Insider Secrets Podcast Episode #49

Featuring Guests: Brian Goodwin & Geoff Gann

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Guest Bio:

Episode 49 host & guests graphic


Standout Quotes:

“Cost Segregation at its core is a time value of money play” – [Geoff]

“Basically if you own a property and it’s an investment, most likely you’re looking at an opportunity to utilize cost segregation” – [Brian]

“To kind of grow both externally and internally is what I’m looking for” – [Brian]

Key Takeaways:

  • Brian describes himself in one word; “Learning”, and Geoff describes himself with the word “Education”.
  • Simply put, Cost Segregation allows you to get your future tax savings in the present time.
  • The longer you hold a property, the better a cost segregation study will work for you.
  • 2 types of Cost Segregation studies: one for an already existing property and another for properties you’re constructing from the ground up.
  • Best resources recommended include LinkedIn for brand management and outreach, HubSpot to manage activity, and the accounting community like CPAs.
  • Making high stake decisions: Brian shares that he goes with his intuition. Jeff’s method is to analyze the situation and expected results. 
  • Insider Secrets: Educate yourself on cost segregation and see if it makes sense. Also, cost segregation is not just for new properties, it can be done for properties that have been owned for a long time.
  • Brian notes that if you own a property and it’s an investment, most likely you’re looking at an opportunity to utilize cost segregation
  • You can do cost segregation on just one property, you don’t have to own multiple buildings.


Episode Timeline:

[02:35] Meet our guests today “Brian and Geoff” as they discuss Cost Segregation, with a focus on reducing tax liability in investment.

[04:35] In one word, what best describes you, personally and professionally?

[06:28] Brian and Geoff share their background

[09:41] What is Cost Segregation?

[17:35] Questions that multi-family investors should ask a professional, before engaging them to do cost segregation studies.

[22:02] What are the 3 best resources that you like to use in business?

[24:37] How do you make high stake decisions in your life?

[27:45] What do you suggest that the owner or operator in the Real Estate business look for today?

[30:58] What business goals does your company have for the next 12 months?

[31:46] Factors to consider when buying properties to know if cost segregation will be beneficial or not.

[35:52] What’s the best book you’ve ever read? 

“The Obstacle is the Way” by Ryan Holiday

“Remember Who You Are” by David Icke

[37:52] How to contact Brian and Geoff

LinkedIn – Incentax


Brian –

Geoff –


[00:00:08]Mike: Hey, good afternoon. It’s Mike with Insider Secrets and I am excited about today’s show. I’m joined by two guys that are going to talk to us about cost segregation. We’re going to actually do a deep dive. I’m joined today by Brian and Geoff. And Brian, why don’t you go ahead and tell the listeners what they’re going to learn today.

[00:00:28] Brian: Yeah, so we should hear a little bit more about what is cost segregation. How that can benefit your residential investors and really to think about it this way. If you love paying taxes, probably not going to be a great episode for you, but if you’d like to find out how can I reduce my tax liability, take home a little bit more cash to reinvest, then hopefully it will be able to help us put some of that information out there.

[00:00:53] Mike: That was an awesome wealth leader. You’re going to have to listen in to get the rest. See you inside.

[00:00:59]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.

[00:01:21] 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.

[00:01:37]Mike: Hey, good afternoon. And welcome back. I’m Mike, your host of Insider Secrets, and Insider Secrets is brought to you by My Core Intentions. Glad you’re here today. Hey, let me ask you, have you been thinking about your intentions lately? Where do you want to go? What you want to do? Your why, your goals, those are the things that are so critically important that are going to help you move the needle in your business forward.

[00:02:02] So education is such a crucial part of that. And today we’re going to really dive into some education. But first, I just want to remind you that at MCI, we invest in our client’s future. We have a couple of educational platforms. We help teach and help you create short-term cashflow and long-term wealth.

[00:02:20] You know what, the goal is to empower you through sound real estate principles, to do more in your business and live a balanced lifestyle. We get out of balance so easy. But anyhow enough about that, let’s dive in and start learning about our guests here. I’m joined by two guests today. I’m excited about that, Brian and Geoff, would you guys say hi real quick?

[00:02:45]Brian: Hi everybody, how is it going?

