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”
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:
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.
How to assess a financial advisor or CPA?
Bernard talked about the different types of retirement accounts in the show. They are the following:
“Don't buy tax shelters, invest in them.”
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:
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.
Then, please share the show with whoever you think it will inspire.
Until the next time, We truly appreciate you listening.
Need the REI Insurance Guy?
More great stories & information at: