Wake Up to Wealth
The Untold Solutions We Overlook with Jeff Hiatt
Mon, 11 Nov
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In episode 28 of Wake Up to Wealth, Brandon Brittingham interviews Jeff Hiatt, a cost segregation expert, to demystify the often-misunderstood concepts of depreciation and cost segregation in real estate.Tune in to gain valuable insights and debunk common myths surrounding wealth and taxes.SOCIAL MEDIA LINKSBrandon BrittinghamInstagram: https://www.instagram.com/mailboxmoneyb/Facebook: https://www.facebook.com/brandon.brittingham.1/ Jeff HiattFacebook: https://www.facebook.com/jeff.hiatt1/LinkedIn: https://www.linkedin.com/in/jeffreydhiatt/WEBSITEBrandon Brittingham: https://www.brandonsbrain.org/homeMS Consultants: https://www.costsegs.com/
What is cost segregation and why is it important?
They can probably, as part of the BRRRR conversation, refinance it now with a higher value, and then they get to redo the whole thing again. So that allows them, again, to just go ahead and accelerate their wealth accumulation and retention.
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. And I would if we pulled that room when you got done talking, I would bet 60 percent of the people in the room had no idea about this. Right. You're right. 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 and people don't under, they don't know this or they don't understand it. 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. And we're in a, Jeff and I are in a mastermind that's for real estate investors and
And a lot of times what I hear is they're like, well, I talked to a professional accountant or whoever, not all accounts are bad. That's not what I'm saying, 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. Like it's just so misunderstood and so many misconceptions.
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. With today's volatile interest rate environment, real estate investors are looking for every advantage legally available. More and more are realizing that accelerating depreciation allows them to free up cash flow, enabling them to acquire their next property sooner.
MSC's approach to cost segs is the answer. If you've got properties out there you haven't done cost segs on, you're paying too much in taxes. 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.
You're absolutely right on all of that. So 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. So within that group, there's a lot of research that is done. It's the overarching authority within the cost seg space.
And it's estimated that about 30% of the people that could have taken advantage of cost seg have done it. In other words, 70% have not.
And the IRS isn't showing up saying, hey- Typically, no, they don't go, hey, you should be doing a cost seg.
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