0:00

this is the bigger pockets podcast so

0:02

six thirty one of as

0:04

as long as we're building these assets

0:07

and liabilities side of our balance

0:09

that you know of our financial sense to the balance

0:11

sheet is , our focus

0:13

should be be the cash

0:16

flow same it's not income statements yes

0:18

and same it should really

0:20

well be zero and for and lot of people

0:22

it is for her lot of professor of industries

0:25

the engine same show zero because their

0:27

expenses completely off

0:29

at their income but their balance sheets

0:32

keeps increasing the network is increase it and

0:34

their cash flow keeps increasing

0:36

of was gonna ruin this is david greene your host

0:38

of the bigger part israel's the bigger guess here today

0:41

with by cohost on the bigger news

0:43

episode

0:44

they've meyer dave how are you doing today i

0:46

am doing gray davis is is a pleasure

0:49

as a ways to be back thanks

0:51

for having me yeah i bet would have your biggest fans

0:53

ever yesterday so i was in long beach

0:55

california doing a beat up and we did

0:57

a quite a preseason event for the people that

0:59

have bought houses with my team in southern california

1:02

anybody , many christian who works for activision

1:05

his private geek in out here and his name right now and

1:07

he does analytics for that company where he helps

1:09

basically the executives decide where they should

1:12

be allocating resources in money based on

1:15

how well the different products are the different

1:17

things that they've implemented have performed

1:20

and he would not stop talking about you i think

1:22

he tiny just wanted to get get to

1:24

be in order to get to you can

1:26

see such can big fan of you as the dp

1:28

of data analytics and as analytics data

1:30

scientist he was in love with you have with

1:32

works right you rest of us a pic of pockets

1:34

podcast our so that probably worked better

1:37

than his wildest dreams that thank you chris in

1:39

i really appreciate that and deaths

1:41

yeah hopefully people are are are

1:44

learning about being and data driven

1:46

real said investor have to hoping

1:48

you know obviously david you're very analytical

1:51

person as well but hopefully our

1:53

brains combine are helping people i

1:56

understand how to how to run the numbers

1:58

and use some more

2:00

advanced analytics to fuel their

2:02

investing and to feel confident in their

2:04

decision making that's what christian

2:07

had came to me said that he liked about my books

2:09

was that they were basically built on systems and

2:11

data like this is how you take information and

2:13

use it to make decisions and in this is how you create a

2:15

pattern out of that's which is ah that a system

2:18

really is and i thought yeah it's it's funny

2:20

to me that i forget some people don't think that way cause

2:22

we just naturally do it soaks into

2:24

days show dave and i combine

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our data brains and create a

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huge data transformer that

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was a twist a foe the

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poverty and financial

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side of big about how can i do this and optimus

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prime voice but i realize i cannot replicate

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though mr dave meyer what has

