We arrived in Las Vegas early Wednesday afternoon and arrived at the Luxor in time to walk the strip for lunch and relax before the welcome dinner that evening. The dinner is the setting for welcoming and thanking everyone for coming to the Buying Summit and introducing the staff and guests that will be helping throughout the rest of the week. This also afforded us time to meet other investors from around the country and a few from outside the United States.
Day 1- Thursday
The morning started off with lots of energy in the form of Kory Thurston, who was our host for the week. Kory introduced the strategic partners the Buying Summit works with and who would be on hand to assist with the varying business aspects. The strategic partners included:
· Insider Cash – transactional funding
· Guardian Law – helps with paperwork for assets you purchase at the summit
· VeilCorp – entity structure and set-up
· OptionIQ – the help you with trading options
· Cambria Capital – helps with investment and wealth management
· Accuplan – self-directed IRA’s
· Transont – they help you with your digital needs and computer issues
· Tax Sentry – helps you with your taxes throughout the year and filling proper paperwork
· BuyPD – sells asset and help you through all stages of ownership, most rentals already have tenants in them
Next, Scott and Amie Yancy from Flipping Vegas talked about how they got started in the real estate investing business, some of the changes and trends they experienced, and how they learned to change with the different situations they faced. They then did a photo shoot and book signing, giving everyone a free copy of their book, Go Time: How to Make Insane Money in Your Real Estate Market Right Now!.
Kory then reminded everyone about doing their due diligence and other things one should research before buying property. He went over all the things that BuyPD does when they go into a market and purchase assets. He then showed examples of different cash flow worksheets to help us determine return on investment percentage for each rental property.
Next, we talked about Kory’s favorite topic, land deals and land banking. One reason land deals are a good thing is that there is only a limited amount of land and more cannot be made. If you research properly, you can purchase land and hold it until a developer comes along and wants to buy it for more than you paid. You have to be willing to hold on to land for long periods of time and just buy and forget about it. Taxes on vacant land are minimal to none, and as long as it can be built upon in the future, someone will want to buy it.
The last topic was self-directed IRA’s and retirement accounts. Most people do not realize or understand how they can use their retirement funds to purchase real estate. There are some specific things that you need to do if you wish to use your retirement funds for real estate, so you need to talk to a tax advisor and someone knowledgeable about these types of transactions. That was why Accuplan was at the Buying Summit.
Day 2 – Friday
The morning started off with a question-and-answer session with a panel of 5 real estate investors, two of whom were students of the company, having been successful, and Doug Clark from Flip Men. This session was really insightful because people could ask questions of other investors who had been where they were and did well.
The next topic was trust deeds and how they work. Basically, you buy a trust deed and once you own the note on the property, you receive the monthly payments until the note is paid off or is defaulted on. If the note is defaulted on, you can get with the local city government and a lawyer to start the process to transfer the property over to you or your company. Most notes are backed by the state and each state has a specific % you will make on the note. For example Florida gives 18% interest.
Finally, the last topic of the day was tax strategies. The CEO of Safeguard gave us the briefing. He talked about the 3 income classifications: ordinary (Fix and Flip), capital (buy and hold), and passive (rental) as well as the different tax rates for each and how each classification affects business and personal taxes. He then went into detail about how taxes affect you and your business and ways to reduce the impact. Of course, he stressed working with a tax professional that has knowledge of real estate investing tax knowledge.
Day 3 – Saturday
The last day was dedicated to asset protection. Bud Lethbridge the CEO of VeilCorp was the speaker. He stressed at the beginning of his brief that he was only giving information that he has learned over the years and not specific advice. One needs to have a real estate lawyer who can give specific advice.
He started off talking about litigation and presented some of the recent cases in the news where tenants sued their landlords for crazy stupid things, such as “Family Flees ‘Haunted House’ Sues Landlord”. He also talked about different ways you can protect yourself and your business from lawsuits.
Asset protection is the main way in which to protect what you own and what your business owns. You do this by creating legal entities such as corporations, partnerships, and LLC’s. Bud talked about the different ways to structure your assets so that, in the case of death, your family members do not have to go through probate court.
He suggests that one have a living family trust. The trust is a legal way to designate how your assets will be handled if you become incapacitated, and how your assets are divided after you pass away without going through probate. Below is a blue print of a trust for a business.
EXAMPLE blueprint:
Of course, he talked about his company, VeilCorp, and how they can help set-up your entities and blueprints.
The week overall was very informative and a great experience. We were able to meet many other investors, some just starting out, some doing well, and some who were building great and successful businesses. We also took advantage of a group one-on-one training because the company was going to pay for us to fly back out to the Buying Summit in September, a few days early for the new training, and all we had to pay then was our own hotel bill. We were able to do a timeshare informational session and get our hotel paid for completely when we went back in September.
