Epic Real Estate Investing - The 4 Hour Work Month | Episode 76

Episode Date: November 18, 2013

The difference between making piles of cash vs making streams of cash is the difference between the 4 hour work day and the 4 hour work month. Listen in as Matt breaks down the professional lives of his last two guests, Brad & Brad, and what there is next for them to do. Also, Matt answers a question that Epic Pro Academy member Rick Randall left on the Epic Real Estate Investing Hotline [phone]) about avoiding "dealer status." If you intend to flip properties and you don't know what dealer status is, this is a must listen for you. It's the difference between you losing half your profits and keeping all of them. Join Matt Theriault and Mark Kohler on Saturday, November 23rd in Irvine, CA at Mark's Wealth Transformatio Work Shop. Register at EpicWealthWorkShop.com. On Saturday after the event Matt and his team will host a free round-table-get-together for the Epic community, and food and drinks are on Matt!  Learn more about your ad choices. Visit megaphone.fm/adchoices

Broadcasting from Terrio Studios in Glendale, California, it's time for Epic Real Estate Investing with Matt Terrio. Yeah. Hello, everybody. Hello, hello, hello. Welcome to another episode of Epic Real Estate Investing. And if this is your first time listening to the show, welcome. So glad that you're here. This is the place where I show people how to get out of the rat race, the proverbial rat race, the one that's got to.

us running around in circles, driving us crazy. I show them how to get out of the rat race using real estate. And it all begins with a simple shift in mindset, a shift in focus. Simply stop focusing on creating piles of cash and start focusing on creating streams of cash. What we all like to call here in the real estate world, we call that cash flow. It's a very important mindset to maintain. I mean, it's very important if you ever expect to be financially free, free from

finances, free from money worries, free from not having to work. I mean, that's where your freedom will come from, from creating cash flow, from creating streams of cash, creating residual income. You hear about it's referenced in very many different terms, but that's what we're talking about, the type of money that comes to us whether we get up and go to work or not. And it's this mindset. It's really easy to get distracted into that other mindset, that mindset of creating piles of I mean, especially, especially when you're succeeding with, with, you know, with short-term strategies like wholesaling or fix and flipping, you know, like our last two guests, Brad from Cleveland, Brad from St. Louis.

They both are absolutely crushing their wholesaling business. I mean, they're making awesome money. And, you know, I wouldn't be surprised at this point if they actually had more money in their bank accounts right now than I do. I mean, I don't know how much they have. I haven't really asked, but based on many of our conversations, the conversations that I've had with them, I'm doing the math. And I wouldn't be surprised at all if they had about the same or even more money in the bank than their coach than me. But here's the big difference.

You see, next month, they have to look for a whole new set of deals. They have to generate their leads. They have to set their appointments. They have to negotiate. they have to put their deals under contract. They have to market the properties that they do get under contract. And then they have to sell those properties. And they got to watch it all the way through escrow and make sure that everything closes.

And, in a nutshell, hey, they have to work. And they have to work their ass off. And they are working their ass off. And that's why they're getting the results that they're getting. And there's nothing wrong with that. But unless they start using their profits to acquire some, income properties, they'll never be able to stop working. You know, as long as, as soon as one deal is done, hey, it's off to go find the next.

It never ends. And here's how their situation is different from mine. Although I don't carry a big bank balance. I never have a whole lot of money in the bank. I do get significant deposits made into my bank account every month. And that happens whether I decide to get up. go to work or not. I mean, I could close the doors of my office tomorrow, eliminate a few expenses.

I mean, there are expenses that I could certainly live without. Not too many, a few. And I would never have to work again. Now, to be totally straight with you, I would have to work a little bit, just a little bit. I mean, my property managers and the properties, they're not going to run indefinitely on autopilot without any participation from me. my involvement is still required, but my work would consist of

this is what it looked like every month, maybe a half a dozen phone calls to my property managers, and then maybe another two or three calls to my bookkeeper and accountant. I mean, that would be my work. But with that, what are we even talking about here? Two or three hours a month?

Four hours tops? I mean, it's not the four-hour work week. I'm talking about the four-hour work month. That's the difference. They've got a ton of cash, and I've got cash flow. They have to get up every morning and find their next deal. And I don't.

