, if I put 10% down,
then my 20% will go into 2 homes instead of one. Don’t you love that?” And it all comes down to a definition of risk. I have a lot of friends that lost homes, that
played the market that way, in the last crash, and I’m telling you, it’s going to happen
again. And it’s actually no very far away. This isn’t conspiracy theory, doom and gloom. This is a 3000 year old cycle called the K
wave Kondratiev cycle. And every 20 years, real estate must correct. In one of my other videos I share with you
why. The point is I’m always going to put 20% down. It creates a safety margin, as Warren Buffett
put’s it. 10% puts down a less safety margin. 20%… look at all my cash flow right now. My house now, it’s worth $100K, I owe $55K. It’s almost half paid off. So I’m always going to find a home with a
big chunk of equity. I’m always going to put 20% down. And now all of the sudden, if the market corrects
down, guess what I have? I’ve got a buffer, right? I’ve got a cushion. And I’ve got my cash flow in the mean time. So, I just want to throw that little bonus
material in before I show you, the 3rd way that you fund your down payments. One is with the banks and government with
these 3% to 5% loans, if your going to be doing a primary residence to live in. 20% if it’s an investment property. And then, I’m going to share with you my favorite
way of funding these with nothing. Now if you want to know how much money I put
down when I buy real estate, on 99% of the deals that I do, I put down nothing. Because I believe in this no money down real
estate thing. Because I’ll always bring partners to the
table. If you’ve got to wait to have the money yourself,
then guess what the problem is? The problem is that, you’re going to have
to be saving for a very long time, and your taking the, never going to get there road,
in most circumstances. I mean even if you live within your means,
and your saving a couple thousand dollars a month, you’ve got to wait years between
doing real estate transactions. And then it will eventually snow ball and
get where you want to go. But the shortcut is to do real estate now
through a partner. In fact, one of the reasons why people will
respond to the form below this video, and say “hey Kris, I want to partner with your
team.” Is because I’m going to teach you how to buy
all the real estate you want, without ever bringing money to the table. It’s called deal making. And so, while it’s 5% or 3% down payments
on a primary residence, 20% on investment projects. For me it’s always a nothing down. In fact right now I’m doing a huge project,
and I’m not putting a penny of my own money into it, because no money down is one of the
coolest forms of down payment. I do have to give up, generally, half of the
profits with other individuals. But you know what? Making half the money without having to put
any money in, ends up turning into an infinite ROI. So it works really, really, really, really
really, really well! I hope you’ve enjoyed today’s video. Be sure to subscribe. I want to notify you, and let you know about
all the other exciting topics that we’re shooting videos on, that are made just for you.

How Will You Target Your Marketing To Millennials in 2020? #483


Hey everybody, it’s Aaron Norris with
The Norris Group. It is Friday, January 3rd. Happy New Year. And how are you targeting millennials in 2020? That and much more as we cover the biggest headlines in real estate. Up on the radio show and podcast this week, we have Derek Harms. He is a realtor with Compass, a real estate investor and the president of NSDREI. We cover a lot of ground over the next few weeks, including accessory dwelling units, adding square footage, the Compass brand, technology, and so much more about the San Diego market. Don’t miss that on the radio show and podcast. According to the latest S&P CoreLogic Case Shiller U.S. National Home Price Index, home prices increased at a faster pace in October, increasing three point three percent annually. Pending home sales increased one point two percent in November according to the National Association of Realtors, and Freddie Mac reported mortgage rates decreased slightly with 30 -year rates at 3.72% and 15-year rates at 3.16%. If you missed it on social media, I released a Forbes.com article right before the end of the New Year on accessory dwelling units. It’s titled 2020: The Year of the ADU. Why do I think 2020 is going to be a big year? Well, the state of California just released like five different bills. I get a lot of questions about ADUs these days, and it’s a lot of fun. Just because you can doesn’t mean that you will or that you actually will be able to. There are going to be some workarounds, but there’s a lot of interesting things happening in California that if it goes well, I think a lot of other states are going to fall in line. And that’s being met with technology. Everything from prefab manufacturing to 3D printed homes. So don’t miss that. We’ll link to it in our blog post. So go click it, support me. That would be awesome. Zillow sees a cool down for the California housing market. The Zillow Home Expectations Survey says the hottest housing markets are expected to come from the south, and not southern California. One hundred and ten economists were surveyed by Pulse Economics and Zillow. The most optimistic areas that they thought it was gonna happen in 2020 is Austin, Texas, Charlotte, North Carolina, Atlanta, Georgia, and Nashville, Tennessee. They are not so excited about California’s traditionally hottest markets, including