My name is Julie Phan, and I have a confession to make. As the admin of a finance group, I’ve got a little secret—I’ve never tracked my expenses. Yep, you heard it right! I have a general idea of my expenses, but I haven’t been actively tracking them like we recommend to our members on their journey towards financial independence.Read More
You’ve heard it again and again that real estate is an excellent pathway to accumulate significant wealth. However, you should also know that most real estate investors do not get rich overnight, as it can take years for investment properties to accumulate enough equity and generate significant wealth. The nice thing about real estate is that there are many approaches to make money and to do so either requires a lot of your time, or very little of it. Simply put, real estate investing can typically be classified as either active or passive investing. Let’s take a look at these categories to learn which may be the best fit for you!Read More
Building a new sublease office inside a retail store brings some unique challenges, but can be even more rewarding when you see your office thrive after years of hard work. Like any new business, attracting new patients may be a struggle at first. However, by engaging in a number of creative practices, I was able to grow this office from a patient base of zero to a thriving optometry office! Below, I will share the five strategies that formed the core of my success plan:Read More
If you are reading this, chances are that you have realized how lucrative the rental property market can be. Rentals can serve as a great source of passive income, but they certainly are not without risk. One strategy for decreasing your risk is to diversify your rental portfolio by investing in out of state properties. However, out of state investing is not without its own challenges. Let’s look at the 5 biggest challenges for out of state investing and how to address them.Read More
If you’re reading this article, you most likely live in a state that has a high cost of living and home prices are skyrocketing at a pace that makes little sense in investing for cash flow. You’ve wondered how you can also own rental properties and enjoy the sweet success of passive positive cash flow that isn’t possible where you’re at. We’ll talk more about the disadvantages in a follow up article, but for now, we will dive into four major benefits of investing in rental properties out of state.Read More
Investing in rental properties can have a lot of exciting moments; however, one thing that people will never claim to be enthralling is performing their due diligence…Due diligence essentially refers to ensuring that you know everything possible about a property before signing on the dotted line. In this article, I will discuss due diligence, breaking it into tasks prior to making an offer and those done after your offer is accepted.Read More
For real estate investors, the ultimate goal is obviously profit. However, one of the most common questions people have when considering investing in a rental property is: how much profit should expect? This article will help you to estimate your potential profit on a particular property investment. There are a number of variables that should be considered whenever estimating profit. It is also important to remember that every market is somewhat different. However, ultimately, there are a handful of core questions that can be asked to help estimate potential profit.Read More
By popular demand, here is a copy of my Profit and Loss Statement spreadsheet that I use at my offices. I track my income and expenses very diligently and this has made applying for programs such as PPP loans and COVID relief grants easier since I can compare changes in revenue year by year. In…Read More
With the initial economic shock of the COVID-19 pandemic back in March 2020, the Emergency Injury Disaster Loan (EIDL) and subsequent grant programs funded by the CARES act received a lot of buzz. In the first round of the EIDL grant, businesses were granted $1000 per employee of their business, up to a maximum of $10,000. Recently, congress has allocated another $20,000,000,000 in EIDL grants (advances) in the new stimulus to allow businesses who received less than $10,000 to qualify for the full $10,000 grant, minus any amount already received. Let’s take a look at EIDL grants and common questions regarding them.Read More
Here we go again! In case you missed it, congress recently passed a new COVID-19 stimulus package on December 22, 2020, that provides over $900 billion in aid to individuals and businesses – pending the president’s signature. Notable parts of the new bill include changes to PPP (Paycheck Protection Program), EIDL, clarification of tax treatments of relief funds, and an extension to the Families First Coronavirus Response Act tax credit.
To help you further understand the bill, here is a quick rundown of everything you may need to know in an easy to read FAQ format.