Insider Secrets Podcast Episode #42

Featuring guest: Thompson Bourque

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Guest Bio:

ThompsonBourque - Insider Secrets Episode 42 guest

I help savvy Real Estate Entrepreneurs increase their cash flows by reducing their income tax liability year after year. As a result, they can reinvest those savings which expedite reaching their financial goals and create the lifestyle of their dreams. I take a proactive standpoint on reducing tax liability by pairing 100% legal niche-specific strategies to each client’s personal and business situations now and for the future. Clients and I work together ongoing to properly implement and strategize to get the maximum return on investment.  

#1 The biggest question- How can tax planning help me right now? 

#2 Why is it important to understand how the business activities impact tax liability as you start to make more income?

#3 What is the result/impact of looking at your business/tax information 1 time a year vs regularly and ongoing?

#4  Why are experienced RE entrepreneurs kicking themselves(wishing they had) when they start taking tax planning seriously? 

Shownotes:

Standout Quotes:

“Even though a lot of people shy away from accounting, when you’re a business owner you have to overlook that and get into those numbers” – [Thompson]

“When it comes to bookkeeping, you do get what you pay for, so you want to find someone that knows what they’re doing and has efficient processes in place so that you’re getting a higher level of bookkeeping than someone that might be charging a little bit less” – [Thompson]

“When you are deciding that you’re going to own a business, you want to make sure that it’s structured properly for what you’re doing” – [Thompson]

“If you really educate yourself, you can start looking at things in this world more different, and you’re able to kind of ‘play the game’ more strategically than if you didn’t have some of this knowledge” – [Thompson]

 

Key Takeaways:

  • One word that defines Thompson’s personal and professional strategy is ‘Adaptable’.
  • Having long term goals is key to Tax Planning and it’s advisable to look at your books monthly, if not biweekly.
  • Thompson emphasizes the importance of having a sound bookkeeping and accounting process foundation embedded within the daily operations.
  • With tax planning, it’s not one model that fits everybody but everybody’s going to be more on an individualized plan based on their own business practices and goals.
  • Finding a professional you can trust who is efficient with their practices helps in being proactive in making sound decisions regarding tax planning.
  • Thompson explains that the preferred approach to tax planning and bookkeeping is now a proactive one rather than in the past when it was mostly reactive.
  • An insider secret from Thompson: There are a lot of different tax reduction strategies that come with actually owning a business, and establishing the proper business ownership structure is necessary to implement those strategies.
  • Making high stake decisions: Doing as much research as possible to ensure you get the most up-to-date information to make the best decisions.
  • For new investors: Have Proper business ownership and accounting set up, know how much income you’re going to be generating, then consider the tax plan.

 

Episode Timeline:

[01:50] Meet our guest for today, ‘Thompson Borque’ as she discusses ‘Tax Planning’ and it’s long term benefits

[03:05] Thompson shares her background, and how she got into Tax Planning.

[04:50] In one word can you define your strategy, personally and professionally?

[10:35] What’s the best way to plan regularly?

[14:05] From a multi-family investor standpoint, what should an owner or operator be looking at from their daily operations in their tax planning?

[19:09] What has changed since you first started, till where you’re at today?

[24:43] An insider secret from Thompson Borque.

[29:25] How do you make high stake decisions?

[30:49] What advice would you give a new investor today?

[34:30] Thompson shares a book that had a tremendous impact on her information: “Financial Freedom”

[36:42] How to contact Thompson

Transcript:

[00:00:03]Mike: Hey everybody. It’s Mike with insider secrets. Glad you’re here today. I am joined by my friend and tax planner, Thompson Bourque. Thompson, can you tell everybody what we’re going to talk about today?

[00:00:16] Thompson: Yes. Thank you so much for joining us today. So we are going to talk about what tax planning is, why it’s so important to get it set up first and foremost, and it not be an afterthought and really talk about the impacts that it can have for you long-term if this is something that you take serious.

[00:00:35] Mike: Thank you. And boy, is she full of energy or what. So listen in Tuesday 12, o’clock have a great day.

[00:00:42]Kristen: Welcome to this week’s edition of insider secrets. The show that turns multifamily investing into reality. Each show we interview guests who are seasoned professionals, actively closing and managing real estate deals. Your host Mike Morawski has more than 30 years of multifamily real estate investing and property management experience.

