The Untold Solutions We Overlook with Jeff Hiatt

Speaker 1 Hey, let me tell you about my good friend Jeff Hyatt over at MSC Consultants, and check out his episode if you've missed it.

Speaker 7 With today's volatile interest rate environment, real estate investors are looking for every advantage legally available.

Speaker 3 More and more are realizing that accelerating depreciation allows them to free up cash flow, enabling them to acquire their next property sooner.

Speaker 13 MSC's approach to cost segs is the answer.

Speaker 15 If you've got properties out there you haven't done cost segs on, you're paying too much in taxes.

Speaker 17 MSC's approach to cost segs is the answer visit them at www.costsegs.com that's www.costsegs.com and ask for my good friend Jeff

Speaker 19 this is Wake Up to Wealth a podcast dedicated to helping you change the way you think about wealth and now here's your host Brandon Brittingham

Speaker 18 Hey, what's up everybody?

Speaker 20 We are back with another episode of Wake Up to Wealth. And I've got a gentleman in the studio that I met recently in the boardroom mastermind.
And he's got his friend here with us, Thor.

Speaker 20 You might catch glimpses of him on the podcast. Jeff Hyatt, thanks for coming here today.

Speaker 18 Brandon, thank you very much for having me. I'm thrilled to be down here with you today.

Speaker 20 So the cool thing, one of the things we're going to talk about today, right, is probably one of the most misunderstood and just a ton of misinformation out there.

Speaker 20 And you guys know that if you follow me on social media, if you listen to the podcast,

Speaker 20 I bring people on here that teach you ways to become more wealthy. And one of the biggest things is I actually had this conversation with somebody yesterday

Speaker 20 that started coaching with me. And

Speaker 20 we were talking about how much money you made last year. And I said, that's not how much money you made.
And he's like, what do you, he got offended. What do you mean?

Speaker 20 I said, well, you made that minus 48%

Speaker 20 for state and federal taxes. And he said, oh, shit, you're right.

Speaker 20 And so one of the things we're going to talk about today is depreciation through real estate, specifically what you're an expert on, which is cost segregation, right?

Speaker 18 That's correct.

Speaker 20 And so it's so crazy to me, the amount of misinformation. wrong information, bad advice people get on this subject.
So I'm excited to have you because this is the shit that people need to hear, right?

Speaker 20 And the right information.

Speaker 20 So like just

Speaker 20 someone, probably most people, even that are listening to this show, they don't even understand, like, explain depreciation.

Speaker 20 And then, behind that, if you wouldn't mind, explain cost segregation so people understand it.

Speaker 18 Absolutely. Thank you very much for asking.
Those are great, great lead-in to the conversation here today. So,

Speaker 18 and just a little bit of background on myself, just to put it out there. Absolutely.
We've been the firm I'm with, MSC, MS Consultants. We've been doing cost segregation studies since 96.

Speaker 18 yeah i joined the firm in 99.

Speaker 18 we have at this point 10 accountant types and 17 engineer types who do the work we're all internal we've done about in total about 24 000 studies plus or minus since back in the day wow with that said we have some experience here and um if you don't do anything when you buy a property whether it's um

Speaker 18 a restaurant building,

Speaker 18 industrial building, any kind of building out there, you're going to have 39-year depreciation.

Speaker 20 And what does that mean?

Speaker 18 Meaning,

Speaker 18 and let me just finish up one other thing. If it's a residential rental, apartment rental, then it's 27 and a half.

Speaker 20 So I got that out there.

Speaker 20 Same with single family?

Speaker 18 Same with single family. If you're renting it out, 27 and a half year.
So that means that the IRS.

Speaker 18 will allow you to take a deduction against earnings

Speaker 18 when you've bought, let's say you bought the building for a million dollars, just so it's round, and we have to take out 20% for land, land being non-depreciable.

Speaker 18 So now we're at 800 grand. And so you're at 800 grand and the IRS will allow you to deduct the 800 grand divided by 39 or 27 and a half years.

Speaker 18 And that becomes your depreciation deduction against income. from that property.

Speaker 20 Got it.

Speaker 18 So that's what it is to start.

