EP 208: Yonah Weiss - Tax Benefits From The Cost Seg King

[00:00:00] And for any property acquired after a certain date of 2017, essentially 2018, you could take the accelerated depreciation deductions that you come up with.

[00:00:11] Hello and thank you for joining us today on The Gentle Art of Crushing It show where we focus on learning and sharing with our listeners all there is to know about how to create success in our lives.

[00:00:23] This show stands on the shoulders of giants. Our mission is to empower and inspire our listeners to create the life of their dreams whilst having a blast in the process. Let's celebrate life together. Welcome to the show.

[00:00:40] Alright, welcome back to the Gentle Art of Crushing It passive investor edition podcast. My name is Randy Smith and I will be your host today. And I am super excited to have Yonah Weiss with us today.

[00:00:54] Yonah is the cost seg expert in the space and he's also been in and around real estate and passive investing for years and years. So I think he brings a unique perspective that I'm sure you guys will all enjoy. So Yonah, welcome to the show.

[00:01:11] Thanks so much, Randy. Great to be here. Awesome. Well, why don't we just jump right in? Yonah, why don't you tell us a little bit about yourself, kind of walk us through your journey and tell us how you found passive investing in the cost seg space.

[00:01:25] Absolutely. My background was in teaching for many years, about 15 years I was a teacher. It really has always been my passion. You know, I started a nonprofit so helping people is kind of my sub passion having a big family, six kids.

[00:01:39] So I'm like always teaching, whether it's in the classroom or at home or both. And about seven, eight years ago I had some, you know, changes in my life that really required me to do some introspection and wanted to find some additional source of income.

[00:01:57] Real estate kept coming up in every conversation that I had with friends of mine acquaintances. I just put it out there, you know, looking for an opportunity and to do something more than just teaching.

[00:02:08] Real estate kept coming up and two reasons why that was a big impact on me at the time was one, I was not interested in going back to have any sort of formal education and a career change.

[00:02:22] You know, without that is somewhat limiting, right? But real estate didn't have that barrier to entry, at least from what I was told for a lot of people.

[00:02:31] And the second thing was that there's really no, no ceiling. All right. Real estate is an industry that you can literally, you know, there's no ceiling to how much you can actually make if you want to.

[00:02:42] Now money was never a driving force just to have enough to, you know, to get by and be able to help out others. But it obviously was something that was intriguing.

[00:02:50] And I started out with just really learning, as a lot of people do. I was blessed and fortunate to have a good friend who basically coached me and I was an apprentice with him in his office.

[00:03:06] He was a mortgage broker. He himself owned rental properties, multi-family and single-family properties and managed them himself remotely. And it was a really eye-opening experience for entering into the commercial real estate space. I ended up doing some brokering as well.

[00:03:22] Real estate got my license and ended up doing some fix and flips, getting my feet wet. But it was about five, six years ago where I was introduced to this concept of cost segregation and introduced to this company, Madison Specs, which I currently work for.

[00:03:36] And it was really, it was a great match. They were interested in someone doing business development. I didn't really have any tax or engineering background whatsoever, but that's not what they were looking for.

[00:03:48] They were just looking for someone to what ended up really being teaching this concept, teaching cost segregation. That was really my angle. And I thank God, become extremely successful in that space being recognized as the number one cost-scaration expert in the country.

[00:04:06] And that really has opened up so many doors to me working with thousands of clients across the country in every asset class, in every market, and really opened my eyes up to passive investing as well.

[00:04:19] Which, you know, all being together, just being involved and around people on a daily basis that are owning and investing real estate.

[00:04:29] And many of them doing syndications. I learned about passive investing. So, you know, finding the right sponsors that I was comfortable with, I ended up investing in at this point about eight deals, eight different in several asset classes.

[00:04:42] And got my, you know, learned a tremendous amount of obviously looking at hundreds along the way until finding those right ones. So it's been a great journey.

[00:04:53] That is, God, there's so much information there and what a journey it's been. I love the fact though that you're a teacher in heart, which I think, you know, salespeople can kind of get a bad name for themselves.

