The Truth About Using Real Estate as a Tax Strategy

Hey, everybody. Welcome to the. We're good. Everybody can hear me. Awesome. Welcome everybody, to another live broadcast of making your American dream come true. My name is Mark J. Kohler. I'm a CPA attorney, author, podcaster, real estate investor, crypto investor. I'm just trying to keep it real. I am so honored to be here. I love meeting with you, my tribe, Main Street America, every week. Now, I want to answer questions that you might have in the tax and legal space and I'm open to any question you might have. But let's get through a topic today that I think is super important and that is the real estate tax strategy. Now here's my concern. There's a lot of influencers out there that are like, oh, buy real estate, you'll never pay taxes again. I never pay taxes, I buy real estate. Okay. There's some, you know, guardrails with that. There's some rules maybe we should talk about. And it drives me crazy, people just promising no taxes ever. It's not going to happen. We've got something called Social Security and national defense. We're going to have to pay some taxes. But there are strategies, but let's get real on what they really, what really work. So I'm also frustrated with influencers who say, get a cost segregation you and you can just write all off all this depreciation. Really? Again, it may or may not apply to you. And finally, what's weird is we have this other segment that says, well, if you can't write off real estate, it's a bad investment. What are you crazy? It's a great investment. So I'm gonna break this down. I wanna answer your questions and give you the truth, give you straight facts and I think you're gonna love it. And I stand behind this again as a CPA and an attorney and just an all around good guy trying to keep it real. So thanks for being here. We're gonna have fun. Okay, so I want to talk about first the never pay tax and where real estate can work. Now, what I like to point out is there's really four ways to invest in real estate. So let's go to the whiteboard and let's look at our trifecta. So let's start with the foundation, which is your revocable living trust. This could be your 1040 tax return. And this is you and you're down here and you're gonna go make money. Now during the day you're gonna be doing operations. You might have a W2 day job, they might be funding your 401k, you're doing some matching, that's great. You may be married, single, doesn't matter. And maybe you have a side hustle. This is your LLC. 50 million Americans have a side hustle. They're making some extra money. And again, we have millions of Americans that also have a full hustle. They have an S corporation, they've converted their LLC to an S corp and they have a business where they make legit middle income American money. They're going to take a small wage and a K1. All right, so this is what we call the trifecta. We want to bring it all together. Over here is the asset side. And we're going to take the money we make in our small business, take the money from our side hustle, take the money from our day job and we want to deploy it over here into assets that make us money. That's how the wealthy get more and more rich or create cash flow. So all of a sudden our efforts to keep our costs down, take as many tax write offs as we can, wanna take this money and deploy it over here. So that is the strategy. So let's start basic again. I may have my operational entity here. We'll go S corp and I'm going to deploy money into real estate. Well, there's really four areas where I'm going to put money and I want to break this down for you. This is a big, big topic. In fact, we have a tax summit next week where we're going to even dive into it more deeply for three days. It's a conference of three hours a day for three days. And I'll tell you more about that. So don't feel overwhelmed. If you want to learn more, I've got you. Okay, so there's four ways to do real estate. Number one is you might do the, I'm going to say long term rental. So you do ltr, so you're a long term rental strategy. So think of this like a three, two, a single family home and you're going to go out and fix it up a little bit and put it up for rent. This is probably the most common. Well, when you have this rental property, it's going to generate losses and those losses are going to be related to depreciation. Well, not everybody gets to take