How to Use Cost Segregation
On this episode of Next Level American Dream, Abigail and Sean are joined by Yonah Weiss. Yonah is extremely knowledgeable in property owner's tax savings and a national cost segregation leader. He educates his clients on how to save millions of dollars on taxes and today he shares his expertise with us.
Key Topics
What is cost segregation?
What is the purpose of doing this?
What are some of the benefits of cost segregation? What are some of the challenges?
Why can’t or shouldn’t an accountant, contractor, or an investor do this themselves?
Connect with Yonah Weiss:
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SUMMARY KEYWORDS
property, cost segregation, depreciation, people, benefit, tax, depreciate, year, taxes, deductions, American Dream, called, investing, component, income, syndication, cost, tax deduction, offset, create
SPEAKERS
Sean Thomson, Abigail Thomson, Yonah Weiss
Abigail Thomson 00:01
Welcome to the Next Level American Dream Podcast brought to you by Thomson Multifamily Group. Your hosts, Abigail and Sean, will discuss how you can take your American Dream to the next level, through real estate investing, business practices, and personal development. Join us as we share our experiences as a father daughter duo who are trying to accomplish our goal of financial freedom. We hope you learn more about how to define and achieve your American Dream. Here's another episode of Next Level American Dream. We have a really interesting episode for you today, but first, please make sure you're subscribed and give us some feedback through your likes, comments, and ratings and reviews on your favorite platform. On today's episode, Sean interviews Yonah Weiss. Yonah is extremely knowledgeable in property owners tax savings, and a national cost segregation leader. He educates his clients on how to save millions of dollars on taxes. Today, he shares his expertise with us. If you learn something from our episode today, please recommend the show to a friend and help us grow. For more information on our sponsor, visit thomsonmultifamilygroup.com to start taking your American Dream to the next level through passive investing.
Sean Thomson 01:21
Hi, Yonah. How are you doing? Welcome to the Next Level American Dream Podcast!
Yonah Weiss 01:24
How are you Sean? Thanks so much for having me!
Sean Thomson 01:27
Yeah, it's it's great to have you on, you have a specialization that I know we're gonna enjoy talking about. tell our listeners a little bit about kind of your background and what you have going on today.
Yonah Weiss 01:37
Sure, well, I came from a background in education actually teaching did for after college for about 15 years, that was really my passion. And about five years ago, got involved in real estate, and wanted to just take action, start doing different things learn about the industry. And I got involved in many different many different areas, which eventually, after a couple years led me to this company I currently work for for the past few years, which is conservation companies called Madison specs. And I found that it really integrated a lot of things about me, that made a lot of sense. So I just stuck with it and have been enjoying it since. So those those things are you know, it's it's being very deeply involved in the real estate world, the commercial real estate industry. And it involves what I do in terms of my role is a lot of teaching, because I'm educating people about this subject that a lot of people really don't know about, and they don't understand, and some kind of using those skills that I've had. And on top of that, it's about really what we're doing is helping people save taxes. So and I like to say that, like we're helping people save time. So really, in the end of the day, my job is just helping people. And, and so for me, it's a really cool way to be involved in the real estate industry. And I'm an investor myself as well. We'll get into that a little bit later. But to be able to be deeply involved in the industry, and connected with so many wonderful people, but at the same time really helping everyone in that special way.
Sean Thomson 03:06
Yes, you're not only sort of pursuing your own goals of investing, but you're also working with the company that allows you to sort of be involved in taking other people's businesses to the next level as well to everything. So let's talk about let's talk about cost segregation. It is one of those things that unless you're kind of in the business and doing it, you don't really know what it is. And this is the this is really the kind of the critical piece that everybody hears, you know, all these wealthy people talk about, I don't pay taxes. Well, this is one of the reasons that they cannot pay taxes, right. So talk about what is kind of cost segregation? I don't know where it kind of comes from and what it what it what it does.