[00:05:06] But I think the best salespeople in the world are not salespeople at all. They're just educators and they're sharing value and they're teaching other people something that will benefit them.

[00:05:18] And if it makes sense for them, great. If it doesn't, it does not. So I love how you bring that teaching heart to the space.

[00:05:27] So now you mentioned that you've been involved in a number of different facets within real estate. You mentioned a lot of our audience, they did the fix and flip thing as well like myself.

[00:05:39] I didn't do flips. I did. I did long term flips. I ate the burger, right? And then you were actually a broker and an underwriter on loans as well that I saw. So you've been around this space for quite some time.

[00:05:56] And it's interesting how you mentioned that there really, there's not like a formal education process you have to go down.

[00:06:04] So I'm curious that learning and educating through experience. How did that evolve? I know you mentioned you found somebody and there was apprentice, but talk to me about that process a little bit more as well if you can.

[00:06:20] It's a really ongoing process. And for anyone that's interested in learning, there's so much information out there nowadays with podcasts and YouTube and articles, books, so much.

[00:06:31] And I consumed a lot of that and continue to do so. But from the way that I learn is much more experientially. And so being able to just sit with people and watch them or spend time with them and do things.

[00:06:47] If you can go walk a property, that's going to teach you so much more about the property than looking at the operating, the memorandum or whatever it is that you're offering memorandum.

[00:06:58] So to me, it's always been about who can I surround myself with and who can I learn from? I didn't become the cost segregation expert overnight.

[00:07:09] But I relied heavily on the company that I work for, which was the biggest cost company in the country who had those experts that I could basically rely on.

[00:07:19] And without them doing the actual work, you know, I wouldn't be the expert that I am because you don't have anything to offer.

[00:07:25] And so for anyone in any space that there is, if you can find a mentor, if you can find someone that can accelerate your growth, you'll learn so much more than trying to figure it out on your own.

[00:07:37] And as a teacher, I think I maybe have a little bit of an advantage because as a teacher, you're constantly learning because you want to learn not just in order to understand yourself but in order to teach it.

[00:07:48] And to learn at that level, you have to integrate it in a way that is much more palatable to others.

[00:07:56] And so for me teaching this over and over again, if I get a question I don't know the answer to, I'll go and ask one of the CPAs or one of the guys on my team that's been doing this for a decade.

[00:08:07] And I'll have the answer and I'll know it and I'll be able to tweak that and get better over time. And that really has been an ongoing process, you know, just kind of focusing on that one niche.

[00:08:17] But again, it comes back to relying on others and not trying to figure it out on your own. Yeah, no, I love that.

[00:08:25] I think, you know, there's a true sense of humility in what you're sharing there because the guy who comes to the table that claims to know everything is never going to learn anything new.

[00:08:34] And it seems like you've had a tendency to one associate with people that know a lot more than you do in certain spaces. But then it sounds like it sounds like there's not a lot of hesitancy towards action and moving forward.

[00:08:52] So I am actually, I'm kind of a ready firing guy. And it sounds like you might be a guy that builds the parachute on the way out of jumping out of the plane as well. Is that true or?

[00:09:07] Maybe to a certain extent, I think there's a lot of caution that comes along with it, but you can never be afraid to act.

[00:09:17] And I think if you have a good understanding of something, you can take the jump and you'll learn a lot more along the way like you're saying. I don't know the analogy of jumping out of a plane without a parachute is not something I've ever used before.

[00:09:29] But you know, if that describes the situation then yeah, certainly. Yeah, certainly. And you have a little more confidence if you're with an expert parachute or next to as you're jumping out right so. Interesting. Okay.

[00:09:41] So let's talk it sounds like you ended up moving into the cost of space and then came into passive investing. But I want to do that backwards if we can. Can we talk a little bit about your passive investing journey? What was that first deal like?

[00:09:52] How did you find the deal? The operator vetting all of those types of things. What did that look like? So it's all about it's been a networking experience for me and specifically through using social media and LinkedIn for the last five, six years.