[00:01:04] Mike is the founder of my core intentions. And he’s been involved in over $285 million of transactions. Focuses on helping you create short term cashflow and long-term wealth. Here’s your host, Mike.

[00:01:21] Mike: Hey, good afternoon, everybody. It’s Mike, your host of insider secrets, and that’s brought to you by my core intentions. So again, have you been thinking lately what are your intentions? What are you planning to do? What direction are you taking on with your life and your business these days? You know what MCI we invest in our client’s future through an educational platform.

[00:01:43] Teaching you how to create short-term cashflow and long-term wealth. Empowering you to execute sound real estate principles of property management skills while living a balanced lifestyle. What we do is we help you develop a strong foundation for practical principles.

[00:02:01] And I share a lot of those principles in my new book. I just released exit plan, but we’ll talk about that later. If you are looking for some direction or some guidance, listen in. And see how my core intentions can help you. Today, we’re going to do something a little bit different. I am joined by my friend and real estate tax planner, Thompson Bourque. Thompson, could you say hi to everybody real quick?

[00:02:26] Thompson: Hello everyone. Thank you for listening. And I hope you find what we’re talking about today, valuable.

[00:02:33] Mike: Great, thanks. And I’m glad you’re here, Thompson. And let me tell the listeners a little bit about you. So Thompson helps savvy real estate entrepreneurs increase their real estate cashflow by reducing their tax liability.

[00:02:46] Here’s what’s interesting. This isn’t just a one-time thing. She does this year after year for you. As a result, these savings give way for additional investible cash to reinvest. To help expedite reaching your financial goals and create the lifestyle that you’re seeking to create. Thompson takes a proactive point of view on reducing tax liability by pairing a hundred percent legal niche, specific strategies to each client’s personal and business situation.

[00:03:19] So that’s not a one-step one shop fits all. That’s going to be different for everybody it sounds like. Thompson and her clients work together on an ongoing basis to properly implement and strategize to get maximum return on their investments. That’s pretty impressive. Thompson. And that’s mouthful, I would say.

[00:03:39] So why don’t we tell listeners a little bit about your background and how you got involved in tax planning and what that means to them?

[00:03:49] Thompson: Yes. So I originally got involved in tax planning after I started crucial business solutions, which is my business. And I have had a background in accounting for, I think this is my 10th year.

[00:04:03] So I’ve hit the 10 year Mark, in this field. And I had worked in some corporate position and I decided that ultimately, I wanted to step out and start doing my own thing to help people grow their businesses. So when I first got started, I was doing really proactive accounting, CFO services and things like that.

[00:04:28] And then as I was continuing to elevate and educate myself, I came across tax planning and tax planning just has an enormous amount of value packed behind it. And when you pair it with the accounting, the two work really seamlessly together and you’re able to get pretty significant results versus just focusing on the accounting side of things.

[00:04:53] So that’s how we originally got started in tax planning. And why I’ve decided to focus on it solely, along with that proactive accounting, so that the value for people is higher and they’re able to actually see something come back from the amount of money that they spend on these types of surfaces.

[00:05:14] Mike: Nice. So one question I always like to ask the people on the show, the guests is in one word, can you define for us your strategy, personally and professionally?

[00:05:29] Thompson: That is a very interesting question. So I think personally and professionally adaptable is going to be like the key word that I’m always thinking about that I’m always really focused on.

[00:05:44] You had mentioned in the beginning that this sounds like it’s different for everybody, and that is absolutely true. So everyone in real estate is at a different point, right? They’re all doing a combination of something a little bit different. And so when we’re working with clients, we have to look specifically at their personal and their business needs.

[00:06:05] And when we’re doing that, really we have to be adaptable on all sides because some strategies that may work for one person might not be available for another person and vice versa. We’re always taking a look at the changes in the tax code, which, depending on what happens throughout the year new presidency, a variety of different things, they can change legislation and the tax code can change.

[00:06:31] So we’re always adapting from that point of view as well. Making sure that we’re up to date on all of the information there and then just adapting with our clients because they’re looking for a different end result. And for the most part, it’s based on their ideas of financial freedom, their ideas of their dreams, their goals, and all of those things.

[00:06:51] So we have to take a different path for each person, but ultimately being able to be adaptable is allowed for different levels of results for people and ultimately for them to increase their ability for short-term cashflow, and also long-term security.

[00:07:10] Mike: I like that word adaptable though. That’s good. A lot of times I’ve been doing this for a while and I’ve never heard that word before and I asked this question of everybody, so I really liked that.

