WS1985 Essential Tax strategies for real estate investors | Brian Boyd

In this episode of the Real Estate Syndication Show, tax attorney Brian Boyd shares insights on real estate tax strategies. Learn how to leverage cost segregation, short-term rental deductions, and tax extensions to maximize deductions and minimize your tax burden. Brian also shares his market predictions and emphasizes the importance of data-driven investing and giving back to the community.


Key takeaways:

• Build a Strong Tax Team: Partner with a tax attorney and CPA to navigate complex tax issues in real estate investing.
• Unlock Tax Savings with Cost Segregation: Significantly accelerate depreciation and reduce tax burdens with cost segregation studies. (Example: $30,000 deduction on a $100,000 property in year one!)
• Master the Short-Term Rental Loophole: Even without real estate professional status, deductions can be claimed on short-term rentals.
• Seek Expert Tax Advice: Don't be afraid to ask questions! There are always tax solutions – find a qualified professional to guide you.
• Tax Extensions are Normal: Don't panic! Filing extensions provide more time for accurate tax preparation and are not flagged by the IRS.
• Real Estate Market Insights: Interest rates are expected to normalize, and investment opportunities remain strong. Market data analysis and disciplined investment strategies are key.
• Give Back to Your Community: Consider following Brian's example of converting part of your portfolio to Section 8 housing to provide quality homes to those in need.

Connect with Brian Boyd on social media at @BrianTBoyd on both Instagram and TikTok. Don't miss his upcoming seminar at Nashville School of Law on April 20th. Additionally, explore his insights in the book "Replace Your Income: A Lawyer's Guide to Finding, Funding, and Managing Real Estate Investments," available for purchase on Amazon.

For more wealth-building real estate insights, subscribe to the Real Estate Syndication Show. Start investing today by visiting lifebridgecapital.com.

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Transcript

Brian Boyd: Yeah, when I hear real estate investors talk about their tax burden, I'm like, Ooh, what are you doing wrong? Like, why? Why? Why are we talking about taxes? Why don't you have that sewn up? And just like anything in real estate investing, you need a team, the lawyer and the CPA should be able to navigate these tax issues for you.

Whitney Sewell: This is your daily real estate syndication show. I'm your host, Whitney Sewell. Today, our guest is Brian Boyd. He's a tax attorney, his own firm focused on real estate construction and business. Nearly 18 years of experience. He has numerous degrees and he lives in Franklin, Tennessee. He's the author of Replace Your Income, A Lawyer's Guide to Finding Funding and Managing Real Estate Investments. And so he, And he lays out a number of things, a number of questions that I get all the time from investors. We go through whether that's how you find that tax strategist and is that even a thing? Is that your CPA? Is it not? And then, you know, he lays out a number of ways that the wealthy use He used money to build wealth, and he talks about this fearful thing we talk about all the time called taxes, and why we shouldn't be fearful of it, or taking deductions and those things. But how the wealthy use money as a tool, and they know and understand taxes and oftentimes we don't right know enough about taxes or we don't have that expert on the team like Brian that understands taxes or simple things you know like not doing a cost seg study and oftentimes you're talking to a say a mom-and-pop owner, and they don't have a clue what that even is. They've never thought about that. They've never been approached to even think about, you know, they should do this. You know, they've been using the same CPA for the last 30, 40 years, and that's never come up, you know, for some reason. But there's many ways like that that Brian is going to go through to help you to save on your taxes. But Brian, you know, maybe give us a couple of mistakes that, you know, investors make all the time that we haven't talked about all the way already.

