196: LLCs, House Hacking, and Saving on Taxes with Brandon Hall

What has five letters but causes so much fear that millions of wannabe investors never get started? That’s right: TAXES. But taxes don’t need to be scary — and understanding and utilizing the tax system can actually help grow your business and help you build incredible wealth. That’s why we’re excited today to sit down with Brandon Hall, a CPA and real estate investor who works exclusively with real estate investors to help them strategize and organize their business in the most cost-saving way possible. We cover Brandon’s real estate journey, including house hacking, LLCs, S-Corps, bookkeeping, and so much more. You’ll love Brandon’s engaging and entertaining personality, and for once in your life, you might even enjoy learning about taxes! In This Episode We Cover:How Brandon realized the need for a CPA through the BP communityHow he grew his firm through the BiggerPockets ForumsThe importance of giving value to othersThe details on his three-unit propertyTips for hiring a “leverage property manager”How to find investors in your communityThe details on his second triplexWhy he focuses on multifamilyHow he funds his deals through FHA loansThe way he looks at PMIA mistake he is guilty of when it comes to inherited tenantsTraining your tenants and other management hacksThe tax benefits of house hackingMistakes he’s made in his real estate investingTips for finding a good CPAAdvice for those deciding whether to use an LLC or notWhat you should know about LLCsThings to know about the “real estate professional” tax designationWhen to hire a bookkeeperCommon mistakes investors make with taxesAnd SO much more!Links from the ShowBiggerPockets MeetBiggerPockets WebinarBiggerPockets Forums (with new leader feature)BiggerPockets BookstoreBP Podcast 060: From 0 to 68 Rental Units in Just Four Years with Serge ShukhatXeroQuickbooksThe Tax Implications You MUST Understand Before House Hacking (blog)Looking to Invest Out-of-State? Here’s How to Pick and Analyze a City (blog)The Importance of Reserve Accounts (Or What a Surprise Roof Replacement Taught Me) (blog)BP Podcast 004: Commercial Real Estate Investing With Frank GallinelliBP Podcast 162: How to Pay Less to the IRS with Amanda Han, CPABP Podcast 005: Dealing with Death – A Financial Discussion with CFP Neal FrankleBooks Mentioned in this ShowThe Book on Tax Strategies for the Savvy Real Estate Investor by Amanda Han and Matthew MacFarlandThe Book on Managing Rental Properties by Brandon and Heather TurnerWhat Every Real Estate Investor Needs to Know About Cash Flow… And 36 Other Key Financial Measures by Frank GallinelliIt’s Not Rocket Science by Dave AndersonTweetable Topics:“Don’t try to sell yourself. Let your content sell yourself.” (Tweet This!)“You as the business owner should not be in the bookkeeping.” (Tweet This!)“The ongoing tax strategy throughout the year, that’s the time to save money.” (Tweet This!)Connect with BrandonBrandon’s BiggerPockets ProfileBrandon’s Company WebsiteBrandon’s LinkedIn

Episode 196 of the BiggerPockets Real Estate Podcast podcast, hosted by BiggerPockets, titled "196: LLCs, House Hacking, and Saving on Taxes with Brandon Hall" was published on October 13, 2016 and runs 86 minutes.

October 13, 2016 ·86m · BiggerPockets Real Estate Podcast

Summary

What has five letters but causes so much fear that millions of wannabe investors never get started? That’s right: TAXES. But taxes don’t need to be scary — and understanding and utilizing the tax system can actually help grow your business and help you build incredible wealth. That’s why we’re excited today to sit down with Brandon Hall, a CPA and real estate investor who works exclusively with real estate investors to help them strategize and organize their business in the most cost-saving way possible. We cover Brandon’s real estate journey, including house hacking, LLCs, S-Corps, bookkeeping, and so much more. You’ll love Brandon’s engaging and entertaining personality, and for once in your life, you might even enjoy learning about taxes! In This Episode We Cover: How Brandon realized the need for a CPA through the BP community How he grew his firm through the BiggerPockets Forums The importance of giving value to others The details on his three-unit property Tips for hiring a “leverage property manager” How to find investors in your community The details on his second triplex Why he focuses on multifamily How he funds his deals through FHA loans The way he looks at PMI A mistake he is guilty of when it comes to inherited tenants Training your tenants and other management hacks The tax benefits of house hacking Mistakes he’s made in his real estate investing Tips for finding a good CPA Advice for those deciding whether to use an LLC or not What you should know about LLCs Things to know about the “real estate professional” tax designation When to hire a bookkeeper Common mistakes investors make with taxes And SO much more! Links from the Show BiggerPockets Meet BiggerPockets Webinar BiggerPockets Forums (with new leader feature) BiggerPockets Bookstore BP Podcast 060: From 0 to 68 Rental Units in Just Four Years with Serge Shukhat Xero Quickbooks The Tax Implications You MUST Understand Before House Hacking (blog) Looking to Invest Out-of-State? Here’s How to Pick and Analyze a City (blog) The Importance of Reserve Accounts (Or What a Surprise Roof Replacement Taught Me) (blog) BP Podcast 004: Commercial Real Estate Investing With Frank Gallinelli BP Podcast 162: How to Pay Less to the IRS with Amanda Han, CPA BP Podcast 005: Dealing with Death – A Financial Discussion with CFP Neal Frankle Books Mentioned in this Show The Book on Tax Strategies for the Savvy Real Estate Investor by Amanda Han and Matthew MacFarland The Book on Managing Rental Properties by Brandon and Heather Turner What Every Real Estate Investor Needs to Know About Cash Flow… And 36 Other Key Financial Measures by Frank Gallinelli It’s Not Rocket Science by Dave Anderson Tweetable Topics: “Don’t try to sell yourself. Let your content sell yourself.” (Tweet This!) “You as the business owner should not be in the bookkeeping.” (Tweet This!) “The ongoing tax strategy throughout the year, that’s the time to save money.” (Tweet This!) Connect with Brandon Brandon’s BiggerPockets Profile Brandon’s Company Website Brandon’s LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

Episode Description