[00:07:20] Hey, so here’s the always been my idea of tax planning, right? So between December 15th and December 31st, I would run to the office supply store or I’d go buy a new piece of office equipment or some new furniture for the office or something like that to spend some money before the end of the year.

[00:07:39] And from what my conversations with you have been around, that’s really not the best strategy for tax planning. Is it? And why don’t you give some ideas and some thought around how we do tax planning, or maybe how somebody should look at it from the standpoint of being in the real estate space?

[00:07:59] Thompson: Yes. So what you’re mentioning is something that we’re all accustomed to. We’re gathering all of our items at one time at the end of the year, and we’re getting prepared. We’re meeting with our tax preparer or whoever is doing our taxes for that year. Sometimes that’s your CPA, to just depending your accountants.

[00:08:18] And then you may just have someone that you use one time just to prepare the tax returns. And, one of the big misconceptions about tax planning is what you’re describing is just going out and adding an additional expense for yourself with the hopes of actually getting a small return. So if you think about it, then you go out and you purchase $500 or a thousand dollars worth of equipment for your business at the end of the year, when it comes to the tax perspective. And you multiply your tax rate by that amount. You’re not getting back, but maybe 250 or $300 worth of an actual deduction or the cash that you’re actually getting back or not having to pay. But you went out and spent 500 to a thousand dollars.

[00:09:03] So really you would decrease your cashflow. So the way tax planning really works is, in addition to how you run your business, what business expenses you have. We take a look at strategies that actually are not necessarily requiring you to go out and spend your money on an additional item or an additional thing.

[00:09:26] It’s really reallocation of your money. And the reason why it takes strategy is it’s not something that you can just quick decide that you want to go and do. These are things that you’re really. Thinking about, you’re looking at what you’ve been doing in business. You’re looking at what you’re doing now in business.

[00:09:42] You’re looking at what you want to do in business, and it’s not like a quick fix. It’s something that really requires someone to go in and look at their business and say, this is what I’ve got going on. And these are the goals that I have and how can I get there? Tax planning is much more than just thinking that if you go and spend money, you’re going to get those savings from the tax ware sector.

[00:10:07] It’s really not true. It’s just an additional write-off if you’re spending your money, but we focus more on actually redistributing your money and paying yourself first so that it flows through on the tax return as being actual strategies and savings. And you’re not spending that cash as you would on an expense.

[00:10:29] Mike: Interesting. So we know that based on tax planning and doing it right. That it can’t just be a one-time thing. We can’t just plan for it at the end of this year or the beginning of this year for this year, but it should be ongoing. And if you’re looking at your business and the tax information, what’s the best way to plan regularly?

[00:10:50] Do you make a plan for five years or 10 years on when your tax planning or is it something that’s looked at the beginning of each year?

[00:10:59] Thompson: That’s very interesting. So for the most part, we need to be thinking about the long-term goals. And then really when you’re looking at long-term goals, you sectioned backwards and say, okay, what do I need to do in the next five years?

[00:11:13] And the next two years and the next one year and the next three months, six months. And you count back and determine, what you might need to do right now that can benefit you in the longterm. So when it comes to tax planning, really looking at it on a much more frequent basis. So even if you’re looking at it one time a year, it’s the same thing as what we’re talking about.

[00:11:34]It’s reactive. So we want to look at these things at least on a quarterly basis, if not on a monthly basis. Because if you’re a savvy business owner, Someone that’s really invested in your business in creating additional cashflow and making this work for you. You should be looking at your books monthly, if not bi-weekly right, because you should know how much you’re generating an income.

[00:12:00] You should know how much you’re generating and expenses. What’s your profit is looking and ultimately what your tax liability is looking like. So this is something that we’re looking at almost the same amount that someone should be looking at their P and L, right? So P and L should come out on a monthly basis because once you start getting two or three months down the line, the information is outdated and you’re unable to make sound decisions for your business, if you are waiting to interpret what your business is doing.

[00:12:33] So it’s very key to start. I want to use this kind of analogy, and let’s say you fall and you get a scraped knee. And it starts bleeding and you really don’t know what to do right in the moment, your shocked. But, once you’ve come back to it, you’re like, okay, I need to do something right now to stop the bleeding.

[00:12:54]So when we’re talking about taxes is something that is ongoing. So if you are generating income consistently, your level of bleeding taxes is going to go up. So at some point you have to say, hold on, I want to stop the bleeding. So you have to apply pressure and then you have to move forward.

