Heartland Investment Partners - February 2022

Heartland Investment Partners - February 2022

& STRIPES

HEARTLAND INVESTMEN T COMPANIES STARS

FEBRUARY 2022

AN.COM

DARINGARM 319-350-5378

The Secret Weapon I’ve Been Hiding

IT WAS AT HOME ALL ALONG!

When I have a disagreement with an employee or a problem with an investor, I don’t sit around scratching my head, wondering how I can possibly solve the issue. Instead, I turn to my secret weapon: my wife, Gina. Gina has a background in social work, and she understands people better than anyone else I know. (Heck, she has me down to a T.) If I can’t figure out how to break a piece of bad news, explain a new opportunity, or see a tenant’s point of view, she can always help me put two and two together. Her counsel is absolutely invaluable.

Gina could have shut me down. She could have said, “Are you crazy? That’s not what you went to school for. That’s not what you trained for. You have a good job, and we have a kid and a house to take care of. Are you kidding me with this? Forget about real estate!” But she didn’t say that. Instead, she told me to go for it. Not only that, but she also helped with the business a few hours each week for the next four years (until she decided to be a stay-at-home mom). And she did it while having a full-time job. And while raising our family. Licking envelopes while also being Mom of the Century to three kids is no joke. My wife is awesome, and it’s thanks to her patience and support that I won’t look back on my life with big “What ifs” or regrets. Like I said, she really has my back. And that’s true outside of the business, too. If I want to spend a whole day filling up my cart with random crap at Bass Pro Shops, Gina will block off a day and do it with me just because I think it’s fun. That’s love, people!

I probably have these business conversations with Gina at least six times a week, and she never fails to give me Yoda-level advice. It’s awesome to know she has my back. In fact, she’s had it from the very beginning!

Gina has been my Valentine, best friend, and secret weapon for 39 years and counting. I wouldn’t have it any other way.

Gina has been my valentine, best friend, and secret weapon for 39 years and counting. I wouldn’t have it any other way.

I hope that if you have big investment dreams like I did, you can find someone who supports you just as much. I’d hate to see you stuck living with regrets in 30 years.

Thirty years ago, I worked as a prison guard and Gina was a social worker. We had a 1-year-old baby, and we’d just bought a house. The two of us had debts, payments, and responsibilities out the wazoo. It was the worst possible time to have a big dream, but that’s just what I had. I wanted to go into real estate SO BADLY. It was all I could think about! I wouldn’t shut up about how great things would be if I could only quit my job, get my real estate license, and start selling apartment communities.

Happy Valentine’s Day!

–Darin Garman

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GET YOUR BIGGEST REFUND IN 2022 Don’t Dread Tax Season

ABOVE-THE-LINE DEDUCTIONS

No one likes tax season, but the 75% of taxpayers who receive refunds every year appreciate the extra cash. However, many people inadvertently overpay their taxes and lose out on money they’re legally owed. Don’t let that happen to you — make sure you get your maximum refund by paying attention to the following factors.

If your biggest refund comes via the standard deduction, you can still claim additional tax money back. With “above-the-line deductions,” you don’t have to itemize. If you contribute to a health savings account (HSA) or individual retirement account (IRA), you might be eligible for an additional deduction. People who pay student loan interest, teachers who purchase school supplies, or individuals who pay alimony can also claim these costs above the line.

ITEMIZATION

One of the most crucial decisions you’ll make when filing your taxes is taking the standard deduction or choosing to itemize deductions. Due to recent tax reforms, more people should take the standard deduction than in previous years — TurboTax and the IRS estimate that about 90% of taxpayers will get more money back by choosing the standard deduction. But if you have hefty state or local taxes, pay large amounts of mortgage interest, or donate generous amounts to charitable organizations, it’s worth the time to determine if itemizing will get you a larger refund.

EARNED INCOME TAX CREDIT

People with low to moderate incomes can claim the earned income tax credit (EITC), but about 1 in 5 eligible taxpayers fail to do so every year. Some taxpayers don’t realize they qualify; others (mistakenly) decide not to file taxes because their income is below the IRS’ filing threshold. Whether you’re eligible for the EITC will depend on your income and household size, but those who qualify

can reduce the amount of taxes they pay by $500–$6,000 and receive a larger refund check.

This year, don’t leave any money on the table. You earned it, so it should go in your wallet. But taxes can be tricky. If your situation is complicated or you don’t know where to start with filing, see a tax expert.

Make Your Wife AND Your Accountant Love You

BY ‘COUNTING THE WAYS’ THIS VALENTINE’S DAY

I’m about to save your butt this Valentine’s Day, and I expect a big thanks — especially if you’re one of those guys who desperately needs a reminder that it happens every year. This holiday is all about making your woman happy, and after nearly 40 years of marriage, I know the way to do it! This is a present you should start working on NOW … and strangely, it reminds me of real estate investing. The core of this gift is that age-old question: “How do I love thee?” And the answer is: “Let me count the ways.” Every lady out there enjoys a sweet list of the things you love about her. So, make your list now to prevent disaster later (and reduce your sentence eating Milk Bones and bunking with Fido). There are 100 reasons I love my wife — and there are also 100 things I do for my partner investors to increase the value of our properties.