Speaker 18 And many times people have done that for years and years and years, or they just bought it this year and they're thinking they're going to only have that option.

Speaker 18 But if they hear about it, cost segregation, and I ask them, if I said to you, Brandon, hey,

Speaker 18 I know you're going to, you, you were talking about depreciating the building over 39 or 27 and a half. Would you rather wait 39 years for a deduction or would you rather take a deduction today?

Speaker 18 Most people are going to say, gosh, I'd rather grab it now versus waiting. I don't know if I'll be alive in 39 years or 27 and a half.
Don't know if I'll own the building.

Speaker 18 Don't know what the tax code's going to be. If I can get some of it today, then I'll take it today.

Speaker 18 And so that's what we help people do: accelerate the depreciation deductions on their buildings because the IRS will also, if it's properly identified, allow you to take items over five or seven or 15 years versus 39 or 27 and a half.

Speaker 18 Got it.

Speaker 20 So like,

Speaker 20 you know, you buy a building. So like the HVAC or like, like, how does that work where you get some, some accelerated depreciation on some of the items?

Speaker 1 Hey, let me tell you about my good friend Jeff Hyatt over at MSC Consultants and check out his episode if you've missed it.

Speaker 7 With today's volatile interest rate environment, real estate investors are looking for every advantage legally available.

Speaker 3 More and more are realizing that accelerating depreciation allows them to free up cash flow, enabling them to acquire their next property sooner.

Speaker 13 MSC's approach to cost segs is the answer.

Speaker 15 If you've got properties out there you haven't done cost segs on, you're paying too much in taxes.

Speaker 5 MSC's approach to cost segs is the answer.

Speaker 16 Visit them at www.costsegs.com.

Speaker 2 That's www.costsegs.com and ask for my good friend Jeff.

Speaker 18 So the IRS says a building to be a building has to have certain things. Right.
Okay.

Speaker 18 And so those things are the walls the windows the doors the roof the hvac plumbing for a bathroom and the electrical for lighting those are the structural components or the 39 or 27 and a half year items yep the items that are not in that category are basically from when you drive onto the property So you're coming off the public road and now you've entered your property, just like coming here.

Speaker 18 So there's parking lot, there's compacted gravel underneath the asphalt there's striping on the parking lot there's fences there's walking uh grass areas for dogs uh there's fencing there's ramps there's all kinds of stuff outside of the building to the property line 15 year category whether you're talking apartment or the other categories 39 year then you get inside of the building and you've got things that are not And this is a layman's term here, so it's not exactly correct, but anything that's facade gets to go into a faster life so for instance the trim on the uh on the walls or the engineered flooring or the nice wood backdrops thing anything that is not structural get for the most part gets to be in that faster life understood five years or seven years okay all right so um you gave a great example of the 800 and this is bubba math we're not holding you to it because we're doing this on the fly but take this same scenario of that million-dollar building.

Speaker 20 What does that look like in a cost seg?

Speaker 20 And I know there's a thousand variables that go into this, but just for someone's listening so they understand: all right, so we got this eight, we've got this million-dollar building, we got 800 we can depreciate.

Speaker 20 If we do a cost seg, what does that look like?

Speaker 18 So, that could depending on, like you said, a number of variables, sure. One of them being,

Speaker 18 well, it could be somewhere between 25%,

Speaker 18 15% and 25%

Speaker 18 of that 800 Of the 800. Got it.
Okay. To go into a faster life.
Right. And then you've got bonus depreciation in there too, which helps turbocharge what we're talking about.
But with that said,

Speaker 18 typically the difference between a 15-year reallocation and a 25-year allocation is going to be the difference between an urban setting.

Speaker 18 versus a suburban setting. Got it.
And that really comes down to then mean, what is the 15-year property going to be?

Speaker 18 In a suburban setting, you've got more parking lot, walking trails, maybe in an apartment complex or maybe, you know, a home, might like a residential rental home, might have a play yard area, might have fences, driveways, all that.

Speaker 18 Whereas if you're looking at

Speaker 18 a property in an urban setting where the building is... kind of plopped down on the street with maybe a little sidewalk, they're not going to have an irrigation system.

