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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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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