those. You have to qualify as a real estate professional to take all of these write offs. Now we're going to come back to what this means in a minute. But that's a real estate professional strategy. And some might say, well, if you don't get the write offs. I shouldn't even do it. No, we're going to come back to that as well too. I think real estate is phenomenal for building wealth with or without the write offs flowing through. Okay. The second strategy that's quite common is the short term rental. Let's put that over here. So the str, that's like an Airbnb strategy. We can still take depreciation here and I'll explain what that is here in a minute for you guys. You're going to love it. I have an easy way of explaining it and I could take all of these write offs. Maybe the cool part here is I do not have to be a real estate professional. There's a loophole here and so I'll explain that in a moment. The next option is I could do a syndication in like Nicki Minaj says, you ain't nobody until you got a syndication or an llc, one suit. So with this syndication, you're going to go out and invest in maybe an apartment building with a bunch of people and you're gonna invest in a big deal, Grant Cardone. I'm a follower of Grant. Grant and I know each other well. I've been on his podcast, he's been mine. He talks a lot about syndications and rental real estate, doing multi unit. So that's cool, you can invest in that. The problem is, unless you're a real estate professional, you're not gonna get any of those path through losses again. They're just kind of gonna be stuck in this syndication that you might be in. Now, the last strategy number four is guess who your best tenant is? It's you. And if you own a small business, I would love you to rent your storage unit, your small little office, your building, whatever it is to yourself. So if I can have an LLC and own my own building and rent it back to myself, this is called a self rental. And, and self rentals are awesome because you can still depreciate it, take all these loss write offs, but there's no barrier. You do not have to be a real estate professional. And there's real, no loophole. It's called a Dash 4 election. All right, so I want to summarize this for everybody. Now save up your questions here. We're going to go. I want to answer these questions. Of these four strategies, you've got the long term rental, the short term rental, the syndication, and then the self rental. And you want to decide which one fits you best, because we want to invest in this real Estate to build wealth and cash flow. So oh boy, where to go? So a long term rental requires you or your spouse to be a real estate professional. To be a real estate professional. Let's hit that real quick. Real estate professional, there's three tests you have to do real estate 750 hours a year, which is about 13 hours a week. That's quite a bit of work. You might have multiple rentals. You might be a handyman, a contractor, fix and flipper, wholesaler. That's cool. But you have to meet all three tests. So it's, I'm going to put number one plus number two. And that is you have to be, your primary occupation has to be in real estate. Now it doesn't mean you have to be a licensed realtor or a licensed contractor, but you can't have another day job. You've got to be like all in on real estate, whatever your strategy is, even if you're fix and flipping your own property. And third, you have to be materially involved. You can't be sitting on an island in the South Pacific drinking a margarita, going, oh, I'm a real estate professional. This is all I do. Well, what the hell do you do? You just hire property managers. You do nothing. So you've got to be able to do show all three of these. Now if you can show all three, you can qualify as a real estate professional. Now I want to do a quick side note here. This is a really nice demonstration that's so important for all of you here. Why is real estate so important? Let's just get down to brass tacks for a minute. I jumped into the tax strategy, but I just want to talk about why real estate. When you go out to buy real estate, there's really four benefits. Let's say you go out and buy this cute little rental and we're just going to use some basic math here. You buy this rental for 100 grand, you put down 20 or 10%. Let's say you put down 10%. So you're into this for 10 grand and you get a mortgage for 90. Okay, well if this