113: Gratitude and a Memphis Property Tour

Welcome to win the Women Investing Network, the podcast where you can learn from successful entrepreneurs, business leaders and real estate investors who are winning in business and life. Learning from others is the fastest way to grow your skills, gain knowledge and avoid pitfalls so you can win. Join our hosts, Elizabeth Embry and Jason Hartman. Elizabeth is a seasoned real estate investor, experienced corporate executive and skilled mentor. Jason is a self made multimillionaire investor, entrepreneur and highly acclaimed thought leader. Together with their successful guests, you'll get the tools you'll need to win.

Welcome to the Women Investing Network where we help women win in investing and in life. Thank you so much for being here today. Super excited. Last podcast you heard Jason and I talking about why we started this, why we started this podcast. And it is exciting and surprising to me how life turns out. You know, as I mentioned in the podcast, about six years ago I had really started investing and it really started with listening to podcasts and then also going on some property tours and going to some seminars where I got a chance to really see what it was like to invest in out of state. And it seemed like such a foreign concept at the time when I started. It's funny because now it just seems like a normal like. And of course, of course somebody would invest out of state. Of course somebody would invest in a linear market, but you know, it's a learning curve and hopefully you all get to the point where you can gain wealth through an approach like that as well. So today we've got some people that I interviewed. We recently did a Memphis property tour and the two people that I interviewed on are women that were that I actually been introduced to investing out of state through their son, which I thought was really interesting because neither one of these women had met each other before. And then they were telling me these stories about, well, my son listened to this podcast and then he brought me to the seminar and then I started buying properties. One woman is out of Minneapolis and the other woman is out of Kansas City, Kansas. And you know, they have similar stories in that they've done their corporate career. They are at the point where they are ready to retire from their corporate career, but they really want to make sure that their money is working for them. And so they were looking for what are the smart ways to make sure that that money is working for them most effectively. Also, we have in the podcast one of the turnkey providers and we'll talk in later episodes about what is a turnkey provider. But I really wanted to talk a little bit further about why this podcast is Coming into play. Now, Jason is my co host and you're not hearing Jason on this podcast, right, because we're leveraging his back catalog that we talked about. He's interviewed a lot of these amazing kick ass business entrepreneurs and leaders. And so we're going to be. He's going to be doing some of the interviews or we're going to be leveraging his back catalog like I said. And then I'm also interviewing people that are new to me and hopefully new to you as well. And they're a rich and diverse community group of women. I'm super excited about them. One of the women that I was interviewing today in preparation for a later episode was focusing on investing and focusing on investing for women that are in transition. They're in transition from a perspective of they're getting ready for retirement and their spouse may or may not be with them. When women at their 50s, there's a higher instance of divorce, and in their 70s and 80s, there's higher instances of their spouses passing away. And some of the stats that she was sharing with me are about the fact that in their 90s, most of the people that are in their 90s are women. Women are outliving men. No longer seven years, but now 10 years or more. And so planning for your, your whole life, right? Planning for your life not at the end of your corporate job, not at the end of the, you know, hitting 75, but planning for your whole life takes a lot of thought, takes a lot of knowledge and a broad range of areas that you have to explore to create the strategy that's right for you. For me, real estate was my go to plan. First and foremost was my corporate plan. But my corporate plan tapered out and now my real estate and entrepreneur plan is picking up steam. And I couldn't be happier. Before we get to the interviews, I wanted to talk about the tip of the day. So with each of these podcasts, we'll have a tip of the day. And you know, as Jason was alluding the last podcast, you know, we're going to be covering things like how do you actually assess an out of state deal to know to, how do you do the due diligence of something that's hundreds of miles away from you? How do you actually look at the roi, the true ROI of a deal, and make sure that it's actually something that you want in your portfolio? It's the right thing for you. We'll be looking at all of those, but we're also going to be looking at really foundational skill sets and career tips that are going to help you propel and grow. So the thing that I want to talk about today is gratitude because, well, one, I'm super grateful that I have this opportunity to do this podcast, and I'm really grateful that you're listening, that you've made it past episode one. Super grateful for that. So I want to give you some context to this story. So when I was in the early 2000s, I was working at a bank, and a coworker gave me this book called Gratitude. And I was like, why the heck is this guy giving me this book? Yeah, I'm really smart. I know everything. Okay, thanks, you know, whatever. And I spent a lot of my time building my skills, technically, I spent my time building my skills, hard skills, like financial management or soft skills like motivating teams. But something like Gratitude just seemed like such an offhand, kind of an odd thing to even be talking about, honestly, for me. And I thought on and off about those conversations, that little book that he gave me, which of course, I immediately re gifted to somebody else because, like, I didn't need to talk. I didn't need to read on gratitude.