[00:02:48] Mike: Glad you guys are here today. I’m really excited about our show and the topic that we’re going to talk about. Cause we’re going to dig into cost segregation. But Brian has been helping businesses be more efficient and profitable his whole career prior to joining in Centex to lead sales and partnership development, brian spent 14 years as in payroll and HR industry. Where he helped businesses run more efficiently and while growing and leading a sales team. As part of Centex, he continues to help businesses by exploring opportunities in using R&D, tax credit and cost segregation to get positive cashflow. He takes the lead on managing relationships with clients and partners.

[00:03:34] And Geoff has over 20 years of professional experience related to cost segregation, management consulting, technology development, and engineering. Man oh man. I like Kevin guys out in the show smarter than me, but come on now. Really? Hey, it’s 2004,  Geoff has overseen thousands of cost segregation studies over a range of properties, including single family, rental properties, strip malls, plazas, industrial manufacturing properties, biggest resorts and casinos and high rise buildings.

[00:04:12] So obviously with our multifamily sector, Geoff is really gonna be able to help us a lot in that area. And “Incentax” Geoff leads the cost segregation practice, specialty shop focused on tax credits and incentives for helping small business individuals. Hey, you know what, I’m going to let these guys talk about their background themselves first.

[00:04:32] Hey, Brian, why don’t we start with you? And one question I always like to ask my guests is, and Geoff, you can be prepared for this as well, is in one word, what best describes you personally and professionally?

[00:04:47]Brian: Yeah, I would say probably learning. It’s a weird word. But for me, I think what motivates to me is the constant learning, whether it’s a new product, the process, new people.

[00:05:01] So for me, I think what drives me is I have a big appetite for learning and meeting new people, hearing new things.

[00:05:09] Mike: Yeah, I’m in that same ballpark. I love education and I talk to people all the time. How much are you spending on your education? I spent hundreds of thousands of dollars on coaching and training and seminars and books and tapes over the years.

[00:05:23] And I still don’t think I know enough or know what all and I think that’s how we grow. So that’s good. It’s a great word.

[00:05:32] Brian: I think I’m working on my MBA in audible right now. So I pretty much wear that out on a day to day basis.

[00:05:38] Mike: Do they have a coupon for that or?

[00:05:41] Brian: Laughing. I haven’t seen it yet. Yeah.

[00:05:44] Mike: Hey, how about you, Geoff?

[00:05:47] Geoff: I wish we compared notes cause mine was education. And so it’s all about growth whether that’s through podcasts or reading stuff, the online from a credible source or just bettering yourself through personal development. I’m all for that of type of thing.

[00:06:06] Mike: Yeah. Good. I don’t know, 48, 49, almost 50 episodes in on this podcast. And nobody’s ever mentioned education or learning. So my hats off to both of you, because you just hit a home run two of the same word in the same show so. I think that’s great, good for you guys. Hey Brian, why don’t we start with you, tell us a little bit about your background maybe roll your sleeves up, go a little bit more into depth and how you got into this space today.

[00:06:38] Brian: Yeah, absolutely. So I’ve been in sales and sales leadership 14, 15 years now. Spent most of that time in the payroll and HR world. And I was able to move up and I sold on the street and I led a team. I was able to be in regions and it was just had the opportunity to come on board with Incentax, Geoff and our other partner.

[00:07:01] To really help take what was, what I like to call a boutique cost segregation, R&D tax credit company. And really be able to help take it to the next level. Be able to improve some partnerships from outreach and, put a little bit of process around that to be able to scale the organization.

[00:07:20] And the advantage is most of my time was spent in the corporate world, corporate America, and there’s benefits and there’s some great things and there’s some things that may hold you back. But then with Incentax, it really is the opportunity to come into a small business that everybody’s invested and we’re all shooting for the same goal. So, my journey here that Geoff’s our expert in cost segregation and really what my job is to go out in and help create those relationships and find new partnerships and clients.

[00:07:56] Mike: Yeah, that’s awesome. And how about you, Geoff? Why don’t you talk about your background a little bit more. I know it’s pretty healthy background and brings you to this place where it’s really effective for the small operator or the big operator for that man.

[00:08:14] Geoff: Sure. Absolutely. So my background in engineering, but as I graduated with a bachelors in computer science, so I was a developer for a while.

[00:08:25] And in the world of cost segregation, you can’t go to school for it. So everyone that stayed in this niche industry got pulled into it somehow some way. And for me, it was my college roommate. He introduced me into the the career field several years after college. And so I was programming for a while and then I may just switch it over into cost segregation because even though a lot of cost sake is still 90% behind a computer screen.

