Live Let Thrive Podcast The $80,000 STR Tax Hack & The Michael Jordan Gamble
Merry Christmas! Live Let Thrive has a new episode for you. Myka and Steve are back, diving into high-level real estate plays and sharing legendary stories about taking bold risks and betting on yourself.
Steve gets real about the daily grind of managing a six-bedroom Pad Split. He shares stories from the front lines, including dealing with a "gossip queen" tenant and finding creative ways to keep the water bill from exploding when a tenant tries to thaw hamburger meat under a running faucet. He also takes a trip down memory lane to recount his legendary gamble: flying standby to Salt Lake City without a ticket, a plan, or even a place to sleep, just to catch Michael Jordan’s "Last Dance" Bulls championship with nothing but a cardboard sign and a dream.
On the money side, Myka is dropping gems on how he’s leveraging a Cost Segregation Study and the Short-Term Rental (STR) tax loophole to potentially bag an $80,000 write-off this year. The guys discuss their "passive-passive" model of using massive tax returns to fund their next property acquisition and why they’re pivoting some mid-term rentals back to long-term and Section 8 housing to crush it in a hardening market. Whether it’s debating a $7,600 World Cup ticket gamble versus a 5-day Disney cruise or avoiding the "Shiny Object Syndrome" that burns so many rookies, this episode proves that if you can live with the worst-case scenario, you can always pull the trigger.
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