appreciates 10% a year, that means it's going to go up by 10 grand. So appreciation could be 10%. All right, that's cool. It goes up by 10 grand. Well, you only invested 10,000 and it went up 10,000. What? That is a crazy ROI. That's 100% return. I invested 10 and I made 10. That's why this rental property equation could be so amazing. Now let's say, oh, I Go out and I get this mortgage, and I have a tenant, and they pay down that mortgage another thousand dollars, maybe $2,000 a year. So they're paying the rent for you. That's called piti. Principal, interest, taxes, and insurance. And when the tenant is paying that for you, it doesn't cost you any extra. And that mortgage went down by 10,000 by $2,000. Well, if you invested 10 and the mortgage went down by 2, wow, that's a 20% ROI. And so I just got a little note passed to me, and I want to say this, too. This is a little aggressive. Let's say, okay, appreciation is our first benefit. And let's say appreciation is just 5%. It goes up by 5%. This property I bought. So it went up by $5,000, and I put in this 10,000. So let's be even a little more conservative. I'll say, okay, that's a 50% rate of return. I invested 10, it went up by 5, and I didn't even pay any taxes yet. I get a tenant who pays the mortgage for me. The mortgage went down by two, and I didn't put any more money in for that. My tenant paid it. Well, let's say I just get some cash flow out of this. After I pay for the mortgage, I get cash flow of $1,000. Well, look at that. That's $1,000 you didn't have before you did this project. So this little rental is now giving me $1,000 in cash flow. That's 100 bucks a month, less than 100amonth. That's a 10% return. So I'm making 50, 20, and 10. Now, the tax benefits is what these influencers all get hopped up on, on TikTok or wherever. And they say, oh, the tax benefits are amazing. And you can write this off, and you can write that off, and maybe you get three. $3,000 in tax benefits. You save taxes of $3,000. All right, that's cool. Well, that's a 30% ROI. That's awesome. So now I'm again over 100% return. I've got 20% in mortgage reduction. I've got my appreciation, mortgage reduction, tax benefits, and cash flow. So. So the main point I want to make here is that you don't have to have a bunch of tax benefits to make real estate a good deal. I want cash flow. I want it to go up in value. I want a tenant paying the mortgage for me. And some people are like, well, I don't have enough money to buy a rental. Well, can you go find a rental? Maybe you've got good credit and you find someone to help with the down payment. Maybe you've got crappy credit, but you've got a little money for a down payment. And maybe you don't have the down payment or credit, but you found a killer deal and you have two friends that have credit and cash and you bring the whole deal together. If you can form an LLC to buy that rental, there's no bank problem transferring that into the llc and then you can start buying real estate, even a portion of it. Now, the short term rental, I just got to put in some time. I can take all those tax write offs. That's if I buy a rental that rents to myself. If I can buy a building that I'm going to rent to me, I can take that right off short term rentals. I just got to put in 100 hours getting that short term rental off the ground. So people, I just want to say that there's different strategies, but be careful. If a influencer is promising a lot of write offs, you want to be careful before you dive into a project just for taxes. So as we go to questions here and any of you having questions about real estate, I want to just bring it up. Bring it. But I want to throw this out. Don't let the tax tail wag the dog. Don't make a decision for tax reasons. Make a decision that makes sense financially. Now, real estate has got a lot of good reasons and taxes is one of them. So let's go in with a spreadsheet. Let's really analyze our deals. Let's. Let's decide, is this a long term rental, A short term rental, I'm going to rent it to my business. Which one fits you best? But there is a lot of great information out there and a lot of bad information. So I want to be here as a resource to help you get the right info. Get a second or third opinion anytime. That's crazy. And I'm here every week answering questions. So let's get to it. Let's get to the lines. Ty, what do we got? We got some good questions today.

