625: Live Takes: How to Tackle the Tax Man by Buying More Real Estate
BiggerPockets Real Estate Podcast
BiggerPockets
4.8 • 16.5K Ratings
🗓️ 21 June 2022
⏱️ 67 minutes
🧾️ Download transcript
Summary
Every investor wants to know how to avoid taxes. Many rental property investors get into real estate for this reason alone. And it makes sense—rental property write-offs are not only common in the world of real estate investing but can be very lucrative in almost eliminating your yearly tax burden. So what happens when you feel like you’ve maxed out your real estate tax benefits? Is there a way to pump out even more tax advantages from the same property?
We’re back again with another Live Takes episode, where our hosts, David Greene and Henry Washington, do their best to answer the BiggerPockets community’s investing inquiries. Joining us are four investors each at different stages of their journeys. These investors ask about how to reduce self-employment tax, finding a mentor when you’re brand new to the investing game, what happens when partners disagree on where and what to invest in, and how to maximize depreciation on a cash-flowing property.
Do you have a question you’d love to ask David? If so, submit your question here so David can answer it on the next episode of Seeing Greene. Hop on the BiggerPockets forums and ask other investors their take, or follow David on Instagram to see when he’s going live so you can jump on a live Q&A and get your question answered on the spot!
In This Episode We Cover:
How real estate professional status can greatly reduce your tax burden (if you qualify)
Why smart investors look at their income before buying their next property
The most valuable thing a new investor can bring to a mentor
How to know when to pivot investing strategies and the bright side of “shiny object syndrome”
What to do when you and an investing partner can’t reach a compromise
Building and buying depreciation so you can keep more of your cash flow
And So Much More!
Links from the Show
Get Your Ticket for BPCon 2022
Ask David Your Real Estate Investing Question
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Subscribe to The “On The Market” YouTube Channel
Understanding Rental Property Depreciation
9 Simple Steps to Finding the Best Real Estate Mentor for You
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Transcript
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| 0:00.0 | This is the Bigger Pogas Podcast Show 625. |
| 0:05.0 | I think that what's really clarifying for me is to pull up a little bit from the numbers, |
| 0:12.7 | when do we pivot, how do we do this, and be like, what's our goal? |
| 0:16.9 | And how do we play a perfect game that's balanced between offense and defense? |
| 0:21.6 | And that's, honestly, in just a few minutes, it's really helped me to see, let's just |
| 0:28.0 | think about it. |
| 0:29.0 | Let's make sure we got a well-balanced game, and we're focused on what our goal is |
| 0:35.0 | on. |
| 0:38.0 | Let's go on everyone. |
| 0:40.5 | This is David Green, your host of the Bigger Pogas Real Estate Podcast, the best real estate |
| 0:46.1 | podcast in the world. |
| 0:47.1 | Hey, if this is your first time here, and you want to learn how to build financial freedom |
| 0:51.2 | through real estate, you want a better life, and you want to get the most out of yourself, |
| 0:54.8 | you, my friend, are in the right place. |
| 0:57.8 | Real estate Podcast is a community of over 2 million members that are all on the same |
| 1:01.6 | journey as you, trying to improve their life and real estate is their chosen vehicle to |
| 1:06.6 | do so. |
| 1:07.6 | We've got an amazing forum where you can ask pretty much any question in the world that |
| 1:11.6 | relates to real estate and get an answer or look at other people that have done the same |
| 1:14.9 | thing. |
| 1:15.9 | An incredible blog full of articles that will help you gain knowledge in real estate and |
| 1:19.5 | a podcast, much like the one you're going to hear today. |
... |
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