[00:13:15] And so when it comes to this, we want to make sure that when we apply the pressure and we stop the bleeding, what we’ve done is appropriate to move you forward. But businesses change, you take on new properties, you take on new projects, you might have another business. And so you want to look at these things regularly to determine if what you’re doing is actually advantageous.

[00:13:39] If it’s actually going to get you the result you don’t want to just rely on one tax plan to get you for the next five years. Now, it definitely can serve you for five years. But we want to look at it more regularly. So we can say, if there’s any legislation changes, we can implement those. And then again, as business change, you need different strategies.

[00:14:01] Mike: So from a multifamily investor standpoint, what should an owner or operator be looking at from their daily operations in their tax planning?

[00:14:13] Thompson: Yeah. So for someone that is investing in multifamily and then also multiple properties, anything like that. I think this is one of the basics, but a lot of people think of this reactively as well.

[00:14:27]But having that sound bookkeeping or accounting process in place. I know it’s not something that a lot of people like to do. You’re not in real estate to do bookkeeping and accounting and all of that. So you should definitely find someone that you can rely on to obtain your information and really get that as a sound foundation. Because once you have that sound foundation and it’s not something that’s drawing at you or taking away from your time running your business.

[00:14:57] You’re able to take that information and you’re able to actually do something with it. So the most basic kind of advice I can say for that is getting your books where they need to be. And so if you have more than one property or more than one business, knowing what your business is really doing on a much more frequent basis.

[00:15:17]Like I had mentioned before, if this is something you’re really making work for you, and this is something you’re really serious about, you have to be invested at that level. And even though a lot of people shy away from the accounting. When you’re a business owner, you have to overlook that and get into those numbers.

[00:15:37] Because if you don’t and you’re not understanding them, then in the future you’re not going to really be able to make the decisions that are necessary to keep growing. So the foundation is key in addition to the bookkeeping, as long as that’s where it needs to be, then you’re already a very big step ahead of being able to get started on tax planning.

[00:16:00] So when you have your foundation, we can use that foundation as the basis of our tax plan. But when you have kind of nothing in place, you have to start at the beginning, and you have to get the foundation built and then we can build upon that and say, okay, based on what you have here, this is what we are recommending. And these are the things that would be beneficial for you in the long run.

[00:16:25] Mike: It all sounds like back to what we said in the beginning is that it’s not one model that fits everybody, but everybody’s going to be more on an individualized plan based on their own business, based on their practices and the things that they’re trying to accomplish as their own goals for their future, right?

[00:16:42] Thompson: 100%. Exactly. So again, someone is in a different situation than someone else, personally, and business wise. Everyone’s passions are different. Everyone just has a different idea of what they would like to do. And so therefore understanding for a business owner, really understanding what you’ve got going on is key. But I can understand how running a business as well as keeping on top of this can be burdensome.

[00:17:11] And that’s why I recommend if that’s not something that you like to do, there are definitely people out there that can get you set up where you need to be from the accounting perspective for a very reasonable price. And, just to comment on that though, when it comes to bookkeeping, you do get what you pay for.

[00:17:29] So you do want to find someone that knows what they’re doing and have efficient processes in place. So that you’re getting a higher level of bookkeeping than someone that might be charging a little bit less. So again, you do get what you pay for. You don’t need to spend thousands of dollars on bookkeeping, but unless you’re a huge company and then that would really be CFO, not bookkeeping.

[00:17:55] But if you’re a multi-family investor and you have a few properties, you want somebody you can trust. And someone that again is efficient with their practices. So proactive from the bookkeeping standpoint, because when you’re doing bookkeeping, it’s already recording the past, right?

[00:18:12] And the past is over. And what we’re looking to do is figure out what we can do in the future to reach our goals. So if someone is running a bookkeeping practice and they’re behind, and you’re not able to get access to your information on a pretty regular, weekly basis. Then that’s probably not proactive for you enough to be able to analyze your business and make sound decisions, get a tax plan in place.

[00:18:39] Mike: Yeah. Interesting. So here’s something I’d like to know. I know you’ve been in the industry for a little bit. What has changed since you first started to where you’re at today? What types of things have changed or have you learned more about that is help, would be helpful for the investor?

[00:18:58] Thompson: Yeah, I think the whole just idea behind tax planning is really what has changed. So as I had mentioned, I always came from the proactive standpoint and accounting, and I really saw the impact that can make on a business. It allows you to analyze cashflow accounts payable, just a variety of different things that are necessary.