Brian Boyd: Yeah. Let's talk about a few of the mistakes that I really run across. People are not using cost segregation studies, and I don't know why. And I think I do know why. I think it's because it's not commonly known. And if people knew what a cost segregation study would do, it would change their entire perspective on real estate. Because you can find a property, you can own a property, and if you use baseline depreciation of 27 and a half years for residential and 39 years for commercial, that depreciation is not awesome. Let's be clear, it is not an awesome depreciation deduction. It becomes awesome when you do a cost segregation study and you break the house into its individual components. And that's everything from your doorbell, to your flooring, to your windows, to the wiring, to the lights, to the appliances. Because once you break that property into five, seven, 10, 15, and 27 and a half year assets, the deduction is incredible. You know, I think I saw statistics the other day that if you do a cost seg study, you're taking about 30-35% of the value of the property in its first year as a depreciation deduction. Now, imagine what that looks like once you overlay bonus depreciation on top of that. And for your listeners out there, bonus depreciation is under Section 168K. And what that says is from 2017 until 2027 and up until 2022, you could have taken 100% of the depreciation of that asset in the first year. Now it's 2024, and you can only take 60%. Last year was 80, next year it's 40, then it's 20, then it's zero. But that allows this extra boost to your depreciation deduction. And what that does to your tax return is incredible. So let's just use an easy example. Let's say you buy a $100,000 property. And let's say it's a condo, so there's not a land value to pull out or it's a negligible land value to pull out. So we're just using the number 100. Divide that 100 by 27 and a half. That's not great. But imagine if you could take 30% of that 100,000 in the first year, That's a $30,000 deduction on a $100,000 asset. Now, overlay bonus depreciation on top of that, that number becomes incredible. And it makes it worthwhile because the tax code is structured in such a way that the policymakers on Capitol Hill want you to buy more real estate. They want you to do the job they can't do. So there's that incentive. Now, a lot of people don't understand how depreciation, bonus depreciation, and cost segregation studies work. That's fine. You don't have to know. People like me know. And we can take care of that. But so many people are not using cost seg studies to accelerate their depreciation. And quite frankly, it's sad because It is the difference, some years for some people, of paying taxes and not paying taxes.

Whitney Sewell: For sure. We use it on every property, I mean, that we buy. I mean, no doubt about it. Our investors wouldn't invest with us if we didn't.

Brian Boyd: Right, absolutely. And let's just take your example there. You have apartment complexes, multifamily, so it's a 39-year depreciation under Section 179 on straight-line depreciation. Well, you break that into its multiple parts and think about all the air conditioning units. Think about all the light fixtures, all the flooring, all the appliances. That number gets big when you multiply it across multiple doors. That's a huge number. And people don't understand, oh, I should be doing this instead of just taking the entire asset and dividing it by 39. That's no good. You do a cost-safe study, and then you overlay bonus depreciation on top of it. And suddenly, life looks a lot better. Because instead of paying taxes, you may actually get some money back because you've already paid in through your W-2 or whatever. Other things people don't know about that I'm just shocked is the short-term rental loophole. You know, we talked about that earlier, but, you know, it's a treasury regulation, and it helps define section 469 of the tax code, but it's a treasury reg, and it allows you to not be real estate professional status, which requires 750 hours a year, and it has to be more than your W-2 income, but it only, short-term rental loophole only requires 100 hours a year, and you don't have to be real estate professional status to take the deductions. So it's just these things that I'm just surprised people don't know about. And maybe I've gotten to that point in my investing career and my legal career that I just like, oh, I just take for granted that I read this all the time. I listen to it all the time. I research it all the time. And it's just part of my daily vernacular now that I'm like, oh, well, you need to take this or you need to do that. And, you know, I forget that most people don't have my background. I'm like, oh, well, you need to do this. So what they think is a big problem, I'm just looking at it and saying, oh, no, just do this and do that. And they're like, well, who's going to do that? So back to your point about the strategist, yeah, there's a big point out there. And this is what people aren't being told. And I just want people to understand There are things out there. There is always an answer to your question. There's always an answer. You may not like it, but there's always an answer. And just search out the people that will give you that answer.

Whitney Sewell: And for the cost seg thing specifically, I feel like most, unless you're in, say, larger assets like we are, you just don't even know it exists. So you almost don't even know to ask often, I think.

Brian Boyd: I know. And here's another one, the opportunity zone. so many people like missed out on the Opportunity Zone, because nobody told them about it. And they didn't know and the tax incentives for the Opportunity Zone. Well, they're about to go away. But you know, if you had gotten in four years ago, it was incredible. It was an incredible incentive. People just don't tell most people about this stuff. And it's just so frustrating.