[00:08:57] And I wanted a little bit more interaction with people and cost segregation through the travel, through the consulting of business owners and property investors, I got a lot of that. And so I like it a lot.

[00:09:11] Mike: Yeah. Listen, I know I’ve got some listeners right now that are doing this going God, what the heck is cost segregation.

[00:09:19] So can you bring some clarity to that big picture of what that actually is and what we do and the process and how it helps. So I know it’s okay. There’s probably five questions there. But tell us what cost segregation is.

[00:09:38] Geoff: Sure, absolutely. So there’s like you said, there’s going to be a long version and there’s going to be the short version.

[00:09:44] So I’ll go with the 50,000 overhead view of it. So cost segregation, what it does is it essentially gives you your future tax savings in the present time. So like you have an investment property. The government through depreciation allows you to recover the cost of that asset in our case multi-family properties.

[00:10:12] So if you buy a multi-family property, you’re going to get this benefit called depreciation over a set amount of time, 27 and a half years. Now what cost segregation does is it allows you to get your future tax savings. So your tax savings in years, 2021, 2022 all the way through 2025 and they’ll give you that upfront now.

[00:10:40] So it allows you to take a bigger chunk of your depreciation.

[00:10:45] Mike: Okay, great. So when we start to talk about depreciation and we talk about taking depreciation quicker or accelerated depreciation, we might be a little ahead of the game with this question, but let’s dive into the claw back piece, right?

[00:11:02] At what point does the IRS start to claw back on their depreciation when you trade onto the property?

[00:11:13]Geoff: There are very few reasons why a cost segregation study would not be recommended. And one of those reasons is if you plan to sell the property in the short term, So anytime you sell a property, there’s something that’s called recapture tax.

[00:11:34] In which like you’ve mentioned, the IRS will want to claw back those benefits that you took with the accelerated depreciation. And so the rule of thumb, there is generally a holding period of about three to five years from the time you implement the study in other for the benefits to even out. Now of course, for longterm holding that they benefit the most long-term investors, because the longer you hold the property, the better a cost segregation study will work for you.

[00:12:09] Mike: Okay. So it’s about the length of time then that you actually hold a property. And one of the things that I teach is about exit planning, right?

[00:12:19] So, part of exit planning could be a recapitalization of the property. Where you refinance the property. What if you do that? So I’ll give you an example. So I would run a spread on a deal maybe 10 years and I’d say, okay, at year seven, that’s my sweet spot. If I’m doing cost segregation along the way and at year seven, I refinance that deal, but don’t give up controls, continue to own it. I eliminate any of those issues with the recapture domain.

[00:12:53] Geoff: Unfortunately it doesn’t work that way. So when you originally purchased the property, your accounting or your tax preparer puts that asset on your books.

[00:13:04] And so whatever the original purchase price was of that property, that’s the basis that cost segregation works out but. So any sort of financing that happens behind the scenes doesn’t affect that asset on your books.

[00:13:20] Mike: Okay. Interesting. So my understanding of cost segregation has always been this, if I put a door name in place  and this is how somebody explained it to me like very simplistic, if I put a new door name in, instead of expensing it and only taking that deduction once, I capitalize it and I make it as part of the improvement.

[00:13:45] Which increases the value and then I can depreciate it over time is in a simplistic form. Is that really how it works?

[00:13:56] Geoff: Yes. So there, when it comes to improvements or capital expenditures that you make to properties, there is a way of viewing these improvements. One category is repairs and maintenance in which you can fully write off the cost of those improvements.

[00:14:13] Let’s say. You repaired some partition walls or something like that in a property, but they’re all other capital expenditures that have to be depreciated. Say for instance, you’ve replaced your HPAC units outside. Now, once you replace those assets, the tax laws are there’s a specific recovery period for each of these assets.

[00:14:42] And so you have to be depreciating those assets based on the tax loss. And one thing that often gets confused is that the recovery period is not the same as the useful life. So in our example of replacing HPAC and it’s you might replace an HPAC unit every seven to 10 years. But the recovery period, unfortunately is the length of the building. So you’d have to depreciate that over 27 years.

[00:15:16] Mike: Okay. Interesting. So what’s the process. How does the process work?

