Inspections, Rent Collection, and a Digital Marketing Quest
Hey there, friends! Hope this post finds you well and life’s treating you right. Sometimes in the hustle and bustle of our daily grinds, it’s these little check-ins that remind us to take a breath and appreciate our strides, no matter how big or small they may be.
A Breath of Relief: Passing the Section Eight Inspection
You know what’s worth a little happy dance? Nailing something on the first try. That’s right, the McKay property did just that with the Section 8 inspection this on November 20, 2023. Sometimes the anticipation of these evaluations can be nerve-wracking, but we passed with flying colors!
The journey doesn’t stop there, though. We have Greater Lakes Property Management, teaming up with the tenant to sort out the nitty-gritty of security deposits. They’re gearing up to get cozy in their new digs right in December. That’s when the wheels start turning, and our client can look forward to those rent checks rolling in come January. Exciting times, right?
Selling Dreams and Realities: Navigating the Sales and Marketing Maze
So, what’s cooking on the sales front? Well, let’s just say it’s a mixed bag. The spirit to sell is still strong, yet finding the right channels to broadcast the sale can sometimes lead to unexpected detours.
I decided to test the waters with a Black social media marketer’s network. Now, this network isn’t your everyday influencer hub. It’s an educational platform teaching the ins and outs of digital marketing to savvy business owners. Yet, amidst this enterprising environment, our marketer has found a way to feature banner ads, including one for selling our very property.
But here’s the rub – the report he drafted was a bit of a head-scratcher. It lacked the clarity one would expect from a pro in the game. Despite that, he did round up 20 interested individuals through his email campaign. Now, while that’s a start, I’m on the edge of my seat waiting for the rest of the responses from the total 55 who showed interest. And yeah, this whole campaign cost us $150 for the month. The question that looms is whether this is your average rate or if we’re venturing into uncharted terrains cost-wise.
“Marketing is as much about clear communication as it is about the pitch. If that’s your arena, clarity isn’t just a nice-to-have; it’s the crux of your craft.”
Let me tell you about the ripple effect of trying out new marketing strategies. I’ve got an example all set and ready to shoot over to you so you can see firsthand what we’re up against. It’s a crafted email, an electronic handshake if you will, with our potential buyers. The verdict’s still out on its success, though – no responses yet. But hey, this is all about experimenting, learning, and adapting on the fly.
Tax Tales: From McKay to Charitable LLCs
When it’s not about sealing deals and shaking hands, we’re diving headfirst into the dense world of taxes. We’ve got a McKay client nearing a year of property ownership, and let me spill the beans on a tax tidbit: holding onto a property for over a year could turn the tax tables in your favor, bringing those rates down a notch.
To navigate these murky waters, I’ve got a ‘tax architect,’ a man of numbers, with a PhD to his name and a track record that inspires confidence. We’ve got a powwow scheduled for next Sunday, and I’m bringing along a high-net-worth client who’s eyeing real estate in Detroit. He’s in the same boat – staring down the barrel of capital gains tax and itching for a way around.
Cue the Charitable LLC. It’s a clever little detour around the taxes highway, allowing you to set up an LLC, donate the majority to a public charity, and yet maintain control. Sell your asset, face a minimized tax event, loan the cash to yourself, and voila! You’re playing the tax game like a seasoned pro – all legal, of course, and with charitable benefits to boot.
“The game of taxes is a chess match where knowing the moves isn’t just helpful; it’s the difference between a checkmate and a stalemate.”
But beware; the layers of legal work in this strategy are not for the faint of heart or the light on details. It’s all about setting up the right entities and moving your pawns in a manner that keeps the kings and queens (aka the IRS) in check.
The Bigger Picture: Investment Clubs and Networking for Change
Beyond individual cases, we’re spreading the word on investment clubs, getting organizations on board and sharing this model far and wide. I’m also touching base with the LA chapter of an organization called ‘Black Men Build.’ It’s a powerhouse community with chapters popping up like flowers in spring. They’re all about empowering black men, and together, we’re looking into kickstarting an investment club – a true grassroots movement in investment education.
Wrapping up on a more laid-back note, it ain’t always smooth sailing. Sometimes folks get cold feet, other times they’re captivated. The trick’s to stay patient, keep presenting those opportunities, and remember that every ‘no’ is just a step closer to that ‘yes.’ After all, it’s about the journey, and every stumble is a story in the making.
Till next time, keep those investment dreams alive, and remember, knowledge isn’t just power; it’s profit. Stay tuned for more updates and nuggets of wisdom. Peace out!
Note: The events discussed in this blog post are part of a larger ongoing story of investment and real estate ventures. Any specific financial advice or strategies mentioned are provided for illustrative purposes and should not be taken as professional financial guidance without consulting a certified expert.