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Ep033: How to Become Financially Bulletproof – Protecting the Goose that Lays the Golden Eggs (Part 9)
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Вміст надано Chris McAllister. Весь вміст подкастів, включаючи епізоди, графіку та описи подкастів, завантажується та надається безпосередньо компанією Chris McAllister або його партнером по платформі подкастів. Якщо ви вважаєте, що хтось використовує ваш захищений авторським правом твір без вашого дозволу, ви можете виконати процедуру, описану тут https://uk.player.fm/legal.
In part nine of the Protecting the Goose that Lays the Golden Eggs series, Chris McAllister, Laci LeBlanc, and special guest Jill McGregor, CPA, dive deep into the financial strategies every real estate professional needs to know. From leveraging your superpowers as a real estate agent to take advantage of tax benefits to building long-term wealth through real estate investing, this episode is packed with actionable advice for securing your financial future.
Whether you’re just starting your investment journey or looking to refine your approach, this conversation will provide insights to make your path to financial resilience clearer and more achievable.
Key Takeaways:
- Real Estate as the Ultimate Wealth-Building Tool: Real estate provides cash flow, appreciates over time, and offers unique tax benefits. It’s the most powerful way for real estate professionals to build long-term wealth.
- The Realtor’s Advantage: Real estate professionals have access to insider knowledge, skilled negotiation abilities, and insight into market trends—giving them a significant edge over traditional investors.
- Tax Benefits for Real Estate Professionals:
- Real estate professionals can deduct losses from rental properties against all income, a significant advantage over passive investors.
- Accelerated depreciation and Section 179 allow for substantial deductions on major expenses like roofs and HVAC systems.
- Rental income is exempt from self-employment tax, offering further tax savings.
- Saving for Your First Investment Property:
- Keep separate budgets for personal and business expenses.
- Pay yourself first and create a dedicated fund for your down payment.
- Cut unnecessary expenses and tackle debt aggressively to free up cash flow.
- Leveraging Real Estate Responsibly: Use other people’s money (mortgages) to control assets that appreciate over time. Start with one property and use its equity to build your portfolio, creating multiple income streams and financial stability.
Actionable Steps:
- Start Saving: Create a dedicated down payment fund by separating personal and business budgets. Prioritize paying yourself first.
- Learn the Tax Benefits: Work with a knowledgeable CPA to maximize deductions, including Section 179 and accelerated depreciation.
- Invest Responsibly: Start small—purchase your first property, leverage your income, and let appreciation and cash flow do the rest.
- Stay Educated: Read resources like Profit First for Real Estate Professionals to align your finances with your investment goals.
Resources Mentioned:
- Profit First for Real Estate Professionals by David Richter – A guide to managing fluctuating commission income and saving for investment goals.
- The Landlord Profitability Playbook Podcast – A must-listen for real estate investors looking to maximize profitability and simplify operations.
P.S. Want more practical tips for growing your real estate business? Our ever-growing library of books, blog posts, podcast episodes, masterclasses, documents, and other tools is at your fingertips.
Learn More >>> The All Things Real Estate Resource Hub
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