A cost segregation is an amazing way for real estate investors to save on taxes. However, a cost segregation study can be costly and time-consuming. How many properties do you need for a cost segregation to be worth it? That’s the first question I’m answering on today’s show!
This Q&A episode features three great listener questions on cost segregation studies, the best investing strategies for beginners, and how to use the profits inside a self-directed IRA. Press play to hear my A’s to your Q’s on this episode of Investing in Real Estate.
On this episode you’ll learn:
- How to determine if a cost segregation study is worth the cost.
- The best real estate investing strategy for beginners.
- What you need to know about using a self-directed IRA.
How to Determine If a Cost Segregation Study is Worth the Cost
Whether or not a cost segregation study is worth it will depend on your personal situation, including your income and portfolio. It can save you thousands of dollars on taxes, so if you have a high tax bill, you’ll want to consider using this method. Check out this video, Is a Cost Segregation Study Worth It?
You’ll want to consider:
- What is the cost?
- What are the benefits?
- Does it make sense for your financial situation?
In many cases, a cost segregation engineer will recommend this strategy for investors who have five or more properties. At Morris Invest, we offer properties that have a cost segregation study built in. You can schedule a free call with my team and we can help you determine if a cost segregation would be right for you.
The Best Real Estate Investing Strategy for Beginners
For a beginner, the first thing I would recommend is checking out my free 90-Day Financial Empowerment Bootcamp. Some other resources I can recommend are checking out this wholesaling course, and learning about driving for dollars. Ultimately, the goal would be to make some money upfront, and then put it into long-term cash flowing assets.
What You Need to Know About Using a Self-Directed IRA
There are some stipulations about what you can do with the money inside your self-directed IRA. Technically, you can use the funds to pay down a mortgage that is associated with a property owned by the IRA. However, I personally wouldn’t be too quick to do that, especially if the interest rate is low. What’s great about a self-directed IRA is that your funds are growing tax-free inside the account. Then once you retire, you have full access to those funds.
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