How I Wiped Out $2M in Taxes with One Real Estate Move w/ Cody Sperber π‘ E116
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How did Cody Sperber eliminate $2M in taxes with real estate?
So I bought a building for 4.25 million. And at that time I owed a couple million dollars in taxes. I could have taken my millions that I had saved up to pay my taxes and paid my taxes. Or I could take my same millions and go put it down as a down payment, plus use some leftover money to repair the building and improve the property. And then I did what's called a cost segregation study on the whole building and all the improvements I made. And then I accelerated that depreciation from accelerating my four and a half million dollar building into the first year, wiped out over $2 million in taxes, but I still own the building.
Why is Miami the new location for The Money Mondays podcast?
Ladies and gentlemen, welcome to the Money Mondays. As you guys know, we typically have this podcast inside of an RV motorhome for over 110 episodes. However, these last five episodes have been done here in the studio called Move. Why? Why am I here? Why am I doing a studio when I'm always doing it inside of a motorhome? Because we're in Miami. Just through six events over the course of three days, which is insane, and a lot of the speakers are here. And one of them has been my dear friend. He's been part of... speaking at masterminds, hosting his own masterminds, hosting his own summits, 2,000-person conferences left and right for many, many years. And he's been getting deep into other types of businesses. He has a flooring company.
He has a commercial development company doing like $155 million. He's got so many things going on. And so without further ado, I'm going to have Cody Sperber, the Clever Investor, give you a quick two-minute bio so we can get straight to the money.
What is Cody Sperber's journey in real estate development?
Well, first off, thanks for having me on. Appreciate you, brother. Yeah, I've been in real estate 22 years, done every type of deal under the sun, thousands of transactions, started off with no money down, really small houses, built my way up to doing big commercial development deals. Like you mentioned, that was a very nice intro. We've got a lot of commercial development going on right now. We're really in three main areas, affordable housing, land entitlement, and then large developments where we're actually working with a lot of quick service drive-through, massive chains, the things that you've all heard of, the Chipotles and the Farmer Boys and Chick-fil-A's of the world and that kind of thing.
And we're helping them find locations, working with the city and then getting their buildings built so they can run their businesses. So that's on the real estate side of things. I started Clever Investor, the online education brand in 2009. That's what a lot of people on social media know me as. Just started teaching people how I was doing what I was doing. And that was supposed to be something small on the side. I just love talking about real estate and it grew into one of the largest online education brands and had about 85,000 students come through that, which has been a real blessing because I love real estate and I love what it's done for me and my family and I love talking about it. So it was a match made in heaven.
And then recently, I took some of my real estate monies and my education monies and I started a business called Floor Daddy. And we're literally selling flooring, which is a whole new industry. But all of the things I learned in growing my other companies apply towards this industry as well. And I'm really passionate about it because everybody has floors. Not everybody wants to learn how to flip a house or do a real estate deal, although they should want to know a lot about real estate because I haven't paid taxes in years. But everybody's got floors, and I love businesses that are kind of future-proof, AI's not going to disrupt them, and that are very scalable, that everybody can be my customer.
How can you start making money in real estate with no money down?
So on the Money Mondays, we cover three core topics, how to make money, how to invest money, how to give away to charity. On the make money side, how can people make money in real estate? I know that's an open-ended question because there's 15 different ways.
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Chapters
8 chapters
1
How did Cody Sperber eliminate $2M in taxes with real estate?
0:00β0:44
2
Why is Miami the new location for The Money Mondays podcast?
0:44β1:33
3
What is Cody Sperber's journey in real estate development?
1:33β3:29
4
How can you start making money in real estate with no money down?
3:29β5:18
5
What is wholesaling in real estate and how does it work?
5:18β7:39
6
Why did Cody Sperber start a flooring company, Floor Daddy?
7:39β11:02
7
Why is investing in marketing crucial for business success?
11:02β14:25
8
How does real estate investing help in reducing taxes?
14:25β30:54
Speakers
1 identifiedMore from The Money Mondays
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