And I'm sharing this with you for three reasons. One, the word financial freedom, it gets tossed around pretty loosely. To the point it's cliche. It's been used to death. And because it has, we don't really pay it any mind anymore when we hear it. And reason we probably don't pay it any mind because it's typically referenced or attached to something or something or someone that's trying to sell us something. So I wanted to share a real-life example of what the difference between rich and free or freedom

looks like. And at this point, I mean, I wouldn't consider Brad or Brad rich. They've got a long way to go in today's environment, today's economy and the state of the world is in. I mean, to hit that rich status. There's a lot. I mean, being rich today is not what a, what? Because, you know, when our parents were kids or when our grandparents were kids, they've got a long way to go.

But I most definitely would consider myself free right now. I don't have a long way to go. I'm here. You know, I'd have to make a few minor tweaks in my life, but they would be minor. They'd take no extraordinary effort, and I would be free. And what I want you to grab from this point that I'm making right now, it's not, ooh, look at me, aren't you impressed? That's not what I'm asking you for right now. And you should know me by now anyway.

You know that's not me. What I want you to get from this is the time difference it takes to achieve the two. That's what I want you to get. You know, becoming rich or becoming free. You know, to become rich, it can take and often does take a lifetime. If you ever get there at all. But to become free with the right mindset, it can take a few years.

And then once you achieve your freedom, once you achieve your freedom, then you can change your mindset to become rich if that's what you want. So that's the first reason that I'm sharing this with you today. I wanted to just give you kind of a reference point with, you know, the, with a couple real estate investors that I interviewed on last episode and where my situation is today. I want you to give something real, something tangible. Okay? The second reason is, I know Brad and Brad, at some point, we'll eventually listen to this episode.

And I want them to hear this in a different context other than us on the phone. You know, I have this conversation with them frequently. And I'm super proud of them, by the way. They are absolutely crushing it. And they've definitely exceeded my expectations, especially in the period of time of which they've accomplished what they've accomplished. And if you don't know what I'm. I'm talking about if this is your first time listening to the show, you owe it to yourself to

listen to the last two or three episodes, at least the last two, but the last three are awesome. And so, I mean, they're absolutely crushing it. And what's kind of funny is that they're both rather humble. And I don't think they're really necessarily aware of how special the results that they're creating are. And when we get on the phone, you know, whether it's to talk about a certain challenge that they're having at the moment or whether they're trying to sell me a deal or whether they're finding themselves maybe in a slump or just having a bad day and they need to pick me up.

What's clear inside of those conversations is that they're still in the rat race. They're doing better for themselves than they probably ever have done before, but they're still in the rat race. But Matt, hey, I've been investing less than a year, they say. I'm doing good. I've been doing this just in less than a year. And I'm like, I know. So what are you waiting for?

Totally different mindset. Totally different context. Different paradigm, if you will. You see, it doesn't take that long to create your financial freedom. Especially with the large amounts of cash that they're creating every month. What are you waiting for? You know, when you're creating piles of cash at the rate that they are, they can create the streams of cash. super fast.

And I mean, they can do what took me almost five years to do. At the rate that they're moving with regard to stacking their paper, they could do what I did, create their freedom, and half the time it took me. So I want to remind them again. And in a different way, in a different way. And a big reason for me reminding them again with this episode leads me to the third reason I'm talking about financial freedom today. And that third reason is,

it is really easy to forget. It's really easy to fall out of that mindset. You see, in addition to Brad and Brad, I know there's a lot of you out there that are doing very well. We exchange emails, we exchange phone calls. I know there's a lot of you out there that's doing really well that this is going to pertain to. And I'm going to be having other Epic Pro Academy members on in the very near future.

to share their stories as well. But when you're doing really well, it's very easy to forget this mindset, this cash flow mindset, this residual income mindset, the mindset of which when followed by Coral Actions will set you financially free, it's really easy to forget that when you're making a lot of money.

I mean, even myself who talks the talk here on this podcast on a weekly basis, and I walk the walk on. on a daily basis. Even I forget sometimes. I mean, here's what I mean. I'm human just like you. I'm the teacher and I'm the advocate of this mindset,

but I'm still human. I love success. And I love when that success, I love it when it's accompanied by money. I love it, just like you do. And you see, when you are faced with the decision of, do I flip this house really quickly and put $10,000 in my pocket?

Or do I pull $50,000 out of my pocket so I can make $500 a month in cash flow? I mean, most people, and oftentimes me, will take the quick $10,000 in my pocket. We'll take that over the $50,000 out of your pocket. I mean, it hurts. It can downright be painful to pull $50,000 out of your pocket. out of your pocket to trade it for $500 a month of cash flow. It's a tough decision you're faced with on every single transaction. And when you're doing, you know, the amount of deals that Brad and Brad are doing,

you start times in that by $10,000 every single time. I mean, that's, it's easy to forget. But because I've been reminded enough by my mentor over the years and because I, acted on those reminders, I am free. And I got to tell you, it feels really good. And I'm so grateful for those constant reminders because I know for a fact, for a fact, I wouldn't have this freedom today if I wasn't constantly reminded about this relationship between piles of cash and streams of cash.

