thelegacyinvestingshow
The best part? This is just one of the ways you can save money on taxes as a couple. You can reduce your taxable income on your W2 using real estate and the power of marriage. And you can do much more than this. Make sure you follow me and check out my page for more content like this!
thelegacyinvestingshow
This is just one of the ways I reduce my taxable income. I also employ my son and pay him $12K/yr. If I ever need to sell my real estate, I would use a 1031 exchange to defer any capital gains that I would have to pay. Essentially, you have to reinvest the money from the sale into a property that’s worth the same amount or more. Follow me for if you liked this video and want to see more.
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Here’s the billionaire and millionaire strategy that the average Joe can use via real estate: 1) Purchase a short term rental property using a 10% down vacation home loan 2) Run the numbers correctly and cash flow could be $2,000-$3,000/mo 3) Use the short term rental tax loop hole - participate in activities for more than 100 hours for the year in the business 4) Use a cost segregation study on the property + bonus depreciation (usually 20-30% of purchase price) to offset the income you generated from the property and income from your day job 5) As value increases, use a HELOC or cash out refinance to borrow against the property to purchase more cash flow producing assets 6) Repeat DM me ‘BRIDGE’ to join my free training if you want to learn how to do this.
thelegacyinvestingshow
This is the exact strategy we used to get our first property. It’s called house hacking and this move got us hooked on real estate. House hacking is one of the best ways to break into real estate with less capital because you can use FHA loans for financing. It does take a bit more research and creativity to pull this off… But once you succeed, nothing can stop you. Follow me if you want to learn all things real estate.
thelegacyinvestingshow
This is how you use the tax code to save money on taxes. Keep in mind that you need to qualify as a real estate professional (or your spouse) to use this strategy. There are a lot of different ways to save money on taxes. Give me a follow if you want to learn them in digestible ways. I’m sharing lessons I learned by becoming a multi-millionaire in my 20s!
thelegacyinvestingshow