410: Are We In A Recession? IRS Audits Increase with Tom Wheelwright
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 15 August 2022
⏱️ 42 minutes
🧾️ Download transcript
Summary
Is the economy healthy or unhealthy?
We’ve had two consecutive quarters of GDP contraction. High inflation and supply problems persist. On the other hand, we have a strong jobs market, low unemployment, and high rent increases.
Ultimately, the NBER decides whether or not we’re in a recession.
Today’s guest, Tom Wheelwright of Wealthability, tells us why he thinks we’re in a recession.
I share with you the exact rent increase numbers I’ve had on my rental single-family homes.
Historically, a recession occurs every five years, on average.
Whether we’re there yet or not, I believe there’s a likelihood of a recession soon.
Tom thinks whether or not a recession is declared is important; it affects consumer sentiment.
He breaks down the new “Inflation Reduction Act”. It does not appear to help reduce inflation.
Rather, it appears that it will: increase union wages, enact climate change policy, add taxes to pharmaceuticals, hurt small business, and increase IRS enforcement.
“People who have never seen an IRS audit will see IRS audits.” -Tom Wheelwright
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Show Notes:
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Transcript
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| 0:00.0 | Welcome to GRE. I'm your host Keith Weinhold. Are we in a recession? Today's guests think so. |
| 0:06.6 | Learn exactly how much I've been getting for rent increases in some of my own properties. |
| 0:11.6 | If you're still doing your taxes yourself, new changes could have you rethinking that. |
| 0:16.8 | Today on Get Rich Education. |
| 0:20.5 | If you're looking to grow your passive income from real estate, pay attention. |
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| 0:29.6 | takes to analyze any deal by over 90%. |
| 0:33.3 | For any real estate class, you can calculate the exact price to pay to hit your cash flow and |
| 0:39.1 | IRR goals. Build a world-class pro forma. Calculate the most you should pay for a renovation, |
| 0:45.2 | run multiple scenarios with a comparison tool and more. My property stats is the all-in-one |
| 0:51.5 | toolkit for real estate investors. That means more deals, more cash flow, |
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| 1:33.8 | Some companies sell you a property they don't own, renovate it with contractors they don't control, refer you to a property management company they don't manage, all in multiple markets because they can't source |
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| 2:04.0 | In fact, because of their vertically integrated approach, their clients have gained 79% more home price appreciation than the overall Jacksonville market since 2013. |
| 2:15.0 | Find out more about why it pays to invest with JWB. Call them at 904-676767 or go to |
| 2:23.8 | JWB real estate.com slash gRE. GRE listeners can't stop talking about their service from |
... |
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