Joe Viery is an accomplished entrepreneur with a unique journey in the business world. For two eventful decades, he owned and successfully managed a special interest travel business, catering to the adventurous souls seeking unique experiences. In pursuit of expanding his horizons, Joe decided to sell his beloved business in the early 2000s.

With a degree in business management, Joe embraced a new career path in financial planning. He joined the esteemed California Association of Realtors, utilizing his expertise to help individuals navigate the complex world of finance. For seven years, Joe dedicated his time and skills to guiding clients towards achieving their financial goals.

In 2007, while Joe was immersing himself in the financial planning realm, a persistent individual approached him with an intriguing proposition. This person recognized Joe's deep understanding of the industry and insisted on discussing a groundbreaking strategy. Although skeptical at first, Joe's curiosity eventually drew him to explore this new approach, knowing that it could potentially reshape the financial landscape.

Joe Viery's story is one of resilience, adaptability, and an unwavering entrepreneurial spirit. From owning a successful business to guiding individuals towards their financial aspirations, he continues to embrace new challenges and opportunities with an open mind. Joe's experiences have not only shaped his professional journey but also fueled his passion for innovation and growth in various fields.

Connect with Joe Viery: https://ustagi.com/

Topics and Bullets:

Introduction to cost segregation

• Definition and purpose
• Separating short-term and long-term assets
• Expediting depreciation and claiming expense deductions

The history and evolution of cost segregation

• Past practice for larger buildings
• Development of analytical or modeling studies for smaller buildings
• Cost reduction and affordability

Benefits of cost segregation

• Tax refund potential for investors who have paid taxes in the last 3 years
• Three categories of people who may not benefit from cost segregation
• Example of tax deduction calculation for a single-family home

Cost segregation for bigger buildings

• Three-phase study approach for larger projects
• Fees based on engineering time and significance

Key considerations for cost segregation

• Importance of education and knowledge
• Avoiding issues with land allocation and purchase agreements
• The role of terminology and protecting clients

Exploring beyond cost segregation

• Considering the advantages of owning real estate
• Recommended resources (book and CRM)
• Building a valuable team of professionals

Other factors to consider

• Energy tax credits for value-add clients and flippers
• Selling property and 1031 exchanges
• Lookback studies for tax refunds up to 15 years

Conclusion

• Overall value and potential savings through cost segregation
• Mindset shift from cost to investment perspective.

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Mentioned in this episode:

RealDealCast

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