Yep. We got Glenn asking if I own a business and wear my business shirt to an event like tax conferences or sport event, are the tickets food and transportation deductible under the advertisement deductions?

Okay. What kind of business was it or what? What did you said? You kind of. I missed the first part. Sorry.

He owns a business and wears his business shirt to an event.

Oh, where's his business? Shirt to an event. So he went to the Luke Combs concert.

That's right.

Wore a shirt that said my business is awesome and he wants to write off the whole concert.

That's right.

All right. Bless your heart. Now, if your mom ever says bless your heart, buckle up. It's not looking good. Now this is a really good question because there are some options here. First of all, if you wrap your car in vinyl, it doesn't make your car write off. It depends on where you drive it. If you. But can I write off the vinyl wrapping on my vehicle? Absolutely, because you're going to put your logo on your vehicle, so you get to write that vinyl lettering off. And if I drive it to the grocery store, though, that's a personal trip. So we got to be using the vehicle for business. Now, if this caller here says, hey, I bought this cool shirt and I put my logo on it, do you get to write off the shirt? Yes, any logo. Clothing is a write off. For my kids when they were going through high school, I loved it. I put logos on all their clothes and I wrote off all their clothing. They, they hated it. I said, if you want your own clothes, go buy your own clothes. But if you buy, if you wear my clothes, I'm going to put a logo on it. No, it wasn't that bad. But I wanted to do that. I put logos on my Halloween candy, though. That was a write off because it was advertising. Now. Okay, so we're back to our caller. He buys a shirt and vinyl or screen prints a cool logo on it. The shirt is a write off. That is advertising. Now, just because I wear it around, does it make it a write off for everywhere I go? But I thought you said you went to a concert because you were going to go meet with one of your vendors or your customers and have a conversation about working together for the next year and they actually did do business with you the next week or the week after. Can you write off the travel to get to the concert, the food at the concert, your beers at the bar at the concert? Can you write off your shirt you wore to the concert? Yes. Now, the entertainment deduction does not allow you to write off the concert tickets, but make sure you do business where you wear your shirt. That's what matters. So you're onto something. I like it. And the shirt is a tax write off, but you need to be doing business where you go, which is in your best interest anyway. You want to be closing deals, man. So wear that shirt and make it a conversation starter. I Love it. Next question.

All right, boys house says I have a separate dwelling on my personal residence that I'm using 100% for business. Can I rent that separate dwelling to my S corp? If so, how do I determine how much I set rent at?

Okay, great question, man. These are hard questions, Ty. Could you find easier questions? Yeah. Okay. All right, so let's go to our trifecta. So they have a personal residence that you would want to have owned by your trust. So this is your personal home. Now what Boy's house? That's his name, Boy's house, boys something. Okay. Personal home. He has in the back an adu. So we call that an accessory dwelling unit. That's called an ADU in a lot of states now. They kind of got famous in California, but they're very common. And so on our property it's a separate unit. And here's your home and you've got this little ADU over here. Now if you were to rent it, you. I've had clients that do a short term rental on ADUs. They could do a long term rental on an ADU and yes, you could rent this to your, to your business. Now let's say, let's say it's a garage and you are in the landscaping business. I don't know what business you're in and I want you to get a consult with one of my tax lawyers that can help you on this. And we're very, very affordable. We love helping small business owners affordably. But let's say you're a landscaping business. So you've got your S Corp LLC over here and you're going to rent this garage, that's an ADU on your property. You're going to make a Dash 4 election in the year you place this in service, which maybe is this year or last year. I hope you haven't filed your tax return the last year. If you missed filing the tax return election, it's not going to be good. So I want you to get with one of our tax advisors right away. So I really like this. So what it allows us to do is to depreciate this ADU entirely. Now Donald Trump says he wants to do bonus depreciation 100% and bring it back to January 20, 100% for 20, 25. That would really be a good thing for you. So the answer is yes, there's going to be a kick ass write off in here somewhere for you. And I would like, I don't know all the facts again to your situation, but it's a separate unit. You're renting it in its entirety to your business, of which you own 100% of the property and 100% of the business. That's the requirement. Holy crap. I. I do a full cost seg on this thing and you don't have to be a real estate professional and you don't have to do the 100 hour rule. So I like it. Now, this is a great chance for me to comment to all of you. I have a network of accountants that I've trained. These are CPAs, enrolled agents, certified financial planners, lawyers. They're all over the country, over a thousand. And if you go to my website, markjkohler.comnetwork, i think it is. And we'll put the link down there in chat wherever you guys are catching this on Facebook, Instagram, YouTube, wherever. But get to the network and you can interview and do a discovery call with any of the certified tax advisors in my program. If any of you are an accountant and you're following me, please join my freaking program and get on the network. We are sending you clients, and we are a tribe. We're a community, and we want to take care of each other. I think we even have a special today. You got to call in today if you want to get into a special on that. But this is an awesome opportunity for all of you to find the right accountant. Get to the network. They speak. Mark Kohler. Now here in a minute, I'm going to give you a special bonus. Sign up for our tax conference next week. Nine hours, three hours a day for three days. It's great for investors and it's great for tax advisors. It's real estate tax planning. Nine topics. I think we've got seven instructors. It is going to be freaking awesome. So I'll give you a code here in a minute. All right, Next question. Ty.