San Francisco, San Jose and Los Angeles, giving them net scores of negative 40, negative 38, and negative 35, respectively. But San Diego has decided to market their least worst on the list. They’re down negative 14 as far as their net score on the survey. But yeah, California, what are you gonna do? Looks like there is a new trend rising in Los Angeles amid the price of buying homes, reaching record highs in 2019. And that trend is tenancy in common, also known as TICs. TICs allow two or more people to hold title to a property. Each tenant has her own loan, and shares of the property might even vary. One person might hold 25 percent while the other holds 75 percent. But the entire property is owned by all tenants and the property taxes are split pro-rata share of however many shares they own. The money aspect is a little bit more complicated, and not a lot of banks are going to lend on this kind of thing because you’re responsible for paying property taxes as a percentage of what you own. And what if you don’t pay it? The one that the other partner in the TIC is going to be held liable. And so, therefore, lending gets a little bit messy. There are some lenders, I’ve heard, out there doing this and I have some real estate investors looking into this as ways to get around ADU laws. So we’ll see if it gets more popular as lending gets a little bit more aggressive and competitive here in California in 2020. The U.S. Census Bureau reported only one in three millennials own their own homes. And it is no secret that rental sites know this and target millennials almost exclusively. ATTOM Data tells us how these sites are reaching millennials. They’re highlighting the property features millennials want to see, like large spaces to socialize, outdoor space, and eco-friendly features, helping millennials chase the buzz with a map to the best local hotspots like restaurants, thinking outside the urban box and focusing on the surrounding nature. And then finally, school data for new millennial parents. A story on CNBC tells us that the severe shortage of homes for sale is upending the sales calendar for the housing market. Spring has historically been the busiest buying season, but as competition for homes heats up across the country, January is apparently the new April. From 2015 to 2018, the peak month for average views per listing on Realtor.com was April. January lagged by a full 16 percent. In 2019, however, January was the busiest month on the site in 20 of the largest 100 metropolitan markets. Well, this year is going to be a lot of the same, and they expect January to be even hotter this year in more markets than in 2019. Since we just reported that everyone’s going to go out and buy homes starting in January, Realtor.com has a very timely report about five first time buyer mistakes that they make when buying. Number one: slow down. When you look at 18 different homes in one weekend, you’re not going to remember much. Take lots of notes. Number two: make sure the price is right. Remember, it is a business transaction and you need to leverage everything possible to get the best deal. But don’t be that guy that goes in with a really high price knowing that you’re going to negotiate later. Hate that. Number three: buy for the future, not just for the baby on the way, but for all future family growth. This is a trend that we’ve seen for the last several years as more people are planning to stay in their homes a lot longer. Number four: not up to code. Take the home inspection seriously and don’t compromise. Don’t trade charm for illegal. I like that. Well, unless you’re going to turn it into an ADU, go for it. And last: if you buy a duplex, hire a property management company. Everybody thinks it’s real cute to be a property manager, especially with ADUs on the way. But in California, it is no joke to be a property manager and you’re going to want to make sure you do that right. But when it comes to 2020, how are we marketing millennials when it comes to features and marketing? I would love to hear how realtors, investors out there, how you’re targeting your marketing and reaching this very up and coming unique market. Let me hear what you have to say. If you’re on YouTube, please leave your comments below the video, and don’t forget to like and subscribe to the channel. Hit that bell if you’d like to receive notifications when we have new videos come online. If you’re on Facebook or any other social media platform, please like and make sure to like the Norris Group page so you can find our content online whenever we produce it. Leave your comments below the video. Give us some love. And don’t forget to share. If we missed a story, also, feel free to leave a link in the description below. We would love to see you out and about all over California. We have a very busy week coming up. January 7th, you’ll catch Six Things to Succeed in 2020 with Prosperity Through Real Estate in Culver City. January 8, the next day in Glendale, we’ll be doing that same chat with Robert Hall and Associates. And the next day after that, we’ll be in Costa Mesa with OCREIA doing the very same chat. Don’t forget to sign up for Turmoil February 1st. It’s our very first hybrid event where we’re marrying market timing with strategies. We have some very special guests that we’ll announce later in the month. But you will be very happy to find out that our subscription is included in the attendance for a single member. So it’s a really great way to get a lot of education on the timing and the strategy side for an awesome 2020.

