Building generational wealth is critical to the establishment and maintenance of a legacy. For many years, real estate has been one of the most commonly used platforms to establish generational financial success. Better Than Success Media Company produced an intensive one-day real estate summit dedicated to giving investors and investor hopefuls the skills necessary to attain their real estate investing goals and build wealth through real estate.
In seven hours, attendees were presented with powerful and resourceful information from 12 leading women in the real estate industry, relating to every stage of the real investment process. Each speaker has attained a remarkable amount of success in the real estate industry, and gave many jewels of wisdom for the attendees to take with them. Aiming to enhance and refine investment skills among Philadelphia’s real estate community, the workshops and speakers addressed topics such as overcoming poverty and laying out a blueprint for generational wealth, how to overcome your fears to take the plunge and invest in your first property and how to buy a home with your student loans for the novice investor. Other sessions presented at the WIRE Summit included information on how to build your real estate team, how to take advantage of tax loopholes in real estate and even how to build a multi-million-dollar portfolio part-time.
Founder of Better Than Success Nicole Purvy, stated the Women in Real Estate Summit stemmed from a real estate event that BTS hosted in June. She continued to say during the event she was called out on the fact that all the participants in the event were men. Immediately following, Ms. Purvy developed the Women in Real Estate Summit. She said her hope for the summit “is that attendees take the information, put in into immediate use and build wealth and a legacy”. Ms. Purvy’s hopes were greatly aligned with the expectations of the attendees. Lisa Rothmiller, an attendee said she expects to get a wealth of knowledge so she can leave her 9-5 and move into a different facet of life with real estate.
During the presentation of Girl, I Need a Bag, Not a Bag! presenter Rhonesha Howerton, Real Estate Investor and Credit Repair Specialist illustrated that many women walk around with an investment literally on their arm. Ms. Howerton chose three attendees from the crowd and assessed the value of the handbag each lady carried. Collectively, the ladies were walking around with over $17,000 on their arms. And although some will argue handbags may be an investment, the value of their bags was enough to buy a three-bedroom investment property. The effect this demonstration had on the audience was astonishing. Each and every participant appeared to immediately ponder what investments they were literally walking around in possession of.
Once it has been decided to enter real estate investing, it is essential to develop a team. The composition of the real estate team is vital to the success of an investor. Real Estate Investor, Traci Powell mentioned the team should consist of an attorney, financial planner, realtor, title company, mortgage broker and general contractor possessing integrity and work ethic. Further, Ms. Powell said to always check credentials so that you have an idea of who you are working with. When Ms. Powell was asked why she participated in the summit, she responded, “It was so empowering and she knew it would reach the direct market of the people interested in investing in real estate.
Engaging in real estate investing can prove to be a lucrative business. However, it is important to be aware and take advantage of tax loopholes available.
Marquita Eshun, Investor and Finance Business Consultant presented information on 8 tax loopholes and how investors can keep as much money and cash flow for themselves. Some of the strategies Ms. Eshun explained include the Professional Side Step Limitation, which is a tax shelter, the tax benefit of using rental property as a Limited Liability Corporation (LLC), pass through entities, and cost segregation and depreciation deduction. The utilization of the tax loopholes presented could ensure attendees are smarter about what they do with their money. “That’s how you build generational wealth, said Ms. Eshun”.
The Women in Real Estate (WIRE) Summit was filled with valuable materials. For more information about the Women In Real Estate Summit, or the Better Than Success Real Estate League, go to betterthansuccess.com.