Whitney Sewell: I think they assume that their CPA knows these things, right? Or the CPA is just applying whatever tax breaks that they should get to their taxes, right? They just assume that it's done. I had a friend one time locally that I knew, and he had a very successful business locally, but he also had over 100 rentals in the area. Wow. And he was using the same CPA that he had used for about 40 years. And so we just talked through a few things and I just asked a few simple questions. And he was like, no, I don't do that. Or no, I don't know about that. I don't know. And then he's like, I bet my such and such is doing it, talking about his CPA. And I'm like, eh, I doubt he's doing it.

Brian Boyd: Yeah, when I hear real estate investors talk about their tax burden, I'm like, ooh, what are you doing wrong? Yeah, why? Why? Why are we talking about taxes? Why don't you have that sewn up? And just like anything in real estate investing, you need a team, need a banker, you need a real estate agent, you need an insurance agent, you need a CPA, need a bookkeeper, you need a lawyer, you know, the lawyer and the CPA should be able to navigate these tax issues for you. Yeah, so to your point, I was meeting with a client a couple weeks ago. And he was telling me that he had just fired his dad who had been a CPA for the last 30 years. And I was like, Oh, okay. And he's like, yeah, after we talked that last time, I learned that he wasn't appreciating this. And he wasn't taking bonus depreciation. Like, oh, so you listened? Like, yeah. And now I'm going to use this account. I'm like, OK. And if I need to talk to that accountant, just put him in touch with me. And we'll walk through what you and I talked about. And we'll try to get you on the right track. And yes, so many people just think their CPAs or their accountants or even their enrolled agents are just taking care of it. Quite frankly, that demographic, the CPAs, the accountants, the EAs, they are so overwhelmed right now. And that's a whole nother conversation, because there's going to be this massive gap in the accounting world, because a lot of people aren't going into accounting anymore. Okay, you need to get somebody good, you need to make a relationship, and you need to have them. thinking the way you're thinking about this and do the research for you. But yeah, he ended up firing his dad and hiring a new accountant because he was paying so much in taxes every year. I'm like, you shouldn't be paying anything. You own multiple businesses. You only pay yourself a little bit of money. You have all these investments. Why aren't you taking bonus depreciation? Why aren't you depreciating those assets? And he just bought a new pickup truck. For those that haven't heard, I'm in the South, y'all. We drive trucks. And he's like, well, I didn't know we could. And I didn't even think about it. I'm like, dude, that's $100,000 truck sitting outside. When did you buy it? He's like, 2022. I'm like, bonus depreciation was 100%. You could have written that off in that year. I'm like, we may have to restate and amend your tax returns. He's like, this doesn't sound great. You might actually be getting money back. He's like, that would be awesome. I'm like, yeah. Yeah, of course. The accountants, to your point, are just plugging in numbers because they don't know what your goals are. And if you're not talking on a regular basis, they can't help you.

Whitney Sewell: You know, yeah, this is good. I get questions all the time, and I have questions all the time, right? Sure. Yeah, you mentioned just having a team of people, right? And no doubt, somebody that knows taxes is so important, right? And one thing that I get questioned about from our investors all the time, or you receive a ton of pushback, I'll say, is about filing an extension. And, and I, you know, I feel like there's like this, I don't know, they, they feel like the, if you file an extension, the IRS is going to be like at your doorstep or something, you know, I'm like, I have to do it every year or just waiting on K ones or whatever. I just don't even think about it anymore. I'm like, yeah. I mean, my, my accountant just knows we're going to file an extension. Right. But I just wanted your thoughts on, you know, what are the issues with filing extension? Is there, does it raise any red flags? I just want to be able to, uh, you know, say that our investors one way or the other, Hey, you know, they're okay. You should be concerned or you shouldn't, or yeah. Why do they have so much heartburn?