I'm.

I'm thankful for what I have, right? And a friend of mine talked to me about going to a Tony Robbins seminar in October of 2015. And in fact, Jason was there, and I got a chance to hang out with him a little bit at that Tony Robbins seminar. And one of the things that one of concepts that Tony talks about is starting your day with priming. And in priming, you're really thinking, you're focusing on what you're grateful for. You know, it could be a relationship, could be something simple like, you know, the mailman was really nice to you today, and he waved you. You think about people that you're grateful for, situations. And part of the reason why you start with gratitude is it just absolutely fills up your heart with happiness, with love, with being very centered.

And.

And once you're in that place, it's amazing how when you prepare for the day, your attitude is dramatically different. And so getting a foundation of gratitude helps you start to think about, okay, now that I'm in this mental state, I'm gonna start looking at the meetings that I have today. And we always think about the win win, right, the Stephen Covey win win concept. But really thinking about, what does that person need out of this meeting and how can I help them achieve and their objectives? What are the things that I really need? And wouldn't it be great if they could help me achieve mine. And I don't mean to be all touchy feely, right, Because I'll tell you, I'm far from a touchy feely kind of person. But starting with a place of gratitude and thinking about how you're going to navigate your day, how you're going to go about through your business conversations, your conversations you're going to have with your kids, with your spouse, with the PTA board, whatever that is, it really creates a very different foundation for your day. And the reason why I think it's so critical for people that are really investing in growing their careers, growing their skill sets is, I'll tell you, I'm very lucky that I've had an opportunity to interact with a lot of multimillionaire business people, like true, true kickass entrepreneurs that are just absolutely killing it through masterminds, through seminars, through meetups, through network, right? So I always talk to them about how do they go about creating the structure for themselves? Because I'll tell you, shifting from a corporate environment to an entrepreneur environment, it's really different. The structure that you have in a corporate environment, you may hate it, but man, it actually works really well. And I, with over 25 years of doing corporate stuff, you know, I kind of had it down cold. And now as an entrepreneur doing things independently and only by myself, you know, as I start out my new business, it's very, very different, right? And so I always talk to them about how do they get structure, how do they optimize, how do they get the most out of their day? Every single one, I'll tell you, every single one talks about meditation, exercise and focus. And all of those things, all of the, the thread always come through that. Through those three things, they're really practicing, searching for what are they most grateful for and being appreciative of those things that they're grateful for. So it's really a true foundation in GR. Gratitude. So gratitude, you know, like I said, when I was in my 20s, I was like, whatever, who needs it? And you know, now that I'm a little older, a little wiser, I can tell you that the people that are killing it, and some of these people are, you know, just a ton younger than me and they're so much smarter than me. And I've asked them to be my mentors and coaches because, like, oh my God, I, they may be 15 years younger, but I want to be them when I grow up. And they all have this foundation of gratitude. So if you don't have a practice of gratitude. It's something that I think that you really should try. You can certainly check out, you know, the Tony Robbins priming activity, or you can. There's just an absolute dozens of books out there that you can look at. But I definitely highly recommend that you start your day with gratitude. And with that, I'd like to thank you so much for listening. And with that, we'll turn it over to the interviews that we did at.

The Memphis Property Tour.

Thank you.

So today we're at the Jason Hartman event for a Memphis property tour, and.

I'm with Patty Zigler.

She's a woman that has been doing investing for a little bit and is investing out of state. She's got a really interesting backstory about her familiarity with property just in general. So, Patty Zigler, welcome.

It's great to be here. I'm having a great time.

So can you tell us a little bit about your background and why you started investing in real estate?