Speaker 18 They're not going to have planting beds and shrubs and trees and mulch and things like that so that's somewhat the differential got it so rough math and correct me if i'm wrong on this because i'm doing it on the fly but let's just say we're we're using this for just an example we get that million dollar building yep 800 000 depreciation yep let's say we hit that 20 number yep so that's 160 000 yet we can take in the year we buy it you can take in the year you bought it yep depending on when you bought it because you can go back retroactively i was going to ask you that next so do you want me to cover that right now uh go ahead yeah okay so um if you bought it technically you can go back to 86.

Speaker 18 so as a notion point you could go back to when the tax law changed which was the tax reform act of 86 um took away investment tax credits and at that point everything became straight line so you can go back to then and fix it without amending your tax return wow the reality is I did not know that.

Speaker 20 Yes.

Speaker 18 Seats, Thorpe.

Speaker 18 Sorry.

Speaker 20 We got Thor was in the studio with us and he just walked off camera.

Speaker 18 Sorry about that.

Speaker 18 Anyway,

Speaker 18 so you can go back. He's late.

Speaker 20 He likes my cameraman.

Speaker 18 He does. He does.
Hey, buddy. How are you doing?

Speaker 18 So every Thursday is Thursday. That's right.
So and today is Thursday or Thursday. So

Speaker 18 you can go back without amending and fix the depreciation you could have taken, but haven't yet taken. Seats?

Speaker 18 Seats.

Speaker 20 So,

Speaker 20 you know, I didn't know that. Yes.
That's the first for me because I actually had, we had somebody in here yesterday who I was telling you about this gentleman off camera.

Speaker 20 And he's got nine properties that he's owned for a while. And I said, what do you think they're worth? He said, a million bucks.

Speaker 20 And I just, I said, well, that's probably about 200K was, you know, bubble math. Right.
And so let's take this one step further. And again, correct me if I'm wrong, because I have a CFO.

Speaker 20 I don't, I don't do taxes. I don't do any of this shit.
That's why I have people like you that are way smarter than me.

Speaker 20 So someone who the IRS, and if I butcher this, correct me, in real estate, from the way my CFO explains it to me, because I'm a real estate professional, I can take those losses against my active income.

Speaker 18 You can, yes. Okay, I got it right.

Speaker 20 That's right.

Speaker 18 Okay, good. Okay.

Speaker 20 So for those of you you who are out there listening to this, think about it.

Speaker 20 The example he just gave, we take that $160,000. I can then use that loss against my active income that year.
Am I saying that right?

Speaker 18 You're right. As long as you're a real estate professional.

Speaker 20 As long as you're a real estate professional, right?

Speaker 20 And that is something that you got to figure out with somebody that's smarter than me because we are not CPAs.

Speaker 20 But most of the, a lot of people that listen to the show are probably real estate professionals. You're investors.
You're on the agent side, whatever the case is.

Speaker 20 But this is why wealthy people do this, yes.

Speaker 18 Oh, yes. I mean, it is a great way to accelerate your wealth accumulation too, because what it allows you to do is grab that money that would have been sent to Washington, D.C.

Speaker 18 And most people say they would rather control the dough.

Speaker 20 And they're going to blow it, by the way.

Speaker 18 Yes, you're right.

Speaker 18 So, as opposed to sending it there,

Speaker 18 they get to retain it. And guess what they get to do then?

Speaker 18 They can take that deduction of 160K and go and use that tax benefit that tax savings to go buy another property more quickly or improve their current properties without um having to borrow money right so now they can fix up their properties guess what they can do then increase the rent because now it's a better um value property they can probably as part of the burr conversation refinance it now with a higher value and then they get to redo the whole thing again um so that allows them again to just go ahead and accelerate their wealth accumulation and retention.

Speaker 20 So why do you think there is, so I run into this all the time. And you and I sat in a room with a bunch of really smart real estate investors.

Speaker 20 And I would, if we polled that room when you got done talking, I would bet 60% of the people in the room had no idea about this, right?

Speaker 20 Why do you think there's so much misinformation or misunderstanding? I mean, I know taxes are complicated, but like, this is a big deal.