All right, we got a question. Glenn's back. If my business started with an LLC and making more income, will transitioning to an S corp be difficult to do? Changing entity or just tax documents?

Or just what?

Just tax documents.

Just tax documents. Yep. Okay. I have bad hearings, so you got to hit that for me. All right, so Glenn says he has an LLC and the business is getting more successful and he's going to make an S election. Now, for all of you listening here, why in the hell is Glenn doing this? Well, the reason why is, let's say he's making 100 grand. He's going to pay 15,000 in taxes if he switches to an S corp. I'm probably going to do 40 grand in a W2, 60 grand in a K1, and we're going to save 9,000. In fact, I'll just do that. I want to do it apples to apples. So let me say it a different way. He's going to pay 15,000 in taxes here. He's only going to pay 6,000 in taxes here. So you save 9,000. This is why S Corps are so awesome. Now, any of you accountants watching this are freaking out when on reasonable comp. I teach CE on reasonable comp. I have. I've been reading and writing on reasonable comp for 25 years. I've never had a client audit on reasonable comp. If you want to learn more about this, you've got to get. You got to contact me, please. But anyway, so Glenn, you're doing this. I love it. You're going to file form 2553. It's a two page document. We charge $200 to do it. I'd recommend you get it done right because there's, you've got to sign the front page and the second page. You also want to backdate this to 1125, which you can do. You've got to attach a revenue ruling 2013, nine, I think. So you've got to make sure you do the all these steps right now. Glenn, I don't know what your business is, but just let me tell you. I do not go to Home Depot to learn how to be a plumber. I hire a plumber. I go to Home Depot to do the easy stuff. This is something you could jack up and really hurt yourself tax wise. So consider using a tax professional, our law firm, Kkos Lawyers. Or get one of our tax pros in our network. It doesn't have to be expensive. So now let me hit you with you guys this special. This next week we're doing the virtual Real Estate Tax Summit. Nine classes, three hours a day. Three days is super easy to fit into your schedule. It's going to be from 2 to 5 o' clock Pacific time. Now the special is you go to virtual real estate. You'll go to the realestate Tax summit dot com. So I'll write that out. Realestate tax summit dot com you got to go over there. There's a link down below, I'm sure. I hope my team's on that. So realestate taxsummit.com and your code is R E T S real estate tax summit 100. And you can save a hundred dollars on the ticket and. Holy crap, people. I Think the whole thing is only 300, right? It's 300 bucks. It's a tax deduction. Holy crap. And if I don't save you $300 in taxes at this event, I've screwed up. I will want to hear about it. So please come and get some better education on real estate taxes. You're good. Love it. Yada yada. Okay. And I'll share that again with you if we need to. All right, next question. Type.

All right, we got a question from curious. 425. Do you have someone to help with an LLC in North Carolina to own and rent a single family home?

Let me give. This is a technical term so write it down. Damn straight. You get that? Is D A M N space straight S T R A I G H T. Yes. Okay. Yes. We help clients in all 50 states. We would love to be of service now I and I, I'll be transparent here. You can go play around on the web. Click, click, click. Hopefully set up the right entity and then try on chat, GBT and Google for the next year and a half to make sure you didn't do it wrong. Or I pray please consider on this first entity of yours, can you please consider using one of our lawyers@kkoslawyers.com for I think twelve hundred dollars max thousand bucks. You're going to spend five hundred on a website doing this. So for twelve hundred bucks you get a real lawyer on a call with you setting up the right entity answering all of your questions on how to set this up properly. Do not go to Wyoming and try to set up a freaking entity for for a rental property you're doing in North Carolina. Can you believe that a lawyer told you do not waste money on that. We've got you. You will do it right and correctly. @kkoslawyers.com we want to build a relationship with you and see you succeed for many years to come. So check us out kkoslawyers.com and we do consults all day long. We've got 12 lawyers here specialized in tax and we'll get you set up and rocking. Man, I love it. So next question. Ty.