Day 1- Thursday
The morning started off with lots of energy in the form of Kory Thurston, who was our host for the week. Kory introduced the strategic partners the Buying Summit works with and who would be on hand to assist with the varying business aspects. The strategic partners included:
· Insider Cash – transactional funding
· Guardian Law – helps with paperwork for assets you purchase at the summit
· VeilCorp – entity structure and set-up
· OptionIQ – the help you with trading options
· Cambria Capital – helps with investment and wealth management
· Accuplan – self-directed IRA’s
· Transont – they help you with your digital needs and computer issues
· Tax Sentry – helps you with your taxes throughout the year and filling proper paperwork
· BuyPD – sells asset and help you through all stages of ownership, most rentals already have tenants in them
Next, Scott and Amie Yancy from Flipping Vegas talked about how they got started in the real estate investing business, some of the changes and trends they experienced, and how they learned to change with the different situations they faced. They then did a photo shoot and book signing, giving everyone a free copy of their book, Go Time: How to Make Insane Money in Your Real Estate Market Right Now!.
Kory then reminded everyone about doing their due diligence and other things one should research before buying property. He went over all the things that BuyPD does when they go into a market and purchase assets. He then showed examples of different cash flow worksheets to help us determine return on investment percentage for each rental property.
Next, we talked about Kory’s favorite topic, land deals and land banking. One reason land deals are a good thing is that there is only a limited amount of land and more cannot be made. If you research properly, you can purchase land and hold it until a developer comes along and wants to buy it for more than you paid. You have to be willing to hold on to land for long periods of time and just buy and forget about it. Taxes on vacant land are minimal to none, and as long as it can be built upon in the future, someone will want to buy it.
The last topic was self-directed IRA’s and retirement accounts. Most people do not realize or understand how they can use their retirement funds to purchase real estate. There are some specific things that you need to do if you wish to use your retirement funds for real estate, so you need to talk to a tax advisor and someone knowledgeable about these types of transactions. That was why Accuplan was at the Buying Summit.
Day 2 – Friday
The morning started off with a question-and-answer session with a panel of 5 real estate investors, two of whom were students of the company, having been successful, and Doug Clark from Flip Men. This session was really insightful because people could ask questions of other investors who had been where they were and did well.
The next topic was trust deeds and how they work. Basically, you buy a trust deed and once you own the note on the property, you receive the monthly payments until the note is paid off or is defaulted on. If the note is defaulted on, you can get with the local city government and a lawyer to start the process to transfer the property over to you or your company. Most notes are backed by the state and each state has a specific % you will make on the note. For example Florida gives 18% interest.
Finally, the last topic of the day was tax strategies. The CEO of Safeguard gave us the briefing. He talked about the 3 income classifications: ordinary (Fix and Flip), capital (buy and hold), and passive (rental) as well as the different tax rates for each and how each classification affects business and personal taxes. He then went into detail about how taxes affect you and your business and ways to reduce the impact. Of course, he stressed working with a tax professional that has knowledge of real estate investing tax knowledge.
Day 3 – Saturday
The last day was dedicated to asset protection. Bud Lethbridge the CEO of VeilCorp was the speaker. He stressed at the beginning of his brief that he was only giving information that he has learned over the years and not specific advice. One needs to have a real estate lawyer who can give specific advice.
He started off talking about litigation and presented some of the recent cases in the news where tenants sued their landlords for crazy stupid things, such as “Family Flees ‘Haunted House’ Sues Landlord”. He also talked about different ways you can protect yourself and your business from lawsuits.
Asset protection is the main way in which to protect what you own and what your business owns. You do this by creating legal entities such as corporations, partnerships, and LLC’s. Bud talked about the different ways to structure your assets so that, in the case of death, your family members do not have to go through probate court.
He suggests that one have a living family trust. The trust is a legal way to designate how your assets will be handled if you become incapacitated, and how your assets are divided after you pass away without going through probate. Below is a blue print of a trust for a business.
EXAMPLE blueprint:
Of course, he talked about his company, VeilCorp, and how they can help set-up your entities and blueprints.
The week overall was very informative and a great experience. We were able to meet many other investors, some just starting out, some doing well, and some who were building great and successful businesses. We also took advantage of a group one-on-one training because the company was going to pay for us to fly back out to the Buying Summit in September, a few days early for the new training, and all we had to pay then was our own hotel bill. We were able to do a timeshare informational session and get our hotel paid for completely when we went back in September.