Speaker 20 And people don't under, they don't know this or they don't understand it.

Speaker 20 And then a lot of times I, you guys that follow me know, I coach a lot of people and teach them how to run a real estate investment business like we do.

Speaker 20 And we're in a, Jeff and I are in a mastermind that's for real estate investors.

Speaker 20 And a lot of times what I hear is they're like, well, I talk to a professional accountant or whoever, Not all accountants are bad. That's not what I'm saying.

Speaker 20 But they tell them not to do it or they tell them a price that's outrageous that it doesn't make sense to do it. It's like, there's no across the board.

Speaker 20 Like it's just so misunderstood and so many misconceptions.

Speaker 1 Hey, let me tell you about my good friend Jeff Hyatt over at MSC Consultants and check out his episode if you've missed it.

Speaker 7 With today's volatile interest rate environment, real estate investors are looking for every advantage legally available.

Speaker 3 More and more are realizing that accelerating depreciation allows them to free up cash flow, enabling them to acquire their next property sooner.

Speaker 13 MSC's approach to cost segs is the answer.

Speaker 15 If you've got properties out there you haven't done cost segs on, you're paying too much in taxes.

Speaker 5 MSC's approach to cost segs is the answer.

Speaker 16 Visit them at www.costsegs.com.

Speaker 2 That's www.costsegs.com and ask for my good friend Jeff.

Speaker 18 You're absolutely right on all of that. So

Speaker 18 our firm is part of, and some of our tax professionals are part of a group called the ASCSP, which is the American Society of Cost Segregation Professionals.

Speaker 18 So within that group, there's a lot of research that is done. It's the overarching

Speaker 18 authority within the CostSeg space. And it's estimated that about 30% of the people that could have taken advantage of CostSeg have done it.
In other words, 70% have not.

Speaker 20 And the IRS isn't showing up saying, hey,

Speaker 18 typically, no, no they don't go hey you should be doing a cost seg yeah you you got a bunch of money sitting in your properties that you don't have to pay us that's correct that's not the typical conversation with the irs so with that said um what ends up happening is they talk maybe they talk to an accountant and the accountant goes well you're going to get the depreciation anyway why bother hiring a cost seg company yeah because it's the same amount we're not giving more depreciation but to my earlier comment if you'd rather have the deduction today than 39 years from now, why not grab it now?

Speaker 18 100%. It's the same amount.
Let's just take some of it now.

Speaker 20 And to your point, the things you mentioned earlier, the tax code could change. I mean, we don't know.
You don't know what tomorrow is going to bring you.

Speaker 20 So I'd rather put the money in my pocket today.

Speaker 18 Correct. And redeploy it.
Correct.

Speaker 18 So what ends up happening is sometimes the accountants don't quite understand it themselves.

Speaker 18 We have many of our referrals come in from accounting firms that specialize in real estate focused clients. There are those who are not

Speaker 18 focused on real estate. And sometimes it's been that that client

Speaker 18 has grown and become more into the real estate than that incumbent accounting firm can deal with.

Speaker 20 That's a good point. Yeah.

Speaker 18 And so now they've got 10 buildings and they're no longer just the attorney or no longer just the

Speaker 18 contractor guy. They've got 10 properties.
They should be talking probably to somebody that knows more about real estate who would then steer them on the right path.

Speaker 18 But with that said, all is not lost because you can step back, grab the depreciation, no amended return. There's a form called a 3115, which is a complicated form.

Speaker 18 And another reason many accounting firms that are not familiar with it kind of steer away from it. There's a lot of data points on that form.

Speaker 18 And if they're filled out incorrectly, it can trigger an audit. So we always complete the 3115 for the client, for their accounting firm, so that it's done correctly.

Speaker 18 And of our 24,000 studies, we've probably done about 8,000 3115s through the years.

Speaker 18 So we have the ability to help the client stay on the right path there. On that note, One of the things like you brought up earlier

Speaker 18 was that, you know, on HVAC, for instance, people think, oh, well, that is not going to last 27 and a half or 39 years. And it won't.

