ASK LORAL: Your Wealth Building Strategy

Loral Langemeier: Uh, Lynn's question is, I have my own business running group homes. I also own 13 rental properties. I got a tax bill from the IRS of 100,000 How could things be structured to lower my tax liability? Almost exactly the answer that I just gave Terry and Nevada is what you're going to need, and I would say the group homes - each home should have its own company.

The 13 rentals, I mean, depending on how you want to divide them, that could be three or four per property. Not sure what state you're in. If you're in California, New York, New Jersey, Pennsylvania, none of that stuff I just said it's probably going to work very well, and then you're going to need that big Nevada asset company, depending on how much money you're making. So, Lynn Rifle, call our office immediately.

Let's get you some help. And again, I would not pay that tax bill, I would defer it, I would do an extension, get to our tax teams, and see how we can start, you know, taking a big, big, you know, bat to that bill, and really reduce it, because there's so much in the big beautiful bill. When you have that much real estate, and you have, you know, any of the homes, you have cost, I mean, all of it, you have R and D credits, cost segregation, and you've got your actual corporate structure that could reduce all that.

So you had a lot of ways to work it, and I would bet, like most traditional CPAs, don't do half of the things I just said, so then you just are out, so you either pay the bill or you get some help, which please call in and get some help. Dan Dan Hartke, again, not sure what state you're in. Your question is, are you really mentoring people yourself, and is everything handled by your team? I'm in need of some mentoring over the next couple years as our business continues to grow, and we start to have excessive income and cash flow.

I appreciate complicated business concepts and have a general idea, the multi-generational trust structure, but I need a mentor. I am your mentor, and yes, every client gets my cell phone, I'm available. I help navigate you through all these foundational moves. Once the foundation set, then you are assigned a coach, like for your growth strategy, whatever that is.

If you want to grow in real estate, you want to grow in business development, it could be in marketing, could be sales. I have, you know, more private clients now that people do pay extra than just have me be there one on one, in addition to the big table, so it depends where you are, but everyone starts at the table, gets their foundation reset. I'm heavily involved in that first section of it, and then, as needed, I will jump on calls, but we have calls every week that you'll be on, depending which category, in which topic, in which area of development you need, so that's why it's called integrated.

It's me and 28 approximately 28 financial and business experts to help you. So, Dan, let's get that question out to him. I'm sorry, that answer out to him. And the last one, Patrick.

Patrick has been working with Sandy. Patrick says they're asked a question. I'm about to start a new job as a physical therapist, and I'm setting up a drop shipping business. I want to set it up all right.

I'm very strong, Dave Ramsey fan. Been working on paying off my house ASAP. Is this the best direction? Um, no.

I mean, if that's what you want, then I'm going to just say we're not your people, um, because we, we, Dave Ramsey is the live within your means, live below your means, pay off your mortgage, stay debt free, we're going to use debt, that's just the cost of money, all right, so Patrick, if you can get five, you know, this time, and I think it's going to stand very wild in the five and low sixes of how of mortgage interest rates, so if you can get those, and if you have prior mortgage, which, if you've had this house, and you're down in the twos and threes, my gosh, it would never pay that off.

That's the cheapest money ever going to get. When you got a runaway stock market right now, that's unbelievable. You've got real estate all over the country that you could buy, and so if you could put your money to work, say you only owe 100 more on your house, Ramsey would say pay it off. I would say, take your 100, go put it to work, go make 12% 15% 20% on that money, and then just make your minimums.

If you want to accelerate it, just do an extra principal payment per month, but don't accelerate paying off cheap debt. Your principal is the hardest thing to ever get back, and you're never getting it back. If you just, you know, pay off all your debt. So, Ramsey and I are in very opposite models.

Ramsey lives more like I do as a person, but he teaches you to live, you know, like Susie Orman, live in a little bubble, so you stay safe and don't be an entrepreneur. I'm gonna say, go be an entrepreneur. So, if you want millionaire status and low taxes, and again, Ramsey's not going to talk to you at all about taxes, that's not his game. So, if you want three to five year millionaire, low taxes, and a huge community that's been together for 26 years, we're your people.

So I think we're your people, and especially if you're going to, if you're starting a job as a physical therapist, that's great, but guess what else you can do on the side, because PTs have so many cool businesses that are around it and. That gives you the entrepreneurial edge, and depending on where you work, a lot of times the places you work will pay you as a physical therapist inside your company, and so instead of being an employee making, say, 100 150,000 which I don't know what your salary is, but if it is, how about your company makes that, plus you add on supplements, all sorts of additive revenue, muscle conditioning..

there's so many things you can do as a PT. We have PTs making a lot of money, and as an entrepreneur, not a job. But either way, we will help get you there again with all of you. Ask questions, and if you don't know what question to ask, read the books, go to the YouTube channel, ask clarifying questions on what you're interpreting, so we can help you grow and get to the next level.

I love this call, because so many of you are at that vortex of you're either going to accelerate and it's all going to be better for you, or you're going to get really stuck soon, because a lot of you are making a lot of money and you need a bigger structure for that money to be made to keep the taxes low. Thank you. Have a good night. Unknown: Thanks for listening to the Real Money Talks podcast.

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