6:29

the on the market research team but up

6:31

to this month one thing that i

6:33

personally have been looking into an we

6:36

actually show that just came out yesterday

6:38

with can johnson who's a professor

6:40

at florida atlantic university is

6:43

rent vs by and

6:45

this is like a time tested

6:47

debate you know i'm sure you've had this conversation

6:49

with people a million times but

6:52

usually there's at least a clear

6:54

option and right now with the rent going

6:56

up so quickly and

6:59

we're seeing home prices go up as

7:01

well they're both at all time high it

7:03

brings up a very reasonable question of

7:05

with what is the right living situation

7:08

for people right now even if

7:10

you're not as if you're not an investor yeah

7:12

like has have you run into this

7:14

at all a deal or any of your clients running

7:16

into the situation where the say oh it's actually

7:18

probably better to rent right now that to buy

7:20

just where we are in the market cycle i'm

7:23

hearing people say that vet believe

7:25

the market's going to continue go down so people

7:27

who think that prices are on the way down

7:30

yes they're saying i'm gonna rent because

7:32

i'm waiting i think that we have opportunity later

7:35

but i still haven't seen anybody were

7:38

reading is cheaper than buying if

7:40

they by right if you try to buy a luxury

7:42

property a really nice comfortable home

7:44

renting is usually cheaper but

7:46

what i've learned about real state is that a

7:49

we often look at it in terms of money

7:51

but money is very difficult

7:53

to tie down because the guy of a changes so quickly

7:55

it's it's often better to look concerns of time

7:57

so if you look at how reds are increase

8:00

the in many times people will find that

8:02

by year three four or five

8:04

buying is cheaper than renting and then

8:06

for the rest of the tiny or that house it becomes

8:08

exponentially more cheap to own

8:10

than rents and that's before you could a strategy

8:12

like how sacking a lot of people to got there by

8:15

a properties rent out part of it they're not

8:17

living for free but they're living for less

8:19

than what the rents would abed particularly

8:21

in the more expensive markets like were like denver

8:24

and in the bay area etti market

8:26

where you sing lot of appreciation the rents are going

8:28

up as well totally i think that

8:31

a lot of meteor

8:34

people just aren't as familiar with real estate

8:36

investing put up this false

8:38

dichotomy it's like buy or

8:40

rent and their said real investors

8:42

we know there are other options right

8:44

x you just said house hacking is

8:46

a great option i actually

8:48

the first investment i bought i was gonna

8:50

house hack and then i found a cheaper apartment

8:53

and then never wound up house hacking it's

8:55

and just renting it out and continue to rent

8:57

myself because it was a better financial decision

9:00

i think if it's a good question

9:02

and it is worth i think people really

9:05

the idea the question is good because people should

9:07

be examining what the cheapest way

9:09

for them to live is because it's such

9:11

a big expense that

9:13

like if house hacking or if renting

9:16

and reinvesting the money into something

9:18

else is a good option for

9:20

you that can free up a lot of cash

9:22

with which you can investor improve your financial

9:25

position so do think it's worth people

9:27

examining by the

9:29

deck sodomy of just renting versus

9:32

buying is too simple has

9:34

like this a weird this guy can come

9:36

on the show and you should listen shouts crates but

9:38

he was talking about how renting is better

9:40

in a lot of cities if and

9:43

only give all the money you

9:45

would put town down to buy

9:47

a house you reinvested into the stock

9:50

i'm like that's cool right but realistically

9:52

is to know yourself like if you

9:55

have that extra money lying around with you actually

9:57

invest one hundred percent of it already has some

9:59

lights create you know there's so many variables

10:02

here but what i think we're we're trying to

10:04

show in the on the market is that there are

10:07

gray area and there are other ways to analyze

10:09

this and actually on the show i

10:11

also give out a calculator it's really

10:13

cool if you if he wasn't a show you can get it for free

10:16

it's a by hold house hack calculator

10:18

could you see like on you know these financial web sites

10:21

they had these were three and analyzed by

10:23

or whole but we wanna come up

10:25

with the way that people can analyze the investing element

10:27

of that to and way that in their living arrangements

10:30

situation sell our that's what we've

10:32

been working on where he would drop in a lot of date

10:34

about itself i encourage everyone to check

10:36

that out and see for themselves

10:38

with the best living situation for them is

10:40

to optimize their financial position yeah

10:42

my philosophy is if you're trying

10:45

to win at the money game by

10:48

depriving yourself of x amount of lotteries

10:50

per week to save money you're already

10:52

doing it wrong saving money

10:55

on five dollar drinks is not the way that

10:57

you get ahead and life and i'm not a coffee drinker

10:59

so this isn't coming from a place of

11:01

i love my coffee it's your housing

11:03

expenses such a bigger chunk of where

11:05

your money's going that putting all of

11:07

or most of your energy towards that is way

11:09

more fruitful stand looking at how you

11:11

can save on really tiny things totally

11:14

eg if you make a bad decision

11:16

it's a bad whatever a financially

11:19

stretched a decision about your

11:22

housing situation

11:23

really

11:25

becomes almost few tile

11:27

to try and save money on things like

11:29

cost me like you're saying because you

11:31

know you're spending the difference between spending

11:34

fifteen hundred bucks and ran two thousand bucks

11:36

on that that's five hundred bucks that's

11:39

fifteen dollars a day on coffee

11:41

know and spend that much that he can't cut that out

11:43

on simple thing south that's right you know scott

11:46

thompson is set for life but talks a lot

11:48

about this and he he he explains it more

11:50

articulate li than ice but if

11:52

it gets it with good reason like this is

11:54

why you why you should be thinking about

11:56

your housing is the best way to

11:59

com send to reconsider were europe

12:02

your budget is going i just got an

12:04

analogy for this oh i can't wait

12:06

to having a comfortable living situation

12:08

that takes up all your money and then

12:10

trying to save on the coffee you're drinking

12:13

is like buying a hummer instead

12:15

of a prius and say well i've

12:18

just never going to roll the windows down

12:20

so that my gas mileage is better oh

12:22

yeah that will deathly were they

12:26

make a lesser covers outta you could get both

12:28

expects overheads thick use out

12:30

in hybrids are there specific

12:32

at some point i'm not real to use any form

12:34

of gas mileage analogy which is above earth

12:36

is at work so good for everything related to

12:39

saving

12:40

i yeah a really does

12:42

but i get where you're saying right it's like

12:45

we've already made the decision and

12:47

you've already committed so much money

12:49

to such a large expanse it

12:52

doesn't really matter what else

12:54

you do the damage is

12:56

already done and listen

12:58

some people wanna live in a comfortable home

13:01

totally get it ah but i

13:03

think it's really worth analyzing

13:05

miss if you know you have to wait a things

13:07

right like you wanna live in a comfortable home you

13:10

can do that but it will probably decrease

13:12

your ability to in has real say

13:14

and you can make those decisions and there's

13:16

probably a comfortable middle ground so

13:18

doing their analysis thinking about the math

13:21

behind this it's not so simple

13:23

other said it's not so simple as like looking

13:25

at what your mortgage payment would be and your rent

13:27

payment would be at an hour is like you

13:29

have to think about what you would be doing

13:32

with your access incomes you know how

13:34

much you see market likely going to appreciate

13:36

what the know given that topic of the

13:38