[00:19:18]And so when I first got started off in my business, I didn’t realize the true power behind tax planning, tax preparation is something completely different. So what I have to say is I have just been very thankful that I actually came into learning the value that actually sits behind tax planning.

[00:19:41] And I mentioned it pretty often, but it’s one of those best kept secrets of the rich. And it was something that only those that were able to really extend their financial resources out, could get this information. Now with just all the changes that have happened over the years and technology and things like that.

[00:20:02] It’s really driven the accounting industry in a different direction. And that’s more of adding value. So in the past, it was more reactive and you could count on businesses needing to organize their books. But now what businesses need is for someone to say, okay, this is what has happened in your business.

[00:20:24] And then figure out where you’d like to go. So really just learning the power of being proactive in tax planning is when I describe it, it’s really that it’s taking the proactive approach, versus the reactive approach.

[00:20:39] Mike: I always like the best kept secrets of the rich that helps you become a little richer.

[00:20:43]Thompson: Exactly.

[00:20:45]Mike: So why are real estate entrepreneurs kicking themselves today? Wishing that they had done tax planning or taking it seriously previously to what they’re doing today?

[00:20:56] Thompson: Yes. So in the amount of time that I’ve spent researching this and talking with individuals and many times you may speak with someone who has never heard of tax planning.

[00:21:06] We know how real estate is, there’s always new people coming in and there’s always someone that’s mentoring someone else. And it’s a great network, but the thing is that it takes a little bit of time to fall and scrape your knee and stop the bleeding. So sometimes it takes longer. And if you don’t have the right resources in place or someone to actually introduce you to something like this, you can spend a lot of time and many years paying higher tax liability.

[00:21:36] So when I am speaking with people, I can’t assume that they haven’t heard about tax planning. I have to ask, have you heard about tax planning? Because some people haven’t, and so when  someone has spent time in real estate, let’s say three or five years, and they have not done tax planning. What has happened is throughout that time, they have collected commissions, they’ve run their business, and then ultimately they have paid taxes at the end of the year.

[00:22:04] And many times, if you’re making 75,000 to a hundred thousand dollars a year, you wouldn’t think that your tax liability is that high. If you had W2 income before and now you’re moving into 10 99 commission, you’re on the same mindset. And when you get into real estate and generating those different types of income, different than W2, you start having to actually pay more tax and tax in different ways.

[00:22:31] So when I speak with seasoned real estate, entrepreneurs and professionals that have actually gone into tax planning, they say, If I had known this just however many times, however many years before, however much time before I would have been able to save X amount of dollars. And so really when they’re kicking themselves is just after the fact that they’ve figured it out and they’ve taken the action and then they’ve actually gotten the results.

[00:22:58] So they really just wish that someone was there to inform them a little bit sooner. So that they could have recouped or kept some of that money that they had paid in before.

[00:23:10] Mike: Yeah. It’s not just real estate entrepreneurs that are kicking themselves. It could be anybody, for not thinking about something before, when it comes up and creeps up on you now.

[00:23:20] Hey, so listen, this show is called insider secrets, right? And what I’d like to do is if you could only give one tip or one strategy, one secret, one insider secret, what would that be today?

[00:23:33]Thompson: So, I think, and it might sound obvious, but one of the best kept secret of the rich, but it is out there. It is known is actually to establish business ownership. So going back to talking about the different types of income that you can receive W2 income from an employer.

[00:23:54] You can receive 10 99 income from selling real estate or from other commission-based income. And then you can also generate cashflow from rental properties, passive income, a variety of different ways. But if you do not establish yourself an actual business, you’re missing out on a lot of different strategies that come along with actually owning a business.

[00:24:19]As I mentioned it’s a little obvious. You’re like obviously, owning a business, you can get different tax deductions and things like that. But when you actually start a business, you don’t necessarily know exactly what is available for you. That a businesses is good to have, but you don’t really know why.

[00:24:38] So when you are deciding that you’re going to own a business, you want to make sure that you get it set up properly. You want to make sure that it’s structured properly for what you’re doing, depending on what you do have going on and what types of income you have coming in and determine what is the best structure for that.

[00:24:56] So the number one tip, I would say, especially for someone investing in multifamily or multiple properties as well is, establishing the proper business ownership structure.