Speaker 18 But the beauty of our reports

Speaker 18 when the client has them is that it isolates that value. And what that value is, is let's say on your $800,000 building, let's say we said there was 50 grand we attributed to HVAC.

Speaker 18 And you say, okay, so what? It's in 27 and a half or 39 year life. It is what it is.
But the deal is we identify that. Many of our competitors don't do that.
They don't put in that value.

Speaker 18 And they just say, well, it's your 27 and a half year is

Speaker 18 640,000.

Speaker 18 Well, the beauty of our report is that you can step back when you replace the HVAC, because in fact, it doesn't last 39 years.

Speaker 18 You have a big chunk of that still on the depreciation schedule, even though that HVAC went in a dumpster.

Speaker 18 Well, you get to take that deduction now because we've got that information for you.

Speaker 18 So you can reuse our report multiple times to the point where we also have a thing we call the iron silo of depreciation for our clients.

Speaker 18 And what that does is hold all of your depreciation information at hand so that you or your accountant can get to it anytime you want in the future. as you do those renovations.

Speaker 18 So you don't have to necessarily call me, although feel free to, but bottom line is you've got that access to get in and you can see, oh, what was the value of that roof?

Speaker 18 We just replaced the roof or all the windows. We got rid of the single pane, put in double pane or the siding.

Speaker 18 So when you do an upgrade on a building, you're able to take those abandonment losses in the future as you do renovation.

Speaker 20 Yeah, you said something.

Speaker 20 I'd never heard that either. You had mentioned that at boardroom.
So I'm glad you brought that up because I had never heard that either. That was, that was news to me.

Speaker 18 Well, and again, all of these little points along the way make CostSEG even more valuable for your clients or your friends and your colleagues out there and the listeners is that as time progresses, they are going to be doing renovations.

Speaker 18 And the key is, you know, to make sure you're staying within the tax code.

Speaker 18 But within that tax code, there's plenty of bandwidth and width for you to take advantage of the way the laws are written now.

Speaker 18 And so that's what we help people do. And we've been doing it for years and years.

Speaker 20 So

Speaker 20 if anybody if you're listening to this um hopefully you have the intelligence on this next question to put this together but um

Speaker 20 what i've also heard or i had a client recently we've managed 30 properties for them and he said i'm gonna i'm gonna go um on the internet and download the form and do it myself

Speaker 20 or i'm there's a diy program that costs me 400 bucks why should someone not do that

Speaker 18 so the irs um interestingly enough has to communicate communicate to their auditor folks in the field. And so they have this document called an audit techniques guide.
It's how they, the IRS,

Speaker 18 you know, big IRS communicates to the folks in the field. And this is what they say to do.
And within that audit techniques guide, there are things that the IRS says must be present to be considered a

Speaker 18 viable cost segregation study. And those are an actual site visit.
You can't just wing it. You can't do DIY.

Speaker 18 You can't have some photographer guy that you're paying 25 bucks come in and take photos of the place because they're not considered authoritative within the tax code.

Speaker 18 So with that said, you need to have an actual site visit. You need to have it done by qualified professionals.
And the way to fix things in the future is with that 3115 not amending.

Speaker 18 But the reason you shouldn't do that is because what will happen is an audit wouldn't happen the minute you file that particular return. It's probably going to be possibly two or three years later.

Speaker 18 Well, two or three years later, guess what's happened? If they disallow that deduction for you, you're going to have penalties

Speaker 18 that have been compounded

Speaker 18 for two or three years plus the tax. And the interest rate the IRS charges is not a friendly interest rate

Speaker 18 or or punitive.

Speaker 18 And you don't want that.

Speaker 18 So most people find when they look at cost seg and when they, especially with our work, is that if they spend a dollar to have the study done and they save themselves four or five dollars in taxes, they'll say, hey, that's a good deal.

Speaker 18 Let's do it.

Speaker 18 We hit that threshold at about $350,000 to $400,000. So if the client has spent $350,000 or $400,000 to buy a building, to build build a building, or to renovate a building.

Speaker 20 That's their basis total.

Speaker 18 That's their basis total, potentially.

Speaker 18 Then we're going to be over that hurdle and they're going to get four or five to one

Speaker 18 return on investment. Got it.

