Our guest today is Bernard Reisz, a CPA and the founder of ReSure LLC, where the focus is on simplifying finance and investments. In this episode, we talk about how to make well-informed decisions in our real estate investing strategy and the 3 types of tax shelters. If you want to know more about different retirement accounts and the ways to assess a financial advisor then don’t miss out on this episode! Learn more about Bernard and his journey at reiclarity.com!
“The biggest mistake you can really make is essentially being poorly informed”
04:00
At the beginning of the episode, Bernard explains that there are no mistakes in real estate investing, just well-informed and poorly informed decisions. As every service provider has a bias, you have to be able to read between the lines while investing.
To make the right financial and business decisions, Bernard suggests asking the following questions:
- How easily can your business be converted to cash?
- Is there something you are thinking of transitioning to?
- How many places do you want to be active and how many passive income streams do you want?
- Based on your perspective, do you think that you have better information about real estate than the market as a whole?
If someone is very serious about real estate investing and doesn’t just want to do it as a side-hustle, then Bernard suggests going full-time into real estate investing and claiming a real estate professional tax status, which will provide the best tax benefits. For this you don’t have to be licensed, you just have to fit the real estate professional tax status.
27:05
How to assess a financial advisor or CPA?
- Look for people heavy on substance and low on fluff.
- Even if at the beginning of your business journey, you can’t afford a higher level accountant, always choose someone who will be able to grow with you.
- Work with people who are very committed to helping you.
- Find someone who is specialized but has enough expertise to understand how every component in that field integrates and interacts with each other.
40:00
Bernard talked about the different types of retirement accounts in the show. They are the following:
- IRA
- Traditional IRA
- Roth IRA
- SEP IRA
- Simple IRA
- QRP
- 401K
- profit sharing
- defined benefit
- cash balance
- money purchase
“Don’t buy tax shelters, invest in them.”
46:00
According to Bernard, you don’t want to buy tax shelters off the shelf. You need to understand the risk associated with them first. There are tax shelters that are legal, in the grey area, or fraudulent. A good starting point to determine if the tax shelter is legal or not is to ask your CPA.
Mentioned in the show:
- Leonard Mlodinow – The Drunkard’s Walk
- https://www.401kcheckbook.com/
- www.agentfinancial.com
- www.shineinsurance.com/reiclarity
Learn how to grow your portfolio and reach incredible success the right way! Visit us here for everything you need to know: www.shineinsurance.com/reiclarity.
Special thanks to Bernard Reisz for taking the time to share so many great insights with us
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