Yonah Weiss 03:42
Absolutely, this is, like you said, it's probably one of the biggest tools that is helping people to save money on their taxes. So it's really an advanced form of depreciation. That's what cost segregation is, right? It when you buy a property, whatever type of property is, besides your personal residence, you're allowed to take a tax deduction, income tax write off called depreciation deduction. And don't get confused by the name because depreciation sounds like a negative thing, right? Things are going down in value. But your property is actually going up in value as time goes on. And what conservation or what depreciation I should say is, is that it's taking the value of the building the date that you bought it, and then allowing you to take income tax write off that entire value over a long period of time. Okay, that's what depreciation is based on the concept and things are going down. So you'd like you can actually take a little bit of deduction every year, as if it were actually going down in value prior to saying you can take that value that's, you know, going down and take that as a deduction. Okay? Well,
Sean Thomson 04:49
there's two different so there's two different values, right? So there's an asset value and then there's a market value right. So depreciation is related to what the asset value is your asset is depreciating because You know, you think that it's gonna, you know, need repairs and need work as time goes on, right? And that kind of a concept.
Yonah Weiss 05:07
It is it is based on that concept that things, yeah, things are definitely going to need it repairs. And it's really part and parcel to to what how cost segregation plays into that ties into that. Because it's segregating that cost, okay, it's breaking down the building into many different categories that depreciate on different levels on different schedules. So instead of a 27, and a half year schedule, which is the normal timeframe that you are taking that tax deduction on a rate, you take your purchase price, subtract a little bit from land, land does not depreciate, but the remaining amount, you can now take spread that over 27 and a half years, that's, that's what depreciation is conservation says, Wait a second, there are things in your property that actually depreciate much faster. There's stuff like personal property, which can include anything inside your building, that's something that's not part of the structure. So stuff like furniture, or appliances, you know, multifamily property, we talking about carpeting, cabinets, countertops, fixtures, you know, window treatments, all this type of type of stuff, and a lot more, that actually depreciates on a five year schedule, which means you can take the value of that segregate the cost, right, we're, we're separating the value into these individual components, and it taking that tax bracket off over a five year period. So essentially, what we're doing is frontloading those tax deductions, and that's it, you know, increasing your your tax deduction. So you're in that basically makes, like you said, a way that you can pay no taxes.
Sean Thomson 06:40
Right. And so let's talk about so that's what cost segregation is, I guess it's just a it's an accelerated and accelerated but it's a composite compartmentalize depreciation of an asset. Whereas it used to be 27.5 years, that you would take the entire asset, now they've compartmentalize it into the different components of that asset. And you can depreciate it at an accelerated schedule. What costs what cost segregation does is it explain kind of the operation of a cost segment. So you come in, and you do an analysis of the property and what what kind of happens in that process.
Yonah Weiss 07:12
So the first thing that we always do is run a free analysis, okay. And that tells you upfront what your tax benefits gonna be if you do a full conservation study. But essentially, what we do in the process of it involves engineers. And so the engineers are trained not only in construction, building engineering, but also in the tax code to understand the, you know, the cost recovery system that all the different components fit into. And so what they do is they price out everything in the entire property, understand what the value is, and then create a very detailed report that may, you know, that splits everything up into these different categories, different values, and that creates a new depreciation schedule. And then new depreciation schedule, that's basically what you apply to your taxes and says, How many tax deductions do I get to take this year, and next year and, and the ensuing year? So essentially, it's a pretty straightforward method, where, like I said, You're most engineers and accounting methods to break down the property into individual components. And it actually funny, it used to be called, before they gave this weird name of cost segregation to it used to be called component depreciation, which makes a lot more sense, right? That's because that's essentially what we're doing.
Sean Thomson 08:29
Yeah, you're breaking it down into the components. Right. Yeah.
Yonah Weiss 08:32
And appreciating each one separately on a different schedule.
Sean Thomson 08:35
Right. So kind of what is what is the what, what is the purpose? I guess, in doing this? Is it is it? How does it benefit somebody, I guess, to go through this process?
Yonah Weiss 08:46
Well, with regular depreciation deductions, usually, you know, that helps to reduce your taxable liability, but it doesn't wipe it out entirely. And so one of the goals in real estate investing is for a lot of people at least, is to be able to, to scale, right? I mean, you're talking about the next level, right? How do you take something to the next level. So one of the ways to take things to the next level is well, the more cash flow you have, right, the more money you actually have to invest more buying power you have, the more you can wealth you can create. So it's a very simple formula. So if taxes or income tax is one of the greatest expenses that I have, if I have a way a legal way to actually reduce or eliminate that entire taxable liability, then I can keep all the cash flow that's coming in from my properties, all the cash flow making and reinvest that. So it's a great way to you know, have cash flow and to reinvest that and to scale your business.
Sean Thomson 09:48
And are you seeing what is I guess, what is kind of the improvement that you're seeing from people that have we're using the traditional method or the old method that now go to the cost seg stuck to us caustic study and accelerate everything? Are they are you seeing the truth? Dramatic amount of savings in their taxes or is it? How is it how's it kind of panning out for everyone?
Yonah Weiss 10:05
It is dramatic, it's more, it's more dramatic for people who are considered real estate professionals. So that's someone who is involved in the real estate trader business, whether that's construction or brokering, acquiring properties, managing operating anything like that you own rentals, because once you have that real estate professional status, and this is actually an IRS term terminology, you can use the passive deductions from from depreciation conservation to offset your ordinary income, or from any other source. So what we're seeing is people are using concentration on their properties to totally wiped out wipe out eliminate any tax liability, which if you think about it, if you buy a million dollar property, okay, your regular depreciation is probably going to be somewhere around $30,000 a year, which means if you're making 50 to $100,000 of income, right net operating income from the property, right, you're going to be, you know, subtracting 30,000 as a deduction right off the top, right, because that's depreciation, but you're still gonna be taxed on the remaining amounts. With conservation, you can actually create, you know, 20, or 30% of the property value in that first year, over the first five years, which means you can literally wipe out your tax liability, so that $100,000 you're making from your property is going to be totally tax free. Okay, this is early years. And so what that means is, you're basically able to reinvest that now think about the compound interest, when you think about how I can use my money to reinvest how much money is am I going to be making if I have $50,000 to invest? versus a viable $100,000 to invest? And so that's, that's essentially what we're doing.
Sean Thomson 11:47
Yeah, I guess to rewind that a little bit and and put the the real estate professional component there, if you're only making 50,000 on that property, but you make 50,000 in another way, as a real estate professional, you can take the additional segregation, benefit depreciation on your other income as well, right?
Yonah Weiss 12:04
That's right. That's right. So yeah, so in that example, where you had, let's say, 50,000 $50,000 of income, right, but you have $100,000. In properties, you have $100,000, of tax deductions, right? That 50,001st gets wiped off from your properties, because that's where depreciation goes first, to offset your rental property income, then the remaining 50,000, if you're a real estate professional can be rolled over and can be used to offset any other any other income you have, like you said,
Sean Thomson 12:36
that can either be it can either be used to depreciate existing income for that tax season that you've made in other areas, let's say as a public speaker, or you know, other things, or you can carry it forward to next year, too,
Yonah Weiss 12:50
right? That's right. Yeah. So do you have any remaining deductions that you're not using this year? You don't lose them? Right. So it's not a bad thing to create more deductions than you have the income? Right. Right. Because you get to use it rolls forward and carries forward to the future years.
Sean Thomson 13:06
Yeah, so if you make even more money in other areas, the following year, you're, you're covering that through your cost segregated depreciation deductions on your next year's taxes as well. So Exactly, and is it so that's, that's about the size as a real estate professional, if you're not a real estate professional as a passive investor, but you're getting, you're getting depreciation from the syndication that you're in or whatever it is, you can still benefit from this cost segregated depreciation as well, right?
Yonah Weiss 13:34
Correct. Because what it's doing is it's offsetting your income from your rental properties. So the the income, you're getting the returns, you're getting from the syndication, and if you have multiple properties or multiple sending investments, then those deductions can be used to offset all of them. So that's probably the first and foremost that think about this. You make money from your syndication investments. And it's tax free. Right, right. So they're virtually you know, no other real estate investment, or excuse me, not real estate, but other investment vehicles, right. Think about investing in the stock market and getting your returns, you know, tax free, it doesn't happen. No. So, here's, here's a great vehicle to do that.
Sean Thomson 14:15
Yeah, you put $100,000 into a syndication, and you make, you know, whatever $10,000 or, you know, whatever it's going to be, and you're getting cost segregated depreciation on top of that, so whatever, whatever your costs are, a portion is for your $100,000, you can take that against the 10,000 you made or whatever how much ever you made that investment. And that reduces your tax burden. So that increases your return on that investment, which is just like you said, You can't do that anywhere else. Really? Yeah. Your your stocks, bonds, mutual funds. They just don't have that, that that that benefit anywhere. Absolutely. Yeah, that's good. So let's talk about when is when is the right time to do a cost segregation, I guess. Most of the time, it's when you work, acquiring a new property, but if someone has has a property they own or kind of what is it that is the timing of cost segregation studies, what's the best time for that?