Brian Boyd: Yeah. And that's a great question. And to your listeners, I would say, guys, don't be afraid. It's part and parcel of filing taxes. W-2 people typically file their tax returns January 31. They're filed. It's because they have certain things they have a W two that they're getting. They probably have mortgage interest on their house. And that's really about it. So they're taking the standard deduction. Real estate investors, on the other hand, our world is very different. We are a complicated bunch. But filing an extension is not raising a red flag to anybody. It is telling the government, hey, we're getting all of our stuff together so we can be more accurate with you. And I think that's actually appreciated by the IRS, because we have, what, 330 million people in this country, and let's say 250 million of them are working. Okay, so imagine, and I know this doesn't happen, but I'm just saying, theoretically, 250 million tax returns get filed. Well, those are just individuals. What about all the companies out there that have to file tax returns? Like, there's a lot of tax returns going through the IRS on a daily basis. So if you extend, they don't care. They probably need the reprieve anyway. And for people like you and people like me, right, the K-1s that come in, I gotta tell you, man, they come in really staggered. I don't get all my K-1s by a certain date. They typically just flow in when they flow in. And that's just part of being a real estate investor. but you also have extensions you need to file for your businesses. Like we've got six LLCs. So every LLC has to file a return. And then if you're in states with income tax, like you're in Virginia, y'all have an income tax in Virginia. So you've got to file a state income tax return. And then you probably have like a property tax due date. So there are a lot of dates for you to keep in mind as you move through the year. And honestly, trying to get that done by April 15, it's not feasible. It's not even realistic, because there's just so much that goes into it. So to your listeners, Guys, it's okay. File that extension. You're not raising a red flag. You're not doing anything wrong. It's there for a reason. It buys you the time you need to provide an accurate picture to the IRS and properly file your return with proper numbers. If you rush CPAs, and we just talked about that a minute ago, They're overwhelmed as it is And there's about to be a mass exodus out of the accounting world because not a lot of people are getting into accounting So there's going to be a gap You know give them the time they need to prepare your return properly, you know, I was on the phone with my cpa this morning and She's down at the beach in florida right now working on my tax returns I was like look don't rush. It's okay. We can file the extension I I'm good. As long as you have all the documents you need from me, let's just wait. We can file the extension and we'll be fine. So I just think there's a unnecessary concern about filing extensions. And I don't think it's reasonable or even rational. File an extension. It buys you the time. It gives your CPA time. And maybe they'll file this summer. Don't worry about it.

Whitney Sewell: It relieves some pressure on me too, just to have the time to make sure I have everything together. Right. I mean, I go back to years past and think, you know, look at what I K ones I had then all kinds of stuff and say, okay, did I collect that this year? You know, and I have lists and all those things, but no, I just get all kinds of pushback from investors and investors. And we, we want to have our K ones out early if at all possible, but sometimes it's too complicated. It's we're cutting it close and I'm just like, go ahead and file an extension just in case, you know,

Brian Boyd: Yeah, unless you're like big enough, you have in house accounting. And I know you guys at life bridge, like y'all probably have a bookkeeper on staff, but If you farm out the tax returns to a group, you're just one of many clients to that group, right? And they know they need to get it done. But I don't know how many people out there have ever prepared tax returns. I've done it more than I'd like to admit. And it is not a fun process. It is not an easy process. It is a lot of notepads, a lot of calculations, a lot of do that again, do that again. The numbers aren't balancing. We got to do it again. And give your accountants time to do their work. Don't rush them because April 15th, let's say they have 100 clients. And I know that's just a number I pulled out of the air, but imagine filing 100 tax returns by April 15th. Man, that's… That's brutal. That is brutal. And you've got to give every return all your attention. And you've got to make sure you're effectuating the goals of your client as well. So again, folks, file that extension. Relieve some pressure. Hit that pressure valve. Take it off. and file in October. October 15th is your deadline and you're good. But yeah, I think it's an unnecessary pressure people put on themselves to file by April 15th.