Do I focus on creating piles of cash? where I focus on creating streams of cash. Well, first I'm going to focus on the piles of cash and then I'm going to create the streams of cash. But you start creating those piles and it starts to get fun and you start getting all this money and now you're not even like,

oh, who cares about that cash flow thing? I got a bunch of money in the bank. You need to be reminded of it because one is security and one is a false sense of security. And that's why I start darn near every one of these shows with shift your mindset. Because the difference I really want to make for you is,

I want you to be free too. Yeah, I want you to go out and learn how to wholesale and fix and flip and do lease options. And, you know, this coming training this week, we're doing subject to. I want you to learn all those fancy and fun things because it makes the business really exciting. It's, those things are a lot of fun. But what I really want for you is I want you to achieve your freedom.

free of financial worries. Work on that first. And then you can start working on your riches. Then you can start working on creating those piles of cash. It's a whole lot easier to create those piles of cash when you're not concerned with how your rent or your mortgage is going to get paid. When you're not concerned with what your family is going to eat this week. Freedom is just that. It's freedom.

It's freedom to focus on. on creating piles of cash, if that's what you want, of course. So it's okay to make piles of money. That's an okay mindset. I'm not against piles of money, not by any means. I love piles of money just like you do.

But I want you to really consider where the intent falls in your list of priorities. It shouldn't be your first intent. It shouldn't be your first priority. At least I'm asking you to consider that. I mean, if you go for those piles of cash, first and freedom second what what most of the country does by the way you're going to get what most

of the country's got pockets full of lint you might have some cash in there for a while but in the long run pockets full of lint you're going to be broke and that's not my opinion it's not because i met everybody in this country i'm just going by the the government statistics the census bureau and the Department of Health and Human Services. 95% of this country will not be able to retire by the age of 65. 95% of the today's 65-year-olds are either dead or dead broke. I've heard me say that before. I've worn that one out.

I love how it just rolls off the tongue now. That's today. And unless something changes, that statistic isn't going to change. So if you first pursue your freedom, your cash flow, your streams of cash, and then your riches of what less than 1% of this country does, those are per the statistics also. So if you do that, pursue your freedom first of what less than 1% of this country does, you're going to get that less than 1%. You're going to get what they got. And that's freedom. financial freedom, then go for your riches, then go create those piles of cash.

And you know what? If you don't ever get those piles of cash, like a lot of people, they're pursuing that cash and they never actually get it, they want to be rich and they never actually get it. So that's a really strong possibility. So even if you don't ever get those piles of cash to the height that you want to have those piles of cash, it's okay. You know why? Because you're still free.

You pursued your freedom first before you went out in pursuit of those piles of cash. Got it? I hope so. I really hope so. Your future depends on it. Your family's future, your children's future, and your children's children's future.

It really does depend on it. And we all need constant reminding of it because it's easy to get caught up in the cash. I mean, Brad, where are we? He's done 25 transactions at five to $7,000 a pop in less than six months. It's like $130, $125, $130,000 in less than six months. His first six months. And Brad is, what was the number?

$42,000 a month he's averaging right now in wholesaling? It's easy to get distracted by that. But keep your eye on the prize. Your eye on the prize is not a pile of money. the prize is a stream of money. And then once you got the stream flowing, then go for the pile. Cool?

All right. So I actually had something else to talk about today, but I got on a roll there, and I guess you could actually classify that as a tangent, but it looks like it's turned into a whole episode that happens sometimes. So I guess I've actually got something to talk about next week. But we do have a few more minutes.

So I'm going to go ahead and I'll take this question, from Mr. Rick Randall. Hi, this is Rick Randall. I've been a long-time student of investing, and I haven't done anything with it yet. Recently, over the weekend, I pulled the trigger joining the Epic Pro Academy. So first off, thank you for all your contributions

to our education, my education. A quick question. We've asked a bunch of people, you know, newbies and season decks as well, and we can't seem to come up with a clear answer. It's my understanding that it's mostly a, flip question, but it would apply to wholesale sailing as well, I believe. And what it is is, how does an investor avoid dealer's status?

