BiggerNews July: How The Rich Avoid Taxes by Buying Real Estate

[@Mister.Doodler]

This is superb info. I have read his book too. Request you to can u get him onboard and ask him to show on a whiteboard with some example tax savings calculations so it’s easy to understand. I am a more visual person.. thankyou and I am also set to start my real estate investing in India. I will keep ull posted. Thankyou

[@scottkidd1969]

Tom Wheelwright’s books are great. Doing a cost segregation now and looking for more investments. Investments are incentivized.

[@allme7425]

Tom’s books have inspired me to see that taxes saved is a form of wealth increase. Real estate magnified it; what’s great is he is training othet CPAs in asset and tax strategies and making a difference in his industry. David, so appreciate you-please consider a shift to TX-the savings in no state income tax compared to CA is significant-make your permanent residence here and work remotely! Jana, TX

[@tampa_ty]

This was amazing. Would you consider having him back more often?

[@nellosnook4454]

1. With real estate investing, taxes are the most difficult. 2. Thanks always for having the great TOM WHEELWRIGHT on! 🙏

[@joe.s0606]

Hello i need help deciding something.. i am 18 years old and dont know what to start with i want to invest with money i make from a normal 9-5 with a secure pay check but should i get into becoming a realtor or a home manager ppl have told me being a realtor right now is not so great and also much harder for beginners or should i be a property manager that may be the same way, or just keep to working and saving my money for my first property?Would love any advice or feedback i am only a beginner and would love to know what field may be better to get into, and what to do once i can invest thank you so much guys!

[@juan.a.9989]

Hi to be a property manager you'll have to or want to learn some things like fair housing. Get some Multifamily certifications, or you could get employed by a multifamily temp agency where youd to go different properties to assist until to usually employee is back or get hired at that property. They should train on fair housing but most of it will be on the job training. Doing tours, service requests, applications, appointments, understanding the leasing by reading the lease of course, so stuff like that will help you learn property management. Temp agency gets you into a property faster than waiting on an interview when you are new and dont have relatable experience, it's also a great way to see how youd like property management. Property managers can have their real estate license, getting certifications are also good to market yourself as a property manager. I've seen property managers or real estate agent market themselves on craigslist offering property management services. Certainly intervening a real estate broker or a property manager on what skills you should have what training and certs are great to have and where or what to their knowledge what school offers it.. what path did they take to get where they are. Youd call and say hi I'm just graduating (if so) and would love to set up an interview with you because i am considering doing what you do one day and would like to learn anything you may know about property management, could I have 10 minutes of your time? Read about the real estate company or a person and see of you want to interview them. Be safe dont ho alone and have a list of questions. Or you could Google and youtube some stuff. But the interviews of multiple may gain you connections or offers. You could interview a few ppl at businesses or over the phone, to combine the answers and see how many are the same answer This will help with an educated decision. There may be some typos or repeats haha it's late, but , I hope you understand. Oh also google job openings for property management and the ppl hiring can be a person you could ask to interview Ill add ask about property managers needing an LLC, just to see what they say... independent ones would get one (and add to that home office equipment laptop printer ect, a registered agent for your business, email, phone #, google website and or business page, a social media page possibly, business bank acct, look up how to set up or run your business acct) but employed property managers won't need one. Ask about the income differences and how an independent would charge

[@joe.s0606]

@@juan.a.9989 thank you for your in-depth response it is much appreciated Juan, to add to that what license should I get since there are multiple, and is the income for a property manager more stable than agents right now? I am asking since it seems like you were leaning towards the property management side and went into more depth to it and not into the realtor side. However i am just curious since i am eager to find out and see what is more beneficial for my future and my investment journey.

[@runnerguy0329]

Any tips on how to know if my CPA is doing everything they can?

[@ryanmcgough3322]

Great advice about depreciation and how to keep more of the money we make! I love the part about bigger investors making one choice and creating a system around that choice instead of looking at each property individually and making multiple decisions on each one.

[@eletrickill]

This is an excellent podcast. Great nuggets here.

[@TJ-th9hw]

Tom drops GEM that they teach us in school. David & Dave thanks for having Tom on the Podcast.

[@ruchitpatel5956]

33:00 David talks about $300,000 tax deduction and ROI becomes 16% instead of 8%. Can anyone explain that? Thank you.

[@tinachxx110]

Some people are keeping their properties so so they really need to do cost depreciation? Maybe some people like to get the depreciation all spread out each year rather than using it all up in the first 1 or 2 years? I mean can you just talk about the cons please?? These are questions I have while listening to this podcast?

[@ap19840]

Can you please share the contact info for a GREAT CPA?? 🙏

[@jamesbrinkley9843]

Hey David, I have a question on Cost Segregation if you could help me out. I have asked my CPA about cost segregation as a stragey for our investments and circumstances, which in this case is BRRRSTR. His thoughts were by expenseing these items during the remodel and not cost segregating is a better route for me personally. Was wondering your thoughts bc I'm not educated enough on either side (expense vs cost segregation) to have a rebuttal. Is it best to expense all these items at once or cost segregate over time? Thanks

[@Baldfade_brie]

I’m an accountant, when you expense items it reduces taxable income in the short term. Saving money. But adding the remodel expenses as an asset (capitalization) is better because you can claim it as value of the property over time. It’s more work to capitalize (remodeling (leasehold improvements) as an asset , but more sophisticated return on investment.

[@jimraelee]

Yes Tom is great CPA. Does a good job at dumbing down tax code to things regular people can understand. Did Tom just use Solar as an example? Why would you consider adding solar to a rental if it benefits the tenant? Yes I do know of the increase value of solar when selling.

[@davidmarasow731]

I have a industrial property, if i include power in the lease up to xyz amount i charge more rents...

[@naughtyorgneiss]

Because you pay the electric instead of them and can charge at a max estimated threshold per month instead of having them pay the actual cost (which would be less). I.e. bake it into their rent and then you pay it

[@kennya1425]

If you generate more electricity than the unit needs, you therefore can sell the excess electricity back to the electric company.

[@jennymitchell1473]

The federal tax credit for solar equipment is generally not available on a residential rental (nonresidential rental is fine). Be sure to check with your CPA before making the purchase. Tom Wheelwright's discussion of the tax law is okay at a high level, but there are a lot of important details that he did not cover.

[@kennya1425]

I am also interested in the amortized and scheduled depreciation pros and cons.

[@yupstuf]

Tom mentions getting a 26% tax credit for putting solar panels on a rental property. In my research I found that the tax credit only applies when the panels are installed on a primary residence or second home. Seems like he's advocating for tax fraud, or am I missing something here? Would love some more clarification.

[@manechirag]

An honest opinion about the book by Tom Wheelwright- This book could be 10 page long, rest is just chitter chatter to fill the pages.

[@jlo5470]

What are the key highlights

[@tinachxx110]

It’s not all glory and sunshine. How about you guys also have a person on playing devils advocate? I think that’s much more informative and useful. What about bonus recapture? What are the cons of doing bonus depreciation?

[@georgeguerrero3401]

Who is that guy that sounds like Brandon?

[@jamenarmendariz1234]

@14:00

[@jamenarmendariz1234]

@23:00

[@jamenarmendariz1234]

@26:00

[@David-iy6gh]

Funny how much my current market has dropped since the making of this video

[@MrRhinosilver]

This guy math is incorrect.

[@MrRhinosilver]

5 times as many mistakes 😂

[@littleredmage]

Massage Therapist.