Yonah Weiss 15:06
It really depends there, you can do it. And a lot of people try to get it done immediately, right? When they acquire property, get it done as soon as possible so that you can take those benefits in the first year. And part of that is because of a new law that was put in place a couple years ago called 100%. bonus depreciation, which actually allows you in the first year of ownership, you can take the entire amount and accelerated depreciation in the first year. Okay, so instead of spreading it out over a five year period, or 15, year period, those those different asset classes that we're reallocating stuff to, you can actually take the entire mount in the first year. So that's why a lot of people like to get it done immediately. But you don't have to, you can, you know, you can do when it's best for you when it's more convenient for you. And if you didn't know about cost segregation, you can actually go back and without amending your tax returns can get retroactively by doing what's called a look back study, we, we actually go back and let's say on about building for five years, you're just thinking straight line regular depreciation a little bit every year, you can go back and catch up whatever accelerated depreciation you missed, and take that this year. And that's done by filing a special form or change of accounting method. But it does not require meeting your tax returns.
Sean Thomson 16:22
Right? So most of time, you want to try and do this on your acquisitions. But if you if you acquired a property A few years ago, and for whatever reason you didn't do a caustic study, you can't go back, is there a limit to that timeline?
Yonah Weiss 16:34
There is not a limit per se, because you can go back as far as you want. But it's going to depend and you know, if you've already depreciated your property, to a large extent, there's only going to be so much left, right, that you can take and then accelerate that. So typically, and again, it does depend. But typically, if you own a property for more than five, six, maybe Max 10 years, he probably doesn't make sense.
Sean Thomson 16:58
Yeah, I would probably be when the delta between the savings wouldn't wouldn't really be that cost metaphor, that big benefit, right?
Yonah Weiss 17:05
Yeah. But again, it does depend on the, you know, the type of property and size of the property, you know, if you have $100 million building, and yeah, sure you've depreciated half of it, you still have 50 million left to depreciate, even if you're gonna take, you know, 10% of that $5 million deduction, it might be worth it. Right.
Sean Thomson 17:21
Right. Exactly.
Yonah Weiss 17:23
it's relative. It's definitely relative.
Sean Thomson 17:26
So what are some of the, I guess? What are some of the challenges in doing this? Is there? Is there something that people should be aware of that are, you know, sometimes you shouldn't do this? Or should do that, you know, just some of the challenges?
Yonah Weiss 17:36
Absolutely. Yeah. I mean, one of the biggest challenges, or one of the reasons why a lot of people should not work or don't want to do conservation is because there's something called depreciation recapture tax, which is a tax that you have to pay when you sell a property. So if you are holding a property, very short term, like let's say, one year, two years, and you take this depreciation, you're now on the sale of the property, you're taxed on the amount of depreciation that you took. And that's regardless, if you did conservation or not, you have to pay the tax, there are ways to get around that. So I should probably correct myself and saying, You're not that you have to pay the tax, but you're subject to that tax. because more and more accurate, that depreciation recapture tax is simply put the 25% tax on the amount of depreciation that you took. So it should be, you know, fully worked into your business plan and figure out how it's going to affect you on the on the sale. If you are investing in other properties, and you have losses, or conservation or other properties, you can use those losses to offset that tax. So there and 1031 exchanges is another way to get around that you defer that tax as well. So there are ways to get around that. But definitely important thing to know, that's one thing, why people would not necessarily why people don't do it. But something definitely keep in mind a challenge when doing it. Another thing I would mention is that if you don't, if you're not making any money for your property, or let's say it's vacant, or let's say you're doing a redevelopment so that you don't have any benefit from getting extra deductions that you can use. So when I said before, whenever you will, when when's the best time to do it, it does depend, because if you are going to be able to benefit from it, so do it. But if you're not going to benefit from it, you're just going to create these extra losses, not use them, maybe use them in future years. So why do the study now you can do the studying in the future time. When it's gonna be relevant when it's going to be, you're going to be able to benefit from it.
Sean Thomson 19:30
It's like you're taking a reposition. So if you're buying a reposition and you don't expect to make money for the first two years, it's probably a good idea to get the reposition done and get your lease up happening and everything sort of stabilized before you do the cost segue and start down that road maybe?
