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Zen and the Art of Real Estate Investing with Jonathan Greene

Elevating Your Business and Personal Wealth with Brady Slack & Mike Scicluna

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Navigating the intricate world of taxes is crucial for entrepreneurs and investors. On Zen and the Art of Real Estate Investing, Jonathan sits down with High Country Finance’s Brady Slack and Mike Scicluna to unravel the intricacies of the tax code as it pertains to real estate investors. Brady, the managing partner at High Country Finance, and Mike, the company’s Chief Financial Officer, bring their expertise to help business owners, independent contractors, entrepreneurs, and real estate investors minimize tax liabilities and boost their wealth.

Mastering your tax strategy can help accelerate your wealth both personally and professionally. In this episode, Jonathan, Brady, and Mike address some common mistakes real estate investors make in today’s market. They explore depreciation for tax savings, the misconception of buying real estate solely for tax benefits, and when you need to form an LLC. They also outline the three investor classifications, stress the importance of open communication with your CPA when it comes to taxes and financial goals, and emphasize the value of effective bookkeeping practices.

Some of the most important points of their conversation include:

  • Investors are trying to read and play the market, and that’s a mistake. They also try to use real estate just for tax write-offs and don’t pay enough attention to the accounting or entity structure.

  • Having a good CPA in your corner is crucial if you want to build wealth personally and professionally. They can find ways to save on taxes instead of getting by with the bare minimum.

  • A 1031 exchange can be a good way to use your equity to grow your portfolio or obtain a larger asset. Simply put, it’s an exchange of assets specifically related to real estate that allows you to trade one property for another of equal or greater value.

 

With a good CPA in your corner, taxes don’t have to be painful. Finding the right CPA that suits your needs can help propel you toward great success.

If you want to learn more about Zen and the Art of Real Estate Investing Podcast, check out http://www.trustgreene.com/podcast/zen/079.

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