Speaker 20 I was going to ask you costs. That kind of explained it.
Yeah.

Speaker 18 And so what we've, because we've, when we first started doing this, And keep in mind, I just said it was 350 to 400 now. Right.

Speaker 18 But back in the day when we started, we would have said, hey, Brandon, you need to be at a million dollars basis. Right.
Otherwise, it's not going to make sense. Well, that was a long time ago.

Speaker 18 We've got more team now. We've got a database and we can pull that information in so we can give you an estimate of tax benefit before you spend a nickel.

Speaker 18 So you'll know roughly what you're going to save in taxes and what our fixed fee is going to be. Right.
So you don't have to go into it blind. Right.
You know,

Speaker 18 make a decision. Yeah.

Speaker 18 We always estimate conservatively because, again, we don't want to have you adjust your estimated payments down and then have penalties and interest if they were wrong wrong yeah so we'd rather come back and say brandon hey we said we were going to save you 100 grand of income tax hey we saved you 150 or 200 or we said a million now it's a million and a half okay great so that's our typical approach yeah so i mean in your opinion i mean you kind of just answered it on the basis but I mean, don't you think your average real estate investor, even if you're brand new,

Speaker 20 your asset value is going to be higher than that? Like, you know what I mean? You're not, you're going to have more than one property

Speaker 20 in most cases. You know, if you're an active investor, you're going to have several, right? And you're going to get into the millions of in equity or, you know, value of the property.

Speaker 18 I mean,

Speaker 20 and correct me if I'm wrong, once you meet that threshold of asset value,

Speaker 20 doesn't it make sense to always do it?

Speaker 18 Pretty much. Okay.
That's a great question and point.

Speaker 18 And on the East Coast,

Speaker 18 the West Coast,

Speaker 18 for the most part, I somewhat jokingly say, you can't dig a hole for a building for three or four hundred grand. Right.

Speaker 18 You know, you're going to be, just by the time you get to that point, you're there.

Speaker 18 So like you said, almost everything will make sense. There are some times it doesn't make sense.
So since we're talking about it, let's. I'll go into that.

Speaker 18 If you're not, if your client or friend or a listener is not paying income tax now cost egg doesn't make sense right because we only help you offset taxes and if you're if you've got nols or something that's going to offset it yeah then you don't need us um if you're going to buy and flip which some of your listeners for sure are

Speaker 18 they're your your uh audience this won't work for buy and flips but if you're going to buy the property and hold it for at least probably three years to five years.

Speaker 18 You're gonna get over that hurdle because either way you go with either not CostEg or CostAg, you're gonna have recapture.

Speaker 18 So you have to give back so much more in the short term on a two or three year hold that Cost Egg probably won't make sense if you're only gonna hold it that long and

Speaker 18 in capital letters there,

Speaker 18 and you're not gonna do a 1031.

Speaker 18 If you said, hey, I am gonna buy it, I am gonna hold it for three years and i'm going to uh then 1031 it which many of your listeners as well will be doing so now 1031 is in play and you're going to buy the next property and it will make sense to do then typically if you're over that first threshold and then you go to the 1031 acquired property and you can grab the deductions out of that to the extent there's new basis there yeah no it makes a ton of sense you know it's it's funny i had this conversation with somebody the other day

Speaker 20 and um we were talking about the end of last year we bought a portfolio of properties cash flow was decent not anything crazy and they said um

Speaker 20 you know hey why did you buy that property you know the cash flow was okay it penciled right

Speaker 20 but it wasn't great and i said the tax savings alone my cash flow will never reach it, right?

Speaker 20 So the tax savings that I got last year on buying that portfolio in my life of owning that prop, that portfolio, until it's paid off, I probably will never get what I got back in the tax savings.

Speaker 20 That's the shit that people don't understand. Yeah.

Speaker 18 It's what you keep. It is.
It's the whole game.

Speaker 18 It's not what do you show.

Speaker 18 It's what do you get to keep at the end of the day. And with that said, you can grab that deduction now and then

Speaker 18 it'll play for you along the way. Plus, as as you do renovations in the future, using the iron silo, you get back to that depreciation information for future abandonment losses.