Actually, I've got a master's degree in social work, and I manage two public housing authorities. And so I'm very, you know, I'm very skilled at property management. And my son, who's been affiliated with Jason Hartman for a while, said, mom, you really need to do something with your retirement funds because they're not earning anything in your 401. And I started thinking about that and thought, yeah, he's really right. But the last thing I want to do is property management when I retire. And I said, I don't know. You know, I'm really tired of these tenants calling me up and dealing with all these maintenance issues. And he said, you just get a property manager. Don't worry about it. You don't have to do anything. But then, you know, when you retire, if you get bored, you can come and manage my properties, too. You're dreaming, buddy.

Thanks, honey.

But anyway, so I am looking at retirement and decided that this is a better way to invest my money than. Because it's not performing right now. The interest rates have been so low for so long that we really wanted to do something different.

So how long have you been investing in real estate?

Oh, just last year and a half. Two years.

How are you liking it?

Good. I mean, it's been really interesting. You know, I spent when I bought my first house that I was going to live in, you know, I shopped and shopped and shopped and researched and. But buying investment properties, where they go so fast, and it's like you just have to pull the trigger and go, yeah, I'm gonna do it. So yesterday we bought our seventh house.

Oh, congratulations.

Year and a half. And after we did the first due diligence in Memphis, we learned the area. We learned how to read the performas, had an understanding of the neighborhoods. We felt more comfortable with just being able to say, yeah, that looks like a nice house. I'll take it. Right. So we've had a really good experience.

I find that everybody kind of goes through that learning curve. I know I did myself where, you know, at first, you're hesitant to buy that first one. After you start learning the team, you learn the area, you learn how to read the data, and due diligence can go much, much quicker. And then once you're familiar or comfortable.

With an area, you're like, yeah, I'll.

Take two more houses.

No, it's just silly spending that amount of money with that little forethought. But the forethought's been done, right?

All of that groundwork has been laid. So why Memphis? Why are we interested in Memphis?

Well, a couple of reasons. Because I do property management now. I'm familiar with tenant landlord law, and in Tennessee, the laws favor the landlords. Where I live in Minnesota, the tenants really have an edge, so evictions are very difficult. But here, it's a little easier to manage your. Your property. So that was one good thing you don't have in Minnesota. You have. You have to get a license to rent your property. You have city inspections, you have strikes. If your tenant has a loud party and the police are called, you get a strike on your property. And if you get three of those, you lose your rental license.

Oh, wow.

There's nothing like that here. So that was one thing that was attractive, but the most attractive thing was the value of the houses. You can get beautiful houses, brick houses here for $100,000, $120,000, and rent them for the same rent you would get in Minnesota for a $300,000 home.

Right.

It's not amazing. Yeah.

So the cash flow is really nice. I mean, you get a lot of money for your investment.

Yeah, I know. Product, Right. One of the things that Jason talks about a lot of times is the 1% rent to value ratio. And here you're definitely hitting that with. With practically every property that I've been exposed to.

Correct.

Yeah. So where else besides Memphis are you investing these days?

This is the only place.

Okay.

And so we know we need to diversify, go into some other market. So we've been thinking about that. We were looking into Orlando. We got Kind of turned off from that. So we're looking around.

Terrific. Yeah.

I'll have more time after I retire.

Yeah. So do you have a specific goal in mind? So, for instance, a specific cash flow number, or do you have a specific, like, target where you're gonna get a number of houses or a number of areas? Do you have any targets that you're trying to aim for? Or is this more of an evolution as you're learning?

It's more of an evolution because we feel like we're pretty set in our retirement plans now.

Perfect.

I don't have the goals that my son has that, you know, by the time I'm 35, I want to retire and not have to work anymore and have so many houses. And we're kind of at the. At the end of that rainbow. So.

You know, it's just building wealth.

And so, Patty, what advice would you have for, let's say, somebody your son's age who really wants to get started in real estate? What advice might you have for them?

Save your money. Don't waste it on frivolous crap. You know, don't be buying big fancy cars and, you know, going out all the time, but be more conservative. The consumer goods don't really give you anything in the. In the future, after you buy them, the thrill is gone, you know, so I know when I was younger, I just wasted my money. And when you're young and you don't have children yet, that's a good time to save.

Right?

So save and start buying rental properties.

Exactly.

Exactly.

Well, Patty, thank you so much. We really appreciate it.

You're welcome. This was fun.

So we're at the Jason Hartman Memphis property Tour, and I am with Jill o'. Connor. She's a relatively new out of state investor. Jill, welcome.

Hi.

Thank you. So, Jill, can you, just for the listeners, can you give us a little bit about your background, who you are, and how long you've been investing?