what we're talk about the topic taunts are

13:40

you getting the tax benefits of homeownership

13:43

you know that it's not as simple question

13:46

ah as a i think worthwhile

13:48

taking the time to to look into the data

13:50

and that's that's what we're trying to do over here at on the

13:52

market especially when you look at the

13:55

the the price of reds over time

13:57

so i'll wrap up with this nine years

13:59

ago i bought four plex a major california

14:01

which is not known for having incredibly high

14:03

rents is that like to bear yes and

14:05

when i bought it the rents were at seven

14:07

hundred dollars a unit i just put

14:09

one up for read this month at

14:12

eighteen fifty so whoever that

14:14

deneve was deneve was seven hundred

14:16

dollars at that same person is now

14:18

paying eighteen fifty so for them

14:20

if they were like well i could go buy a house

14:22

my payment would be eleven hundred but i could

14:24

read for seven hundred renting is cheaper how

14:27

much different is that when your rent is

14:29

eighteen fifty and you can no longer buy

14:31

a house with a mortgage of eleven hundred this locked

14:33

in place at the same time where

14:35

it where you're saving money and rent

14:37

by owning real estate the

14:40

elbows it's value because you're also making

14:42

money off other people that are paid for it so

14:44

it's not just that you're saving money when you buy

14:46

investment property you're also increase

14:49

me about you collect every single year so

14:51

like he was think they've many times and he just like

14:53

at right off the bat year wide receiver

14:55

zoning renting appears to be cheaper when

14:58

you give a time horizon that

15:00

gets crushed way as far as the efficiency

15:02

of owning real state totally i

15:05

rent right now hub for those you listening to

15:07

go know as i live in amsterdam i moved here

15:09

about two and a half years ago and ah

15:12

you know we just wanted to buy you know move

15:14

into something furnace make it easy moving

15:16

internationally and it's been

15:18

fine it's the greatest and really interesting experience

15:21

being a renter again and but

15:23

i will say like what drives me nuts is

15:25

my lease is coming up at the end of the year in the

15:27

markets totally changed and i have no

15:29

idea what my landlord is going to

15:32

raise my rent to i'm usually on the other

15:34

side of this and i'm someone who likes to plan

15:36

financially figure out you know how much money

15:38

and invest next year how much you know how

15:40

it's going to allocate to this as a class in this

15:42

as success and i had no idea what my expenses

15:44

are going to be and even though that renting

15:47

might be a better financial situation for me i've

15:49

been like sort of kicking myself for not

15:51

buying a few years ago just for the predictability

15:54

of in knowing what my own housing

15:56

expenses are going to be as a really valuable

15:58

to me that is a great point and if people

16:00

are interested in saving money they are in for

16:02

a treat because we're about to transition into

16:05

bringing in today's guest who

16:07

makes his money and life by teaching other

16:09

people how to save money in

16:11

package

16:12

taxes are usually the biggest expense the any

16:15

of us has in life or a business and

16:17

decreasing that as much like decreasing your housing

16:19

expense which is the biggest expense that you have

16:21

in your personal budget so

16:24

buckle your seatbelt strap yourself any get

16:26

ready for a wild ride as

16:28

we bring in tom wheeler a salvo right

16:30

will come back to the bigger pockets podcasts

16:32

are you today my friends i am get so

16:34

good to be with you guys yeah so

16:37

the last time that we met we spoke

16:39

about the economy general we talked about

16:41

how important it is to save in taxes

16:43

and i think most importantly in our

16:45

conversation we revealed the relationship

16:47

between investors between investors

16:50

and the government like it or not or maybe

16:52

love it you have a relationship with your

16:54

government and you're

16:56

all about teaching people how to make that

16:58

relationship me to be beneficial or at minimum

17:01

beneficial for us as opposed to just the government

17:03

sort of in a default states the

17:05

government's benefit a much more than we are when wearing

17:07

a deputy position they're they're taken our taxes

17:09

right out of our check we don't have write offs

17:12

could share little bit about your philosophy on this topic

17:14

yeah as it's interesting i actually

17:17

think the but the government benefits more when

17:19

you're an active partner them when you're asylum partners

17:21

of the you know first we establish were all

17:23

partners with gummer right you know that the money

17:25

you look at your your pay stub and

17:27

says psycho withholding etc

17:30

and it's at ss it's a it's a

17:32

deal where you don't get to not

17:34

be a partner with the government period you are

17:36

a partner with the government question is silent

17:39

partner active partner the

17:41

government actually while

17:43

but you know you think you will do they really care

17:45

if they actually make more money

17:49

with active partner some the do a silent

17:51

partner that was actually that's actually big

17:53

topic and my new book the when the when strategy assess

17:55

i said looked at seven different investments

17:58

and six of them okay

18:00

which one of them israel states six

18:02

of undergarment wins more

18:05

with active partners then

18:07

it does if it just takes money or your paycheck

18:09

because of me remember the yarmouth

18:11

giving a relatively small incentive

18:14

and they're getting sued impacts

18:16

in the economy so you know this

18:18

is not just while the government

18:21

allows it this is actually the government

18:23

encourages that and i think that's a big

18:27

mindshift that we need to get to in society

18:30

where this where this something where the guard

18:32

it either does a matt i'm sorry but the matter

18:34

who the administration has rights

18:37

this administration uses taxes and

18:39

as and wants taxes and is just as

18:41

much as the last one they just one different tax

18:43

incentives so you know that that

18:45

the key as just understand

18:47

your partner with the garment you get to be

18:50

either , or active and

18:52

the reality is the said the actor partners actually

18:55

do more for the government than the silent

18:57

partners who are paying high taxes i think part

18:59

of kind of fixing some of these

19:01

misconceptions has to do with the language

19:03

that we use when we talked about the tax code

19:06

so i was thinking when you were talking there's talking lotta

19:08

guys complain all my wife's make it be

19:10

do a date night with as if advices

19:12

a terrible thing by i think a date

19:14

night with your wife that strategy relationship

19:16

that makes you happier that makes her happy or that

19:19

lowers your likelihood of having divorce or big

19:21

bats fights that decrease your work performance at

19:23

it's good to have date nitrites it on faith i

19:25

have to do it part of the language with

19:27

attack soon as we call them loopholes which

19:30

there is this sort of like rejected

19:34

meaning behind that that you're cheating

19:36

that you're getting away with something that you

19:38

your are exploiting the

19:40

tax code but when you talk about a time

19:42

you often portrayed in a way like know

19:45

there there cause they government wants you

19:47

to use them they are incentivizing

19:49

you to do this because is better for the economy as a whole

19:51

yeah i you know loopholes or unintended

19:54

consequences of the tax on and are they they're

19:56

absolutely other people who take

19:59

advantage

19:59

for sure but when we're talking

20:02

about how the government really works

20:05

these are incentives these are on purpose

20:08

and the government benefits from them financially

20:10

as well as socially so it's not just

20:12

the government's in a promoting the economy are promoting

20:15

social causes are promoting you

20:18

, a clean energy or whatever the

20:20

government actually makes money on this

20:22

and assess assess sites

20:25

i actually took examples in in when

