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17) Saving Millions on Taxes, Necessary Insurance & Effects of Strikes
Manage episode 379129692 series 3518553
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House Money Weekly
In this week’s House Money Weekly segment, your hosts discuss blog 120, about the three types of insurance you must have as a real estate investor. Alan shared the three types discussed are Property Insurance, Umbrella Insurance, and Renter Insurance. The lender will require you to get property insurance and the minimum depends on your location. Alan explained that Property Insurance will be used to rebuild a building for different reasons, like a fire. When it comes to Umbrella Insurance, it’s like an umbrella over you that sits on top of your traditional insurance policy and it’s affordable, with $10 to $15 per month, you can get whatever size policy you want. Lauren also added that in an Umbrella insurance policy, there’s minimal coverage underlying insurance that you’ll need to have. Lastly is Renters Insurance. The tenants actually pay for this insurance and not the landlord. Lauren warns not to encourage your tenants to make claims willy-nilly though because it shows up as a claim on your property in the future.
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Mortgage Minute: Jasmine answers the question: What is the difference between a home equity line of credit and a home equity loan?
Sponsored by: Jasmine Mortgage Team https://www.jasminemortgageteam.com/
Real Estate Is Easy Interview
Lauren interviews Yonah Weiss, who is also known as the Cost Seg King. He is a cost segregation expert, and he was a teacher for 15 years before he got into cost seg. It’s been 8 years since he entered the real estate world. He works at the Madison Specs, the biggest national segregation company. He also hosts the podcast entitled “Weiss Advice.” Lauren started by asking Yonah about his opinion on whether real estate is passive or not. Yonah explained the IRS’s definition of passive. Lauren asked the opinion of Yonah on the question “Are you a real estate professional?” and he explained who is really considered a real estate professional. He then proceeds to discuss what the tax benefits are of real estate. Yonah also shared how much a Cost Segregation costs, and it all depends on a lot of factors like property size. But in 2023, it generally costs around $3,000 on the low end and up to $10,000 for the large commercial properties. Yonah’s answer on how to make real estate easy is very on point and even our hosts agree on his answer – networking!
Contact our Guest:
LinkedIn: https://www.linkedin.com/in/cost-segregation-yonah-weiss
Twitter (X): https://twitter.com/YonahWeiss
IG: https://www.instagram.com/yonahweiss
Facebook: https://www.facebook.com/yonah.weiss.1/
Weiss Advice: https://www.yonahweiss.com/podcast
Teatime with Tom
Tom’s segment talks about all the strikes going on around the country and their effects on the strikers’ ability to pay rent. The hosts share the effects on their properties and tenants because of the strikes. Alan also shared how he became part of TV shows since we can’t go even one episode without discussing it.
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Follow Your Hosts:
Lauren:
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Alan:
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