[00:10:06] It's just been an incredible experience building that community and I've met so many sponsors, so many people who have been my clients. But also going to networking events but also just people that they send me their deals you get on their list whatever it is.

[00:10:22] For me it's always been more about the operators than it's been about the deal itself. You can look at 100 deals and they may all look similar in terms of the returns or you know what people are projecting.

[00:10:34] But in the end of the day, you want to make sure that person is trustworthy is reliable. And even if there is a fumble in the deal itself, you rely on their integrity and transparency to make sure that everyone winds up on the right side of things.

[00:10:50] And unfortunately there are plenty of people out there. There's no shortage of people who are unfortunately doing things the wrong way and have had fraudulent behavior and things like that have come across a lot.

[00:11:04] Unfortunately in the years that I've been in this space, so you have to be very careful. So the deals that I've invested in have been specifically about the sponsors connecting with them and building relationships with them over the years before jumping into just putting my money with anyone.

[00:11:20] Awesome. I love that because I think you're in a unique situation where you get to do business with folks and see how they show up over time.

[00:11:30] You know, you get to deliver the cost seg report and analysis that maybe it comes back at a percentage that they're not expecting or maybe it's not what they're hoping for.

[00:11:42] And you get to see how they respond which I think everybody looks wonderful when things are going well but when things don't go so well. And I think that's what the person shows up. You're absolutely right.

[00:11:55] I mean, when you said that literally a few people jumped out in my mind that were exactly that deterrent. When you have someone who's very demanding and it's absolutely correct.

[00:12:10] It's the personality and it's about who that person is when things don't go right is what you want to. Unfortunately, if you're just looking at an investment deck or you're looking at a webinar, you don't know. You only see the roses.

[00:12:23] So it's important to see the other side as well. Yeah, really good point. Thank you. All right. So now you mentioned that you are in multiple asset classes and multiple operators. I'm curious. What are you excited about today in the passive space?

[00:12:41] Are there asset classes, operators, trends, things that you're seeing that are exciting you right now? Sure. So I've been invested in multifamily, self-storage, mobile home parks, RV parks up until this point a couple of businesses as well. But for what right now we're looking at the beginning of 2023.

[00:13:01] What I'm seeing is obviously the debt situation is difficult financing is much more difficult than it's been over the past decade or so. And that's challenging for a lot of people, especially multifamily cap rates being compressed extensively in markets.

[00:13:20] But I am seeing operators who are successful in the multifamily space in tertiary markets. So people that may not be primary markets or secondary markets, but that these people themselves have been successful in those tertiary markets where you still can have.

[00:13:38] There's still growth happening and they are local and understand it in a way that someone from out of town would never invest in that space because of the challenges that come with that.

[00:13:49] And so that is an advantage of just growing that network, meeting more people and finding people who do fit that mold. However, I specifically want to focus more this year on more affordable housing.

[00:14:05] So that really includes the mobile home park or manufactured housing communities as is more politically correctly accepted nowadays because they're a little bit different than standard trailer park or mobile home park that people have some stigma with.

[00:14:19] These manufactured housing communities are really extremely affordable housing, really well built, not too different and even better quality than a lot of stick homes.

[00:14:30] And you know, been blessed to have a lot of operators in this space and the one in particular that I'm very close with and it's become very close with the principles of this and hopefully going to be partnering with them going forward on a lot of deals.

[00:14:45] Awesome. Yeah. I know I think there's the numbers definitely suggest that there will continue to be a need in the affordable housing space housing as a whole but I do like that.

[00:14:57] It sounds like you have a heart towards helping as well which which I think is definitely respectful so. Well, very good. So yeah, so passive investing and let's jump into if we can cost segregation.

[00:15:13] So for the newer passive investor because our audiences, you know folks usually in their zero to five passive investments. Can we talk explain it to me like a six year old what a cost segregation is if you could. Absolutely. So cost segregation is a tax deduction.

[00:15:33] Essentially it's an advanced form of depreciation and depreciation is an income tax deduction that anyone gets for owning a property besides for your primary residence.