Okay, so thanks for the question, Rick. It's a good question. Don't get asked this one too often. So I'm going to assume that you're a little bit further along in your business, or you definitely plan to be. So I don't get asked it very often. I've heard it asked frequently and I've heard it answered poorly frequently. I guess depending on which guru seminar that you attend.

But let me answer this for you as quickly as I can. And again, I must disclose that I am not an attorney and I'm not a CPA and I'm not giving any legal or tax advice. But what I'm going to do is I'll share with you what I know. And this will give me an opportunity to actually maybe sound smarter than I am. Okay. So first, let's just a staff. for everybody what dealer status is. What is dealer status?

And, you know, some of you probably know this, but I'm going to guess that most of you don't. And but if I'm wrong there and most of you do know, we're just going to consider this review just to make sure that everybody's on the same page. So in the eyes of the IRS, the Internal Revenue Service, real estate investors are not all created equal. I mean, if you dabble in any sort of real estate investments, the IRS is going to to place you in one of four categories. And those categories are. First one is real estate investor.

Second one is real estate dealer. Third one is real estate professional. And four is real estate developer. And what we're going to talk about right now is really just the dealer status of what Rick referred to. And we'll kind of compare that a little bit from dealer and the investor status. And the primary reason that you should care about how the IRS categorizes you is because it really, kind of determines, not really, kind of, it actually, most definitely determines how much money that the IRS is going to take from you. So that's why you shouldn't care about this. It has everything to do with how much money that you're getting up there and going out and working really hard for how much of that money you get to keep. Now, there's a lot that has been written

and discussed and broadcasted about the relation between taxes and investment property. It's very unique because actually if you do it right, real estate can virtually eliminate your tax liability. But if you do it wrong, like in this sense or what we're talking about today, it can actually take more of your taxes than what you should probably be paying. And, you know, one example is of how the, you know, taxes and real estate relate that most people understand, at least vaguely, is that you get taxed at a lower capital gains rate on property that you hold for at least 12 months. A lot of people know that.

If you hold it over 12 months, the amount of taxes that you pay on that property are less. And then they also know that you can defer that gain indefinitely, if you use and implement the little privilege that the IRS tax code gives you the 1031 exchange. And so you can basically put your taxes off indefinitely doing that. And that's pretty much common knowledge, as well as, you know, as much as it's, as much as it's

common knowledge. If you're listening to that right now, it's led to many an inspiration for people to try their hand at long-term house flipping. Let's go ahead and just start doing this flipping long-term. This way we never have to pay taxes, right? If you copied that structure. Well, it sounds like a nice, low-key way to maximize your real estate profits, but not so fast. You see, if flipping real estate is a profession for you, you may not qualify for that special capital gains tax treatment, even if you did wait the 12 months. The reason being is, you know, of this little understood IRS requirement.

You see, if a significant amount, and the word significant is subjective, we'll get to that in a minute, but if a significant amount of the income that you use to support, you comes from flipping profits from your from your from your fix and flipping and your wholesaling then the irs is no longer going to consider you to be an investor they're going to consider you to be a dealer and as a dealer hey the rules that the game just changed you've got a whole entire new set of rules to play by and it ain't pretty it ain't pretty so if you're considered a real estate dealer to the IRS, that means that you have a trade or a business.

You're no longer an investor, like real estate is a business for you. Your flips are not investments. So what this means is you'll have to pay self-employment tax. And that self-employment tax is 15.3%. That's on your income. And that's not just 15% and that's it. That don't sound too bad, right? No, that is added to your personal tax bracket.

So it's added. It's a 15% additional tax. And that's just like any other business. But that's added to the taxes you're already paying. So your taxes you'll pay even go higher. Well, a real estate investor, if that's your classification, you get to avoid that. So I'm pretty sure that that's why Rick wants to avoid dealer status. That's why most people want to avoid dealer status.

He wants to flip houses for a profit and not pay that additional tax. Totally understand. right? No one wants to pay more tax than we have to. You know, and at the end of the day, for most people, that's really a difference between being taxed at 15% or up to 33%. I think that's the number. Whatever it is, it's double. Okay. If you can manage your status by the IRS, you can essentially right there cut your taxes in half. So that's the primary reason you don't want to be a real estate dealer with regard to how the IRS sees you. And there are some other really good reasons you don't want to be a dealer. But that's the primary one for most people. I want to keep this simple. I don't want to get too deep into this because it's just, it can get too deep for me. And then I might sound dumb on this show and not sound as smart as I think I might be sounding right now. Anyway, so how does the IRS determine dealer status?