My professional background is as a cpa, although I haven't practiced for quite a while. Recently retired from a position as business manager for a podiatry clinic and ambulatory surgical center where I worked in the medical side of. Excuse me. The business side of medicine. A few months after that, my mother passed away and I received an inheritance and decided that I was gonna start investing in real estate.

Very cool.

See if I could make something happen.

So, Jill, what area of the country do you live in?

We live in Kansas City. Well, we live in a suburb of Kansas City.

Okay.

Okay.

So are you investing in Kansas City right now?

No, we're not. Interestingly enough. I actually got involved in this through my son, who's been very interested in it for several years and has got his feet wet. He's got a couple properties now, and he plugged me into Jason's podcast, and they really haven't found a good resource in the Kansas City area. But he pointed me to. Well, Sarah, my investment advisor, pointed me to Quad Cities and to Chicago, and so that's where we are right now.

Oh, very cool. So how many properties do you have in the. Into Chicago and the Quad City area?

We now have five in Chicago and two in the Quad Cities. One of them is a duplex. Everything else is single family.

Okay.

We're new. I'm working with my husband primarily. I'm the one who's doing it. He's still working full time. And so it's been a very steep learning curve. Yeah, I just imagine really started putting my toes into this last October.

Wow.

It's only been six or seven months, so.

Six months, and you're like, oh, yeah, we got five, seven properties.

No big deal.

You were jumping into this. But you have a CPA background, so did you already have an appreciation for the tax advantages of real estate?

Okay, definitely. As I said, I haven't actually been a tax practitioner for quite a long time, but I've done hours, you know, for my kids over the years and sort of kept up with the laws, which are, of course, very fluid. But as of now, there are still some really nice taxes advantages.

Absolutely. So we're in Memphis and we've been doing this great property tour in Memphis. So why are you looking at Memphis? What attracts you to the area?

Well, there's a couple reasons. We like the more linear markets that Jason has emphasized, and this fits that criterion. Also, we are only in two markets at this time, and Jason recommends three to four, five markets. So we're just testing the water to see where else we might want to go. This property tour came up and we thought, well, yeah, let's go and find out what's there.

Okay, cool. So how are you liking it? Do you like what you see or is it what you expected?

Yes and no. It's a nice community. You can see that there are some good things going on. There are also some areas that. Well, some, like retail strip centers that have been abandoned in certain parts of town. I guess we are told that the kind of the mom and pops that are hanging on with all the Internet that has closed out big box stores, they are migrating to other areas of the city where the population has moved. Okay, so you've got these empty spots in those other neighborhoods.

Well, I think that that brings up a really interesting point. It's that the local market specialists, you really have to trust them to know.

The local area pockets are good. And, I mean, it's just a matter of a few miles to make a world of difference.

You know, honestly, I find that in Memphis, it could be even on the same street, but this end of the. Of the street versus that end of the street can be a very different experience.

Yes, I definitely observed that on our bus tour yesterday, which was very enlightening.

Yeah, there's nothing like actually seeing that.

The physical asset, your feet on the ground, walking through those properties.

So you waited till you had a catalyst event that said, okay, now's the time for me to start investing. But you had awareness basically through your. The conversations you've had with your son and maybe other people. But if somebody is just now starting to think about real estate investing, either they've had a catalyst event, or they have been thinking about it for a while and they're starting to pool their dollars, what advice would you have for them?

Don't be intimidated. Expect a steep learning curve. And in my case, you know, we sort of went. I don't know if I'd recommend doing it this way because I was actually working with two lenders on seven properties simultaneously. And not necessarily that I planned it that way. It just happened. And I was juggling a lot of balls at one time, and it became. It was kind of all consuming there for a couple of months.

Right. So be prepared for the spike of activity as you're building that learning curve and starting to make those first deals.

Yes. And I would say any opportunity you have to question people in the industry that know what they're doing, go for it. Ask all the questions. Don't ever worry that one of them. You know, that it's a dumb question. Personally, my resources have been great. I learned a lot from my lender, from my attorney. The first two deals we did. Here's a tip. Always have legal representation. The first two deals that I did, I did not. That sounds like legal representation. Actually, it worked out fine. But I came to realize as I move further along that, ooh, that was not the wisest choice.

Okay.

Truthfully, just being so green, I didn't think about it.