[00:15:43] So if it's a business or investment property, you're literally able to take a write off of the value of that property over a long period of time so you're able to take a deduction approximately about two to three percent of the purchase price every single year for either 39 year period

[00:15:59] or a residential property or a 27 and a half year period if it's a residential or multi family property. So that's what depreciation is. It's a deduction based on the principle that things go down in value as time goes on.

[00:16:12] Now it's not intrinsic to the property and actually going down in value. In fact, the properties really going up in a value and it's not intrinsic to the property because it's based on you as the owner and not on the actual building meaning that schedule of 27 year period.

[00:16:29] So the schedule of 27 or 39 years starts the day that you buy the property. And so it doesn't matter that someone else has already taken that depreciation deduction over 30 years and then sold it, the new owner gets to start that again. So that's depreciation.

[00:16:44] Now cost segregation is just like the name even though it's a weird name how it sounds. We're segregating that cost into different categories or different components.

[00:16:53] So the IRS says certain components of the property actually depreciate faster and you can take the deductions of those components at a faster rate over a five year or seven or 15 year rate as opposed to that longer 27 or 39 year rate.

[00:17:10] So a conservation study is an engineering report of a property that breaks down every individual component like appliances, furniture, carpeting, fixtures, cabinets. Like everything has a different schedule taking the value of those items and then taking a deduction, a much bigger deduction in those earlier years.

[00:17:29] It's not a nutshell just if I were to recap that once you know what I've just explained, it's a cash flow tool that allows you to take more tax deductions in the earlier years of ownership. Love it. Love it. Love it.

[00:17:46] So the added expense benefits the added expense of the depreciation benefits the real estate investor because it offsets the potential income that's coming from those. Correct. Yeah, exactly.

[00:18:01] Okay. So as a passive investor, if you're trying to factor that into the whole equation and understand the full benefit of investing passively, how do you explain that to the newer passive investor then?

[00:18:18] So many people get into real estate for one of the reasons is the tax benefits that come along with it. Right. And we hear this a lot of tax, you know, tax benefits.

[00:18:27] The major tax benefit is this depreciation deduction. However, there is a difference between the income you're getting from your passive investments. Real estate, for example, if you have real estate investments and they're passive are treated differently than your other sources of income. Okay.

[00:18:45] So it's important to note, especially for someone who is a W2 worker and they invest in real estate as well.

[00:18:52] It's important to understand the distinction between how depreciation and how constigation works and how it can affect you versus someone who is full time in real estate and how it affects them.

[00:19:02] And this is something I think a lot of people don't know or don't understand or aren't explained well. So the main benefit is that the depreciation deduction can be used or is primarily used to offset or to reduce your taxable income from your investments.

[00:19:18] So from your rental income, any investments that you have are kind of all lumped together and any depreciation deductions you have are lumped together.

[00:19:26] When investing in a deal where they're doing constigation, you will receive the proportional amount of deductions based on your interest, based on your percentage of ownership. And that will be used to offset your income.

[00:19:41] So depreciation or excuse me, real estate is one of the only, if not the only investment vehicle that you can actually make money on. And during the course of ownership, not actually pay any taxes on the income from those investments because of the depreciation expense. Love it. Yeah.

[00:20:02] So that it's and you alluded to this idea of if you're in real estate full time, then there's this opportunity for you to count those losses against your active income or active income within the household potentially. Can you talk about that a little bit?

[00:20:20] Of course, air quotes were not CPAs talk to your CPA but in your experience, you know what is how does that work?

[00:20:28] Yeah, it's extremely important. So if anyone is a real estate professional as the IRS defines is that either you or your spouse are do not have another full time job and your full time job consists of materially participating in the real estate trader business which can include managing

[00:20:46] or operating acquiring, brokering, constructing, you know, any of the above in your own property. So if one of you of a couple is either a real estate broker or you own some rentals on your own and that's your main occupation and there's a time in limit as well.

[00:21:03] There's 750 hours a year is required.