Yonah Weiss 19:47
Yeah, that's a great example. And it It always again, it always depends because since you can use the deductions and the benefits from one property to offset income from other properties. So if you have multiple properties, it might makes sense to do even on the position if you can offset, you know, gains or income from another source. But you know, in a box, you know, kind of in a vacuum, when you have one property, that position Yeah, probably makes sense to wait until you're, you're making money from it.
Sean Thomson 20:13
Yeah, so if you have one property, maybe that's pushing off a lot of capital and profits, and it's, it's kind of reaching the end of its cost sag benefits, maybe it'd be a good idea to take some of that I see as soon as you mean, so sure. If you're today,
Yonah Weiss 20:27
exactly. I have plenty of people that, you know, for example, they'll be they have owned a number of buildings, and they never did conservation, right, because they have so many losses from other sources. But they realized that, you know, those losses are going to be running out, they're gonna have a huge tax burden, you know, next year, for example. So they'll look into doing that look back study and getting the conservation done, on properties that they've owned already, that they never did conservation, because they didn't need those extra deductions at that time. Now they have this tax burden, it's a great strategy to be able to offset them.
Sean Thomson 21:01
Yeah, exactly. So that the new the new cost side can help with the income from everything, that's good. Let's talk about who I would go to or who I would use to kind of get this process started. I guess there's, there's certain things I want to look for in either a company or person to do this study for me, right?
Yonah Weiss 21:19
Absolutely. Yeah. I mean, well, you're looking at him. First of all, what you want to look for is a firm and you know, you know, I'm blessed to be working for the largest national company as expects that we do this nationwide. And, but there are a number of other companies out there, you want to look for someone that that does is has a lot of experience doing it. And they're focused on the tax audit side as well, not just the IRS doing the deduction in creating those reports, they have a lot of experience doing it, you want to make sure they have it's a fully engineering component to it. Because like I mentioned, accountants can't do this. And this is something that a lot of people are surprised by, when you start talking to them about taxes. And they're like, well, it's tax related, you know, my accountant does that, right? Like, I'm a CPA for a reason. No, since this is has an engineering component to it, accountants don't do this, they can't they need to, you need to have a third party firm. There are certain accounting firms out there, and the biggest accounting firms in the country, they all have engineers in a house, and they do this. So you go to, you know, KPMG, or just neon, you know, they're doing it in house. But you know, the vast majority of us 95% of people aren't using those large accounting firms, your accountant is not going to do this. And frankly, a lot of them don't even know about, which is shouldn't be surprising. But to me, it's not surprising anymore, that so few accountants even know about this, let alone are pushing it. So you want to make sure you find a firm that is recognized that has the experience has the dual accounting and engineering component to it.
Sean Thomson 22:51
And so if if I did want to have this done, I would what would be the process to get started, what I would contact the company, your company. And sometimes you may or may not want to do this, right? So you guys would would start with, I guess, analyzing kind of what my my needs are at first and then decide how to move forward? Is that how that would work? Or how would that? Absolutely?
Yonah Weiss 23:11
Yeah, for sure. For me, it always starts with discussion. You know, what's your What are your goals? What's your business plan? Are you real estate professional? That's one of the first questions because if you are it's going to benefit you much more so than if you're not. So either you or your spouse, only one has to be that to gain that benefit. But then we run a free estimate. So with that free estimate that analysis that will tell you upfront on your property, what you know what you can expect by doing a full congregation study?
Sean Thomson 23:42
Good, good. Yeah. So what other things should we know about cost segregation? Did I miss any questions there? Or is there some other things that we should go over?
Yonah Weiss 23:51
Yeah, I think you covered a lot. What a lot of people miss it as well is that you know who else shouldn't be doing this. Now, if you are taxable, if you have tax income, then you can benefit from this. So it's really almost for anyone one, one group that will not get benefit from this is you're investing for retirement accounts that is already a tax shelter. So for example, for your 401k to RP or anything like that, or Roth IRA, where you're self directing that, and you're investing that in real estate, it's already tax free, it's not being taxed. So depreciation is not going to benefit, it's not going to affect that. You don't get the depreciation for that. So that's another thing to keep in mind. If you especially if you are a syndicator. And you're taking a lot of funds from from, you know, the self directed accounts, it's something to be aware of to make sure you know, is it is this going to even be beneficial for your investors.