3 Ways to Find Below Market Value Properties | Money Matters | Touchstone Education


– Hello, I’m Paul Smith,
from Touchstone Education, and I hope you are very well. Let me share with you three specific ways in which you can get
property below market value. (upbeat music) Even the very idea that
you can get property for less than it’s worth is
kind of confusing to people, because they’re used to
buying properties from an estate agent and he says
£100,000, and they might go in there and they
might offer, I don’t know, 98 and a half, and they think they’ve got a really good deal, when they get a below market value property at 99700. I’m not talking about that. So here’s the first way, and this is going to sound so obvious, but it’s so true. Meet people. On a regular basis, I do viewings. I’ve given up, I’ve
stopped doing many things, but I do viewings for the simple reason I love ’em. I’m a talker, I love talking to people, I love meeting people, I love
understanding their issues, I love having a chat, I
love trying to help ’em, I love solving their problems. So let me give you an example, this one that I’m thinking of, probably around about 10 years ago, and here’s how it went down. I was doing some deal
packaging at the time, so these were properties up north, which meant I was dealing predominantly London based investors. And what they would do, is
they’d make an appointment to come and see me, I would get their budget,
I would find out what they wanted to buy, and I would then look for properties, and we’d maybe go and
see eight properties, and we’d maybe offer on two of them, something like that. So this guy came up from
London, he was called Tom. Now Tom, who had been investing in London, he’s an electrician, so it’s kinda in the trade, do all the refurbs himself, get his mates to help, that kind of stuff. So he wanted deals, up he came. And we were on the last
property of the day, and Tom had already got two, so I was six grand better off, because every deal he bought, I
was getting three grand. In the last deal of the day, he wasn’t really in it, ’cause he’d finished shopping, he’d spent his money. So we were going along to see it because we’d made an appointment. But because it was quite late in the day, there was no agent there, so we were just seeing the vendor, we were seeing the person
that was selling it. So Tom kinda went in, looked
around for about four seconds and said, ‘hmm all right okay
see you later Paul, bye’, ’cause he wanted to beat the
traffic and get back down to London, which was fine. So I’m now left, I’m
thinking slightly awkward, ’cause I’ve agreed to see this property, and Tom’s done a runner,
and I’m left and I can’t not see the property. So I go in. So we walk round, it’s
only a one bedroom flat. Now it’s been valued at £60,000,
for this one bedroom flat. So in we go, and I’ll tell you what, it takes like one minute
to walk round the place. So what am I clocking? Structurally it’s okay,
it’s got double glazing, it’s only actually got
two windows, at the front, the lounge has got a window,
the bedroom’s got a window, the kitchen is internal to the building, it’s a terrace of flats, bathroom. Kitchen, probably needs, the carcasses of the units are okay, probably needs some new kitchen doors. The bathroom is okay, I wouldn’t put the suite in,
but I ain’t gonna change it. The only thing that’s a bit
weird in the whole apartment is there’s actually a suspended ceiling, with like tiles like
you’d see in an office. There’s a stepladder there, one of the tiles is missing, ’cause for some weird reason, they’ve decided to put the
electricity prepay metre above the suspended ceiling, and which is why there’s a
set of bloody stepladders in the hallway, which is a bit weird. So I’m thinking hmm, better fix that. How do I fix that? I tell them to come and
take away the prepay metre and instal a regular metre. And your man says to
me, “do you wanna chat?” And when somebody says to
you, do you wanna chat, you need a chat. Cup of tea, some biscuits, happy days. I’m sat there with him. And he says, “appreciate you taking the time, “I’m told you’re a property investor.” I’m like hm I am, who told you that? And they said “well, to