[00:21:06] However, once you have that then just like I said, Randy, you can use these depreciation deductions to offset your active income or your W2 income as well, which is not so someone who is just solely a passive investor, a non real estate professional and that's really where the main

[00:21:22] benefit of consideration comes into play because it's great short to have you know the rental income or the real estate income you're getting during the course of ownership from your investments, not be taxed because of that huge depreciation deduction, but it will be even better if you can use those extra

[00:21:40] deductions to also you know offset or reduce your other taxable income, which can be extensive on a million dollar property for example and this can be multiplied. You can someone who's got a $150,000 to $200,000 tax write off in the first year or in the early year so that's a huge amount that can be used which is well above the income from the property itself so you're left over with these extra losses

[00:22:06] or these extra deductions that can be carried forward you can use them in the future, but to be able to use them in the current year is only limited to that real estate professional status.

[00:22:16] Love it. Yeah and that's kind of the unicorn that we're all in my space we're all searching for it's that high income W2 earner that has a spouse that can designate as a real estate professional and it really creates a unique opportunity for some tremendous tax savings that

[00:22:35] I mean it can be a reason to completely restructure your career focus and your, your, I mean, your entire life quite frankly, if you can get that created perfectly of course with your CPA sign off on it so for sure.

[00:22:51] So now, go ahead. I would just say there is one other exception to the rule which is less commonly talked about but is probably as powerful if not more powerful than the real estate professional status which is with short term rentals.

[00:23:07] And there's a specific rule regarding short term rentals I know a lot of people invest in those airbubes as well that even without being a real estate professional, even if you have a W2 as long as you have a property that's a short term rental and

[00:23:21] you're self managing it and the average state is less than seven days the IRS has specific rules regarding the passive loss activity, which means the ability to use those depreciation deductions to offset your active income and so the barrier to entry is much much less in that regard because all you need

[00:23:39] is to what's called materially participate which is and there are seven different rules but the two most common are 500 hours a year spent on your properties collectively if you have short term rentals or 100 hours a year plus more time than anyone else.

[00:23:55] So if you are the one that is self managing it, it's likely that you'll have that qualification. I've seen hundreds of people literally who have gone into the short term rental investing space specifically so that they can use cost irrigation to offset their W2 income as well.

[00:24:13] So it actually will offset because my understanding the short term rental income is considered active income as well. So, it not only offsets that but actually can translate over to a spouse's W2 income. Correct. Yeah, absolutely.

[00:24:30] Okay, so that that would suggest a strategy where the passive investor with a high W2 income spouse by owning one short term rental could potentially check the box.

[00:24:44] That's that is powerful. Wow, fantastic. So, yes, that right there is the reason why our listeners should be listening today so fantastic. So, so there's under understanding stuff that you shared. So very cool.

[00:25:00] Well, let's also if we can, can you talk through accelerated appreciation. There's some changes that are going on there that could impact this space slightly, albeit not as big as I think a lot of people think it is.

[00:25:10] Sure. So with accelerated depreciation or cost segregation, basically interchangeable in the vernacular, there's this was this law that was enacted really was it was changed.

[00:25:23] It's been around for a long time cost irrigation has been around for a long time for many decades but there's something called bonus depreciation that was introduced in 2017 and for any property acquired after you know a certain date in 2017 essentially

[00:25:37] in 2018, you could take the accelerated depreciation deductions that you come up with with a cost irrigation study. So once you've done a cost like study and have allocated some of those costs to a five year or 15 year schedule, you now the option to take 100% of those deductions in the first

[00:25:55] year and so that's called 100% bonus depreciation. They wrote into the law at that it would start phasing out. So 2022 was the last year for taxes to take this 100% bonus depreciation going forward is going to start reducing by 20% a year.

[00:26:13] So this year 2023 it's currently 80%. So if you buy a property in 2023, you can still take 80% of those accelerated deductions in the first year. The remaining 20% can still be spread over that five and 15 year schedule so you're still going to have the cost irrigation benefit.

