How to Build Your Network & Lower Your Taxes, with Yonah Weiss

Today’s guest is Yonah Weiss a cost segregation expert and social media connector. He shares his knowledge about building successful connections on LinkedIn, how to delay your taxes with cost segregation and why. If you want to build an engaged community around your REI business or learn how to hold on to more money with cost segregation, this episode is for you! Learn more about Yonah and his journey at reiclarity.com!

“Do whatever you can for other people and that’s going to open up more doors for you along the way.”

03:34

Yonah started his career as a teacher. He loved teaching but eventually wanted something that paid better. He got into real estate about 5 years ago through a friend. After getting his license, he started working in the cost segregation industry and decided to be an educator, to help people build connections in the real estate world. 

“I’ve seen dozens of times people do business together through the connections I’ve made. It’s such an amazing feeling.”

10:27

Yonah loves social media for building connections. He realized early on that Linkedin is the top page that comes up on Google when searching for someone’s name, so it is a great place for personal branding. He specializes in helping real estate investors build better connections on Linkedin. 

His REI advice on building an engaged community:

  • Put yourself out there and be active on social media, as people won’t do business with you if they don’t know you.
  • Create original content, but also take the time to comment on other people’s posts and regularly interact with them.
  • Don’t just make connections to get something out of it, be altruistic because that will create a snowball effect.

“If you have a way to not pay taxes legally, then it’s better to do that.”

25:01

Cost segregation is an advanced form of depreciation that breaks down the property in different components that are depreciating differently. It’s important for the tax deduction as income tax is the biggest expense that any business or individual has. A cost segregation engineer is breaking down the property into different categories and identifying the categories that are depreciating faster so those tax deductions can be taken faster.

The 4 different categories are land, building, land improvements, and personal property.

Yonah’s 3 pieces of advice for real estate investors about cost segregation:

  1. Always ask for a free estimate and analysis on any property from a cost segregation specialist.
  2. If you are a real estate professional, you can take the depreciation losses which are normally only used against rental property income, and use it against any ordinary income as well.
  3. Don’t forget that when you sell the property you will have to pay the depreciation recapture tax. This means you might get the benefits now, so you can invest more, but eventually, you might have to pay the tax.

Mentioned in the show:

  1. Brian Murray – Crushing It in Apartments and Commercial Real Estate
  2. Bigger Pockets Rental Property Calculator
  3. His LinkedIn
  4. www.yonahweiss.com 
  5. https://madisonspecs.com/
  6. www.shineinsurance.com/reiclarity

Learn how to grow your portfolio and reach incredible success the right way! Visit us here for everything you need to know: www.shineinsurance.com/reiclarity

Special thanks to Yonah Weiss for taking the time to share so many great insights with us

 
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