[00:15:22] Geoff: Sure. So the process of the cost side study is you can think about it as an appraisal. But it’s used for tax purposes. So there’s two types of cost segregation studies. One is if you’re purchasing a property that’s existing.

[00:15:37] So you’re buying an existing multi-family property or you’re constructing it from the ground up. Now the process is similar between both of those, but in new construction projects, we’re looking at detailed blueprints. We’re talking to your general contractor, looking at the payment application to see exactly how much costs you’ve spent to build that property.

[00:16:02] Whereas in an acquisition project where we’re going on site and we’re taking our notes and measurements, and then we go back to the office and we create costs models of everything to recreate the entire property. And then once you’ve rebuilt that property, then we segregate all of the assets into their property tax sites.

[00:16:28] Mike: Interesting. So is there a length of time that the process takes two to put this all together?

[00:16:36] Geoff: Yeah. From the time we receive all of the information, it can take anywhere from three to four weeks. So about a month.

[00:16:45] Mike: Okay. It doesn’t take real long. It’s something that can get done pretty quickly, huh?

[00:16:51] Geoff: Yeah, absolutely. And as we get closer to tax deadlines we get a lot of last minute projects where we have to turn over the projects really quickly. So of course larger properties take up a lot larger amount of time, but in general you can turn around the project relatively quickly.

[00:17:10] Mike: Interesting. So, what are some questions that an investor multifamily investor operator should be asking people like yourself in your industry before they engage with them to do their cost segregation study?

[00:17:32] Geoff: Yeah. So one of the nice things we have Incentax is if you are hesitant or wondering if a cost segregation study can benefit you, we’re always glad to run the numbers beforehand and give you an estimate of your benefits as well as a quote for the fee of a study. So that way you’re going in knowing exactly not exactly how much you’re benefiting, but you’ll know exactly what the cost is going to be. And you can review that with your accountant or tax preparer.

[00:18:05] Mike: Interesting. So when you talk about benefiting and the benefits, is it going to increase my cashflow or is it going to be on the wealth management side and really increase the backend profitability on property?

[00:18:22] Geoff: Good question. So constantly is all about cash flow. So we started with saying that cost SEG allows you to take your future tax savings and gives it to you now.

[00:18:33] So let’s say that you’ve made a hundred thousand dollars in a year and your normal depreciation was just by owning the property $20,000. Now with the cost segregation study, we might find a Dutch hymns upwards of $200,000 to $300,000. So then instead of being taxed on your income that you made before $80,000, it might be your net income and net taxable income might be reduced down to zero.

[00:19:07] So all of that savings that would normally go to your tax payment, you get free right now. So it’s that cashflow is unlocked. And so cost segregation at its core is a time value of money play. It’s all about opportunity costs that the money that you save now from not paying those taxes, you can use to base on capital expenditures, buy another property, invested somewhere else and so forth.

[00:19:40] Brian: And I think that’s the, point that sometimes sends it home for people who maybe aren’t familiar with this and they’re trying to figure out, Hey, this cost segregation makes sense because I’ve had conversations where somebody says why wouldn’t I want to take that benefit over the 27 years.

[00:19:56] I might want to space that out. There’s some good benefit to that. Obviously that’s the option, or you can do that, but it’s the same idea. Would you rather have 27 years worth of me right now that you could then, if we got investment minded people here, you can take that full chunk of money and invest that now and get returns on that now, versus it being like an annuity that pays out every 27 years.

[00:20:21] And so that’s really that benefit. You’re going to get it one way or another. It’s just do you want to wait 27 years for the full benefit or are we pretty much like most of society is right now. We want it all right now. I take it all right now. And then now that you have that benefit, what can you do with it?

[00:20:37] And that’d becomes at time value of money, right? Now that you’ve got that money. How can you grow that in other ways?

[00:20:43] Mike: Yeah. I equate this all the way back to the beginning of this conversation where you guys, your words were about learning and education, right? These are things that aren’t taught in school, right?

[00:20:55] And we’re not taught at the educational level about this. And it’s things that we learn on the street in business, being an entrepreneur, being a leader, you start to learn these other ways of creating cashflow and long-term wealth. And that’s what I love to teach. And that’s what I like about this subject is that we’re bringing more of that value to the listeners, which is really awesome.

