Using Your Real Estate Investor Checklist
You may recall the spectacular landing of US Airways Flight 1549 on January 15, 2009, when Chesley Sullenberger ditched the aircraft in the Hudson River off Midtown Manhattan. Or you may have seen the great movie by Clint Eastwood depicting those events starring Tom Hanks. No matter which version you may have seen, you must admit that this is an amazing event commonly called “The Miracle On The Hudson” and is the first time for an airplane landing on the Hudson river. https://youtu.be/fJ5ZLdJDBrg
What happens after this plane is struck by birds is amazing. After trying to restart the engines, Sully says, “Get out the QRH.” QRH is the Quick Reference Handbook - their checklist. Once the checklist was accessed by the co-pilot, Sully and the first officer started checking each item on the Quick Reference Handbook to try and get the engines re-started. In fact, airline pilots use many checklists for every flight.
While a real estate investor may not consider that their activities are as complex as flying an airplane or with the same degree of responsibility of keeping people alive, all of us should consider that we should be intentional when making our important decisions. Checklists are important in making complex decisions. One of the benefits of a checklist is that it provides a disciplined approach to ensure that no single item is not performed.
Are you going to care as much about your investments, your business, and your life as a pilot cares about theirs? I hope your answer is yes because the resources of time, effort, and money that you lay out to create your activities are crucial to your success. It is your responsibility to obtain success in your business.
If a checklist is considered important to keep millions of people alive each day, then they should be good enough for your business activities. You should be looking at your activities on an annual basis and ensuring that you are obtaining the best asset protection and cash savings available. Just one unfortunate event can wipe out years of your demanding work.
At Stone CPA and Advisors, we do not just prepare your tax returns. We look with you on an annual basis to identify mistakes and missed opportunities which may have a significant difference.
With ICOR, we will bring you a Real Estate Investors Checklist to discuss the following issues:
- Starting with the end in mind
- Understanding your assets and protecting them
- With entity selection
- Understanding the “why” of your business
- How your investments are taxed
- Which investments to have in taxable, deferred and not taxable accounts
- Accomplishing long term benefits
- Maximizing exit strategies to benefit you
- In sales situation
- With charitable and generation wealth transfers
Join us for this Real Estate Investors Checklist to ensure that you are looking at protecting your assets and taking advantage of the tax code to save cash. Go to www.icorockies.com to register for this event.