Ep #411 – Tom Wheelwright – Tax Advantages of Multifamily

Here is some of what you will learn:

      • The value of rejection
      • The Big Wall Street Lie
      • Tom’s book: Tax Free Wealth
      • Book Recommendation #2: More Important than Money
      • Bonus depreciation
      • Cost Segregation
      • Pass through deductions
      • Understanding Section 179 & 1202
      • The value of continuous learning
      • The power of your peer group

To find out more about our guests click here

To find out more about partnering or investing in a multifamily deal: Text Partner to 41411 or email Partner@RodKhleif.com Join us at a Multifamily Bootcamp, visit: MultifamilyBootcamp.com

Watch on YouTube!

Do you want to learn more about Multifamily Real Estate Investing? Work with Rod in the Lifetime CashFlow Academy's Multifamily Course & Coaching Program

Full Transcript Below:

Ep #411 – Tom Wheelwright – Tax Advantages of Multifamily

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

Any investment opportunities mentioned on this podcast are limited to accredited investors. Any investments will only be made with proper disclosure and subscription documentation and subject to all applicable laws.

Get Valuable Tips, Tricks, Articles & Resources Sent Right to Your Email!

Check your email for your FREE report!