All right, last question. We got question from Dave and Tess in the pnw.

Wow. Whole crew. Whole crew. All right.

Own a home in Washington with an apartment in basement with long term renter that doesn't cover full mortgage. Should I take a loss and keep current renter sell property or do str moving to Nevada buying there.

Okay, so let's get the facts. Living in Washington State and you've got a rental property that's an up and down, sounds like kind of upstairs, downstairs, whatever. So I'm going to put duplex. Is that fair? We're just going to call it a duplex. And your rent, it's a long term rental. And you're upside down cash flow. Now this is an important point everybody. I've actually written articles on what to do with a problem properly. Property problem property. So you're upside down on cash flow and you're moving to Nevada. I think they live upstairs. Yeah, but they're moving to Nevada. And do you think he's going to be negative cash flow after they move? Yeah. Okay, so the way I would analyze this is assume you are over in Nevada now because we've got to assume you're gone, you're in a new house or apartment in Nevada. What does this look like? You need to analyze this property in my opinion, in a vacuum. Let's look at this property. You've got the top rented, you've got the bottom rented, you've got piti. And again everybody, I want to reiterate what pita. Pit. It's what PITI is. Boy, there's a tongue twister. It's principal. It's interesting. It's your property taxes, which are super cheap in Washington. Not. And interest, I mean and insurance. So you've got, you want to make sure that your mortgage, your rent at least covers piti, which a lot of time is bundled all up in the mortgage with the title company. Now what you said in your question was, was that you were upside down. So I'm going to assume that after you move to Nevada, this property is upside down. Now I do a matrix when I do this A lot of times I don't know if you've seen this guys, you might like this. I want to determine if this property is a keeper or it's bad. So if I have cash flow and if cash flow is good or bad or is the equity, what's the equity like? Is it good or bad? And see, you might have bad cash flow but have good equity. You might have bad equity but good cash flow. Now of course, ideally we would love great cash flow and great equity and that's what we're shooting for. So I would like you to look at this in a, in a vacuum or whatever I said and, and say, okay, as soon as you told me the cash flow was upside down, the next thing I wanted to know was how was your equity? And, and let's think about this I have a feeling you want to keep it because you think it's going to keep appreciating and you've got equity in it. And we were just talking about this when it came to Nashville, you know, like, what do we do with a property like this? So, and everybody, this is really important. So let's say you're, you've got, the property is worth. Okay, you're in Washington state. You're probably on the east, the west side. The majority of the state. I grew up in Washington state, so I know the state well. So the majority of the population is on the west side. So I'm going to assume you're on the west side. And any sort of duplex on the west side, this thing's probably worth 800 grand. And I would assume you probably have a mortgage of 600 and maybe equity of 2. So you've got equity of 200 grand. All right, everybody, now let's think about that. He said they have negative cash flow. If I took this 200 grand. Oh, oh, oh, oh. Now there we got some good stuff. Okay, I heard it is almost paid off and worth 900 grand. I wasn't too far off on the fair market value. Impressed with that. That's good. Okay, all right. West side of Washington. All right. Okay, I'm going to answer, I'm going to finish my example here though. Let's say you've got 200 grand of equity in a property. What should you be making with that? If I sold this property and took that 200 grand and just put it in a freaking no load etf, that's an exchange traded fund in Wall Street. You open up an account at Charles Schwab, whatever, you should make at least 8%. I mean, let's just, let's get real. So that's, I mean, that's going to be at least 16 grand. I want to be making at least 16 grand in cash flow on this property or what the hell am I doing? I mean, I could go put that 200 grand in a, an ETF at 8%. And that's, that's not great. I mean, I would like to see you making 15% on that, which is going to be 30 grand a year. So you're giving up all of this cash because why you think this thing's going up in value that much? And your negative cash flow, it's not even, just break even, it's negative. So this is what I'm trying to analyze. If your