[00:25:10] Mike: Interesting. So let me ask you a question about that. So if I own a property and let’s say I own a 25 unit apartment complex. And I have that apartment complex in its own LLC, should I have another business?

[00:25:25] Should I have a business that oversees that other business or that those other businesses are operated by? Is there planning and strategy behind that type of a system?

[00:25:38] Thompson: Absolutely. And so in these types of situations where you might have just needed one LLC, when you first started off. And depending on what you’re looking to do in the future or what you have currently in the works, you wanted to determine whether or not it is advantageous for you to set up something called like a management company, something that manages those other businesses.

[00:26:04]But you really want to look at it of course, on an individual basis and make sure that you have the proper information to determine whether or not it’s advantageous to have something like that set up.

[00:26:18]Mike: And not only tax planning, but from that standpoint, you’re starting to even talk about asset protection.

[00:26:23] Thompson: Exactly.

[00:26:24] Mike: And we have a company that manages that other LLC that’s a whole asset protection type of direction.

[00:26:32]Thompson: Exactly. So in addition to tax planning, you’re getting into asset protection and then you’re talking more about different legal things there at that level. And making sure that the management property is properly structured in that they’re doing everything in the other businesses that is necessary to keep all of that flowing.

[00:26:52] And so the management company is great if you do have multiple businesses that are being run separately. But you do need some general decision-makers and someone that’s actually overseeing all of them. But it’s important to keep them separate. You wouldn’t want to have kind of multiple properties under one business especially if they’re independent lease standing you’re doing different business operations, different incomes coming in for them. And overall it’s better if things are separated so that they’re more clear, concise just from the accounting perspective. And then also from the tax perspective, and then also from the legal perspective.

[00:27:34] Mike: Interesting. How do you make when you’re in the pressure cooker, how do you make high stake decisions?

[00:27:40]Thompson: I think when it comes down to High stake decisions. And when it comes to tax planning, there’s a lot of different things to consider, but my go-tos are one doing as much research as possible so that you can really make the most calculated and elevated decisions. And we talked about that throughout this entire interview.

[00:28:02] Making and having the right information to make the right decision. So really using the best resources available to ensure that we’re getting the most up-to-date information on the tax codes. And then also making sure that the client’s goals and business situation is all there, so that we’re actually analyzing that.

[00:28:24] But then also in tax planning, You can utilize previous court cases and just other documents and information to support these things. So that you can make sure that you’re not going into this with some strategy that has not been back before. Because some of these things are loopholes and stuff like that, where it depends on how the business is operating, whether or not the strategy is, legal and able to be deducted.

[00:28:51] Mike: Yeah, nice. So what advice would you give a new investor today? Somebody maybe buying their first multifamily or their first real estate investment. What advice would you give them today?

[00:29:05]Thompson: I would have to say that it’s a great first step, especially if you’re just starting off, if you have W2 income or even if you are in real estate sales, but it’s a great first step.

[00:29:14] So the best advice that I can give someone just getting in is what we were talking about before with business ownership. You really want to make sure that you have these things set up properly. So you don’t want to think about these things after the fact. You want to be thinking about, okay, if I’m going to start a business, or if I’m going to start investing in multifamily properties, I need to have certain things in place.

[00:29:38] And one is proper business ownership. Two is your accounting, making sure that you have someone or the information available enough to you to make sure that you have that set up properly. I cannot stress that enough because on the folding and rewinding, it takes much, much longer than if you set it up properly the first time.

[00:29:59] So you’ll save time, you’ll save money in the long run, if you focus on getting these things set up properly. And then once you have those things in place you want to start looking at, okay. Based on what type of investing you’re getting into, how much income are you going to be generating? And once you’re looking at how much income you’re going to be generating that’s when you want to take a look at the tax plan.

[00:30:23] So again, these are all foundational things that people need to have in the forefront of their mind when they’re starting in this. Because, if you wait and you receive income, or if you wait too long, some of these strategies are no longer available for you. So if you’re waiting too long, then there’s pretty much a 100% guarantee that you’re going to be paying higher levels and tax.

[00:30:47] And then you’re probably going to be missing out on some crucial strategies that you can implement. And when it comes to income generating properties that opens up a whole world of niche, specific strategies that can be utilized. And you do not want to miss out on those, especially within the first year purchasing a multifamily.

[00:31:09]Making sure that you have all of that stuff in the forefront of your mind set up initially, is going to help save time, money, and ultimately tax in the long run.

