How on Saving Property Tax Preserves Cashflow and More with Rahul Patel

Passive Wealth Strategy Show - Real Estate for Busy Pros

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In this episode, host Taylor Loht interviews Rahul Patel, a commercial real estate attorney, investor, and entrepreneur. They discuss common mistakes new real estate investors make, how to structure LOIs and contingencies, fighting property tax increases, Rahul's background, and more. Rahul shares wisdom and advice from his extensive experience in law, business, real estate, and angel investing.

Chapters & Key Takeaways:

[00:02] Opening Segment

Mitigating risk in offers: Engage experts you want to work with before making offers. Structure offers with ample due diligence periods. Don't take on excessive deposits/earnest money you can't afford to lose.

[00:11] Avoiding Rookie Real Estate Mistakes with Attorney & Investor Rahul Patel

Structuring LOIs: Be transparent about needing extensions upfront rather than trying to negotiate later from a weaker position. Offer to pay fees for extensions. This builds a reputation with reputable sellers.
Property tax disputes: File lawsuits to dispute unrealistic increased assessments. Reducing assessed value leads to exponential tax savings over time.
Common assessment errors: Assessors use mass appraisal processes with limited time and resources. Owners know details assessors miss that justify lower valuations.

[00:26] Closing Segment

Best investment: Invest in people and teams rather than trying to do everything solo. Creates accountability, new perspectives and is more rewarding.
Worst investment: Investing time and energy into businesses relying on other individuals' success rather than your own direct control.
Important lesson: Have a short memory of losses and don't dwell on past decisions - focus on the next win. Quitting can be winning if you learn lessons about why something didn't work out.

Connect with Rahul:

Website: https://www.patelgaines.com/

Key Quotes:

"I think the biggest mistake that I see people really doing is, is trying to figure out how to make maximum money on every deal, especially in the early onset." Rahul Patel

"If you have not gained an expertise in something, then you need to really obtain the services of an expert." Rahul Patel

"Investing in people around you that fit your culture, that's a great investment because I think it just, it pays dividends to what you're trying to do." Rahul Patel

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