20:27

when well strategy and i just took examples and will

20:29

look here's what the government gets here's what thanks forget

20:31

or why why have the

20:33

i agree with you david that the challenges

20:37

challenges got this idea that the wealthy

20:39

don't pay tax because they're cheating

20:41

and that by the way i by the

20:43

that a complete a front at all

20:46

c b a find that is an affront because that

20:48

means that the cp a profession is

20:50

complicit that cheating

20:52

because all rich people

20:54

have cps right so i actually

20:56

find that very offensive and

20:59

the the reality is is that it's not

21:01

the rich feel are cheating i'll tell you who cheats and

21:03

if you look at the iris numbers is

21:05

people making one hundred to two hundred thousand dollars

21:07

a year is the contractor some see your

21:09

house and says it's a hundred twenty dollars

21:12

but if you me cash it's only hundred dollars

21:14

right that's those are the cheats that

21:17

that vienna cheaters have

21:19

this idea that it's idea zero sum game

21:22

that the government windsor i with

21:24

and the idea behind

21:27

what most of the tax was it's

21:29

a win win of the government wins

21:32

and you win now can you lose and

21:34

the girl wins absolutely so doma always

21:36

wins this that's the point

21:39

the government you're always wins the question is

21:41

are you going to win as well or

21:43

that just the government who that's who that's way of stating

21:46

what i meant in the beginning when i was saying sometimes the

21:48

government's more it's more just the government is winning

21:50

and you're not

21:51

that's that's that's sort of the default state

21:53

that most people listening to this that are just working

21:55

a job the government's getting their

21:57

taxes out of your check you don't get a saint

22:00

it's going to come out before you don't always

22:02

get to see where that money goes out

22:04

when you're working with the government

22:06

both of you are winning so i like a receipt

22:08

at the government's gonna win so how you make

22:10

sure that you when also and i

22:12

also love that point about the people who

22:14

are cheating in the tax code other ones that are getting

22:16

paid under the table not reporting their income

22:18

rights i doing some of that work on the

22:20

side that does it get talked about a lot and i'll throw

22:23

this it as a coffee at to the few people listening

22:25

to this going yeah you know but

22:27

i save a lot in taxes it

22:29

always seems like a good idea until

22:31

you want to invest in real state and you need a lot

22:34

then all of that comes crashing

22:36

down when you realize wait a minute i've got all

22:38

this money look up so it's you and realize what's

22:40

on your taxes or why do you need those what

22:43

does that matter that's what every single letter

22:45

is required to use if you're getting a conventional

22:47

loan and you can lose a lot of money

22:49

not investing because you tried to save

22:51

in taxes

22:52

yeah so so i saw that that for a second

22:55

because what's really going on he is

22:57

you know how big a gamer you plane right why

23:00

is a wise the bank asking

23:03

for that information because most

23:05

people at those lower levels

23:07

of lent of borrowing don't

23:10

have real financial statements molson

23:12

the only finance same in the house

23:14

is or tax return so you know she

23:16

got up you know you got a big real estate

23:18

developer admit that not looking at

23:21

their personal tax returns i guarantee it i

23:23

have lot of clients and that and that

23:25

business they do not look at look at actions

23:27

are looking at they're they're they're looking

23:29

at the cash flow from the property they're

23:31

looking out for you know what's the real what's

23:33

the real money here what's the real riskier

23:35

and the challenges because

23:38

people never overstate their income

23:40

on the tax return the going well of most

23:42

conservative view of a person's

23:44

finance finances is gonna be there taciturn

23:47

that is true it is the most conservative

23:49

use that doesn't mean you can't overcome

23:52

that you're absolutely right david that i

23:54

i get that question that lot okay

23:57

wait okay minute a minute my taxes

23:59

to zero which means i read is my taxable

24:01

income the zero and now the bank saying

24:04

i'm not going to give you alone and

24:06

so are there ways to deal with that they're absolutely

24:08

arb you do have to be thinking about

24:11

how big of a game on my plane here oh

24:13

i really liked that idea you got my brain

24:15

going

24:16

the size of a game we decide we're going to play

24:18

determines the strategies were going to use

24:20

and so you can feel like you're outsmarting someone

24:23

getting paid under the table when you're playing

24:25

a small game minute , certainly get

24:27

a bigger gamer like what was the benefit of saving

24:29

nine thousand dollars in what my taxes

24:31

with a band to miss out on building

24:33

six figures of wealth many times

24:35

over and vaccine rail sit over a long term

24:38

term period and as

24:40

i have had more financial success

24:43

particular in the last couple years i've sort of seem like

24:45

an exponential growth taxes

24:47

used to be mildly annoying like annoying mosquito

24:49

bite now they are like a shark

24:51

by state , take you

24:53

out of the entire game completely if

24:55

you can't manage them or in a

24:57

room of i years that have to work hard when you get

25:00

to where you're paying so much of that money in taxes

25:03

taxes that's something that your passive as helping

25:05

people save money taxes i have been forced

25:07

to learn how to i

25:09

don't want to see like avoid paying taxes it's more

25:12

how do i build wealth in the way where

25:14

i don't have to pay taxes raised

25:16

is shifting the the way that i played the game of

25:18

the size and play the game with your thoughts your

25:20

up when people should start making that my

25:22

sexist love when when when do you want

25:25

to start playing the bigger game that i mean that's really

25:27

a question rights i i'd i'd have

25:29

noticed over the years that this is not the smaller

25:31

pockets podcast this is a bigger

25:33

pockets podcast and

25:35

it's the guy just felt let's the

25:37

guy bigger pocket so it's as let's have let's

25:40

play a bigger games and what

25:42

what happens is that

25:44

people when when you don't understand

25:46

how the game is played then

25:49

you know you he takes

25:51

he try to take shortcuts and

25:53

the that's what gets you into trouble frankly

25:56

gets you into trouble with your lenders gets you in trouble

25:58

with the government's you know that

26:00

the reality is that

26:03

the more you know the more income

26:05

you make the more taxes you pay

26:07

but the more wealth you build the less time i

26:10

that's good not actually to

26:12

me the big distinction so i

26:14

don't ever say that the rich don't pay

26:16

taxes kids a lot of what

26:19

we think it was rich people rich people high encounter

26:21

pit bull doctors and lawyers doctors

26:24

lawyers entertainers football

26:26

in all professional athletes that they pay two

26:28

sons of taxes but wealthy

26:31

people do not and that's

26:33

the difference or how are we going well as

26:36

well does measure in terms of assets and

26:39

it's not high income it's high wealth

26:41

though is it safe to say your definition

26:43

of wealth and probably the toughest i go off as well

26:46

is more on with your net worth

26:48

and owning

26:50

a assets that are producing income so

26:52

that your income is coming in a way this more desirable

26:55

it's the different than treating time for money

26:57

riches would be your yearly

26:59

income and maybe

27:01

a yeah i guess it would be it'd be that simple

27:03

right yeah so so i i go

27:05

through a very simple analysis of course i'm an accountant

27:08

so i look at income statement balance sheet right

27:10

and , i look at an expanse

27:12

i'm going why am i spending this money and my

27:14

business it's probably to make money right

27:17

that's why i'm spending the money i'm

27:19

when i'm look at an asset why am i buying the

27:21

out this asset it should be to

