Last week, I had the honor of speaking at the Mr. Landlord Convention in Nashville, TN. I shared my thoughts on overcoming challenges associated with inner city rentals and was quite happy they didn’t throw me off the stage.
In fact, I was pleasantly surprised how well my often controversial ideas were received.
My Take Away Ideas
Jeffery Taylor, Mr. Landlord, was gracious enough to allow me to stay for the entire event after I spoke, so I was able to catch a head full of ideas just like the other attendees. Here are some of the concepts that blew my mind:
I’m not doing nearly enough to reduce my audit risk or take full advantage of the tax code. Al Aiello, CPA, shared some ideas during his talk that my overpriced CPA never mentioned. Ideas like:
* Get away from Schedule C and E and start using the less audited Form 1064.
* Get set up with a C-Corp that can lease “meeting space” from your LLC.
* Mr. Aiello also mentioned some ideas I’ve been too lazy to implement like putting my children on the payroll.
The Savvy Landlord, presented a colorful overview of different web-based services that are extremely helpful to landlords. I knew of a few, but most were new to me. His suggestions that I’m going to investigate include:
* Getting serious about using Evernote
* Start using Shoeboxed.com – an online receipt and document scanning service. Mail them the hard copies or email photos and they will scan, categorize, and shred the documents for you.
Scott shared about the benefits of the self storage industry. Whoa, this was such a transformational idea that I opened my wallet and bought his course that cost over $900. It wasn’t quite an impulse buy; I’ve been looking to buy more property and I want to diversify. I really want to better understand storage investments so I took a step to educate myself.
Now that I’ve invested in the course, I need to find a way to recover that money. I’m going to do something self storage related real soon (and I’ll report back to you).
Mr. Landlord dropped so much wisdom that there’s no way for me to create a summary that will do him justice. But let me share a one of his thoughts that really haunting and challenging me.
He said that many landlords don’t delegate simply because they don’t know how to spend their time in a manner that earns more than their assistant(s) would cost.
Wow, the unabridged truth … right between the eyes.
If you ever get a chance to attend a Mr. Landlord convention, you should go. If you’re too busy to go, then free up some time.
Yes, I’m interested in diversifying. Scott’s course is excellent. You can read more of his teaching at REIClub.com, articles.