Top 3 Wealth Secrets In Multifamily Investing with Charles Dobbins
” The thing I like about multifamily investing is that it has five ways to make money. There are five ways that you earn income in multifamily and no other business is like that. Millionaires are not made from the single family’s foot fix and flip side. They’re made by holding the assets and it’s all about the power of the cap rate.”
Our next guest is a legend, a legend in his own right, he’s the founder of Multifamily Investing Academy. He’s an attorney, he has bought and sold and managed over 20,000 multi-family units and he also specializes really in investment real estate.
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Top 3 Wealth Secrets In Multifamily Investing with Charles Dobbins
Our next guest is a legend, a legend in his own right, he’s the founder of Multifamily Investing Academy. He’s an attorney, he has bought and sold and managed over 20,000 multi-family units and he also specializes really in investment real estate. He’s an author, he has his own podcast, and is a really successful podcast, in fact over 11,000 downloads last year alone in his first year. What I also love about this guest most of all, is his enthusiasm to give back and help others create and preserve more wealth through multifamily investing. And also that he lives in the state of our founding fathers, Massachusetts, I want you to welcome with me, Charles Dobbins. Charles, welcome to the show.
Thank you very much and I appreciate you putting me in the same sentence as the founding fathers. You know, and not just chronologically.
Well, that’s the most important question. You know, how does it feel to be from the great state of Massachusetts, Charlie, how does that feel?
I am not from Massachusetts. Don’t ever say that. I don’t have my wallet here with me, but you’ll see my new driver’s license. So I’m born and raised in the beautiful, greatest state in the country, New Hampshire, I Love New Hampshire and I moved to Massachusetts raised my family down there. Then once Donald Trump became president, he forced me back to New Hampshire and so you know, we’re talking about tax planning. So I am now a New Hampshire resident, thanks to Donald Trump.
What happened was Massachusetts in New Hampshire, what was the default like?
Well, it had to do with the high tech, high property taxes were no longer deductible, you know, over a certain number. And I have a pretty nice house down in Duxbury. And it’s very valuable, and I was going to lose that deduction, and then also, six and a half percent of my state income tax. I get, I get myself a 65% raise. And let me tell you something that’s huge. And this is back to why you and I are talking is because people who have gained a lot of net worth, who have a lot of assets, understand that it’s not it’s, you know, during the accumulation phase, you know, when they’re earning and when they’re, you know, building the net worth and then they move into the preservation phase and part of the preservation phase is understanding the implications of the taxman on everything that you do. I mean, every time you go back and you look at any type of expert, Guru, not multi-millionaire but money guru, they’re always talking about tax I’m sorry, but I didn’t understand this when I was a lot younger, I understand a lot better now that you always have to take the taxman into consideration whenever you do anything, you know, especially in preserving your assets. So that’s why I’m appearing in New Hampshire, for one of the reasons.
So for our listeners who don’t know you, Charles, give us a little bit more about your background and any kind of your current focus, especially as it pertains to helping people create and preserve more wealth.
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