Yeah, well, and that's the thing, that when you. When you learn those lessons, man, you have them for life. But then taking advantage of that network concept. Right. Talking to other people really helps you get that opportunity to prevent future mistakes.

Yes, yes. And you know, the people who do the developing, the rehabs that we've worked with, that I have worked with, you know, closely, they're a wealth of knowledge. So don't be afraid to just jump in and start learning as you go.

Right. I like that. I like the. You gotta start somewhere. So maybe not everybody's gonna start with.

You know, five or seven or half a dozen, whatever.

Like I said, I don't recommend it necessarily. But sometimes, you know, the circumstances just spin in a way that you can't anticipate. So roll with it.

So let me ask you this. One of the things that people are always looking for with their. With their team is, you know, a cpa, a lawyer, you know, an agent and property manager. So are you going to be functioning as your own cpa?

I have up to this point.

Okay.

I may get to where I don't want to do it. I've had, you know, a couple people suggest to me that maybe I should be offloading, that I'm doing it myself this year and I'll probably.

Well, it's a great learning opportunity. If you haven't been in that area of the. And what is the text? The text code's like 2000 pages or whatever.

Is that all? Yeah, it's staggering how much there is to know. So I guess the key is to focus in on those areas that are only those areas that are relevant to what you're doing. And as far as, like the day to day, you know, bookkeeping, if you will, the accounting, that's very simple for me. My son, on the other hand, has no such background. So he has hired somebody.

Yeah.

Oh, he didn't say, hey, Mom.

Well, you know, I've done stuff for him in the past, but it was getting to be too much. Yeah.

So where's your son investing?

Well, he's gone through Mac Properties and he's in Chicago.

In Chicago.

He's got a house that he bought on his own in Virginia beach, where he's currently stationed and is rehabbing it. Oh, very cool it himself.

All right. Getting into his own local area and.

Building sweat equity into it.

That's fantastic.

He's just so excited. Excited.

Oh, he's very passionate about it.

Well, Jill, I love the tip of.

Don'T be afraid to get started. And then also, you know, leveraging your network. Is there anything else that you want to share with the listeners?

I just say go for it.

Okay, go for it.

Don't be intimidated. And if you haven't been out in the business world for a while, you know, as you know, some women, they're home, they raise kids, you know, and you can get sort of out of the loop. This is a great way to get back in.

I love it.

Jill o', Connor, thank you so much. I appreciate it.

You bet.

So I'm here with James on this Memphis property tour with Jason Hartman. And you've heard from a couple of the investors that have come to Memphis on this property tour. And one of the things that they were excited about is the variety of properties that they saw, the variety of neighborhoods that they saw. And certainly the price point was really compelling. We didn't get a really a chance to talk about why Memphis. And so asking James, who's the turnkey provider here? Why would people want to be investing in Memphis?

You know, Memphis is one of those markets. There's an easy entry point. The price point to get started with investing is very attractive to some of my clients. Also, just the sustainable growth that we have in Memphis. So FedEx world headquarters being in Memphis, FedEx is one of those companies that going to be here long term. So even in the downturn, FedEx was hiring. Even though they slowed the hiring, they never stopped hiring altogether. That's a big deal.

James, one of the things that you'd mentioned was that it's a pretty good price point. What's an average price of a house that an investor might purchase and what can they expect from a rent perspective?

Sure.

Right now, my average sales price for a fully Turnkey property is $83,000.

Wow, that's great.

It's really easy entry point if you're just starting out in real estate. But you're Expecting, you know, $850 a month would be your monthly mortgage rent.

Right. So that's like a 1% rent to value ratio.830 for the purchase price of which you're only putting 20% down. You're leveraging the rest of that and then getting that 850amonth.

That's right.

That sounds pretty great. So you mentioned that you've got some really great employers here. So other than the fact that you've got employers and less expensive homes, why else would anybody be looking at Memphis as a potential investor?

You know, just a demand for quality rental properties. There's plenty of rental properties in Memphis. There's not enough quality renovated rental properties to supply the demand right now. Right now we manage 1500 properties in Memphis. We're 98 and a half percent occupied. My only problem is that I have to turn away 100 qualified tenants every month because I don't have anywhere to place them.

That's crazy. Those are crazy numbers.