cash flow is crappy, but your equity is strong. Oh, so in our example here, we would do this. Sorry. Let's clean this up. Clean this up. Isn't this fun? I think this is so fun. This is where we make money. Because we've got to know the numbers. Good investors know their numbers. So what we have is we've got bad cash flow but good equity. So what I would suggest in this situation is look at what is your best use of this money now? Come to find out, you're at 900 grand in equity. And it said, it's. He said that it's almost paid off. Now you're going to pay a realtor, you got selling costs. So let's say you net 800 grand. Guys, you're going to net 800 grand if you sell this thing. What in the hell? Why are you keeping this thing in Washington? And you're moving to Nevada with no, no state tax. I know you're in Washington state. No state tax. I like it. Let's say we take that 800 grand and make 10% on it. And any good real estate deal, you should be making 10%. Jack, what could you do with 800 grand? Oh my gosh, he's. He's fixing and flipping a property here in Mesa. We got to put your TikTok out there. Whatever, it's, it's a great little show. He's killing it with some flips in Texas, in Arizona here. So if you're getting 800 grand in the bank at 10%, that's 80 grand a year. You're sitting on this for 80 grand a year. Now let's say, well, Mark, the property is really appreciating in Bellevue. It's just rocking, what, 5%? I'll give you 5%. That's 40 grand. Look at it. You got to be appreciating somewhere north of 9% to even get close to this a year. Sell the damn property. I would go 1031 exchange, take that 1031 and you take the property 900 grand. We'll say you net 800 as long as you roll it into one or two properties of and the total is equal or greater value. That's called a 1031 exchange. There's no tax. And then I'm looking for 10 to 12% in cash flow with whatever you buy. Dude, you could go buy some property in Arizona. You could buy property in Nashville. Go live in Nevada. You live in Nevada. But you don't have to have rentals where you live. Go find rentals that make sense. You could even go short term rentals for sure. Go long term or short term. But I, I think you got to get out of that property. So you vote the same. You, you got the whole studio here telling you it's time to, time to cut bait, bud. So get out of that property. Now. If anything, in summary, you see how we analyze that. I love doing that. Let's, let's be around a community and talk with, without beating each other up, let's talk about strategies that really work. We don't need to drive a freaking Lamborghini to every event. Let's be real. Let's live our main street American dream. Now you've got to come to the conference. It's next week. Online. Therealestatetaxsummit.com you can come get $100 off today. You can come for 200 bucks. And I want to say it right now, if I don't save you twice that in taxes just showing up, you email me and I'll give you your money freaking back. Because I know I can show you. This is nine hours of tax strategies that are going to blow your mind. So please come get registered. It's a tax write off and that'll save you taxes right there. And come get engaged and come. We've got also an event in, it's called tax and legal360 in Anaheim. So any of you in California, We've got a three day event the first week in June. Tax and legal 360 and 24 breakout sessions, seven sessions on the main stage of all tax strategies, legal strategies and business building. And it's going to be a great networking event. So if you're in SoCal, you got to get over there. It's going to be in the Anaheim area. Well, everybody, thank you so much for being here. The American dream is real. Don't give up. It's hard. Last night I went to bed at 1:30 in the morning, got up at 5:30 because I was building my business and I'm living, I'm loving it, I'm good, I enjoy what I do. And if you have a passion, a dream, keep the day job, keep the benefits, make that money, build your credit and start investing on the side. 50 million Americans have a side hustle. Do you know why it's called a side hustle? Because it's on the side and they're building wealth while they're maintaining a cost of living and they're staying out of debt and they're building their credit and they're here learning. So please continue to be a part of the community. If you like the video. If you like what I'm trying to do, please give it a thumbs up. Five stars, 10 out of 10. Whatever. Please subscribe. Blah, blah, blah. Hard it, love it, Whatever. Thanks, everybody. I'll see you next week for another live don't give up. See at the Real Estate Tax summit. See at 360 in Anaheim. And keep living the dream. I'll be there right by your side. Thanks.