Skyline Views

Skyline Views is a podcast for real estate investors, both passive and active. Chris Mills covers v ... more

Latest Episodes

27

December 07, 2020 00:22:23
SV27: Tips and Views on Scaling w/ Yonah Weiss

SV27: Tips and Views on Scaling w/ Yonah Weiss

  Yonah is a powerhouse with property owners' tax savings. As Business Director at Madison SPECS, a national Cost Segregation leader, he has assisted clients in saving tens of millions of dollars on taxes through cost segregation. He has a background in teaching and a passion for real estate and helping others. He’s a real estate investor and host of the new podcast Weiss Advice.   In this episode of Skyline Views, Yonah and I talk about cost segregation, best practices, and tax strategies for scaling your investment business and taking it to the next level.   Yonah’s background (0:42) Cost Segregation basics (1:33) Best practices entering into a large investment (2:50) The role picking your market plays (4:28) Markets that Yonah likes right now (6:43) Changes in tax strategy as you grow and scale (8:08) Scoping out the tax savings landscape during due diligence (13:02) Questions to ask your specialist team members going into an investment (14:35) Transparency in a deal (16:37)   Resources: Yonah’s Website – https://www.yonahweiss.com/ Yonah’s LinkedIn – https://www.linkedin.com/in/cost-segregation-yonah-weiss/ Bigger Pockets – https://www.biggerpockets.com/ Hands Off Investor – https://www.amazon.com/Hands-Off-Investor-Insiders-Investing-Syndications/dp/1947200275 Crushing It in Commercial Real Estate – https://www.amazon.com/Crushing-Apartments-Commercial-Real-Estate/dp/0998381624/   Is your real estate portfolio running like a well-oiled machine? Do you know how you stack up? Find helpful resources here – http://mrcdmills.com/resources/   Learn more about The Haney Company here – https://www.thehaneycompany.com/   Know any new parents? Order them a copy of Legacy 101 here – https://www.amazon.com/Legacy-101-Practical-Christopher-Mills/dp/0692684050   Subscribe on Spotify, Apple, Google, Stitcher, iHeart.   ...

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26

November 30, 2020 00:28:41
SV26: Retiring Early with Short-Term Rentals w/ Bryce Stclair

SV26: Retiring Early with Short-Term Rentals w/ Bryce Stclair

We all would love to retire before the gray hair starts showing up. As you probably know, there’s no one path to retirement. Everyone’s plan is going to look different based on our various backgrounds, skillsets, experience, income levels, risk tolerance, familial status, lifestyle, ancillary goals, and the list goes on. I have always believed building streams of income is a far superior philosophy to building up a savings nest egg and hoping you don’t outlive it. In this episode of Skyline Views, Army veteran Bryce Stclair shares his story of how he strategized and executed his plan to dive into real estate and create financial independence as efficiently and effectively as possible. He’s based in Tennessee, and gives helpful insights on what it’s like investing in those markets. There are a lot of good tips and insights in his story that we all can learn from.   Key Points: Bryce recalls his first deal (0:37) His plan starting out (2:02) Co-hosting Air BnB, and differences in the hosting platforms (3:32) Next steps in scaling (4:50) A critical step when buying a short-term rental (7:46) Branching out into a new area (10:54) Creating extra capital along the way (12:38) Sweet spot for LTV on short-term rentals (13:37) Tax strategies around short-term rentals (15:18) The one real estate book he read, and his evaluation process (16:28) Benefits of teaming up (19:07) What does his retirement look like going forward? (24:26)   Resources: Email Bryce - stclairbryce (at) gmail.com   Loopholes of Real Estate Investing - https://www.amazon.com/Loopholes-of-Real-Estate-audiobook/dp/B00HYEOSAS   Is your real estate portfolio running like a well-oiled machine? Do you know how you stack up? Find helpful resources here – http://mrcdmills.com/resources/   Learn more about The Haney Company here – https://www.thehaneycompany.com/   Know any new parents? Order them a copy of Legacy 101 ...

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25

November 23, 2020 00:33:08
SV25: Investing as a Couple Effectively

SV25: Investing as a Couple Effectively

Investing together as a couple can either be heaven or hell. Each of you have your strengths and weaknesses. Combined, your strengths can cover each other’s weaknesses and make you a power couple, or your weaknesses can cause division and brood resentment. Investing effectively as a couple takes work, but in the end the results can be powerful. My guest today brings a lot of experience and practical wisdom to the table to equip you to create maximum efficiency to your relationship when it comes to finances and real estate investing. Adam Kol helps couples make sure that the money conversation doesn't get in the way, leading to more stability, partnership & peace of mind. He’s a certified mediator, former tax attorney, and currently serves as a Couples Financial Counselor. He’s also host of the Equal Partners Podcast. Our conversation in this episode is very valuable for couples who embark on active real estate investing, or are deciding how to plot their financial path into the future with passive investments. Key Points: What to look for and questions to ask pre-commitment (5:02) Common setups for couples finances (7:14) Money mindsets (8:25) Post-commitment, tips for merging lanes (11:51) Learning and understanding each other’s strengths and roles (14:06) Practical tools (15:02) Finding your groove to compliment each other’s strengths (17:39) Setting goals and planning for the future (21:23) The importance of key conversations (27:05)   Resources: AHK Coaching - https://ahkcoaching.com/ Love Money Quiz – https://bit.ly/lovemoneyquiz Equal Partners Podcast - https://open.spotify.com/show/3Ocr5k4kHu8AJUvNmMLMJz Splitwise – https://apps.apple.com/us/app/splitwise/id458023433 Honeydue – https://www.honeydue.com/ Zeta – https://www.askzeta.com/     Is your real estate portfolio running like a well-oiled machine? Do you know how you stack up? Find helpful resources here – http://mrcdmills.com/resources/   Learn more about The Haney Company here – https://www.thehaneycompany.com/   Know any new ...

