Picheny

From acting on stages to investing in real estates, my journey has been nothing short of an adventure. In my book, "Backstage Guide to Real Estate," I share my transition from actor to full-time investor. It's a rollercoaster ride, filled with 18 Keystone concepts I picked up along the way. Keystone concept number four is all about adding value. 🏡 Imagine buying an asset that's not at its best and highest use. Perhaps it's a property, built 30 to 40 years ago, and hasn't seen an update since. The magic happens when you start improving it. Upgrade the interiors with new appliances, a fresh coat of paint, or new flooring. Spruce up common areas like hallways or lobbies. Maybe even add a dog park or new pool furniture. These improvements not only increase the property's value but also enhance the quality of life for the residents. It's a win-win deal, and I absolutely love it. 💖 For more on value-add strategies, check out my YouTube channel. Remember, every property holds potential. It's all about seeing it and unlocking it. Happy investing! 🎉 #ValueAddInvesting #RealEstateGrowth #BackstageGuide

In the world of real estate, a 1031 exchange can be your golden ticket to deferring capital gains tax. But beware: strict rules and tight timeframes govern this strategy. Preparation is key. Consult with a tax advisor and a real estate expert. They can guide you through the process. Remember, not all properties qualify. Both must be held for investment or business purposes. Also, the value of the new property should be equal to or greater than the old one. Failing to meet these criteria can result in hefty taxes. 😬 So, do your homework. A 1031 exchange can be beneficial, but only if executed correctly.

🔍 Let's dive into the data on recessions, courtesy of the unbiased National Bureau of Economic Research. Since 1850, recessions have occurred 30% of the time - not exactly an anomaly, right? 📊 And the average downturn lasts just 17 months. With this historical context, we can see that recessions are temporary phases in a continual economic cycle. Rather than fearing them, we should embrace the opportunities they present. Double tap if you're ready to approach recessions with a rational, level-headed mindset! #BackstageGuide #EconomicData #MarketTiming

Using other people's money in my first deal was like walking a tightrope with no safety net, especially when those people were friends and family. The responsibility was immense. It felt like carrying a mountain on my shoulders. I was scared, nervous, and excited all at once. The fear of letting them down, of losing their hard-earned money was a constant companion. But, I took the plunge. I was determined to succeed, not just for me, but for them too. Over the years, my network has expanded. I've met new people, built relationships, and gained their trust as investors. Some of them have even become friends. But that first deal, it was all friends and family. I can't say I take it lightly now, but that one was especially nerve-wracking. Every deal I make, every investment I take, I still feel that weight. That responsibility. But I've learned to channel it. To use it as motivation, as a driving force. The fear of failure, the desire to succeed, it pushes me to do better, to be better. Every time I take someone's money, I remember that first deal. I remember the tightrope, the lack of a safety net. And I work hard, not just to balance, but to walk across with confidence. Because at the end of the day, it's not just about the money. It's about the trust, the faith they've put in me. And that's a responsibility I don't take lightly. Ever. 👊👊👊 #InvestorTrust #BackstageGuide #FirstDeal

Imagine this, you buy a property for half a million dollars, sell it for $700,000 but your heir pays zero capital gains taxes on the appreciation. Sounds too good to be true, right? Well, it's not. Here's the deal. You can keep buying and selling properties until you die. And the best part? You can defer your capital gains taxes. Let's say you buy a property for $500,000 and sell it for $700,000. Normally, you'd need to pay capital gains taxes on the $200,000 of appreciation. But here's the kicker. If your heir inherits the property instead, they inherit it at what is considered the fair market value at the time of inheritance. That original $200,000 of appreciation? Doesn't apply to them. This means they could sell the property at $700,000 and not have any capital gains taxes to pay. But wait, there's a catch. They would pay taxes on any amount above their $700,000 basis. And let's not forget, we're talking about capital gains tax only. Inheritance tax and any other relevant taxes would still be due. So no, your heirs aren't getting a completely free ride. Sorry, greedy grandkids. 😅 But hey, it's still a pretty sweet deal, right? Want to learn more about this? Check out my YouTube channel for more on 1031 exchanges. Remember, the more you know, the better decisions you can make. And sometimes, dying can be the best thing you can do for your heirs. At least, when it comes to property taxes. 😉 #TaxPlanning #GenerationalWealth #BackstageGuide

Every dollar you spend isn't just a cost, it's an investment in your property's future. Strategic renovations can boost cash flow and unlock exponential growth. 🏡 Small changes, like new fixtures, can make a big impact. Energy-efficient improvements are another smart move. They reduce utility costs and attract eco-conscious tenants. 🌱 Don't overlook curb appeal. A fresh coat of paint or landscaping can significantly increase property value. Remember, every improvement adds value. It's not just about spending money; it's about making your property more desirable. So, think of each renovation as a step towards a more profitable future. 🛠️ In the long run, these investments pay off, making your property a valuable asset.

Building a successful multi-family syndication team is like assembling a complex jigsaw puzzle. Each piece, or member, plays a unique role. First, you have your general partners. They come with different skill sets. One needs to identify properties. Another must underwrite them. Raising capital is also a crucial part. And let's not forget about managing the asset while holding onto it. But the team doesn't stop there. You need a fantastic attorney on your side. A really good CPA to handle the accounting is a must. Tradespeople with specialized skill sets are also essential. Think about a property tax consultant, a mortgage broker, and a property management team. Without these, your puzzle is incomplete. Building a strong team is not a luxury, it's a necessity. It's the key to success in this business. So, start assembling your puzzle today. And remember, every piece matters. Because in this game, missing one can mean the difference between success and failure. And we're all in it to win, aren't we? 😉👍🏽🔑🧩 #SyndicationTeam #KeyPlayers #BackstageGuide

Take the driver's seat with Active Investing or enjoy the ride with Passive Investing - which will you choose? 🚗💼 Active investing means you're responsible for every twist and turn, every bump and breakdown. With passive investing, after an upfront homework session and careful vetting, you can sit back, relax, and watch your investment grow. 🌱 Plus, with medium and long-term passive investments, the returns are often more tax-efficient. Ready to explore passive investing and make your funds work smarter, not harder? Share your comments below. #BackstageGuide #ActiveVsPassive #RealEstateInvesting #InvestorLife

1031 exchanges might not be around forever, and here's why: Political discussions are heating up about their removal. This underlines the importance of exploring multiple tactics for wealth preservation and growth. That's why it's crucial to stay informed and adaptable. The financial landscape is always changing. Being proactive can make all the difference. So, explore your options and prepare for any scenario. Stay ahead of the curve.

Imagine living in a world where you never have to pay taxes on your property sales, where the right strategies and experts can shield your profits. Welcome to the world of 1031 exchanges. This tax-deferral strategy is like a secret weapon for property investors. But here's the catch - the rules are strict. You have to meet two time requirements. You also need to hire a qualified intermediary, or QI. This QI holds your sale proceeds. They disperse them when you buy your replacement property. Regulations change. There are nuances. That's why you need a team of experts, like a QI, to guide you. Now, you might be wondering, is all this effort worth it? Well, imagine keeping all your profits from your property sales. Sounds good, right? If you want to learn more about 1031 exchanges, check out my YouTube channel. Remember, with the right strategy, you can make your money work smarter, not harder. 🏡💰🎯 #TaxDeferral #QualifiedIntermediary #BackstageGuide