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12) Investing Thru a Recession & Tax Benefits of Real Estate
Manage episode 379129697 series 3518553
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House Money Weekly
In this week’s House Money Weekly segment, your hosts discuss blog 114, things learned when investing through the Great Financial Crisis. But only after discussing how old they were in 2008. Alan points out that in the GFC, there were more renters as people lost their homes. Both Tom and Alan’s properties cash flowed all the way through the GFC. Lauren was 18 in 2008 so she didn’t have any property. At House Money Media, we don’t really believe in timing the market. Lauren gives her thoughts on short-term rentals and what that space may be like during a recession. Then, Tom breaks down his STR numbers.
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Mortgage Minute: Jasmine answers the question: what does DTI stand for and, and why is that so important to know?
Sponsored by: Jasmine Mortgage Team https://www.jasminemortgageteam.com/
Real Estate Is Easy Interview
Lauren interviews Thomas Castelli, a CPA. He starts by explaining what CPA means, and what schooling and testing they must take. His answer about which real estate investors should have a CPA may surprise you (when you’re starting to scale). Lauren put Thomas on the spot by asking how much tax returns cost, anywhere from a few hundred to a couple thousand dollars. You definitely want to hire a CPA if you get audited no matter what, according to Thomas. Then, Thomas tells us what the tax benefits of investing in real estate are: depreciation and carrying losses forward. Lauren also asked what the difference is between an accountant/CPA and bookkeeper. The best thing to remember is that your emergency as a real estate investor is not your CPA’s emergency. And keeping good records is key as well. Thomas leans on people and systems to make real estate easy.
Contact our Guest: https://www.therealestatecpa.com/ & https://www.linkedin.com/in/thomascastelli/
Teatime with Tom
Tom’s segment is about a tweet (xeet) by our friend Chad Money Matters, which asked something along the lines of, do we have a spending issue or an income issue? The hosts debate this question and come to decide that Americans have a problem with both, but you can’t really outearn a spending problem.
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Alan:
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