[00:21:23] So, here’s a couple of things I like to always do on the show. And that’s to ask some generic questions about business and leadership and things like that. Geoff, tell us what are the three best resources that you like to use in business for technology, systems, team building, those types of things?

[00:21:49] Geoff: Sure. One of the big things that cause almost everywhere is the internet, right? Especially in this pandemic world where we’re largely staying at home or keeping distance. If a great resource that I use is, the internet. And that’s because in my industry in the tax industry you often hear new tax changes and the IRS, they release stuff on their website and there’s a whole world of information I can get.

[00:22:22] That’s just literally at your fingertips there. Another resource that I use is just the processes. So sticking to a known process, reiterating to make it like a best practice and staying true to what you’re going to do. Not taking any shortcuts.

[00:22:40]Mike: Sure. Yeah, interesting. Good for you. How about you, brian?

[00:22:43] Brian: For a lot of what I do, it’s that outreach and one of the biggest tools, it’s the way that you and I met Mike at LinkedIn. Utilizing LinkedIn for just would it be of the brand management and the outreach.

[00:22:58] And it really is the way to connect, especially in the times we live in now. So that’s probably the biggest tool that we use right now. Also when you manage a lot of the stuff that we’re doing through HubSpot. So it’s honestly, a lot of people use HubSpot for various things, but it’s a great way to manage activity through accounts.

[00:23:17] And then from a people resource, one of the things that we lean on we lean on very heavily the accounting community. CPAs accountants, we try to partner with them a lot just because everything we do on our side, it’s a specialty service. And a lot of your accountants are generalists, right?

[00:23:35] They have to know a little bit about 300 different things. And so when something needs a deep dive, I like cost segregation or other product R&D tax credits, that’s been our resource that we become their resource to outsource that deep dive.

[00:23:51] Mike: Yeah. Very interesting. How do you make high stakes decisions?

[00:23:57] Brian, let’s start with you on this one. We’re all faced as business owners, as leaders, and especially in this time in things that are going on in the world, we’re faced with choices and decisions, right? How do you make high stakes decisions in your life?

[00:24:13]Brian: I think this is a good personal question, right?

[00:24:16] Because think everybody would definitely tackle this differently. One of the things I’ve learned over the years it hasn’t bitten me bad yet. So I still go with it as I go with my gut. Like honestly whatever my initial decision is usually the right decision. Now, I have to go back it up and I need to do some research. For me, if my gut isn’t telling me that this is the right thing, because the couple of times I’ve gone against my gut, it’s bitten me.

[00:24:49] And so I’ve learned to just listen to my own intuition and that’s the leader for me to say, Hey, is this something that is even a viable choice?

[00:24:57] Mike: Sure. How about you, Geoff?

[00:25:00] Geoff: I like to think about all of the likely scenarios that can happen from a decision and then see which ones are more likely than others.

[00:25:11] And in which scenarios you would want the outcome to be. So although you face some sort of analysis paralysis where you just have so much information coming at you in all these different situations, I think you have to narrow it down as to which scenarios are likely given the results that you want.

[00:25:31] And so acting on those types of results should guide you. And then once you’ve made a decision, be confident with it. So it goes to what Brian’s saying with, go with your gut If you’ve thought about a decision, just trust in that process and stick to it.

[00:25:52] Mike: Yeah. It’s it’s so important. It’s so loud, especially with social media today, we’d get hit with all these messages. I think the old statistics were like, you got 4,000 messages a day and it’s probably 10 times at now. So from all over different areas, so it’s tough to make choices and decisions sometimes, right?

[00:26:16] Geoff: Yeah, absolutely. We’re almost always dealing with the world where you’re dealing with imperfect information, so you’re never going to have a hundred percent of things. So you’ve just got to go based on your experience and what you want as the result.

[00:26:33] Mike: Sure. So this show is called insider secrets. And what we like to do is provide tips and strategies for the investor, the owner operator. And I’m hoping that both you guys have something to share today in that arena. Geoff, Jeff, let’s start with you. And what would you suggest that the owner operator look for today and in your space or not? So.

[00:27:03] Geoff: Sure. Yeah. So I’m just gonna go with cost segregation study. So once what’s surprising to us is when you’ve had clients that own single family rental homes that do cost segregation studies, like these properties are relatively lower than basis and say our commercial property clients. However, we’ve run across investors that have a million dollar portfolio of properties.