[00:31:20] Mike: Nice. Thank you for that. So let’s lighten things up a little bit. And where are you calling from today?

[00:31:27] Thompson: I am calling from the queen city in Charlotte, North Carolina.

[00:31:32] Mike: Okay, Charlotte, great town. And I think I told you, my daughter just moved there.

[00:31:37] Thompson: Yes

[00:31:37] Mike: Living her dream life right now, good for her. Hey, what’s your favorite restaurant?

[00:31:45] Thompson: Oh my goodness. So I think I eat out so much. I have a lot of good go-tos. But one that I was introduced to pretty recently is a little bit on the outskirts.

[00:31:58]Down in  South Charlotte it’s called 37 soul and it is a kind of Mexican inspired restaurant and it is just amazing. We’ll go there just to eat appetizers, because it’s fantastic. And of course they have some good outdoor seating and a fireplace, so the ambience is good.

[00:32:20] Mike: Nice. Best Book you have ever read?

[00:32:23]Thompson: Oh my gosh. I have honestly read so many. I’ve got a stack of books behind me. But I would have to say one of the most recent ones that I’ve read that I think had a really tremendous impact on just some of the information that I’ve learned so far is financial freedom.

[00:32:41] And that is really talking about understanding money, how money comes about. It also gets you on that level, playing field of, the rich and taking what people might not have known and putting it into one book. And it’s really what I feel like from the blue collar perspective, because the author is self-made and I think that in real estate, and I think this is why I find it so interesting. And am also, just in this industry, is that I think something like 88 or 90% of all self-made millionaires is from real estate, right?

[00:33:22] Mike: Yeah.

[00:33:23] Thompson: So when someone is investing in real estate or getting involved in real estate, they already have a certain mindset.

[00:33:29] So the seeds are already planted. And what we’re doing here is watering those seeds and providing the missing key pieces, and being able to increase people’s financial intelligence, all of that good stuff, so that they’re able to elevate their mindset and really make their dreams come true.

[00:33:52] So financial freedom is a great one to show you that you can create something out of nothing. And that if you really educate yourself, you can start looking at things in this world more different. And you’re able to just play the game more strategically than if you didn’t have some of this knowledge.

[00:34:14] Mike: Very nice. Good, thanks for that. Hey so if the listeners want to get ahold of you and pick your brain a little bit, maybe engage you in your services, how would they go about doing that?

[00:34:26]Thompson: The best way. And I think the most valuable spot you can stop first is going to be searching me on LinkedIn, because that really goes over a lot about, the value that we provide and how it might fit for you.

[00:34:42] The next best step is going to be visiting my website. There is a lot of great resources on there. There is Just information pertaining to the here and now. If you’re looking for some general information, there’s tax calculators and different resources there that you can utilize from the tax perspective.

[00:35:01] And then of course, if anyone is more of a Facebook person they can find me on Facebook as well. But for the most part, I like to do both of my business on LinkedIn, so that it’s a little bit more personal field than through the website because it just is email. So I like to be able to get to know who I’m working with and for them to also get to know myself and some of the values that I hold myself to and those types of things. So LinkedIn is a great one to find me on.

[00:35:35] Mike: Great. And we’ll have your information on the website and in the show notes when this comes out. So that’ll be good too. Really appreciate you being here today and you’re full of a wealth of knowledge that’s for sure. And I know that a lot of the things you shared today I’m going to take to heart and I’m sure some of my other listeners are going to as well.

[00:35:53] So don’t be surprised if you get a phone call from somebody. And I want to thank you for being here. And thanks for listening in today. Thompson, you want to say goodbye real quick.

[00:36:03] Thompson: I appreciate everyone for watching and I really hope you found this stuff valuable and that it can start planting some of those seeds that starts turning your mind.

[00:36:12] And it gets you on that elevated playing field where you can really start getting to the goals and dreams that you’re searching for.

[00:36:21]Mike: That’s awesome. Thanks. And remember everybody follow us on social media and go to YouTube and subscribe for insider secrets every week. Look forward to seeing you next week.

[00:36:32] Thanks. Bye Thompson.

[00:36:34] Kristen: Thank you, Mike, and thank you for joining us for another great episode of insider secrets. As always, insider secrets is brought to you by my core tensions. Join us on social media and visit my core intentions.com where you can get expert coaching on all things, multifamily investing in property management.

[00:36:53] We’re looking forward to having you back again next week for more insider secrets.

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