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 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
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