We’re focusing on the numbers behind real estate investing in today’s episode of the @passion4rei series. Our host, @fuquanbilal, talks with Jay Malik, a retired real estate investor turned full-time accountant and tax strategist expert. Jay specializes in helping doctors, dentists, and chiropractors, but the investing advice he gives in this episode can help any real estate investor track and keep more of their hard-earned money. Jay dabbled in real estate ever since his first start at 19 and with the help of mentors and experience has been reaping the benefits ever since. .
As he shared, real estate is one of the biggest opportunities to create wealth, if you manage it right. The problem, as Jay explained, is that many investors dive into real estate investing without truly understanding the work that goes into it. They underestimate the time to learn and make consistent, reliable profits.
Another issue is the overconfidence factor. Many investors assume they know it all or can quickly learn things on their own. Jay shares why it’s not the best thing to try to do real estate investing without good support. He also covers some of the traps that newbie investors fall into when managing the numbers and money with their investments. Tune if you need help getting your numbers or money right on your investments.
Highlights from the Interview
- Big mistakes investors when starting in real estate investing
- The importance of finding the right support as an investor
- Understanding the behind-the-scenes work that goes into investing
- Key things to focus while learning the business of real estate investing
- Why you need to work with smart people in real estate
- Tips for managing your money
- Working with investing in a way that works for you
About Jay Malik
Jay Malik is an author and speaker specializing in money matters for dentists. He is the inventor of The R.I.C.H. Dentist System℠, an integrated set of protocols to help dentists achieve a fulfilled life without anxiety about money. His practice as a Money Coach, Accountant, Tax Strategist, and Wealth Advisor serves dentists throughout the US and has helped them implement The R.I.C.H. Dentist System℠ to achieve a stress-free life, one that is prosperity driven and ultimately leads to financial freedom.
Jay teaches The R.I.C.H. Dentist System℠ at conferences and seminars organized by different associations, societies, and study groups of dentists all over the US. He has successfully coached hundreds of dentists out of difficult financial situations including high debt, consequences of bad investments, divorces, and dissolution of partnerships. Specializing in working with health professionals, Jay understands the unique perspective of doctors, their working conditions, and the restrictions they face in managing their money. Jay has developed systems and protocols to deal with such challenges in effective ways.
Jay’s system is focused on helping dentists keep more of the money they make by reducing their tax burden through employing an advanced tax planning process and implementing creative techniques that take advantage of the latest court decisions and IRS rulings. He develops and implements proactive individualized tax and financial plans to increase the net wealth of his clients in a holistic manner without compromising quality of life. Jay’s clients have saved up to 67% in tax in the first year of working with him by introducing such plans.