Wisdom From Real Estate Millionaires
Social Proof Podcast
Social Proof Network
4.9 • 2K Ratings
🗓️ 8 September 2023
⏱️ 62 minutes
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Transcript
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| 0:00.0 | So why I don't think I've ever asked you why why did you help me? |
| 0:06.6 | Well, because I don't like for one bad situation and real estate to run |
| 0:12.6 | an entire |
| 0:14.1 | Dream like you know what I'm saying like real estate changed my life |
| 0:17.1 | It took me off the welfare took mouthful food stamps. It took me off section 8 |
| 0:21.6 | And so I know like if it can change my life somebody who's in the mud |
| 0:27.1 | It can change anybody life, but a lot of the times people get involved. They have the wrong people |
| 0:32.7 | They got all these you know lie by night coaches or whatever the case may be they get burned and then they quit forever |
| 0:39.9 | But any |
| 0:41.5 | Successful person will tell you real estate has to be a part of your portfolio |
| 0:45.8 | How do you make a million dollars and not be able to depreciate it? |
| 0:49.7 | What do you mean? |
| 0:51.8 | I understand it now, but what do you mean by making a million dollars and not be able to depreciate it? |
| 0:56.8 | Right, so like in real estate |
| 0:58.6 | We have certain tax benefits that we can use through our real estate properties |
| 1:03.8 | Through investments and so you have depreciation where you can write all a certain portion of that particular investment |
| 1:12.3 | Over a certain period of time depending on the investment what type of |
| 1:16.9 | Real estate the way you haven't set up pretty much right so if it's multi-family or you know |
| 1:21.8 | Just a single door or however it is like your attorney or your tax advisor whoever you use to do your taxes |
| 1:28.9 | Can actually depreciate that money where you don't have to pay taxes on |
| 1:34.2 | So much capital like that makes sense. So get give me an example with real numbers |
| 1:39.2 | Let's say I make a million dollars for the year me personally. I make a million dollars in some other business |
... |
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