27:23

increase my cash flow right should be to increase

27:26

my income and then i look at the debt

27:28

said i'm going what's the purpose of the dat dat

27:30

purpose of the that is to by the asset and

27:32

so what really comes down to as i'm

27:36

as as long as we're building the assets

27:38

and liabilities side of our balance

27:41

that yeah of our financial sense of the balance

27:43

sheet is where our focus

27:45

should be and a cast

27:47

for same it's not the income statements the

27:49

income statements shit can really

27:52

well be zero and for a lot of people

27:54

it is but for a lot of professor else investors

27:56

the income same as show zero because

27:59

their expense

27:59

the

28:00

completely ah set their income but their

28:02

balance sheet keeps increasing the net worth

28:05

keeps increasing and their cash flow keeps

28:07

increasing so as you know it's really

28:09

about cashflow it's

28:11

really really gas flows you know and

28:14

and size your cat is if you're castles increasing

28:16

how much faster does your castle increase if

28:18

you're not paying taxes i mean it's exponential

28:21

right before move onto the next portion

28:23

of our show was such a quick break to hear from today show

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30:32

the one of the ways that probably at least

30:34

in my experience the most popular most efficient

30:37

way of , in taxes while

30:39

also increasing cashflow is by

30:41

real say and then using cost segregation

30:43

studies to accelerate your to preseason

30:46

preseason could you to briefly describe what

30:48

i just said and then talk

30:50

to us about how the tax code is changing in regards

30:53

to how we execute that stretch yeah absolutely

30:55

self's basically years what years

30:58

, tax law says that when you buy a piece

31:00

of property really buying for different

31:03

subsets of the asset you're buying the land

31:06

the building the land improvements and

31:08

the contents of the building and they're saying look

31:10

lance does a were out when i'm going to give you

31:12

a depreciation deduction depreciation for were

31:14

in tears there's no wear and tear on land that

31:17

building where's alberta where's out over a long

31:19

period times it's residential it's probably the

31:22

twenty five thirty year range and

31:24

if it's a commercial building it's probably have

31:26

a lot less maybe forty years and

31:29

that is true by the i burn on both and let me

31:31

tell you first commercial buildings

31:33

were out not nearly as fast as residential

31:36

buildings residential residence and to be much harder

31:38

on the building many have that

31:40

the improvements will improvements lan improvements in

31:42

a like landscaping aunts landscaping

31:44

fancy all the can assess how long's that

31:46

were out will typically the law says fifteen

31:49

years and for the contents is that will

31:51

that works out really fast like probably

31:53

a refined to seven years what happened

31:56

in two thousand and seventeen though under the

31:59

contact that

31:59

while

32:01

five year and the fifteen year

32:03

rather than depreciating over

32:05

five and fifteen years those

32:07

parts of the purchase

32:10

get appreciated day one and

32:12

other words a hundred percent right asked they once

32:15

what you think about it typically

32:17

and by the way i'm using estimates

32:20

here okay please do not use these numbers on

32:22

your dashed her but

32:24

, york the contents

32:26

of the the purchase price

32:28

of the contents gonna be somewhere between fifteen to

32:30

twenty percent purchase price of the project

32:33

and the land improvements is gonna be somewhere between

32:36

five and ten percent so in total you could apps

32:38

twenty to thirty percent percent

32:40

the purchase price as price whoa

32:43

okay so let's say by a million dollar property

32:46

that means that you might have as much as two

32:48

hundred fifty thousand three hundred thousand are destined

32:51

in year one and

32:53

you only have to play sensor us by the end

32:55

of the year you know of have to play said

32:57

and service that lets that over the year that

32:59

in year one minute you place it in service

33:02

well that's been a huge motivator

33:05

for people a get into real estate of last few years

33:07

and it's it's one of the reasons a real sick market

33:09

has been i'm not quite frankly is

33:12

that big what we call bonus

33:14

depreciation which is really just a first

33:16

year deduction for the contents

33:18

and the land prove months you remember

33:21

you do have to do a professional cost

33:23

segregation so please do not try

33:25

to do this on your aunt's this is some you need

33:27

to hire professional the i arrests says

33:29

you know what this is totally allow both it

33:31

is ashley technically required

33:34

the law but you do need

33:36

to do a professional castigation don't let your

33:39

account say well we're just can do some kind

33:41

of quick and dirty allocation that's

33:43

gonna get you into trouble time into want to get into

33:45

the bonus depreciation cause depreciation understand

33:47

that there is some changes

33:49

coming up to that over the next couple

33:51

of years that i do wanna get into but

33:54

could you tell us in our listeners a little

33:56

bit more about some of the other

33:58

as you call it when we in situations

34:01

and when when strategies that real estate

34:03

investors could be thinking about

34:06

in twenty twenty two to reduce their tax

34:08

burden this year first one is that

34:11

okay so it thing

34:13

about their so take that million dollar property

34:16

you can put down a million dollars and

34:18

get a two hundred fifty thousand are deductions

34:21

are you get put down two hundred thousand dollars and get

34:23

it turns into cells darted dutch the

34:25

big difference what it what

34:27

that means is if i had a million dollars

34:29

to invest instead of getting a two

34:31

hundred fifty thousand dollars deduction i

34:33

could literally get a one point out

34:36

a main two hundred fifty thousand are deduction

34:38

right because i'm

34:41

getting at on every single the

34:43

i could be five times as much right

34:46

i can do five times as much as as

34:48

many acquisitions five times as much property

34:51

self the

34:53

point and balances is not you don't want

34:55

to just increase your assets

34:57

frankly also one increase liabilities

35:00

so the government really

35:02

does incentivize

35:05

debt because you're creating you know

35:07

the debt as well no a list here

35:10

we now that you know debt puts

35:12

actually produces money supply

35:14

right so the government wants that money supply

35:17

the increase and they do that through death

35:19

so that's the reason that

35:21

is putting the interest rate higher to try to

35:23

reduce the money supply it's at least limit

35:25

the money supply that we can can

35:28

if they're continuing to incentivise er det ser

35:30

det his release you know number

35:32

number one sponsor preseason which starts

35:34

phasing out next year to eighty percent

35:36

from them down sixty percent the after that number

35:39

two would be dat number

35:41

three as is probably well

35:45

actually before that is even business so

35:47

one of things always solve our clients

35:49

is that's lucky really into

35:51

treat you will say like a business when it when it's when

35:53

it's really tree as business business gets

35:55

the most deductions see that

35:59

the third thing that is a really big

36:02

one for the

36:04

real thing dusters is solar

36:08

solar how's this year the

36:11

twenties if it let's say you take then

36:13

you put one hundred thousand hours of solar panels on

36:16

your rental property that you're renting out

36:19

okay you get a twenty six

36:21

thousand dollar credit that dollar

36:23

for dollars plus and

36:26

eighty seven thousand are deduction so

36:28

you're basically pain a third the

36:31

cost of solar what people say

36:33

well you know his soul time while so

36:35

there's not a really good investment employer will

36:37

not have your pain one hundred percent of it but

36:39

if you're only paying a third of it is actually

36:41

turns out to be a really good investments

36:43

if you've got a lot of sunshine you