be honest I know you Paul, “’cause you’re local, so
I’ve driven you around.” I’m like really? Turns out they’re a taxi driver. Says “thing is, “I’m overweight I know that, “I’ve done my knee in, “I’m in my sixties now, “I can’t get up and down stairs. “So I need some money for the house, “’cause I need to put on an extension, “’cause I’ve got a bedroom downstairs, “I need to build like
a bathroom downstairs.” Okay. And he said “so this
place is valued at 60, “but to be honest I’ve had it for years, “I’ve got the mortgage paid off, “if you made me an offer I’d take it.” And he said “but, I actually
need the money next week.” I was like what? And he said, “I need the money next week. “So I realise you won’t be
able to pay me top dollar.” I said but if you want it next week, I can only give you what
I’ve got in my bank account, I can’t y’know. And he said “well that’s
fine, just make me an offer.” I said well I’ve got like 30 grand. And he said “fine, done.” And shook my hand. And I bought a £60,000 flat for 30, because he needed the money the next week. Make a friend, make a deal. That’s number one. Number two. Strongly recommend you look
at commercial property. I bought a four story solicitors office, that had previously been four flats. And I bought it, the
whole thing, for £66,000. And when it came, I got
a years rent arrears, which is £9000, so I
bought it for £57,000, for four flats! Now when I’d finished tarting them up, it got revalued at £320,000. How the hell did I do that? Well, what I did, is I bought it from the distressed assets division of a bank. The solicitors were still in there, paying me 9 grand a year for a few years until they moved out, I turned it into flats. But did you even know
that banks had distressed assets divisions? So there was nothing
wrong with the business, it was the landlord that had gone bust, ’cause he was getting divorced. And the third way that I’m gonna give you, right up to date a few weeks ago, Gumtree. Increasingly, landlords are
direct advertising on Gumtree, to sell their properties. So what we do is we get
a VA, virtual assistant, they write down all the landlords numbers, all the contact details, just the name and the phone number. And we text them. So people used to in the
old days do like leaflets and shove ’em through the door, we buy houses, any condition. So we do the same thing,
but we do it by text. So VA, two pounds an hour, load up, 100 houses in Doncaster, five quid or something. Text marketing software, six pence a text, send out 100 texts, six pounds. So for like 11 quid, we’re
contacting 100 landlords, and from that, we normally get one or two leads, we’ll go and see ’em. We’re buying several houses a month on the basis of spending
like 40, 50 quid on VAs and text marketing. We buy houses, any condition, reply to this text to see if you qualify, cash within seven days, ’cause that’s what we do, cash within seven days. So using that exact same model, we got a £72,000 house, that’s
what it’s been valued at, we’re getting a £52,000 mortgage, we only paid £40,000 for it. And that’s one that we
did a few weeks ago. So to recap, viewings,
make a friend, make a deal. Distressed assets divisions
of banks, talk to ’em, commercial properties. Gumtree, get a VA to take
the data from Gumtree, put it on text marketing software, send out a text message. Hope you’ve enjoyed this week’s
edition of Money Matters, ’cause after all money does matter. I want each of you to
have sufficient money that it doesn’t matter. ’cause you get to a certain level of money that money just stops mattering, and you can do with your
life exactly what you want to do with your life, that’s why Touchstone exists. We want to inspire generations, thousands, hundred of thousands, millions of property investors, and we want your help, please. If you’ve enjoyed this short video, please like it, share it,
subscribe to the channel, get your mates to watch it. You’ve been wonderful, I’ve
been Paul, catch you next time.