[00:27:33] And they’ve never heard of cost segregation studies. So the insider tip I’d like to say is now, educate yourself a little bit on cost segregation. I see if it fits with you and if it makes sense, then usually that’s something that could benefit you, especially with cashflow banking.

[00:27:53] Mike: Yeah. Awesome. Brian, go ahead.

[00:27:57] Brian: Yeah. So I’m going to pick it back a little bit of what Geoff said, I’m one of these. And, we’ve talked a little bit about how, if it’s a new construction, if it’s a new purchase, it’s a great opportunity to grab that cost segregation, because you’re getting that full value.

[00:28:11] However, if a property’s already owned, somebody has already has it in that portfolio, maybe they’ve had it, they’ve owned it for five years. They’ve owned it for 10 years. There is still depreciation that can be added in. So don’t think about this as, Hey, I just need to do this cost segregation on my next purchase.

[00:28:28] If you currently own investment properties, commercial properties in a cost segregation study has not been performed on it in the past. You can perform that on the whole group. So it’s not just a new purchase option. It is something that is available for properties that somebody already has in their portfolio.

[00:28:48] And the other piece would be, this is a question that’s come up. And I think sometimes this happens with some of your smaller multifamily. But let’s say we had somebody who bought a million dollar building and had three units in it. The owner lives in one of those units. Question is, Hey can I still use cost segregation on that?

[00:29:07] They can, we just push out that one third that they live in because they cannot do the cost segregation on their own residents. But then the other two thirds of the building, we’re able to do a cost segregation on that piece of it, because that is for a commercial use and investment use.

[00:29:24] So sometimes people think that may rule them out, but there’s basically if you own a property and it’s an investment, most likely, you’re going to be looking at an opportunity to utilize cost segregation.

[00:29:35] Mike: Sure, interesting. Hey what my hesitation was before was Geoff you had made a comment and it made me think, can you do cost segregation on one single family house?

[00:29:48] Geoff: Absolutely. Absolutely.

[00:29:51] Mike: I want the listeners to be aware of that, that even if you own just one building, you don’t have to own multiple units. There’s one property or one house. What business goals does Incentax have for the next 12 months?

[00:30:07] Brian: I think for us the organization is 10 years old. It’s run really well. We’ve got a strong group of people. But it’s really to say, Hey, can we share this with more people? Can we be a resource to more CPAs, to more real estate professionals, more investors. And in doing that, what that’ll do is it’ll scale the company a little bit, that will help us share our mission with others who want to be a part of it. To grow both externally and internally is what I’m looking for.

[00:30:41] Geoff: Absolutely. I would just agree with that.

[00:30:43] Mike: Okay. Great. So if I’m out shopping deals today, is there any thing that I should look for upfront before I buy something? That would make me aware of that cost segregation would work or wouldn’t work or would be more beneficial or not?

[00:31:04] Geoff: Yeah, absolutely. So when you’re looking for a property. A lot of times, there can be a differentiation of this property you can just buy and this asset will start making money for me. Whereas other properties you might have to put in a lot or a significant amount of money to improve on from those properties.

[00:31:26] The beauty with cost side is you can do a cost segregation study, for both of those types of properties. So if you’re acquiring a property and putting in a lot of work in renovations, you can also get the benefits of those renovations to a property. So it’s good to know what sort of cap ex or spends you’re going to be doing on improvements when you’re looking for a property, whether that’s in your budget or not, but just to know that from a cost seg perspective, you’ll get a benefit on both sides of that.

[00:32:00] Mike: Great. Hey, so this is where we get to the fun part of the show now. And with two people, I think this’ll be great. Cause you guys are both in different parts of the country. Geoff you’re in California and Brian, you’re where again?

[00:32:16] Brian: Arizona.

[00:32:17] Mike: That’s right. Why don’t you guys each tell us what your favorite tourist attraction is?.

[00:32:25]Geoff: In our own state or?

[00:32:28] Mike: Yeah. Where you’re from, where you reside.

[00:32:34] Geoff: All right. I gotta come back to definitely if you’ve ever been to California, Southern California, you’ve got to visit Hollywood. And you might see the walk of stars off on the ground and whatnot, but one of the things what shocks most people about when they visit Hollywood is and maybe I’ll be blasted for that, but it’s dirty play. There’s some panhandlers and things like that, but there’s definitely a lot of history there and it’s what makes LA so you can be one street that can be really nice and another street and not be the greatest, but there’s a lot of activity there. So I would say if you’re coming to Southern California, you gotta visit Hollywood.