Whitney Sewell: Brian, I appreciate that. Changing gears here just a little bit, I want to ask some other questions, especially since you have rentals yourself and in the business, but I ask anybody that's experienced, you know, just obviously what they predict, you know, right over the next 6, 12, 18 months. And when I say, you know, none of us know exactly what's going to happen. However, what we think is going to happen affects what we're doing today. And so what do you expect to happen and how is that affecting what you're doing today as far as buying, selling, or how you're operating?

Brian Boyd: Yeah, that's an interesting question. We're currently in the middle of a 1031 exchange. We have this property, I'll just use me as an example, doing really well. It's a triplex in Knoxville, Tennessee, great town to invest in good demographics, good rents, good property values. And you know, we are at almost the apogee of where we think that property will pop out. So we bought for like, let's just use basic numbers, I think like 263 about three years ago. And we have raised rents consistently. That property is now worth 400. So we're out, we're gonna take the money, and we're gonna lever up. And we're levering up into a short term rental in Nashville, Tennessee. And we're going to cater to these bachelorette parties and do that whole Nashville thing for a while. But what we're doing is we're taking that asset, which was on our books for 263, and we're turning it into an $800,000 asset because of the amount of money we're taking out of the 1031 and applying it to this. So we are Look, we're aware of the interest rates right now. And I think our rate this morning was 799. Okay, we were at a four, but you know, we're levering up, we're gonna work through all of this right now. And we went to our banks, and we said, Hey, can you do a loan? And they're like, no, not till third quarter. So we went to a broker, and they brokered it out. And we we got the numbers, and we're doing the deal. But as we move through this year, I think what we're gonna see is an evening of the interest rates. I think for many years, they were artificially low. And that was because of the Fed. But I think an interest rate, a normalization would be around five, 6%. And I think we may actually get there by Q3 of this year. You know, it's yet to be seen. We are in an election year that does matter to interest rates historically over all the last elections that I can recall. Interest rates have typically come down in election years. And I think the Fed has even signaled they're going to reduce rates at some point this year. I think you've already seen an easing of that. and inflation is going down, even though it was at historical highs of 40 year historical highs. But inflation is coming down. I think housing is evening out. But I don't think we're going to go back to pre-COVID housing prices. It's not going to happen. So get used to the new norm. These are the new rates. With everybody moving across the country, I know y'all have had an influx in Virginia. We've had a massive influx in Tennessee of high tax states and their citizens moving to our states. They're hitting the no tax or low tax states, Virginia, which is one. Tennessee is a no tax state, so we're getting Californians, New Yorkers, people from New Jersey, Illinois, Minnesota. They're coming down here and it's driving up our property values. Fine, that's fine, but This is the new norm. We're going to see a lot more migration across the country as people flee those high tax locales. And that's going to be good for investors because there's a lot of equity being built. At the same time, a lot of people keep saying housing's unaffordable. It's not unaffordable. There is affordable housing out there. Yes, we need to build more and investors are building that. But I think, you know, this year we're going to see interest rates drop and I'm going to keep investing. I'm going to keep buying this year. If I can keep finding deals, I am going to keep buying. I'm going to keep working it. And it is a system. I'm going to keep working that system.

Whitney Sewell: What are some of the most important metrics that you track? It could be personally or professionally.

