Navigating Risks and Success in Real Estate: Lessons Learned from a Lawsuit with Joe DiSanto

Joe DeSanto is a fractional CFO who specializes in providing part-time CFO services to businesses. He has a background in owning larger businesses in the production and post-production space in Los Angeles. Joe and his wife decided to make a change in their lives after having a child, and they moved to Florida. With their savings from real estate investing and other market investments, Joe was able to work part-time and supplement their passive income. His financial independence and early retirement mindset led him to consider himself semi-retired. However, his expertise in finance and managing businesses led to his former partners asking him to continue handling their finances as a consultant. This led to other business owners reaching out to Joe, realizing the need for a part-time CFO who could provide the same level of expertise at a more affordable cost. Joe enjoys working with his clients and helping them understand the importance of running their personal finances like a business. He started a blog to communicate his knowledge to individuals who may not be able to afford a CFO but still want guidance in managing their finances. Through his blog, Joe offers free information and courses, as well as one-on-one coaching sessions. His goal is to help individuals gain good planning skills for their own future at a reasonable cost. Overall, Joe's focus is on helping businesses and individuals achieve financial success and improve their overall financial well-being.

Connect with Joe DiSanto: https://www.playlouder.com/

TIMESTAMPS:
00:00:00 reimastermind.net
00:00:42 Part-time CFO helps businesses manage finances
00:07:07 Limited time, little planning; real estate investment
00:10:01 Real estate growth versus stock market options
00:13:35 Entrepreneur does own accounting; bookkeeping for decisions
00:16:33 Real estate investments, managing projects and diversifying
00:22:16 Track personal finance, understand investing and real estate
00:24:38 Helping people improve financial situations, giving advice
00:29:24 Leverage pumps returns. Don't drain your leverage
00:31:59 Avoided risky real estate investment, learned lesson
00:35:33 Data-driven decision making is crucial for success

Key Topics and Bullets:
Real Estate Investment and Risk
- Almost making a real estate investment in Nashville for short-term rentals
- Property was subject to a lawsuit due to owner renting without a license
- Canceling the contract and getting money back
- Lesson learned: Avoid risky or uncertain ventures
- Importance of compound annual growth in real estate investments

Taking Control of Financial Planning
- Taking control instead of relying solely on the financial industry
- Personal investment strategy: diversifying portfolio between real estate, syndications, cryptocurrency, and stock market
- Adjusting asset allocation based on market conditions and personal circumstances
- Exploring other investment products like life insurance
- Creating a new asset allocation plan
- Importance of educating clients about different investment options and savings

Financial Support and Advising
- The speaker's role as a financial therapist
- Assisting with money management and avoiding mistakes
- Helping businesses with employee management
- Assisting clients with organization and identifying areas of improvement
- Advising clients to raise their prices, resulting in positive outcomes
- Acting as a fractional CFO

Financial Services for Businesses
- Speaker's background in owning businesses in production and post-production space
- Transition to offering financial services as a consultant and part-time CFO
- Passion for finance and running personal finances like a business
- Offering coaching and courses on financial planning
- Mission to help individuals manage their personal finances like a business and achieve financial independence

Analyzing Real Estate Investments
- Importance of analyzing the financials of real estate investments
- Factors to consider: cash flow, appreciation, CapEx, and tax implications
- The current market is not favorable
- The significance of time and tax efficiency in real estate holdings
- Depreciation's impact on other income, requiring careful analysis

Getting Help with Personal and Business Financial Goals
- Neglecting planning in personal and business finances due to time constraints
- Seeking help for both personal and business financial goals
- Determining long-term goals, such as retirement destinations and desired lifestyles
- Real estate as an investment option compared to the stock market

CFO Perspectives and Experience
- Traditional CFOs and their background in accounting and certification
- Importance of a CFO candidate with business ownership experience
- Speaker's experience as a business owner and guidance on broader business owner tasks
- Importance of bookkeeping, emergency planning, and managing credit and financing