David Richter

I don't think the IRS is there to protect you and help you, but we have to follow. We have to follow what their guidelines are, and that's where I also say, too— then get into rentals, get into long-term eventually, like get into the passive side. So that way you can legally literally get your taxes either to zero.

I don't think the IRS is there to protect you and help you, but we have to follow. We have to follow what their guidelines are, and that's where I also say, too— then get into rentals, get into long-term eventually, like get into the passive side. So that way you can legally literally get your taxes either to zero.

I have multiple clients that like, they have so much depreciation and carry, they carry over losses for years because of what they're buying or like the syndications or the big deals or like, even if they buy a portfolio for themselves. So if you want to legally do it, you're in the best industry and you're already have the skill of acquiring properties.

I have multiple clients that like, they have so much depreciation and carry, they carry over losses for years because of what they're buying or like the syndications or the big deals or like, even if they buy a portfolio for themselves. So if you want to legally do it, you're in the best industry and you're already have the skill of acquiring properties.

Usually like if you're listening to Justin or, you're warning that skill. You're pumping that muscle every time you listen to them. So it's like that's where go out there and flex that a little bit because that's where the real tax savings can come into play.

Usually like if you're listening to Justin or, you're warning that skill. You're pumping that muscle every time you listen to them. So it's like that's where go out there and flex that a little bit because that's where the real tax savings can come into play.

Yeah. So another one is how to mess up profit first for real estate investing. And the number one thing I say is just don't do anything from here. Just listen to it and be like, okay, that was good. I either read this or that was a good podcast, inspiring, but I don't do anything with it. That's the worst way to mess it up.

Yeah. So another one is how to mess up profit first for real estate investing. And the number one thing I say is just don't do anything from here. Just listen to it and be like, okay, that was good. I either read this or that was a good podcast, inspiring, but I don't do anything with it. That's the worst way to mess it up.

The second one is you set up the bank accounts and then you don't do anything with them. That's where I give in the book and specific to my book, I give what's called target allocation percentages. That's not the specific part, but the specific part is I give it for if you're selling the property or if you're buying it and holding it.

The second one is you set up the bank accounts and then you don't do anything with them. That's where I give in the book and specific to my book, I give what's called target allocation percentages. That's not the specific part, but the specific part is I give it for if you're selling the property or if you're buying it and holding it.

And like, OK, for those bank accounts, like depending on the size of your business, how much money should go where into those bank accounts from every, you know, like we were saying before, it comes into income. How much should I physically transfer to those other accounts? So it gives you a little roadmap in there.

And like, OK, for those bank accounts, like depending on the size of your business, how much money should go where into those bank accounts from every, you know, like we were saying before, it comes into income. How much should I physically transfer to those other accounts? So it gives you a little roadmap in there.

That's another big one, especially if you're in the real estate space, because a lot of people buy and hold, not just sell real estate. So that's another big one to mess it up. The other way to mess it up is like making it too complicated. Like you go out there and you set up 15 bank accounts. It's like, wait a second, what are you going to do consistently?

That's another big one, especially if you're in the real estate space, because a lot of people buy and hold, not just sell real estate. So that's another big one to mess it up. The other way to mess it up is like making it too complicated. Like you go out there and you set up 15 bank accounts. It's like, wait a second, what are you going to do consistently?

If it's one, I'd rather you do one and get it set up and start to get good habits and then have that progression where, you know, Justin is now like down the road and has multiple bank accounts. We have had people set it up. And then I've had people set it up where they set it all day, assist them up. And then they come back to me at some other event, like, Oh, how's it going?

If it's one, I'd rather you do one and get it set up and start to get good habits and then have that progression where, you know, Justin is now like down the road and has multiple bank accounts. We have had people set it up. And then I've had people set it up where they set it all day, assist them up. And then they come back to me at some other event, like, Oh, how's it going?

Like, oh, I set up the accounts. Did you do anything? No, like I didn't really. And I'm like, oh, man, I don't do that to yourself. Don't overcomplicate it. The other thing I would say is that really like derails people. And this might not be well, this could be how to mess up profit first. But you get the wrong financial people around you that don't really have your best interest at heart.

Like, oh, I set up the accounts. Did you do anything? No, like I didn't really. And I'm like, oh, man, I don't do that to yourself. Don't overcomplicate it. The other thing I would say is that really like derails people. And this might not be well, this could be how to mess up profit first. But you get the wrong financial people around you that don't really have your best interest at heart.

Whether it's a bookkeeper, like if you have a bookkeeper and you're in real estate and they don't know real estate investing, you could probably be looking at like from anywhere from $1,000 to like $10,000 to $15,000 of cleanup down the road because they probably don't know how to enter everything in the real estate space.

Whether it's a bookkeeper, like if you have a bookkeeper and you're in real estate and they don't know real estate investing, you could probably be looking at like from anywhere from $1,000 to like $10,000 to $15,000 of cleanup down the road because they probably don't know how to enter everything in the real estate space.