And here's where it's tricky. And it's actually a little unfair if you ask me. But, you know, who says that the IRS is fair or the world for that matter? but the IRS determines real estate dealer status based on the intent of the taxpayer holding or buying property okay the IRS determines real estate dealer status based on that person's intent that's very subjective right there right and who says what your intent is well the IRS gets to determine that not fair right that's what I thought so your gains or your losses when you sell the property are determined by whether you are holding the property

primarily for that sale or as an investment. Okay? So your gains or losses are going to be determined by whether, what your intention was? Was your intention to hold that property or was it to flip the property? And who's going to say what your intention was, right? Well, the IRS is going to tell you what your intention was. was. So you can see there's a significant amount of gray area there. There's plenty of room for argument for sure. And there's room for taking your chances inside of that gray area to avoid

the additional tax that comes with being a dealer. Now, if you want to take your chances, and when I say take your chances, I mean take your chances by arguing your intent in court. Here's what you're going to have to be prepared for to argue. I mean, the courts, they've come up with more than 15 items, 15 factors that they look for in determining whether or not, you should be classified as a dealer or not one of the other three categories. But really, rather than going through every single item, you know, of these 15 items or so, the most important items seem to be, not necessarily, they don't say that one's heavier than the other, but they seem to be, or your status seems to be determined based on the number of properties that you sell,

the frequency in which you sell them, and the continuity of those sales. So in other words, if you sell a lot of property, you might be considered a dealer simply because that it appears to be the type of real estate investing, quote unquote, that you do. And again, it comes down to what the IRS believes your intent to be. So the answer to Rick's question of how do you avoid dealer status is it's the typical answer. It depends. It depends, Rick. But again, I don't want to leave you with that. I'm not going to leave you hanging with, it depends. But at the same time, I'm not going to address every possible scenario.

I really just couldn't do that. But generally speaking, here's how you avoid dealer status. First, limit the number of properties that you sell. If you own multiple properties and sell and buy properties frequently, hey, the government, they may view you as a dealer. Number two, don't set up an office from what you purchase and sell your deals. Don't have a dedicated office to where you conduct your real estate business out of. If you do that, the government may view you as a dealer.

This is sounding a lot like, well, you may be a redneck if, okay, so you may be a real estate dealer if you conduct your business out of a dedicated office. Number three, avoid hiring someone to sell your property, meaning someone that, someone that over which you have a supervisory role or someone that you might have on your payroll. Again, this could make you look like a real estate professional, of which would put you in the dealer category. Then number four, you got to limit the amount of time that you devote to buying and selling real estate. again, just like the number of properties, just like here the amount of time. It's subjective.

The IRS can look at 20 hours a week as too much or even two or three hours a week as too much if you've somehow qualified for their other factors that influence their decision whether or not you're a dealer. Now, I'm guessing and I'm only guessing that Rick probably plans on doing multiple deals and he probably plans on doing them frequently and possibly even conducting them out of a dedicated office. I don't know. I'm just assuming.

And I'm assuming that he wants to do all of that and still avoid dealer status. And what I can say to that is, Rick, it is indeed possible to do, and it's indeed possible to do it legally. But let me burst a couple of bubbles here for you, or any of you have. that have happened to catch a specific guru sideshow that came into your town who presented a bunch of bulletproof methods for not being declared a dealer. The first bubble. The first one is a written declaration of intent.

So by documenting your intent, one particular guru, I guess, would tell you to walk around actually with a piece of paper in your back pocket stating that it is not. my intent to deal real estate. That's hilarious, isn't it? I mean, if you've seen this presentation, he makes a really good case for it. You could walk out of his seminar, believe in it, and as well as buying his program. But let's look at this outside of the sales presentation. Let's put this in real world context.

Yes, a real or a, a well-written document consistent with the facts can very likely help your case. and for some reason we Americans just trust words written on paper if it's written on paper then it's documented and we believe it however if that document or that statement in your back pocket if that that document contradicts the facts the IRS and the courts will take the facts over the paper okay so even if you have it documented somewhere that it is not your intent to deal real estate if the facts around you say otherwise, the facts are going to win. Okay?

