All Forum Posts by: William Joel Idleman

Hey Patrick, if you've been listening to the podcasts, you'll hear them say over and over again that you need to outsource the activities that get in the way of your growth.  This is true with books, handyman work, and many other services.  Take some time to think about if completing this task, yourself is going to help you keep growing at this incredible pace or slow you down and distract you from more growth.  Bookkeeping services are generally not near as expensive as everyone might think.  Either way, congrats man!  You've done great so far!

If you don't have many units then Avail is decent.  It's $5/month/property.  If you don't like it then you didn't spend a bunch of money on it.  So far, it's been pretty user friendly.

Do not liquidate the account.  I help people access capital in their retirement accounts to secure more cash for real estate investing.  I'll send you a connection request and help you make a plan. 

Andrew - I grew up in that life.  My parents did missionary work for a little bit.  Luckily, I grew up stateside.  I'd be happy to help get you planted on some solid footing and help you make a plan that works for you.  I'm sorry you lost your folks.  Missionaries are a special breed.

 Hey Don, I've considered this myself.  I've been in the guard for 15 years.  I just learned about something called military crashpads.  They are highly profitable from what I've seen.  Troops rent rooms out from you at the gov rate which is around $120-$130 a night.  You will need to read the joint travel regulation because your place will have to meet certain criteria to be eligible.  Marketing is also crucial because you won't be listed on the Defense Travel Website as an option.  Generally, you need to beat feet on the street with old school networking around military bases.  It's possible and profitable but not easy.  You also need to own luxury real estate because your competition already does.  I would love to get into this in San Antonio, but the property would cost about $700k and that doesn't include furnishing it.  That's out of my scope for now.

 Hey Jon - I'm considering furnished finder and stepping into the mid term rental area for a house hack.  Was longterm Airbnb more profitable for you compared to other booking services?

Alison, don't be afraid to work with a tax preparer that's out of state.  For example, things in Kansas are way cheaper than they are in California.  You can find a cost arbitrage with a little research.

I've had my life insurance license and I never sold a cash value insurance policy.  IMO it's a niche product like an annuity.  In certain, specific cases it MIGHT make sense.  Generally, cash value insurance is a trash product because the insurance agent doesn't sell it to the right person and the client doesn't understand exactly how to use it.  It's a high commission product.  That's why it gets pushed.  Ask the agent how much they are going to make off of you.  Then think about how much the insurance company needs to make off of you to cover overhead and cover this product. 

Here is where I found it makes sense to consider a cash value insurance policy.  Find a policy that has a decent return and is quality.  Agents can often over promise on this product.  Set the death benefit amount to what you need.  Borrow against it to fund property investments after you've built cash value.  An agent can run an illustration for you and tell you how much you should borrow.  It CAN be a decent place to store cash because it will give you a death benefit should something happen to you and better interest than a savings account.  I like the flexibility of being able to borrow against it.  I like that the interest rate is generally higher than the bank.

I don't like the fact that most policies keep your cash.  For example, if you die and you have a death benefit of 100k and have paid up to 60k.  They will give you the 100k and keep the 60k.  Generally, a better return on your 60k can be found in the marketplace.  This is why you hear the phrase, "Term insurance and invest the rest."  Advisor will show you what the cash value policy costs vs term life insurance.  Then they would show you market average return on if you invested the difference.  I've yet to see a cash value policy give a better return than the "Term and invest the rest" strategy.

In summary and IMO - cash value insurance isn't a bad place to store cash should the policy be quality.  Just understand that by putting your money in this product you're making the insurance company rich.  As soon as my previous financial advising firm started to direct us to sell it as an investment, I left.  I do not believe cash value insurance policies are a good investment or should be sold as an investment.  You can find much better returns in other places.

Let the games begin on shredding my opinion!  hahaha

Cody, I hear you.  Almost everyone on this forum wants the same thing!  So, you're in the right spot and you're asking the right questions!  Real estate is like starting any other business.  You have to pay your dues.  You have to fail, even if it's minor.  You have to make mistakes.  With a good mentor you can move through the process a whole lot faster compared to doing it on your own.  I help my clients make plans to achieve goals like this on a daily basis.  These guys are correct.  Start building your team.  Focus on your skillset.  If that's accounting and taxes, that's great but if it's not then you are cheating yourself out of potential income.   

SATX and the surrounding areas are extremely hot still even though it's cooling a little.  Jack is right.  You'll most likely need to spend at least $150k.  Even the surrounding areas are going to be at least $150k.  It's Texas my man!  Everyone is moving there!