Sean Thomson 24:44
Yeah, so if you if you do like you said, if you do have a lot of limited partnerships coming in, that are investing out of their self directed IRAs, and you're doing big cost segregation study and expecting that to benefit them, it's just not going to be there for them. Right. Right. So it costs doesn't move forward in the IRA to when they start start to take the draws, right? It doesn't there's no way to do that.
Yonah Weiss 25:06
No, it will for certain IRAs. It does. But again, for 401k, or anything like that it doesn't.
Sean Thomson 25:13
Which ones do benefit.
Yonah Weiss 25:15
So a regular self directed IRA would as long as there is leverage in the property. So if they're getting equity in the deal, then they can benefit from that.
Sean Thomson 25:26
So just a traditional IRA. Yeah. But like a solo 401k, though good. Does not Roth self directed Roth, no, good.
Yonah Weiss 25:34
No, good. doesn't benefit.
Sean Thomson 25:36
Okay. Okay, good. Thanks, y'all, I really appreciate you coming on. So we I asked everybody to in the, in the podcast, you know, the podcast is called Next Level American Dream. I ask everybody kind of what is your idea of the American Dream? And then what are you kind of doing to take it to the next level?
Yonah Weiss 25:55
You know, it's funny, everyone obviously has a different response to that, right, the American Dream is, you know, I think I always go back, when we think about that American Dream, I always go back to our founding fathers, like, what was their dream? Right, what did they have in mind, for this country and for the people? And I think it was that, you know, a free market, I think they had in mind, the, obviously the declaration, independence, everything that's in there, right? Life, liberty, and the pursuit of happiness. So for me, that's, that's really what it's all about is, is having the ability to, to live in a country where I can, you know, serve my Creator, freely, openly. You know, I'm a religious person. And, and that's really important to me, and to be able to pursue happiness, and to each one, what that means some people were chasing no money and think that will bring them happiness. For me, it's being able to raise my family, and provide for them and the free market and the ability to do things like real estate investing is incredible.
Sean Thomson 26:53
Yeah. And odds are, there's some things that you kind of do in your, in your pursuit of that American Dream, that kind of help you take it to the next level, I guess.
Yonah Weiss 27:02
I think helping people is my biggest thing, like if I can help other people, and I think it was a zig ziglar famous quote from him that he said it that he said it the best, which was something along the lines of and I may be butchering his quote, but something along the lines of you can you can get whatever you want, as long as you help other people get what they need. And so when you're constantly helping other people, you will get whatever you need, it will come to you. But if your focus is on yourself, you're gonna be missing out a lot of that, thinking about yourself all the time, and you're not really focusing on the greater good. And so that's, that's what I focus on a lot just trying to help other people. For me, part of that is investing in real estate as well. I'm looking to do my first multifamily syndication currently. So that's, that's a big step in the right direction, because that can not only help, you know, myself, my family, fellow partners, investors, but also the community where we're benefiting, creating and you know, in the economy as a whole.
Sean Thomson 28:02
No, that's great. That's a good philosophy, you're you're focused on sharing what you have with those that you can help or want to learn something or do something. And in return that kind of comes back to you in greater network and more appreciation with your network and things like that. So that's good. That's a good way to do it.
Yonah Weiss 28:19
Thank you, for sure.
Sean Thomson 28:21
Well, Yonah, thanks for being on the show. I really appreciate you coming on and sharing that cost segregation is it's kind of this mysterious component of real estate investing. And it's the it's the one thing that everybody's like, well, how does he not pay taxes? This, this is the thing. And it's kind of this mysterious component. But you know, it's really quite simple. But, you know, it's it's complex at the same time, I guess, but it's not that big of a mystery, really, if you if you know about it.
Yonah Weiss 28:48
I try to simplify it for for everyone.
Sean Thomson 28:50
Yeah, it's a really simple concept, but it has a lot of moving parts. I think most people don't even know what it is. They're like, well, how did these guys get away with that, and this is where it comes from? It's completely, you know, normal thing and real estate investing. And I appreciate you coming on and kind of demystifying some of the components for us. I think it'll be it'll open a lot of people's eyes to what's possible. So I appreciate that. Thanks for coming on.
Yonah Weiss 29:15
Absolutely.
Abigail Thomson 29:16
Thanks for joining us for another episode of Next Level American Dream. If you would like to learn more about what we talked about today, want to contact the team directly, or are interested in passively investing and being a part of our deal room, head over to our website at www.thomsonmultifamilygroup.com. Before you go, please leave a review! Your comments help us create more episodes for you to enjoy.