[00:33:26] Mike: We wouldn’t buy nothing like it.

[00:33:28] Geoff: Yeah.

[00:33:30] Mike: Brian, how about you?

[00:33:32] Brian: Yeah, so I can cheat and go really easy and say the grand Canyon. Cause I guess that supersedes everyone. But the interesting thing about Arizona is there are so many awesome things that if some of the different areas were in other States, it would be the number one attraction in that state.

[00:33:51] But we just have about 17 of those here. So it’s we’re fortunate to have so many, but if I had to pick one that it’s easy to describe distance is gonna be a little bit easy too, so Flagstaff, Arizona. And then you’ve got the snowball which is a ski mountain.

[00:34:08] And that’s what throws people off a lot. Like right now here it is middle of January and it’s going to be 70 degrees and sunny here in Phoenix, but you can jump in your car, drive two and a half hours, and you can be in Flagstaff and being a pine forest, you can be in freezing weather and you can be, skiing or snowboarding.

[00:34:28] So, just that cheer extreme difference you get in a two and a half hour drive and be able to have access to that stuff. That’s one of my favorite places.

[00:34:35] Mike: Yeah. Awesome. Awesome. How about the best book you’ve ever read?

[00:34:40]Brian: So, I’ll jump in on that one real quick. So, there’s an author, his name’s Ryan holiday, and he’s got a couple of books out and the one that is been impactful for me and I read it a couple of times in my life is called “The Obstacle Is The Way”, and it’s a great book when it comes to mindset.

[00:35:00] So when you feel like you’re up against the wall or you’re struggling or having troubles. It’s one of those books that can help level statue and get you in that right mindset to keep moving forward and achieve what you’re looking to do.

[00:35:15] Mike: Nice.

[00:35:16] Geoff: Nice, mine is somewhat similar. So remember the last day of school, where or college, where the professors took a little bit of a day off and they told about life. They told stories about life what to expect out of life and what their personal life journey was. So that there’s this book that I’ve referred to alive.

[00:35:43] It’s fairly older book and it’s hard to find now, but it’s called “Remember Who You Are”, by Daisy Wakeman. And this book is a collection of from 15 professors. And it’s about what they talked about on the last day of their class. And so that’s a lot of life stories in there and I always enjoy those types of life stories.

[00:36:05] So I really liked that book. It’s really short, easier to read, but it’s, powerful.

[00:36:12] Mike: Interesting. That sounds really interesting. I always like those types of biographies or life story or situation. I think we live in a culture where story driven learning really helps too. Hey Brian, if people want to get ahold of you or Insentax,, how do they go about doing that?

[00:36:35] Brian: Yeah the easiest way is LinkedIn. We’re easily found there. So it’s Incentax, I N C E N T a X. You can find our company page. You can find me under Brian L. Goodwin on LinkedIn. And then we also make the email real easy. So for it to get me it’s and for Geoff he’s GG.

[00:37:01] So we have BG and GG. We make it easy.

[00:37:04] Mike: Wow. So not to be confused with the BGS.

[00:37:10] Brian: Maybe that’s our new thing.

[00:37:12] Mike: I can capitalize on that. That might be good. So any last comments or thoughts for the listeners?

[00:37:21]Brian: Hey Mike thanks for, having us on. I enjoyed our initial conversation and thanks, and hopefully some of your listeners get something out of this.

[00:37:30] Mike: Yeah, it’s been great to get to know you guys. Go ahead Geoff.

[00:37:34] Geoff: Absolutely mike, I was just going to say that thanks for putting out this type of content. It’s very educational. It helps a lot of people. And so keep doing what you’re doing and thanks for having us.

[00:37:45] Mike: Yeah. Thanks, I appreciate that. It’s been really great to get to know you guys and learn a little bit more about the process and Hey listen in every Tuesday. Go to Apple and Spotify and like us and love us and all that crazy stuff to help our ratings go to YouTube and subscribe, subscribe on Apple, follow us on social media. And I look forward to seeing you here next Tuesday.

[00:38:08] 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 Intentions. Join us on social media and visit where you can get expert coaching on all things, multifamily investing in property management.

[00:38:27] We’re looking forward to having you back again next week for more insider secrets.