36:46

know if you're in the right location like i am and or

36:48

zone her in a pupil colorado or some

36:50

other places and midwest are you

36:52

getting of sunlight

36:54

the can actually be a really good and vessel that's

36:56

a really good

36:57

the topic to point out is that

37:00

when you start getting tax incentives

37:02

it changes the structure of the investment

37:04

that you're making so like you are describing if you

37:06

buy a million dollar property let's

37:08

say you get a three hundred thousand dollar

37:11

right off let's say that turns into

37:13

a hundred thousand dollars of tax savings

37:15

in that case and you're in up at twenty percent down on this

37:18

property so your competition

37:20

has super two hundred thousand dollars down to

37:22

buy it may be there are a why is

37:24

eight percent on that will you only

37:26

have to put a one hundred thousand dollars down because

37:28

you're saving one hundred thousand dollars in taxes which

37:30

now doubles the are a wider sixteen percent that

37:33

ass is now much more desirable

37:35

for you than it would have been to someone who doesn't

37:37

get that same tax benefit where if you bought it without

37:39

the tax benefits and this is one

37:41

of the ways that the people that structure the way

37:43

that they build wealth put themselves at a competitive

37:46

advantage because they're ,

37:49

the desirability of the same asset

37:51

that somebody else can be buying the same happens

37:53

when utilize things like ten thirty one exceeds

37:55

his right i see this a lot where seminal

37:58

say how on earth is that guy going to pay much money

38:00

for that four plex in san jose it's not worth

38:02

it easy going to make it two percent return while

38:05

, saving a one hundred thousand dollars

38:07

in taxes to put that many years a much higher than

38:09

a two percent return for that person and so

38:11

does one of the reasons that i've been been

38:14

a better job of telling people you

38:16

need to get a good cp eight and a cps

38:19

not is it's that's just a start doing

38:21

turbo tax and actually hire someone right it's

38:23

get a one who understands this deaths

38:26

and be flexible with the way that you go about

38:28

building your wealth there's a difference between working

38:30

more hours that your deputy job which i foolishly

38:32

did as a cop for ever i would work hundred

38:35

hour weeks and then i would turn around and give up forty

38:37

percent of my money in taxes it was

38:39

like i was barely make more than the guy which

38:41

is work in his regular topic is

38:43

i was getting hammered and taxes so bad and

38:46

you start to see momentum getting built says you

38:48

mentioned tom that bonus as

38:50

segregation is sort of like there's some

38:53

schedule changes for that can you give

38:55

us a definition of what bonus depreciation

38:57

is and then what we should expect to the future

38:59

right again bus depreciation his

39:01

first year getting to deduct first

39:04

year your the contents

39:07

the building and land improvements

39:09

are , that right now that a higher percents

39:12

been hundred percent since two thousand and late two thousand

39:14

seventeen that percentage

39:16

is gonna go down to eighty percent

39:19

in twenty twenty three and down the sixty

39:21

percent thousand twenty four and fifty percent

39:23

twenty twenty five self what that means

39:25

is that you've got a window opportunity

39:28

here they get faster

39:30

to precision a why do we want faster to precision

39:33

because we're going to take that the

39:35

same as you thought about the hundred thousand our tax havens

39:37

where you take that real bind that a property so

39:40

we're going to use that cash for

39:42

investing and using actors so we

39:44

want our money now we don't want run wait

39:47

to get our money over twenty seven a half years we want

39:49

to get our money now and because

39:51

because it just multiplies

39:54

that rate of return so exponentially

39:56

by getting the money now be able to put them many to

39:58

use rather than go to the and frankly

40:00

that's why the government gives incentive because

40:03

they want the money back into the mark

40:05

i'm in remember you pay tax

40:07

when you spend money when you save

40:09

money you don't pay tax when you invest

40:12

money okay so you know if

40:14

you're if you spend it personally are you

40:16

say that you're in pay taxes but if you invest

40:18

it back into the economy back and do your business

40:20

back into real estate's you're not going to pay tax

40:23

time i think a lot of beginning real estate investors

40:26

listen to this and think that this strategy

40:28

makes sense but it might not necessarily be

40:30

for them given you know maybe

40:32

they're just starting out are these

40:35

strategies for every wonder at what

40:37

point and what level of cash flow

40:39

and wealth do recommend people

40:42

start pursuing these strategies was

40:44

my question be at what point do you want to stop

40:46

paying tax assessor me

40:49

the other day that you know i don't know david

40:51

baby your to say but for me i

40:53

when i first started as like i'm i have

40:55

so much to learn as china learn

40:57

about cash flow and property management

41:00

running my business as can like oh

41:02

as a certain point i'll learn more about

41:04

taxes because that's

41:06

you know a a champagne worry because

41:08

i'm already have already made it and i'm making money

41:10

or they sat was my opinion back then so

41:13

i i guess

41:15

the question a priority right i could do

41:17

you have where does this fall in terms of

41:19

your priority and is it worthwhile

41:21

for someone who maybe just has one property or two

41:24

properties and a really good to see

41:26

the benefits and wells her cash

41:28

flow that they get maybe from

41:31

you know is it worth it to spend the money

41:33

on a professional cost segregation

41:35

her are good high quality cps

41:38

in other the thoughts are jason's are not that expensive

41:41

they're not your dice because if we got

41:43

want to see probably dumbass smaller properties takes

41:45

us time to discuss education i

41:48

, found on any property

41:50

certainly any property of one hundred thousand ours more

41:52

worthwhile okay it's gonna be worthwhile

41:55

easily on one hundred thousand hours or more

41:58

you know that the question one hiring

42:00

a good cp a question of ah

42:03

what's your hobbies your game right

42:05

how big you know or are you talking about what

42:07

i just wanna in i just want to have

42:09

one or two properties i'm gonna pay cash

42:11

for the i'm i'm following the dave ramsey

42:13

schedule of investing in

42:15

line tax probably not probably big

42:18

deal to you right because you're really

42:20

played a very small slow game

42:23

if you're going and what i'd really like does

42:25

not have to work i'm work i'm

42:27

my work but i don't want to have to i'd really

42:29

like damn more time to spend with my kids

42:32

my grandkids for me it's grand kids

42:34

are more time to to do what i

42:36

want to do you

42:38

know rick realize just realized there

42:42

probably you're single biggest expense probably

42:45

you're single beta spent so the question is

42:47

which expense do i spend time on do

42:49

i spend time on my business expenses are i spend

42:51

time on my tax expenses arm

42:54

with was can reap you know which can be

42:56

more productive it's really easy

42:59

the reduce taxes i mean is really

43:01

fast and really easy once

43:03

you get the concepts i mean you know when

43:05

i write books i write them for the the

43:07

average person all right i'm for the cps

43:10

i find that complete waste time because a

43:12

lot of cbs think the nerves thing anyway health

43:15

what i do as instead as instead write them for

43:17

them entrepreneur the beginning investor and

43:19

investor want to make sure that sure that you got

43:21

the concepts and that you can say okay

43:25

whoever my cbs whoever my tax advisor

43:27

as do understand these concepts

43:29

do you follow things i've literally

43:31

had might , wife

43:33

the cbc sent me a note to

43:36

goes by the way your name came up in

43:38

the online form at

43:40

the arizona society cps that really

43:42