[00:26:29] But it is going to again start phasing out more continue to phase out excuse me each year after this so it's still extremely beneficial but not as much as it had been for the past several years.

[00:26:42] So even without bonus depreciation though cost aggregation accelerated depreciation is extremely powerful in this space so even if we don't see some change in the legislation with the incoming administration or the potentially different administration coming in, it's still extremely valuable.

[00:27:05] It doesn't mean that you know, weiss has to switch into another type of business cost aggregation bonus, bonus depreciation will still be in place and available right.

[00:27:13] Sure, absolutely. And thankfully I have the passive investments to keep me going regardless but but yeah, you're absolutely right. Cossack has been around for a long time has been extremely beneficial for a long time. Certainly the 100% bonus depreciation gave it a kind of boost.

[00:27:28] But it will still be around and still be beneficial for a long time. So, and I'm wondering, do you have any insight or you hearing rumblings or are there talks about this potentially being readjusted or coming back in the legislation. Any insight you can share with the audience.

[00:27:46] There have been a lot of talks in the industry. And I think it's going to come going to have to do more with legislation and with you know who's in the office come 2024.

[00:27:56] But there's certainly potential for it to be brought back to its 100% level of bonus depreciation. I know many people and many industries have have petitioned or you know, lobbied to and you know written letters etc to their representatives which I encourage people to do right

[00:28:17] and write a letter to your local representative telling this is important when he's to be re reintroduced into the law. So yeah, there's definitely been a lot of rumblings in the industry, officially anything coming from legislation I have not heard anything so it is still up in the air but we

[00:28:32] you know we'll see. Okay. And then we can't have a discussion about depreciation without talking about recapture so can we talk about that a little bit as well.

[00:28:43] Sure. Yeah, this is so you're absolutely right. Well we can in fact many people do have the conversation. You're right. Yes.

[00:28:51] But what we shouldn't, which is I think the point you're getting at is that there is, there is a point when you sell a property, any property, whether you've done consideration or not is you're going to be faced with tax called depreciation recapture tax so it's similar to capital gain tax in which everyone is

[00:29:11] going to be here with if you sell the property for a profit, you are going to be taxed on that gain on the amount of profit. Similarly, depreciation is considered an unrealized gain because you have benefited from these deductions on the sale that

[00:29:26] unrealized gain is going to be recaptured meaning you're going to be taxed on that amount it does not mean that you have to pay back depreciation those deductions. Okay, so that's so many people are very confused by and think that's the case.

[00:29:39] You're going to be subject to a tax based on the amount of depreciation that was taken. So if you do a conservation bonus depreciation, you're going to be taking a lot more depreciation up front. That just means that you will be faced with a higher tax on the

[00:29:52] back end on the sale. Now there are ways to actually offset that or defer that tax so it's not black and white that you have to pay that tax and so this is something that also a lot of people are confused.

[00:30:04] If I do conservation, I have to pay that back. That's not true. It just means you're going to be subject to that tax having a proper plan in place. One way to defer that is to use what's called a 1031 exchange, which is less common when investing passively but still can be done with the right structures.

[00:30:23] The more common way that people do this is just to continue to invest and continue to buy or invest in more properties and the gains are excuse me the losses that you will get from depreciation from one property can actually be used not only to offset your income but also to offset that

[00:30:39] gain from that depreciation we capture tax on the sale. And a very common case is actually when you do this bonus depreciation and get a huge lump sum of this depreciation and you're not a real estate professional. You can't use those deductions in the current year.

[00:30:54] They'll carry forward as a loss that that carry forward loss actually gets released on the sale and you can use that to reduce or to offset the recapture. So again, it's not like a penalty per se it's just part of the rules and something you definitely have to be aware of.

[00:31:13] And so what I'm hearing is it is it is a complicated process and our listeners need to have experts like yourself and their CPA involved in those discussions and those calculations in the strategy that a passive investor is really trying to leverage.

[00:31:32] So certainly we'll give you an opportunity at the end but connecting with somebody like yourself as a guide and as a teacher, I think is really, really valuable for for our listeners.