That's the first bubble. Because I've heard people debate that one. But Matt, I saw this guy this weekend and he said, if I put this piece of paper in my back pocket, I'm safe. And I'm like, no, you're not. So, okay, so the second one. The second much abused factor is, how many deals are too many deals?

right? The IRS code doesn't mention, not even once, the number of sales that would categorize someone as a dealer. I mean, who said less than three? I've heard that before. I've heard less than five. If you do less than five, you're not considered a dealer. I mean, people will give you a number all the time, but where is it written? It isn't. The car dealer who sells two cars a year is still a dealer. maybe a lousy dealer, but that that car dealer is still a dealer. Likewise, a successful auto investor may sell 10 vehicles in one year without losing his investor status. And that goes for real estate as well. You can do two properties, one property a year, and still get categorized as a dealer.

You can do 10 a year and not be categorized as a dealer. So if this dealer investor distinction is so unclear, how can you decide what's right for you? What's right for your situation? Well, here's the answer. This goes for you, Rick, and it goes for everyone else that's listening. Don't try to do this stuff yourself. Talk with your CPA, talk with your tax attorney, and plan around the dealer's status. You want to avoid the dealer status, and you want to do it the right way.

I mean, maybe it's something as simple as using an LLC and treating it as an S-Corp, and because of the amount of transactions that you do, that's strategy that'll work just fine for you. That is one way to do it. But then, maybe your situation is different. And considering how many people are listening to my voice right now, your situation is likely different. And because it's different, a different strategy is necessary. And I want you to know there are strategies. strategies for just about everybody out there in every situation.

But like I said, I can't go into every possible scenario. And besides, it's way beyond my scope of expertise anyway, that's for sure. And the answer for me is, I don't try to do it myself. I have a team for that. And so should you. So rely on your power team members to help you design your business in a way that not only helps you maximize profits, but minimizes taxes as well, which is just as, if not even more, important.

Your legal structure, your accounting structure, all of that is going to really, it's going to factor in significantly. And hopefully this, what we've talked about just now kind of illustrates that, whether it's 15% or 30% taxation or zero taxation. Yes, that's possible too. and it all depends on your CPA structure or your accounting structure and your legal structure. So unless you're an attorney, a tax attorney that already knows all about that, don't try and do this yourself. They went to years and years of school and it's probably the most boring reading that you could ever engage in anyway.

Let them do it. Okay, pay them. They're going to make you so much more money and save you so much money than what they could possibly charge, particularly if you plan on doing lots of deals. Okay. And you know what? That actually reminds me of something. If you're not listening to this too late, this coming Saturday, November 23rd, I'm going to be attending the annual workshop conducted by my CPA advisor. We've had them on the show before, Mr. Mark Kohler. He does this every year in this area and I attend it every year.

It's in Southern California. So it's this Saturday on the 23rd. If you'd like to go, go to Epic Wealth Workshop.com. Epic Wealth Workshop.com. That is my affiliate link. Mark gives me a few bucks for mentioning his events and services, and I was going to go anyway, so, hey, I might as well give it a mention. And besides, I'll be using the thousands and thousands of dollars that I'll be making

as his affiliate. That's sarcasm, if you couldn't tell. But I'll be hosting a private little get-together for the Epic community that use that link to register. And, you know, I think it's a five or six-hour. workshop so it's definitely going to be information rich and after that it's going to be time to relax and decompress a little bit and so if you'd like to to go and we'll sit around in the lounge afterwards we'll have some drinks we'll have some appetizers it's all on me and we'll sit around and we'll talk

shop or not we'll talk about whatever you want to talk about it'll be me and my team and we would love to meet you so if that sounds like something you want to do go to epic wealth workshop dot com and get all the details there epic wealth workshop.com. I think he's got two more workshops this year. This one coming Saturday on the 23rd is here in Irvine, California. And then there's another one, I think it's December 7th in Hawaii. Now, I won't be at that one, but feel free to still register under that link. That'd be awesome. And with that said, hey, Rick, I hope I answered your question or at least gave you a little bit more insight. Taxes are not my specialty, but I did my best for you. So thanks again for the question.

and if you happen to have a question, comment, or concern that you'd like me to answer or address here live on the show, please share them with me on the Epic Real Estate Investing Hotline. And that number is 1-888-891-7203. 1-88-891-7203. All righty. So until next time to your success, I'm Matt Terrio, living the dream. You've been listening to Epic Real Estate Investing, the World's, foremost authority on separating the facts from the BS in real estate investing education.

If you enjoyed this show, please take a minute to visit iTunes and share your thoughts. Thanks for listening. We'll see you next time here at Epic Real Estate Investing with Matt Terrio. This podcast is a part of the C-suite Radio Network. For more top business podcasts, visit c-sweetradio.com.