what they say that well one of the

43:45

one of the prospects for the a some some

43:47

a entrepreneur were saying though

43:49

my in i'd i'd like to know as far

43:52

you know anybody follows that's

43:54

very well my first book and in tom will

43:56

right and if they they do things the

43:58

way you know tom talks about i

44:01

had the hindu question was is a scam and voice

44:03

well maybe i just read the boss

44:05

a fuss see what you see if

44:07

you think it's a scam because the reality

44:10

is that i've actually the you

44:12

know dash will spin out not

44:14

ten years now and i've never

44:16

had any accounting say this

44:18

is aggressive or this wrong not

44:20

even 1 and that's with

44:23

over 3000 5 star reviews on

44:25

amazon so, you

44:27

know, it would taxes just on that hard to

44:29

understand the basics and building

44:32

a team as what investing to all it

44:34

the the team sport so with the changes

44:36

in the code what's your opinion on, why

44:38

those are going away and

44:41

what people can do about it? while that they

44:43

were scheduled to go away right so bonus

44:45

depreciation i'm and it

44:47

until we get a new

44:49

admin assistant and unless we get a new administration

44:52

twenty foot and certainly nothing's gonna happen before twenty

44:54

twenty five that's as soon

44:56

as anything's going to happen because current administration

44:59

is just gonna let them stay there right

45:02

i mean if you had i guess if

45:04

you know if you had an override available

45:06

in congress and the republicans will

45:08

took over congress by you know boatloads

45:12

could override the veto and do i do

45:14

i i think there's a big push

45:16

for that i think

45:18

right now though the one thing that

45:21

on the end of the solar spacing out so solar

45:23

that twenty six now used to be at thirty going

45:26

down to twenty two and then it goes away

45:28

down i

45:30

think that's something that's you could

45:32

literally right your congressperson

45:35

about you could literally right your senator about

45:38

and i think there's a lot of people

45:40

who would like to see that they just want

45:42

to see the tax that the revenue

45:44

assets on the other side about right

45:46

so i think there is

45:48

there is think that that's possible is

45:51

actually see some changes on the solar

45:53

side i don't think that fruit the depreciations

45:56

not going to change before two thousand twenty five

45:58

who do you think that people

46:01

it sounds like you're people are interested in solar

46:03

like now would be a good time to do it if if

46:05

you know they're they're waiting around for

46:07

that here's the problem davis said

46:10

you know we got a big shortage

46:12

of solar panels and lot of this

46:14

is the whole china thing rights and

46:17

so if you're going to get them installed by the end

46:19

of the year you'd better act like right

46:21

now because otherwise you're not going

46:23

to have them installed you're not going to get that

46:25

you're you're gonna lose four percent of that tax

46:27

credit scale from twenty six to twenty

46:30

before you get installed saw this

46:32

is some that the solar something you need

46:34

to act on right away and

46:36

i it's and again the numbers can numbers big

46:39

be big if you've got multifamily you

46:41

can basically of your own little private utility

46:44

and then but

46:46

basically you know charge your tenants for

46:48

the utilities for the utilities and

46:50

other actually a pretty decent pretty

46:53

decent moneymaker he said that up but

46:55

it's gonna take you for five months

46:57

they get that done so there is

46:59

urgency for sure on the solar side

47:02

that's it that's a great point and i

47:04

am thinking about it for a short term

47:06

rental i've always thought about doing it and

47:08

unfortunately was short term rentals it's not

47:11

one of the investments alice i've

47:13

never heard of someone passing along utility

47:15

cost to a short term

47:17

red dirt pro rating up rating so what

47:19

they used for a weekend or something like that they're

47:21

usually start but yeah but you're paying that

47:23

your pain the utilities on that's that's what i mean

47:25

yeah in the utility use you get the benefit

47:28

right away yeah exactly so you can you

47:30

can get the tax benefit and you know i

47:32

think electrical i am

47:34

on some of these nicer short term rentals maybe of

47:36

i've been electric hot tub for example it's a huge

47:38

expense and have you can offset there's

47:40

person colorado's abundant son that

47:43

could be a really good investments

47:45

ah time i wanted to ask you you're

47:47

talking about some of these the

47:50

tax incentives that have been plans

47:52

to phase out and i know this is probably

47:54

nearly impossible to quantify but

47:57

do you believe that the way these tax

47:59

and headed have been structured has

48:02

led to an increase in real

48:04

estate activity of the last few years you see

48:06

do see your clients and people you

48:09

, taxi and and being

48:11

more active than they might normally be because

48:14

of these tax incentive is that playing into

48:16

the appreciation we're seeing in the in the housing

48:18

market have no question

48:20

i don't think there's any question all that they

48:22

played a huge parts i mean i know

48:25

you know anecdotally i

48:27

have clients that they were not investing

48:29

until they heard about the tax benefits and these guys

48:32

are do a lot of real state

48:34

and yet they weren't really motivated

48:37

to do and i said we'll wait we'll wait look at the cost

48:40

the cost benefit analysis to

48:43

doing the real estate yourself

48:45

and set of just you know being a you

48:47

, tagging on to somebody else is real estate

48:50

or there's no question and no questions

48:52

her out but proc push prices up there's

48:54

no question that it's help

48:58

increase the number of

49:00

our rentals that are out there i mean that

49:02

the whole goal right for the government from a social

49:04

standpoint is we need housing

49:07

were still short the a

49:09

you know a lot of housing unit so

49:11

i think it's been very successful i mean i haven't

49:13

done any studies

49:15

in that regard i can just stay anecdotally

49:18

my clients dazzling it's had a big impact

49:20

so when it comes to this game of taxes and

49:22

there's different ways that we can partner with

49:24

the government what are some of the common ones

49:27

that if someone's trying to figure out where they could jump

49:29

and they should start off consider

49:31

you know he always start with the education

49:33

so start with you know my book

49:35

the when when wealth strategy as

49:37

, goes through seven investments the government will literally

49:39

pay you to make and

49:42

the last chapter is how to get the government pay for

49:44

your ferrari with as use of real

49:46

life example so while the government's

49:49

not trying encourage you to buy for ice

49:51

they are encouraging you enough that

49:53

the benefits can be so high that you couldn't

49:55

afford to buy murray with the savings

49:58

from you know from from the tax

50:00

savings self the arse huge

50:03

opportunity that first thing you have to say we

50:05

gotta changes like this what you started

50:07

with david we gotta shift are mine

50:10

from these loopholes to

50:12

these are intentional tax benefits of this

50:14

is something the government as he wants us to do

50:16

were not be bad people are had been good people

50:19

i i will tell everybody if you're a pain

50:21

high taxes you're not nearly as patriotic

50:23

as somebody who's actually using these

50:25

and centers and doing what the government's done the way

50:28

the young once i'm done been an active partner

50:30

with the garments the guy makes way

50:32

more money on i i show that

50:35

in when when wealth and again makes

50:37

way more money with as to investors

50:39

than they do with the i'm silent

50:42

on silent investors so i

50:44

i think we gotta change our minds your first

50:47

i do think we need to have a team because

50:49

i think that i think that team

50:51

is critical or the tax a very

50:53

complicated don't get me wrong the concepts are

50:55

very simple the tax law

50:57

itself was the details you do need