[00:31:45] So, well I'm looking at the time here and you know I always wonder like are we going to be able to get a full half hour and then at the end I inevitably I'm thinking gosh I wish we could do 45 minutes or an hour but I always try to be respectful of listeners time and certainly I think it warrants additional conversations down the road.

[00:32:04] But you've brought just a ton of value so thank you so much for for being on the podcast and I do have a few questions I like to ask folks at the end of every episode so this is a common question you probably heard 100 times but what is a favorite book or a favorite podcast that you personally have learned or are currently learning from to continue the education process.

[00:32:29] Absolutely so you know I'm biased my favorite podcast is WICE advice it's actually my podcast a little little plug there but to be honest that's the only podcast that I really listened to consistently.

[00:32:39] Yeah just listen to the interviews that I've conducted over and make sure it comes out well but other than that in the industry you know there are a ton of books.

[00:32:50] Tax Free Wealth by Tom Wheelwright is an excellent book just to understand taxes and in fact it's really opened up a lot of doors to myself and many clients of mine that didn't even know depreciation didn't even know different ways of you know of how to use the tax code for free.

[00:33:09] So I would recommend it for your benefit which is really what it's meant to be meant to be done it's not a you know a penal code rather it's just you know kind of a game a game book if if you will.

[00:33:21] So I would highly recommend tax free wealth again Tom Wheelwright rich rich dad advisor and yeah. Awesome yeah and I would say to the audience. I think you know hit a really really good point here is if you're if you're listening to a good podcast like Jonas.

[00:33:40] He has the the reach and the network where he gets like he gets all of the educational content through his guests that he could ever possibly need so you know I think it's important like I have this tendency to I want there's so many good podcast out there and I can listen.

[00:33:58] To 100 podcasts a week but really if you just focus in on a couple you know being one of those and and wise advice. You can learn so much and get all the content you really ever need by listening to just a few podcasts so.

[00:34:13] General art of crushing it wise advice you're all set I think right. All right and then kind of a fun one that I like to ask.

[00:34:22] Is what is one bucket list item you have recently checked off your to do list or one that you're hoping to in the near future. Very interesting you know I honestly never had like a bucket list of any company sort so.

[00:34:39] For me having six kids has always been a challenge with not a challenge of the fact that you know I love them and want to spend as much time as possible with them but as they get older teenagers are actually quite challenging and so you know for me the biggest bucket list that I have is just being able to spend time and specifically with my daughter who's now 18 and she's.

[00:35:02] You know in her last year of high school and teaching her about about real estate and teaching her about all the things that I'm doing and so that's really for me like that's been a bucket list to be able to pass on on to my kids what I'm learning and get them excited about it as well.

[00:35:22] I think it's the greatest bucket list item of all so so very very nice thank you for sharing that so. All right.

[00:35:30] Well again thank you you've brought so much value some things that that I was not expecting to hear I really enjoyed the conversation and respect you in the content that you put out there so thank you so much for being on the show today you and I really do appreciate it.

[00:35:44] My pleasure thanks for having me. Absolutely actually I forgot to ask but we talked about the podcast but if our listeners wanted to connect with you what's the best way to find you.

[00:35:54] I'm on all the social media channels so you check me out LinkedIn I'm definitely most active on so you can find me there or you can go to Yona Weiss dot com. Outstanding.

[00:36:05] All right and to the listeners as always we encourage you to just continue the education process in this passive investing space.

[00:36:14] Don't sit on the sidelines too long and take the action as we heard today like take the action invest in the first deal and we're very very confident that you'll have a positive experience and it will lead to helping you transition into a new phase of your financial trajectory so to the audience thank you so much for being here.

[00:36:33] Thanks for being on the podcast and we will all check in. Well there you have it ladies and gentlemen another episode of the gentle art of crushing it. It was an amazing episode. We know we sure learned a lot and we hope you did as well.

[00:36:49] We want to take a second and thank you so much for viewing or listening to this episode and please just know that we only ask for one favor and that is to make this life magnificent. Thank you and have a wonderful day.