Just let me count the ways! I know I’ve told you about tax rezoning, upgrading apartment management, bringing rents to market value, and replacing utilities, but sometimes more creative, out-of-the- ordinary solutions are called for — and I’ve got ‘em. Take the 24-unit Seasonview Apartments, which were delivered to me like a Valentine’s present. The owner needed cash fast to shore up financing on another property he owned, so he gave me a GREAT deal. Then, we did additional work to increase the value of the property. We constructed 24 one-car garages and poured a sea of concrete around them. Renters loved them! The improvements cost about $45,000 — and they brought the complex’s appraised value up from $675,000 to $905,000 in a little over a year. Now that’s a tidy sum that will keep an investor

out of the financial doghouse. Because of the garage costs, it took about nine months to get the cash flow returns to start producing … but they did so at about 9%. This Valentine’s Day, I highly suggest you take care of your gift NOW and contact me to join the list of investors who want in on my next project (like Seasonview). I can’t help you with your spouse, but the financial doghouse prevention number is 319-350-5378.

2 DARINGARMAN.COM

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I WA LIFE

SUDOKU

Stop! Smell th e Iowa Roses

SOLUTION

ind Our

The Story Beh State Flower

Iowans have a leg up over other people when it comes to romantic gift-giving. Almost anywhere in the state, we can wander into a field and pick a bouquet of our state flower, the wild prairie rose. This doesn’t work so well in February, but it’s a great strategy in the summer! There’s even a fun piece of history behind the cute little pink and yellow flower. FLOWERS, SPOONS, AND BATTLESHIPS According to government documents, the Iowa Legislature chose the wild rose as the state’s official flower back in 1897. They didn’t pick it because it was ubiquitous. Instead, the rose made the cut because its likeness decorated a set of silver that the state presented to the battleship USS Iowa. Yes, that’s correct — our representatives looked at each other, shrugged, and said, “Well, it looks good on a spoon!” The legislature didn’t call out the wild prairie rose specifically, but over time, locals gravitated to it. Maybe the wild prairie rose looked more like the spoon design than other wild roses, or we just like that we can spot it reliably from our front door. Either way, the wild prairie rose is considered the state’s flower. PRETTY ENOUGH TO EAT Another point in favor of the wild rose is that it’s edible! You can eat rose hips (the red vase-shaped fruit under the petals) of plants that haven’t been sprayed. Native Americans have used wild roses for both food and medicine for centuries. According to the American Indian Health and Diet Project, you can eat seeded and de-haired rose hips raw in salads, make them into jam, or steep them into tea. Rose hip tea and syrup can also treat respiratory infections. GROWING A PIECE OF IOWA Instead of getting your sweetie a bouquet this Valentine’s Day, consider buying a whole bush! Wild roses grow all over the United States and particularly thrive in the plant hardiness zones 5–10. (Find your zone at PlantHardiness.ARS.USDA.gov.) This spring, head to your local nursery or garden center and ask if they stock wild prairie roses or another variety of wild rose adapted to your area. If they do, you’ll be set on Valentine’s Day flowers for years to come!

SALES AND SUCCES S

APARTMENT

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CONTACT DARIN TODAY AT 319-350-5378 FOR MORE INFORMATION ON THESE LISTINGS!

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HEARTLAND INVESTMENT COMPANIES

PRST STD US POSTAGE PAID BOISE, ID PERMIT 411

Darin Garman: Heartland’s Most Trusted Multi-Family Investment Advisor 2505 Silver Oak Trail Marion, IA 52302 DarinGarman.com 319-350-5378

INSIDE Page 1

Darin’s Top Secret Weapon

Page 2 How to Get Your Biggest Tax Refund

How to Save Yourself From the Doghouse

Page 3 The Funny Story of Iowa’s State Flower

Apartment Sales and Success

Page 4 3 Steps to Identify Your Business Value

Feel Confident in Business!

3 STEPS TO IDENTIFY YOUR VALUE

We’ve all been taught that bragging is annoying, but when you’re afraid to identify your worth, it can really hurt your confidence and success in business. To prevent that from happening, here are three tips to make it easy to name your price!

for instant, uplifting support. If a client seems happy, never be afraid to ask for a testimonial. Many people simply need to be asked, and they’ll be happy to provide one. In the same stride, consider the people who help you and your business every day and find ways to show appreciation. Passing that love around can make a huge difference in energizing the way you perceive your value.

NO. 1: GET TO KNOW YOUR VALUE.

How do we figure out our value? Specifically, how do we come up with a quantifiable method to reach an exact, irrefutable number? Well, we don’t. The best place to start is deciding who you want to be in your business and industry and building from there. With a solid mission statement and concrete affirmations that support your value in the business, you’ll gain more confidence in arriving at a price point.

NO. 3: MAKE THE FINAL GAME PLAN.

After considering what your offerings are likely worth, whom you’re looking to serve, and what they’d be willing to pay, you can name your final price. After all, prices don’t fall from the sky. Without obsessing over it, look at what kind of value your competitors have set for themselves. That’ll give you a great starting point.

NO. 2: BE OPEN TO RECEIVING — AND GIVING — LOVE.

Accepting compliments can be tough, but in business, compliments can be powerful catapults to your continued success. When you take time to notice all the people you’ve helped, the accomplishments you’ve achieved, and the difference you’ve made, the motivation it fosters is monumental. Keep your happy emails, texts, and reviews from clients and create an easy reference

Take good care of yourself, friends — and don’t forget that a confident price tag is a great way to do just that in your business.

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HOLDINGS CATALOG

A Sample of Properties You Can OWN!! Heartland Investment Partners, LLC

Get Your Own Multi-Family Catalog of Properties You Can Own Today Go To: www.daringarman.com