50:59

a team around you you , that lending

51:02

team you need the you know you're finding

51:04

team you need they're selling team you need

51:06

the the advisory team right

51:08

you need all of these team members and

51:11

i did you know invest in the team is a much

51:13

more is frankly it's and what lot more lot

51:16

at a lot easier than investing yourself

51:18

i think it's a waste of time to do things

51:20

yourself that somebody else can do better than you so

51:23

you know that those are really kind of the keys to me

51:25

as it's less you know choosing which

51:27

investment i think for me at so

51:30

you know to choose one that you like doing if you like

51:32

air bnb be do air bnb if you like

51:34

a single family home long term rentals

51:37

do that if do like cup

51:39

and industrial do that like trouble

51:41

at least as do that what whatever it is you really

51:43

enjoy doing do that yeah

51:45

i think that's a good point it can be addicting

51:47

in our space where there's

51:49

so much information to consume all

51:51

the time like you could never get through all the videos

51:54

and you tube even on one asset class or

51:56

higher like sir you're learning you're learning

51:58

you're learning you're minds exploding the past

51:59

though etti you get the feeling of progress in

52:02

italy to dope means getting releases i can

52:04

do this and i could do that you started visiting this

52:06

life you want to live and then you i

52:08

gotta learn at all and as i try to download

52:10

seven hundred movies and movies and at the same time

52:12

he never even get one of them actually finished

52:15

what i've learned as i progressed is

52:17

i need to learn just enough to get the basic

52:19

idea then find a team member

52:21

that already knows how it works so

52:23

i will have people that will that will message

52:26

sci bigger pockets are submitted questions

52:28

that are very nuanced a detailed question

52:31

about alone the you don't need to

52:33

ask me that that's a question for your loan officer

52:35

the his they know that i immediately

52:37

and it's not hard for them as it's silly

52:39

for you to even be trying to figure that out it's i daddy

52:41

to go learn how cars worked before i drop it off at

52:43

the mechanics office tell you this you

52:46

know there's a problem you know you just mechanic that that

52:48

them figure out what it is same issue

52:50

with taxes right so right would just definitely

52:53

second the opinion that's woods

52:56

you find the person that you trust you get a solid

52:58

referral you go to the professional

53:00

and you say here's my problem how would you solve

53:02

it that's one of the litmus test that i have and i'm

53:04

picking a team member hey this is my

53:06

hurdle with getting alone how would you solve it hey

53:09

i need to find a property it looks like this to real estate

53:11

agent how would you solve it a

53:13

what what advice to you have for what people should

53:15

be asking when they're trying to find their team member to handle

53:17

their taxes actually think i'm one

53:20

of the most important things is a tell me what the

53:22

system is you use

53:23

the doing this because i don't want everything

53:26

to be any decision why you'd have

53:28

to handle everything is in a decision on when you

53:30

only have a look everything up i

53:32

want to make sure that you've got a system that you

53:34

use and use the same system already

53:37

out a get every taxpayers difference

53:39

to some extent that you're following

53:41

assist systematic approach to it's

53:44

it's it's those you know it's those few

53:46

cps that have a systematic

53:48

approach in there are very few of them frankly

53:51

it's that systematic approach the makes a big difference

53:53

in and tell i really

53:56

understood the patterns of the tax law

53:58

i mean when he or the guys don't

54:01

like everybody else right gimme question

54:03

i'll try to figure out the answer until i figured

54:05

out you know what their patterns year

54:07

and once you have patterns and now you can actually

54:09

predict what the tax savings

54:12

or in the you can predict what the results gonna be

54:14

because you identify the patterns and you you've

54:16

you've set up a system and i'm just

54:18

gonna take you through that system you

54:21

know we talked about this before david

54:23

by i find that there

54:25

is trina professional investor an amateur investors

54:28

an amateur investor makes a new decision on every

54:30

investments and a profession best

54:32

or makes a single decision and just applies

54:34

that decision over and over yes the same store

54:36

with a special advisor by the way a

54:38

professional advisor makes a single

54:41

decision said this is how this works

54:43

and i'm just gonna play this over and over again right

54:46

as opposed to looking at every single

54:48

question as unique i'm

54:50

we need to look at every question as okay

54:53

here's the pattern i understand

54:55

the pattern and so this is likely what's

54:57

gonna happen now am i going to research to make sure i'm

54:59

right absolutely i'm but

55:01

i better have a pretty good idea going in what

55:03

i think the answer is going to be coming out saddam

55:06

for those that are intrigued by

55:08

what we're talking about what can we expect

55:10

if they get your book and where can they find it well

55:12

i'm a first of all the book titled

55:15

is the when when walt strategy seven investments

55:17

the government will pay you to make you can get

55:19

at barnes and noble you can get an amazon

55:22

and get up anywhere books are sold

55:24

i'm you can get a at our website when

55:26

when walt strategy dot com a

55:28

you welcome to get it there too so wherever

55:31

you want to get where you're going to get as a whole

55:33

different viewpoint and i think you're going

55:35

to be able to it is going to help you get

55:37

comfortable with your ability

55:40

to reduce your taxes so it's not just

55:42

an instruction guy for you to reduce taxes

55:45

it's actually a little

55:47

bit of it is the you to

55:49

know that what you're doing is a good thing that

55:51

you're actually contributing to society

55:53

your you know you're contributing to the housing

55:56

market you're contributing to the

55:58

commercial market your confirming to the industrial you're

56:00

contributing to that it energy

56:02

resources you are actually

56:04

making a positive contribution to society

56:07

and i think that that ,

56:09

shifts is so important

56:11

because now we're not so hesitant

56:13

you know we all have glass ceilings

56:16

that we put on ourselves right

56:18

and the glass ceiling as well you

56:20

know i'm not a good person may make more this much

56:22

money or i'm not a good person of i

56:24

only paid as much tax and i think

56:26

we need you know one of the goals in

56:29

investing is to get rid of those ceilings

56:32

and and take that sealing off and at

56:34

at that point now the sky's the limit been

56:36

so we take the ceilings off i think we're always gonna

56:39

was always going to be doing self limiting

56:41

behaviors that is awesome i love

56:43

it before get us out of here daves the every last

56:46

words that you wanted to be people with you

56:48

been kind of a fly on the won i could to see the wheels

56:50

turn into that smart brain of yours now

56:52

i'm i this has been super helpful time

56:54

as i said i have i'm sort of a novice when

56:56

it comes to taxes i'm trying to learn a bit more

56:58

and i'm looking forward to reading your book

57:01

and am definitely gonna think

57:03

about how i can apply some the things i've learned here

57:06

today before the and says here

57:08

to try and reduce my own taxes

57:10

next year all right we'll figure

57:12

by started as a better topic i really appreciate

57:14

when you come and share knowledge with us all we're

57:17

all better for it this it this greene for dave

57:19

the champagne strategist meyer

57:43

dogs are dipping deeper into a bear market

57:45

inflation is taking it's toll on families and

57:47

your savings and the feds continue to raise interest

57:49

rates so what does that leave the real estate market

57:52

here from the experts a bigger pockets as a breakdown

57:54

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