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Don't miss out on this episode! Join us as we dive into the exciting world of Airbnb interior design and investment. We've got so much to share about our lives, the chaos, and the thrill that surrounds us everyday.
In this captivating episode, Ryan Bakke, a CPA and seasoned real estate investor, takes listeners on a journey to discover the secrets of building wealth through strategic tax planning. With his expertise in economic behavior, Ryan delves into various topics such as insurance costs, understanding your market, and the importance of meticulous calculation of business expenses, including invaluable data and thorough market research.
How to vet a good Real Estate CPA:
1. Do you deal with STRs often and in what markets? - they should be able to rattle off different type of markets their clients are invested in. I know I can name every market in the country.
2. Are they familiar with the business exception to a rental definition under Section 469?
3. Are they familiar with this particular memorandum [https://www.irs.gov/pub/irs-wd/202151005.pdf] [https://www.irs.gov/pub/irs-wd/202151005.pdf?fbclid=IwAR1kUQrkBH-9Oxr8esioSBrIxiz6r-t74RnEYfxLIgQ32FuBblLBwabcfLw] and how the material participation tests apply to STRs
4. Have they completed tax returns that have cost segregation studies before?
5. Are they away of all the nuances and strategies to save money on taxes other than the ones listed above.
He emphasizes the significance of providing value to others, even if it means offering free services without expecting immediate returns. The episode further explores the intricacies of taxes, legal considerations, and the power of personal branding. Ryan unveils the key strategies to becoming the "person of interest" in your industry, empowering listeners with the knowledge and inspiration to take control of their financial future.
00:18 - Guest Introduction & Background: Ryan Bakke
01:10 - Ryan’s Horror Story
04:58 - Questions Around Taxes or STRs
09:02 - Access Passive Losses
11:41 - Luxury STR Flips
12:41 - Opinion on Bonus Appreciation History Swaying Back and Forth
16:21 - Market Research
17:41 - How to Scale Portfolio as a CPA and Real Estate Investor
18:52 - Book: The Genius Zone - No Incremental Cost to You
24:38 - Three Steps to Successfully Brand Yourself
28:14 - What Should STRs Look For in a CPA
32:09 - How Important Is Taking That Recommendation of Who to Use on the Legal Side From Your CPA?
35:40 - Closing
Connect with the guest
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Hosted by Emily Karnaz & Sarah Glidewell // The KarWells
You can view the video & audio version on our Youtube Channel
Thanks for listening!