While your real estate career may seem to be booming, there might be trouble on the horizon. As the saying goes, “You don’t know what you don’t know,” and without consulting the right experts, you may be overlooking issues like having no liquidity despite being real estate rich. Today we speak with Christopher Mills about common issues that you may not be aware of and how you can make the transition from active to passive investing.
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Gene Trowbridge and Jonathan Nieh, founding partners of the top syndication firm Trowbridge Law Group LLP have a legal team with over 50 years of combined experience in real estate syndication and the practice of real estate securities law. Over this time Gene and his partners, in several past firms and currently, have helped clients raise close to $5.0 billion dollars in offerings by empowering entrepreneurs to raise capital legally. To learn more about Trowbridge Law Group LLP, visit our website at www.trowbridgelawgroup.com or follow us on Facebook, Instagram, or Twitter.
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As a financial advisor with investing experience, we ask Chris about who his ideal clients are. His answers highlight the role of financial planners in developing retirement and investing strategies. After sharing details on shifting to passive investing, we dive into issues that investors face — and how you can avoid them. From taxes to inflation, Chris talks about other crucial factors that you need to plan for before explaining why retirement plans are the key to establishing a lasting legacy. Near the end of the episode, Chris provides listeners with his take on where the real estate industry is headed, the link between how you start your day and self-discipline, and what you can do to improve your business. Tune in to hear more of Chris’s insights into overcoming overlooked real estate issues.
Key Points From This Episode:
- Chris shares details about his background and investing preferences.
- The types of investors that Chris works with and how he helps them.
- Going from active to passive income, with specifics on which IRS statute to use.
- When you should consider moving from active to passive investing.
- Commonly overlooked issues when transitioning from active to passive investing.
- How people end up as real estate rich but cash poor.
- Avoiding pitfalls by consulting specialists or having them on your team.
- From taxes to inflation, Chris discusses the crucial factors that you need to plan for.
- Setting long-term retirement goals and how you can impact future generations.
- Ideas on where the real estate market is headed in the next six to 12 months.
- Why starting his day correctly is Chris’s key to self-discipline.
- The importance of relationships and how they lead to success.
[bctt tweet=”A lot of us real estate investors, the way we found real estate is that we love the control. We love controlling our destiny. — Chris Mills” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Chris Mills
Passion is an understatement when it comes to Christopher Mills and his desire to help families and family-owned businesses. Chris has over 15 years of real estate experience as an investor and has experience as a loan originator, property manager, and agent. At The Haney Company, Chris specializes in working with individuals and organizations who have or desire real estate holdings and helping them map out and achieve their financial goals. His real estate experience helps him address the complexities and opportunities unique to real estate investors. His specialties include alternative investments, 1031 Exchanges, and liquidity solutions. Working closely with members of The Haney Company, attorneys, and CPAs, his clients benefit from a comprehensive approach to each situation. Chris is the author of Legacy 101: A Practical Guide. He lives in Northern Virginia with his wife and 3 children. In his free time, he enjoys gardening, hiking, cooking, and classical music.
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