Brian Boyd: Personally, I like to look at cash on cash return. I like the internal rate of return. The ECB, the effective cost of borrowing is something I look at when I have to get a loan. Those are a couple of the metrics that I take a look at. But if I'm just looking to buy a property, I will do back of the envelope numbers with ROI. I'm like, all right, what are we buying for? What's the rent? What are the taxes? What's the insurance? Does it kick out 100 bucks a month? And that's really where I am on a lot of things right now, especially in the post-COVID world. It's like, can I get appreciation on this? It's not going to meet that 1% or 2% rule that I know a lot of investors look for all the time. Like, can I get 1%? Probably not. I mean, I don't know any place you can get 1% anymore. There are some places here in Tennessee, and I'm sure there's some in Virginia. You're in Roanoke, so probably Whistle, you could probably get 1%. Places like that, I think you could probably do it, but there's not a lot going on in those towns, so there's not a lot of demand for it. I think alternative investments are going to start becoming more prevalent. Self-storage. Mobile home parks, I love them. I think they're great. I think self-storage is great. It's easily scaled. And I think a lot of investors are gonna start turning to those. Moreover, I think apartment syndication is gonna get bigger and bigger and bigger. Because as of this morning, I think I read something out of Texas. They had basically fired, was it BlackRock? were Blackstone, Blackstone Group, I think they fired them because they're, they're antithetical to the goals of the Texas Investment Fund. And those groups have come in and started buying up a lot of real estate. They've been buying a lot of housing. Even in neighborhoods, they're just buying entire neighborhoods out to be rentals. Well, as that continues to happen what you're going to see is mom and pop investors like myself and you know others we're going to turn to alternative investment vehicles in the real estate world such as self-storage and mobile home parks and you know even you know, campsites, things like that, RV parks, where, you know, the, the barrier to entry is not quite as difficult. But I don't think rents are coming down. I don't think home prices are going to really pull back as much as everybody thinks they are. And quite frankly, it's gonna be a wild ride this year. Like I said, it's an election year. So every LLC, so every LLC

Whitney Sewell: Who knows what's gonna happen, but I love some of your outlooks there. We're still looking, we're still buying if it makes sense, no doubt. Brian, what are some habits that you're disciplined about that have produced a higher return for you?

Brian Boyd: We really focus on market data. So for example, we run our own long-term rentals. So we have a program, it's called Buildium. I'm not paid by Buildium or anything, but that's the program we use. And we know all of our tenants. We know what their life is like. We know what their rents are. We know what the market rents are for that area. We try to come in right around mid rent range. So we're not the most expensive, but we do tend to have the nicest houses on the street because we're looking to keep people. So for us, being disciplined about understanding the market that we're in and understanding our clientele is very, very important to us because we can't do what we do. We get a portfolio in Chattanooga and we have 16 doors down there and we know every single tenant. We know where they work, we know you know, what they drive, we know how their life works, and we are a constant in them. So we're really disciplined about knowing our properties and knowing our tenants. Now that can't work for everybody. For example, you're an apartment syndicator. Let's say you have 1500 doors, you can't know every single person, you can't know all about their lives. But what you can do, is know that market that you're in, and you can know what the rents are, and you can know what is normal for that area. For example, we have two properties on one street. This street in Chattanooga, Tennessee is terrible. It has police camera number one in front of one of our houses. To give you an idea of how bad that street used to be, that street has now started to gentrify. And it started, we will say with us, we bought two houses, we redid both of them, new siding, new roofs, new windows, the whole shebang. We got out the old tenants that weren't awesome, and we put in awesome tenants, and they love it. Suddenly, four houses across the street got refurbished. And that street has now become decent. It's a decent street. We went from rents on that street of one property from 600 to $1,100 a month. That's a big jump in two years. Yeah, that is a big jump. Yeah, and then we had another one that was $800 a month, and that rent is $1,300 a month. So we're really moving that street along. But we couldn't have done it if we didn't know the market data for that area. And that required us to really look at the market. What are rents? What could they be? What would it take to get them there? And how much attention are we going to have to pay to not only the tenants, but the crime in the area? How can we leverage the city to help us help them? And it's really paid off and it's paid off very well. Those properties we bought, I think for $40,000 a piece and each one of them is worth, I think one's at 120 and the other one's at 150. So that's a good, good move. But if we hadn't understood the market and I'm not just saying, Oh, what's the appreciation in this area going to look like? We had no idea. We were basically buying in a war zone and We knew the market, we knew what rents could be, and we really pushed hard for that. So I would say to your listeners, be disciplined about digging into the details of a particular market. Dig into the details of the neighborhoods themselves. Talk to the tenants. Talk to other investors in that neighborhood. What are your experiences here? What kind of maintenance are you looking at? What's the crime? Talk to the police. What's the crime here? What can we do to help you help us? So it's things like that. Be active in your community. You know, my wife and I are both from Chattanooga, Tennessee. So we kind of knew this area. We didn't grow up in this area, but we knew what we were getting into. And we were willing to take that risk. As long as you lean into the problem and don't run from it, you're going to be fine. And look, it's not been fun. I don't always enjoy leaning into a problem and putting more money into it. But at the end of the day, Those properties just hum along right now, and we're so thrilled. It's taken a little bit of time to stabilize them, but being disciplined about knowing that market was very important to us.