Speaker 18 Life is good.

Speaker 20 Yeah, I mean, so just to give rough math, because I love to give people examples, we bought, it was about a $4 million in some change.

Speaker 20 And I think we hit about 25%

Speaker 20 on the cost seg. So you can do the math on that, right?

Speaker 20 It was it was a

Speaker 20 seven-figure write-off on our taxes.

Speaker 20 Do you know what I mean? It'll take that portfolio a long time to net me seven figures.

Speaker 18 That's exactly it. But if it saves you in other buckets that you would have been paying out of.

Speaker 20 And I can now take that money

Speaker 20 that we would have been able, you know, we would have, we would have been on the hook for because we made money last year and I can take it and redeploy it into other assets. Do you know what I mean?

Speaker 20 Get a return on that money.

Speaker 18 Absolutely.

Speaker 20 Is there anything else that you think people need to know or understand about this subject we haven't talked about?

Speaker 18 You know, it's one of those scenarios. We've done so many.
We, I think last year did projects in 43 or 44 states. Yeah.
I don't remember the exact number,

Speaker 18 but we go all over the country. So if they were interested, they could, you know, just give a simple basically it's a seven or eight question

Speaker 18 response to,

Speaker 18 you know, what's the street address?

Speaker 20 So we can initially take the initial glance at it um without having to go there right off the bat right uh but you know square footage what kind of building is it who you know is it 10 uh is it a 10 uh tenant retail plaza or is it a 10 unit part apartment building right and so we give basic questions they'll typically know them right off the top of their head we can give that estimate and then they can make a decision as to whether to proceed or no yeah and just so you guys know i mean you guys know how i feel about you guys as listeners and who i allow on the show and who i allow sponsor the show so jeff and his company actually have uh recently become a sponsor so these are these are people that we trust that if you guys need help in this arena that we feel confident that you can go to use them so you'll hear them on the show in commercials you'll hear them and hear us talking about them so you guys will get access to all their information all their contact information i highly suggest you guys use them.

Speaker 20 I highly suggest you use this and leverage this as a tool. It is so surprising to me how many people still don't use this and don't know about it and don't understand it.

Speaker 20 Well, we've talked about a lot of the reasons why, but now you guys, you have a resource. You have a resource here, and it's somebody that we trust.

Speaker 20 I want to switch gears for a minute before we wrap up, just because I think it's important.

Speaker 20 If you wouldn't mind, would you talk a little bit about

Speaker 20 what you guys shared at Boardroom,

Speaker 20 the organization that you're involved in? Because I think that's really, really cool. And I'd love for you to touch on that a little bit.

Speaker 18 Absolutely. I'd be happy to.
So I never served in the military myself. And right after 9-11 happened, I realized, oh my gosh, I should do something.
But I had two little girls at the time.

Speaker 18 My business was just launching. I really couldn't pull away.

Speaker 18 And I was just beyond the age to be able to enlist anyway. So I had some headwinds there.
So about 2010, I got involved with a military group to help

Speaker 18 support veterans and their families and

Speaker 18 started with that one group, did another group, and now I'm with Swim with a Mission. And I've been on that board for now since 2017.
So I guess in the math, that's about seven years.

Speaker 18 And so we've raised about $13 million for veterans and their families providing support,

Speaker 18 helping them through tough times.

Speaker 18 There's 22 suicides a day from folks that have been overseas and downrange and providing protection for our way of doing business here in the U.S.

Speaker 18 And there's a lot of

Speaker 18 folks that could use help and service, and that's what we do with Swim with a Mission. So what we do is support veterans and their families with service dogs,

Speaker 18 equine immersion, which is a horse therapy program, art therapy, substance abuse. So we try to raise money for these veterans when the government agencies have typically not been able to do that.

Speaker 18 And we provide support and help them. And it's been a great group.
We do a lot of work with the Navy SEALs.

Speaker 18 So we've support the Navy SEAL Museum, which is in Fort Pierce, Florida, where the Navy SEAL started back in 1941, and

Speaker 18 provide them a lot of support in their charities, Trident House, and a few other, their college support for veterans kids that are lost. And it's been a great group.

