Useful Results From First Limitless Expo With the Family
Limitless Expo 2022, The Financial Freedom Expo, was a great place to learn new concepts, get more information on familiar ideas, connect with experts, and feel the excitement of this inaugural event.
Below are some links to more details, including resources:
- My Story
- Fascinating Topics
- Valuable Bonuses
- Continuous Improvement
- Lesson for Dumber Self
- Next Step for You
How did the idea of going to our first multi-day educational event as a family come about?
My Story
My husband was watching a video earlier in the year on Ken McElroy’s YouTube channel about real estate investing and heard that he was planning to put together a conference in Scottsdale, AZ. It sounded like a great place to learn more about real estate, so when specific details came out in February about the Limitless Expo, including that Robert Kiyosaki was going to be a speaker, we started making plans to go on a family road trip in June!
There were over 25 presentations at the Expo and we attended sessions for 16 different topics. In addition, we received other bonuses as a result of attending the conference.
Fascinating Topics
The subjects that we found interesting related to the diverse ways to invest money, a potential source to finance an investment, and strategies to protect assets.
Investing in Government Programs
One topic was about tax savings. While preparing tax returns over the years, I had noticed many incentives mentioned in the IRS publications. According to Tom Wheelwright, CPA, these tax incentives were started to encourage taxpayers to help the government with its goals, e.g., provide housing, increase domestic oil supply, etc., and as a result, can be a guide to what to invest in.
Tom also introduced the book that he wrote, The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make, which goes into details about the tax savings. I can’t wait to read the book!
Real Estate Rentals
One of the areas that the IRS offers tax deductions and credits in is real estate, but there are so many details to know about in this arena. However, we did pick up a few pointers from Thach Nguyen, CEO of Thach Real Estate Group, as follows:
- Know when to
- Pay off the loan on a property to own it fully
- Borrow money for a property to get in with less of your own cash with a goal of earning rental income and receiving future appreciation on it
- Take out equity on the property to have more cash on hand
- Buy fixer-uppers with a yard in the back or on the side to take advantage of the opportunity to build an ADU (accessory dwelling unit) on the property to rent out for extra income
Oil and Gas Production
Another area with tax benefits is oil and gas production. Since we’re less familiar with this type of investment, the introduction about the production process and investor partnerships provided by Mike Mauceli, CEO of REI Energy, was helpful. For further education, REI Energy’s website also had useful resources, e.g., podcasts, FAQs, etc.
Funding Real Estate Investments with a Self-directed IRA
Many of the talks were about where to put money to invest in real estate, but this was the only one that focused on getting the money from an account that we may already have. Greg Herlean, Owner/CEO of Horizon Trust, planted the seed that we could use retirement money to purchase real estate. We certainly need to have a deeper understanding of this method!
Protecting Assets
Switching gears to what to do after accumulating some assets, Garrett Sutton, Business Owner of Corporate Direct, Inc., talked about setting up an LLC (Limited Liability Company) to protect assets from claims in potential lawsuits. In addition, he highlighted that the benefits and requirements differ between States.
Valuable Bonuses
Aside from the speeches that we listened to, we also received perks on location and afterwards.
Free Parking
Before we even went inside to the venue on the first day, I was puzzled to see that the parking lot gates were up. At the end of the day, we were able to leave without having to pay for parking, which saved us $20. On the second day, the gates were up again, so that’s another $20 saved. What a nice surprise!
Multifamily Real Estate Investing Webinars
After returning home, some of the presenters reached out to the Expo attendees with reminders about their services and products. One of them even hosted a couple of free live webinars.
Elisa Zhang from EZ FI U offered content on the following topics:
- Session 1: Introduction to Becoming a Successful Passive Investor
- Session 2: The Real Deal: Multifamily RE Case Study Walkthrough + Live Q&A
Some of the subjects covered in the sessions were as follows:
- Importance of using the right bucket of money for real estate investments, e.g., for tax efficiency
- Examples of what falls in the range from passive to active real estate investing
- Role of the real estate syndicator
- Questions to ask when evaluating a syndication team
- The different multifamily property classes
- Results of some of the syndications that Elisa worked on
Not only was the information provided invaluable for a beginner, it was an excellent introduction shared at no extra cost!
Continued Education
The icing on the cake for participating in the Limitless Expo is our continuous curiosity and exploration of themes related to what we gathered from the function.
Below are some examples of where we’ve branched off to and what we discovered so far:
- The Win-Win Wealth Strategy Virtual Launch Party! hosted by Tom Wheelwright
- Highlights of most of the strategies from the book and examples of some of the strategies used by the guests
- A couple of the guests as potential resources and for inspiration
- An instance where someone was able to buy a four-plex that wasn’t on the market, which he identified by riding his bicycle on Saturdays asking people if they knew of anyone thinking of selling since he was looking for a place for his family to live in
- The Economics of Income Property – Life for Sale on Ben Mallah’s YouTube Channel
- An example of how to make money in real estate rentals, with the math shown, along with other related tips, in about 10 minutes
- Loopholes of Real Estate by Garrett Sutton
- Tracking business and real estate activities through separate bank accounts
- Accountants analyzing financial records to help make sound decisions instead of them tracking daily financial transactions
- Applying cost segregation to accelerate depreciation on tax returns
- Using 1031 exchanges to defer taxes from real estate investment sales
To further expand our knowledge in investments and asset protection, we will do the following:
Continuous Improvement
- Collect insights on related topics from alternative sources
- Practice the techniques that we have learned
Reflecting on the experiences shared by various experts at the Limitless Expo, I walked away with a common mindset that I need to remember:
Lesson for Dumber Self
- If something doesn’t work or isn’t ideal, ask myself the following questions:
- How can I make it work?
- How can I make it better?
What will you do next?
Next Step for You
- Keep an eye out for next year’s Limitless Expo?
- Share a tip with a newbie on real estate investing or asset protection that blew your mind?
- Read another post on this site? (Go to the menu at the top of the page.)