- Today, Kenny Simpson and Krystle Moore have amassed a $19 million, 47 unit real estate portfolio.
- They share four recommended books to help aspiring real estate investors.
- These cover wealth building, money-saving tax strategies, negotiations, and deals.
Previous Kenny Simpson and Krystle Moore The two met in late 2008, but previously had separate real estate investment ambitions. So when the two finally joined forces to buy their first property together in 2012, it seems only natural that it was just the beginning. a successful journey — what led them to where they are today, owning a portfolio of 47 units worth $19 million, according to official documents verified by insiders.
Simpson, 42, and Moore, 38, now live in San Diego with their two daughters. Together, the two share his 35 years of real estate industry experience and estimate their real estate investments now exceed her $360,000 in annual cash flow.
For aspiring investors, first advice What Simpson and Moore have in common is getting an education before setting foot in real estate. “You need to know what you’re investing in, especially if you want to protect your investment,” Moore told an insider in a recent interview.
Here are four of the couple’s favorite books that helped them get to where they are today.
1. Rich Dad Poor Dad by Robert T. Kiyosaki
It’s Simpson’s most recommended book, and according to Moore, he’s read it four times already, telling Insider it’s “the easiest book to read.” The book isn’t a tactical how-to investing guide, but Simpson says its importance lies in comparing how the average person thinks about money to how investors think about creating wealth. says there is. As such, the book teaches the reader about the transition to an investment mindset.
“We’re taught that you go to school, buy a house, get married, put money into your 401k, retire, and that’s it. “If you’re thinking about real estate, you should read Rich Dad Poor Dad.”
2. “Tax-Free Wealth: How To Build Huge Wealth With Permanently Lowering Taxes” by Tom Wheelwright
“This book may be a bit advanced, but it actually goes into great detail on strategies for buying real estate and how it can save you millions of dollars in tax dollars. is a certified public accountant to a well-known real estate investor in.” Simpson also recommends investors check out Wheelwright’s “The WealthAbility Show” podcast.
Understanding various real estate tax strategies was a familiar affair for Simpson and Moore, who raced against time to get married in March 2014 to take advantage of tax incentives before the first property sale was completed. That’s it.
America Taxpayer Relief Act of 1997Reducing capital gains tax on the sale of private homes. Thanks to this law, Simpson and Moore’s $500,000 profit from the sale of their first property was completely tax-free.
According to 27-year-old attorney and real estate investor James Walker III: $1 million real estate portfolio, verified by insiders — understanding a particular tax strategy can help you decide whether to follow a cash flow or capital gains investment strategy. Capital gains may be taxed at higher rates than passive cash flow income, depending on certain factors such as state law and tenure.
by doing their research Investors can take advantage of these tax lawsThis includes offsetting property depreciation, repairs and utilities against taxes to reduce overall taxable income. Investors can offset capital gains against passive losses, potentially eliminating any outstanding tax liability, Walker said.
3. “The ABCs of Real Estate Investing: The Secret to Finding Hidden Gains Most Investors Miss” by Ken McElroy
This book provides a great overview of real estate investing and is especially great for beginners, thanks to author Ken McElroy’s experience and success in real estate investing.
“Ken McElroy is great. He’s like the magician behind Robert Kiyosaki. Ken is the guy who really took the money and built a huge portfolio,” said Simpson, who has managed real estate, syndication, and more. He noted McElroy’s experience in the purchase and ownership of property and construction of real estate.
4. “Trump: The Art of Trading” by Donald Trump and Tony Schwartz
“Love him or hate him, he’s a great negotiator,” Simpson said. “This is a good read about negotiations and how deals come together.”
Real estate is also a relationship-based business, so learning best practices in negotiation and trading is especially important, according to Moore, and establishing networks that generate good deals is essential.
“Typically, most people have great relationships with their brokers. If you are a good buyer, easy to work with, and have a name and reputation, that helps. That’s how we buy most deals,” Simpson said.
Investors also often have to work with other parties to be successful. Short on cash or want to team up To expand your investment, whether within a syndicate or a private money loan provider.
Simpson and Moore also recommended several podcasts, such as “BiggerPockets,” for a large community of novice to advanced investors. Grant Cardone’s “Cardone Zone Podcast;” Old Capital Podcast for learning about loans and syndication. and their own podcast “Get in the Cashflow Game with K&K.”
Additionally, they suggested that aspiring investors read an old interview with real estate legends Sam Zell and Barry Sternlicht. “What are they doing in a market like this? It’s good to get everyone’s perspective,” Simpson said.
But according to the couple, the best way to learn is through trial and error. increase.