Speaker 18 We do a lot of work throughout the Northeast and

Speaker 18 have really had a lot of fun doing it. And you got to meet a few of the SEALs.
Yeah, that was really cool.

Speaker 18 Yeah, yeah. And is that how you got thor Thor?

Speaker 18 well thor is um is my own dog yeah and uh every thursday is thor's day yeah but um he he is like one of the uh service dogs we would provide yeah so we provide the vets um that are used to using and working with big dogs yeah we provide them service dogs like they would have had in combat got it they used to over that's really cool

Speaker 18 and it's been a lot of fun we've given away a lot of dogs through the years with all that money yeah that's awesome

Speaker 20 I end the show every time the same way. Number one,

Speaker 20 wealth of knowledge. Thank you.
Because if there's a bunch of people that just listen to this, that you've just saved them a shit ton of money for sure.

Speaker 18 Right.

Speaker 20 And again,

Speaker 20 use them and their company because there's bad information, bad actors, bad players out there. And you can be taken advantage of when it comes to this because people don't understand it.

Speaker 20 So that's one of the reasons I really wanted to have him on here today because

Speaker 20 it's rare that we get somebody in your field that number one, wants to get on camera or get on a show.

Speaker 20 And then two, actually knows what the hell they're talking about and is not going to take advantage of people. So

Speaker 20 I appreciate you for coming on here and doing that and being a sponsor of our show that many listeners can now reach out to you guys and use you. But I always end the same way.

Speaker 20 We call this show Waking Up to Wealth because

Speaker 20 I grew up very poor. And from an education standpoint, I felt like I was never taught about money the right way.

Speaker 20 So

Speaker 20 we here believe in teaching people the actual keys to unlocking wealth. And I ask everybody the same question.
What does waking up to wealth mean to you? Doesn't have to be money.

Speaker 20 It doesn't have to mean anything. It's just what your version of it is.

Speaker 18 So that's a great question. And I love the title of your podcast.

Speaker 18 And

Speaker 18 the podcast is not named Waking Up Wealthy.

Speaker 18 It's Waking Up to Wealth and How Do You Become Wealthy.

Speaker 18 And like you said, that can be a number of different things to different people. In my view, how you end up getting down that path of

Speaker 18 waking up to wealth is to take ownership. Don't be a victim.
Don't allow where you were in the past. to be where you are in the future.
Take ownership of it and run with it.

Speaker 18 And whatever the challenges you have are,

Speaker 18 you know, get over them and move on and figure out a way around it.

Speaker 18 So that's one thing. And then come at your interactions in the world from abundance.
And if you can help somebody else get to their next level, then do that.

Speaker 18 I had that situation for me with some CPAs initially who connected me into their clients and they helped me get to the next level. It didn't do anything for them per se,

Speaker 18 but it helped me. And so I try to pay that forward to folks that I'm interacting with that could use,

Speaker 18 you know, getting to their next level, whatever that is. If I can make a connection, I make a connection.
So that's what I would say waking up to wealth is in my world.

Speaker 20 Awesome, man. Well, listen, dude, I truly appreciate you coming into the studio.
Everybody that knows me, I got $10. I'm a a dog lover.
So I appreciate the fact that you brought your dog today.

Speaker 20 I thank you so much for being a guest of the show and giving the audience great information and pouring into us today.

Speaker 18 Hey, thank you very much for having me, Brandon. I'm thrilled to be here and appreciate everything you're doing and look forward to seeing you at the Boardroom Mastermind.

Speaker 19 Thanks so much for tuning into this episode of Wake Up to Wealth.

Speaker 18 We sure do appreciate it.

Speaker 19 If you haven't done so already, make sure you're subscribed to the show show wherever you consume podcasting. This way we'll get updates as new episodes become available.

Speaker 19 And if you feel so inclined, please leave us a review on Apple Podcast and tell your friends about the show. It is how new people find us.
Until next time.

Speaker 1 Hey, let me tell you about my good friend Jeff Hyatt over at MSC Consultants and check out his episode if you've missed it.

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