That's right. So my job daily is to find more homes. Yes. To supply my investors with investment properties, but mainly to keep my qualified tenants coming back to me so that I have properties when they ask for them.

Perfect. So is there anything else that we haven't talked about that our listeners might need to be aware of?

You know, just a little bit about the growth of Memphis. So St. Jude, it's a big deal and it's really close to my heart. My wife and I participate in fundraising and helping out St. Jude quite a bit. It's an amazing place. Fighting child oncology. And they're doing a $1 billion addition to the campus right now.

Wow.

Yeah. One billion dollar addition. It's going to create 3,500 jobs. Sustainable growth, sadly, because childhood cancer is not going away.

Yeah. Not anytime soon, unfortunately.

Yeah. So that's going to create, you know, just more demand for rental properties from, you know, the young person graduating from an Ivy League school, moving to Memphis who just wants to rent but live near St. Jude or, you know, even for in our lower income areas, the maintenance, the people that are janitors and taking care of the building. There's going to be a lot of support staff at that hospital as well.

Yeah. There's also a university or two. I think that there's a pretty big collegiate space in Memphis. You also have a basketball team. You've got kind of a big academic sports, you know, blue collar work, white collar work. Seems like there's quite a bit of big variety. How big is the area? How many people are in the larger Memphis area?

1.4 million in the greater Memphis area.

Wow.

Same exact size as Nashville. Nashville and Memphis are twin cities, but.

Nashville's a lot more expensive. Expensive to get in.

Your average price for the same home in Nashville would be $183,000.

Oh, my gosh.

Yes. Big difference.

Yeah.

So you mentioned the school. So, yes, we've got University of Memphis. Go Tigers.

Yeah.

We've got Rhodes College, which is a bit of an Ivy League school, smaller campus, but it's been around since 1820s. A lot of history there. And then of course, we have University of Tennessee Medical, so that's dental and oncology school.

Hearing aligned with St. Jude's that makes a lot of sense.

Yeah. The University of Tennessee is in Knoxville, but of course their oncology division is next To Saint Judeau. It only makes sense. That's right.

Yeah. I've also heard that part of the thing that makes Memphis attractive is the fact that it's a transportation hub. You've got FedEx, but also it sounds like there's lots of trucks that go through here, trains that go through here.

Sure. Yeah. So Memphis is a logistic hub of the mid South. We are inland port because we're on the Mississippi River. We have both Interstate I40 running east to west across America and Interstate 55 from north to south. And now they're building Interstate I69 that comes straight through Memphis and connects Canada to Mexico with the most direct route.

Yeah.

So furthermore, we have all four major rail lines. Warren Buffett's BNSF just built a brand new intermodal unit. So it's a multi billion dollar train yard where they offload containers.

Wow, I wasn't aware.

That's really cool.

And then of course, FedEx being here, we have a huge airport. Mostly FedEx though.

Yeah.

Yeah.

It's funny, when we did the tour yesterday, you look on, you know, one area, it's the airport, and then you run past the FedEx space and holy heck, there's a lot of planes going in and out of there. Yeah.

Between 11pm and 2am Something like 300 FedEx planes come into port.

Yeah. Now, one of the things that people don't, if they haven't done out of state investing before, they get really nervous with, how the heck am I going to manage that property? How am I going to handle if the tenant has got an issue? But you're a turnkey provider. Can you explain for the listeners what's a turnkey provider?

Sure. My definition of turnkey would be we're handling everything from beginning to end. So we're finding the properties through acquisitions. We're renovating the property fully, then we become your property manager and take care of you from there moving forward. So we handle everything from A to Z.

So you're handling all that. That's great. But they're still the owner. How do they actually stay aware with what's going on with their properties?

Constant communication with my staff and the owners. That's the investor. So I have two people on staff and their only job is to answer your emails and phone calls to keep you up to date with your property and what's going on. Furthermore, we have a customer portal where you'll be able to sign in with a username and password and check on your property real time to see what's going on.

Oh, very cool. Well, James, thank you so much for all this great information about Memphis. Thanks so much.

Thank you.

Thank you so much for listening to the Women Investing Network. Be sure to subscribe, rate and review the show on itunes or the platform of your choice. You can find the show notes and resources for today's episode@womeninvestingnetwork.com remember that guest opinions are their own and information is of general nature, so be sure to consult appropriate tax, legal or other professionals for specific advice.