Whitney Sewell: Brian, how do you like to give back?

Brian Boyd: We have a program internally within our family that we're turning a portion of our really nice portfolio in Chattanooga into Section 8. because these are nice homes. We're gonna make our return. It's gonna be fine. But we really want to help people that need affordable housing in that market, because it's not there. There is a deficit of housing in the country, quite frankly. So look, we're making plenty of money on our short term rentals on other properties we have. So we've taken about 25% of our Chattanooga portfolio and called up Section 8 in Chattanooga and said, hey, we have these nice homes, new roofs, new siding, new windows, new kitchens, new bathrooms, new appliances, the whole shebang. Do you have some families in need that would like to live here? We don't haggle about the price with them. They're like, yeah, they've got a voucher for this. That's fine. That's fine. Whatever. It's typically below market. We don't care. Like, no, we're happy to help because ultimately at the end of the day, yeah, we're in the business of real estate, but real estate's really the business of people and we're housing people and these people have families and they have, they have struggles in their life. And look, I didn't grow up in section eight. My wife didn't grow up in section eight and we're fortunate for that. But, For those that do need those programs, we're trying to work with the city of Chattanooga to say, hey, we have properties. We're happy to take less rent if you will find a family that can use this house. And so that's worked out really well for us so far.

Whitney Sewell: That's awesome. Appreciate you giving back in that way, Brian, and even giving back to us and man, diving into some, this fearful thing we call tax or taxes. But even laying out, you know, the importance of finding a tax strategist, somebody like yourself that knows taxes and really is not scared of taxes. Right. But, you know, the things that wealthy do, right. That often most of us have never heard of. And even things like cost seg studies that you laid out as well that, It's unfortunate, you know, most, you know, that some, most operators, I would say mom and pop type that have had rentals for years and years and years. I have never heard of call seg studies or never thought about trying to do something like that. That even as you lay out the, the fear or the, how you shouldn't be afraid of filing an extension as well. I just appreciate your time and going into that. Tell the listeners how they can get in touch with you and learn more about you and learn more from you.

Brian Boyd: Yeah, absolutely. So a lot of people can find me on Instagram or TikTok. It's under Brian T. Boyd. There's a link tree on my profile that you can click on and schedule time with me if you want it. I'm doing a seminar April 20th here in Nashville at the Nashville School of Law. And it'll be like a four-hour seminar. I'm going to go over the life cycle of an investment, everything from how do you qualify for the short-term rental loophole to the real estate professional status. And then I'll move on to how to hold your real estate. I'll explain LLCs, S-corps, partnerships, trusts, fee corps to people. I'll explain the tax differences between those. Then I'll move on to what happens when you sell the property. you know, what are the tax ramifications of that? Or do you use a 1031-721 or DST? So that's one thing that is available to people. That's where you can find me. I've also written a book. It's called Replace Your Income, A Lawyer's Guide to Finding Funding and Managing Your Real Estate. So that's out there. It's available on Amazon. But for the most part, if people just interact with me on social media, I'm happy to give some pointers. Now, I'm not going to go into a great amount of detail. Only because if I was doing that, I'd be doing it all day. And I do have a family, and I do need to protect that time. But yeah, I'm available through consultations. And if you want to work with me, we can talk about that in a consultation. But thanks for having me today. I really appreciate it. I hope your listeners got something out of this. And if they want to talk more, I'm available to them.

Whitney Sewell: Thank you for being with us again today. I hope that you have learned a lot from the show. Don't forget to like and subscribe. I hope you're telling your friends about the Real Estate Syndication Show and how they can also build wealth in real estate. You can also go to lifebridgecapital.com and start investing today.