244: “Unfair” Taxes and Unfair Advantages with Linda Weygant, CPA

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 14 September 2017

⏱️ 81 minutes

🔗️ Recording | iTunes | RSS

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Summary

There are a lot of reasons to love being a real estate investor. One of the most impressive is the “unfair” tax treatment investors get by the US Government – and we mean that in a good way! On today’s episode of The BiggerPockets Podcast, we sit down with CPA Linda Weygant to learn more about those incredible tax benefits. You’ll also hear how she discovered the power of real estate through her clients, and how that led her to begin her own investing journey. Linda shares how she navigates the messy world of investing in properties that have HOAs, as well as how she uses her “unfair advantages” to succeed where others fail. Finally, as a CPA, we have a special “tax-focused-Fire-Round” where we talk about LLCs, deductions, and much more! In This Episode We Cover: How Linda got into real estate Why the government likes real estate investors What her first deal looked like What to look out for when using credit cards for rehabs Should you be debt free before investing? Debt to income ratio Why she chose a townhouse as a first investment Her HOA story The landlord vs HOA mentality How she got her positions in the HOA boards Rent-By-The-Room apartments How to manage Rent-By-The-Room Investing with family and getting an LLC How one should handle their business Where she’s headed in the next 10 years And SO much more! Links from the Show BiggerPockets Forums Sept. 27, 2017 NYC Meetup w/Brandon Turner (Darren’s Event) BiggerPockets Calculators Partnerships, Landlording, and Getting Started in Real Estate with Meghan McCallum Meghan McCallum’s BiggerPockets Profile BiggerPockets Meetup Events Brandon Hall’s BiggerPockets Profile Books Mentioned in this Show Set for Life by Scott Trench The Book on Rental Property Investing by Brandon Turner Finding and Funding Great Deals by Anson Young The Book on Tax Strategies for the Savvy Real Estate Investor by Amanda Han and Matthew MacFarland The 4-Hour Workweek by Timothy Ferriss You’ve Got This by Will Matthews Fire Round Questions Writing off a firearm? Meet 750hrs on a Single Rental Property? Is education cost a tax deductible business expense? Tweetable Topics: “The costs to maintain a property go up every year.” (Tweet This!) “Always be open for something new.” (Tweet This!) “Always treat your tenants with respect.” (Tweet This!) Connect with Linda Linda’s BiggerPockets Profile Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Bigger Pockets Podcast Show 244.
0:05.0	That was weak, Scott.
0:06.0	Show!
0:08.0	Show!
0:09.0	Wow, there we go.
0:10.0	Much better.
0:11.0	So you can have great profits in your checkbook, but show losses on your tax return. And you know, depending on where you fall, you know, income wise, you can be realizing some significant tax savings on your other income based
0:26.0	on your paper losses in real estate and I just thought God is that what a scam that's great you know and it's all
0:35.6	legit and legal and the IRS approves it and you know can't go wrong there
0:39.5	you're listening to bigger pockets radio simplifying real estate for investors
0:45.0	large and small. If you're here looking to learn about real estate investing
0:49.2	without all the height, you're in the right place. Stay tuned and be sure to join the millions of
0:55.0	others who have benefited from bigger pockets.com. Your home for real estate
1:00.0	investing online. What's going on everybody? This is Scott Trench co-host of the BiggerPockets
1:05.4	podcast here with my real host Brandon Turner. Yeah I never know. Yeah I don't
1:12.0	know how that all works. I don't know. that all works I don't know my co-host
1:14.4	am I real host when Josh is not here when he's off you know traversing the world I don't know
1:19.9	Anyway, good to have you here today though. It should be a lot of fun. Yeah, how you doing, Brandon?
1:23.8	Man, I'm doing good. I'm doing good. I'm doing good. I actually was just looking and I'm
1:26.8	going to be gone the next, like, I'm going to be gone five of the next
1:30.1	six weeks almost entirely. So I'm going to be on the road a lot the next few weeks
1:32.9	so that should be fun. Where are you going? Everywhere. I think I went to California like
	...

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