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24

November 16, 2020 00:23:37
SV24: Holding Companies and Entity Management w/ Neil Greenbaum

SV24: Holding Companies and Entity Management w/ Neil Greenbaum

My guest for this episode has been an attorney for over 25 years. During that time, he has worked for an international bank, traditional law firms and private business. In addition to practicing law, Neil Greenbaum has started a number of businesses, developed commercial real estate, and, during the original dot-com boom, co-founded an online financial administration platform that still thrives today, some 20 years later.    Neil and I discuss holding companies and management companies, two cardinal components of the active investor’s operation. He shares tips and insights that are key to running your business like a well-oiled machine.   Key Points: Neil’s background (1:31) How should you set up going into a multifamily investment? (3:16) When should you begin thinking about your entities? (4:49) Is an LLC the best structure? (5:58) Best practices to avoid piercing the corporate veil? (6:35) Other ways to guard against liability (8:45) Management company best practices (9:49) When and how to deploy capital into the market, timing the market (12:55) Joint Venture relationships (15:54) Getting information and forming a team (18:20)   Resources: Wall Street Journal - https://www.wsj.com/ New York Times - https://www.nytimes.com/ New York Post - https://nypost.com/ Real Deal - https://therealdeal.com/ Fortune - https://fortune.com/ Entrepreneur - https://www.entrepreneur.com/magazine Neil Greenbaum LinkedIn - https://www.linkedin.com/in/neil-greenbaum/   Is your real estate portfolio running like a well-oiled machine? Do you know how you stack up? Find helpful resources here – http://mrcdmills.com/resources/   Learn more about The Haney Company here – https://www.thehaneycompany.com/   Know any new parents? Order them a copy of Legacy 101 here – https://www.amazon.com/Legacy-101-Practical-Christopher-Mills/dp/0692684050   Subscribe on Spotify, Apple, Google, Stitcher, iHeart.   ...

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23

October 12, 2020 00:38:32
SV23: Upstate NY and Long-Distance Investing w/ Cindy Byler

SV23: Upstate NY and Long-Distance Investing w/ Cindy Byler

Cindy Byler is a military Army spouse of 7 years to her high school sweetheart, Jonas. After their first change of duty station, she found herself needing to put her career as a music teacher on hold to move three times in three years. During that season of not working, she grew bitter toward the lifestyle- she had much value to add but felt unable. Through much reflection and improvements in personal finances, Cindy realized the best “job security” for their military lifestyle was through passive income- ultimately utilizing real estate to achieve passive income.   As a buy and hold real estate investor, Cindy primarily invests in her hometown-area in Elmira, NY. She has been a landlord for 5 years. In the past 1.5 years, she has acquired a total of 4 properties and 11 doors. Every unit has gone through, or is going through, extensive remodeling. To make things more interesting, she currently lives in Central Texas where her husband is stationed at Fort Hood so all acquisitions, remodeling, and rentals are managed from over 1600 miles away. Cindy also resigned from her job as a music teacher to stay home with her young children and focus on the business that has already replaced her income in so little time.   Cindy provides a lot of value in this episode, bringing a lot of key data on Upstate NY markets, and shares her experience and strategies on long-distance investing.   Key Points: Corning, NY (1:12) Elmira, NY market demographics (3:08) How to choose a market as a long-distance investor (4:37) The 1% Rule, and how it stacks up in NY (10:19) Lessons learned from different ways to pay contractors (12:22) Ages of homes in Upstate NY and why ...

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22

September 14, 2020 00:26:57
SV22: Tax Savings through Cost Segregation w/ Mark Gross

SV22: Tax Savings through Cost Segregation w/ Mark Gross

Most of us want to pay Uncle Sam as little as we can legally and ethically get away with every year. Fortunately for us, there are a number of tools we have in our bag as real estate investors to whittle down our bill. Cost segregation is one of those tools. My guest today is Mark Gross of Cost Segregations Services Incorporated. We discuss the basics of cost segregation studies, how they benefit investors, and how you may be able to take advantage.   Key Points: Cost segregation vs straight line depreciation (0:54) Partial Asset Dispositions (4:36) Tangible Property Regulations (5:49) Changes from the CARES Act that affect prior tax returns (8:29) The cost of cost segregation studies (10:29) Cost segregation for passive investors versus active investors (12:38) What does the process look like, from engagement to tax benefit? (14:07) Bonus depreciation for new owners (17:38) Residual benefits for long-time owners (19:25) Who cost segregation studies don’t work for (21:49) Cost segregation on new construction versus a rehab (23:25)     Resources: Email Mark [email protected]   Is your real estate portfolio running like a well-oiled machine? Do you know how you stack up? Find out here – http://auditmyrealestate.com/   Learn more about The Haney Company here – https://www.thehaneycompany.com/   Know any new parents? Order them a copy of Legacy 101 here – https://www.amazon.com/Legacy-101-Practical-Christopher-Mills/dp/0692684050   Subscribe on Spotify, Apple, Google, Stitcher, iHeart.   ...

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