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Additional Posts in Financial Advisors
How much do y’all make - but for real
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Just bought mine. In the process of renovating it now.
I think there’s a lot of benefits from a taxation standpoint, depreciation, etc. Plus I’ve always been a fan of having someone else build the equity in property for me, which in this case is my business. In my eyes, if I’ve got to pay rent/mortgage, it may as well build equity in my own pocket.
Own two offices... in the process of opening a third. First office I rented first but wanted more control. Second bought a beautiful limestone 1865 schoolhouse... its two big for just and advisor so we added a CPA and then rented half to a lawyer team... one of which does estate planning.
I have owned my building for several years. My firm pays the rent and I have another unit on the other side of the building that I lease out also. The income stream covers all of the expenses
Coach
I rent, but only because I got a deal so good I could not refuse. I planned to buy but then covid hit. Now I'm waiting for commercial real estate to crash. In the meantime I'm paying $300/ month to keep my spot while working from home. I've had just 3 in person meetings in the past 10 months, so happy I didn't buy. Virtual meetings have been great for existing clients, but nothing beats personal interaction for prospecting.
Coach
Most come from existing relationships and referrals. I mostly do employer retirement plans and auxiliary business to that.
Lease - don’t need another headache.
I would say if it’s a manufacturing then buy. Or if it’s client facing then lease it. You can expand and relocate as need changes!!
Never hurts to have multiple streams of income. But I see both sides
Also depends on prices in your area. Mine are still super high. I'll rent now but would surely buy if and when the opportunity comes up.
Just bought my office space in the New Year and in the process of getting it renovated. My firm signed a lease on it. It’ll save my P&L 1300 monthly and cash flows nicely on the real estate side to cover all expenses, mortgage etc. As stated above, tax benefits, depreciation, etc.