Ep. 134 | Financing Your Second Property (Taxes & Mortgage)
Download MP3Welcome back to the teaching tax flow podcast episode 134 today. We are joined by a great guest as we explore financing on a second property and what that has to do with your taxes. But before we do that, as always, let's take a brief moment and thank our episode sponsor.
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John Tripolsky:Hey, everybody. Welcome back to the teaching tax flow podcast. As always, we find the brightest people that are out there to join us as a guest. We have to say that because I can't let everybody think that Chris is the brightest person that we always bring on this show because, you know, if we give him a big head, he won't be able to fit through a doorway, so we keep him, we keep him in check that way. So as you've seen in the title and the show notes, if you haven't taken the time to read those yet, I'm gonna give you the little brief synopsis of what it is.
John Tripolsky:We are gonna talk about what it is and how it relates to taxes. So what it is today is financing a second home. So you might be thinking, why in the world are we trying to relate that to tax as well? If you don't know why, we're gonna dive into it. If you do know why, you know exactly how we're gonna tie those two together.
John Tripolsky:So without further ado, Chris Pacquero, welcome back to your own show, sir. How are we doing?
Chris Picciurro, CPA:Oh, I am doing great, John. I have my favorite color on today, purple. So those listening on Spotify, Apple, oh, just jump on to YouTube so you can you can see this beautiful color. But, no, I am doing great, and everyone knows that financing and taxes are very related. We talk a lot about bankability and taxability, and your tax return has a direct effect 99.9% of the time on purchasing a second home.
Chris Picciurro, CPA:There are some, obviously, some programs out there that don't look at tax returns, but but I'm not the one to discuss that. We have an expert. I would say, in my opinion, the best way to describe Parker is she is a powerhouse in her in her industry, and I'm so excited to have her on this podcast. We're going to talk about financing a second home. And Parker is, is the branch leader and, at Wealth Builders Mortgage Group powered by Movement Mortgage, but she also owns and operates many short term rental properties.
Chris Picciurro, CPA:And and why that's important is when you're taking advice from someone, you wanna make sure they're eating their own cooking. Right? And and that's very important to us. So, Parker Barofsky, welcome to our show, the Teaching Tax Flow Show. How are you doing today?
Parker Borofsky:Doing great. Thank you. I'm really excited to be here. I love just sharing. I'm a mortgage nerd, so the more I can share, the better.
Chris Picciurro, CPA:Well, that's good. Well, we are we're nerds also in our own in our own little ways. Well, probably big ways. No. Pretty much nothing I do, is is not nerdy, except maybe anything related to baseball, but everything else is really nerdy.
John Tripolsky:But I thought you were gonna say something else there, Chris. I thought you were gonna say a different sport that you
Chris Picciurro, CPA:always that sport. I'm not gonna mention that But but no. So welcome. Before we dive into strategizing, because I think a lot of times what people forget is that the mortgage application occurs before you click submit. Right?
Chris Picciurro, CPA:You've got to just like you stage a house, you stage your tax return. We legally and ethically reduce the tax you pay in your lifetime by staging the return, making it within the rules, look to your benefit, you know, and as a taxpayer, to reduce your And we know that you've got to kind of stage your finances, maybe stage your credit score to get the best rate, the best acceptance possible. But before we dive into all that and how to finance a second home, tell us a little bit about your history, a little bit about yourself, and how you got into the mortgage business and then into operating and owning short term rental properties.
Parker Borofsky:Awesome. Yeah. Thank you. Those are long stories. I'll cut them into to little pieces here.
Parker Borofsky:So so essentially, I was after graduating college, I went into timeshare marketing, not sales, marketing. Big difference. For those of you who are timeshare salespeople out there, you have a skill set. Oh, well, not have. So yeah.
Parker Borofsky:So I did timeshare marketing for ten years, and that's how I eventually ended up from San Antonio to Tennessee. And then once we landed here, my husband got an engineering job in electronic engineering at Denso, which is a big manufacturing plant. And so that gave me freedom to explore. We had just purchased a house, so I told my loan originator that, you know, I was kinda interested in what she did. It seemed kinda cool.
Parker Borofsky:And she said, well, after closing, not before, I'll get you an interview with the with the managers there. So I did. It was kind of weird. It was serendipitous, actually, because when I went in for that that meeting, they said, hey. Do you know Dusty Tonkin?
Parker Borofsky:And I said, well, yeah. He's big with Wyndham. That's who I'd worked for. And they said, well, do you know his dad owns half of this mortgage company? I was like, I you know, nope.
Parker Borofsky:I had no idea. So it was kinda it was kinda like the universe coming together. It was very interesting. So that's how I started in mortgage. And then eventually, I met Avery Carl about a year later, and financed some of her properties in the Smokies.
Parker Borofsky:And as she grew her business, I started financing a lot of clients, and I noticed that clients were coming back and purchasing two or three properties, which was interesting. I was like, Okay. And then when they would bring their bank statements to me, I was seeing all the Airbnb deposits. And I was like, okay. I can do the math here.
Parker Borofsky:Like, I know the mortgage payment. I see these deposits. Like, this is good. And so 2018 is when we bought our first actually, three. So we purchased we closed on one in January and two more in the fall that year.
Parker Borofsky:So that's that's how we got started. We now own 12 short term rentals. We're generating over a million dollars in gross revenue each year. And, yeah, I love the community. And then financing wise, so financing short term rentals and complicated situations, blessing and a curse, but it's turned out to be my superpower.
Parker Borofsky:So give me 10 business returns. I'll pick them apart. So
Chris Picciurro, CPA:yeah. That is a superpower. No no doubt about it.
Parker Borofsky:Yes. Yes. Just a reminder, I I'll take easy ones too.
Chris Picciurro, CPA:Right. A great disclaimer. Isn't isn't a bad idea. You know? I've gotta imagine in the mortgage business, it's kinda, you know, one of the things I preach all the time is there is no such thing as an easy tax return.
Chris Picciurro, CPA:And when someone says they're an easy tax return, you know it's not. Like, they just don't have an idea. Like, you know, I'll give you an example. Someone could say, oh, I've got an easy I've got a w two. I'm and I've got, but, you know, I've got maybe a couple little things, and then you get into, oh, well, you know, you know what?
Chris Picciurro, CPA:We you know, I ended up getting, you know, legally separated, and now the divorce is fine. Well, who's claiming your independence? Oh, I don't know. I gotta look at it's never easy. So you could have someone that's a court easy mortgage company or more easy application, and then you start asking them questions.
Chris Picciurro, CPA:Oh, well, yeah. I bought a car last month, so I took a lot of money out of my savings, and now I'm doing like, oh my goodness. No. So I empathize. I don't think there's any there's probably not many easy ones, I'd imagine.
Parker Borofsky:No. No. I call them gotchas. There's always little gotchas I try to stay two steps ahead of. So luckily, we're really good at that.
Parker Borofsky:And, yeah, so it's turned out to be awesome. I've I've actually closed over 1,100,000,000.0 in short term rental loans in the last few years.
Chris Picciurro, CPA:So Wow. Wow. So let's dive into someone buying a second property and kinda what what those buckets are gonna be, because I'm imagining someone could be buying a second property that's simply a second home, a cottage, something they're never gonna run out. Someone might be buying something that they very rarely step foot in, like a short term rental property. Someone could be buying just a single family home, or maybe it's let's just take it into, like, a a a four or six plucks, you know, smaller apartment building.
Chris Picciurro, CPA:What are some of the things that that that someone has to think about before buying the property? Obviously, use. And what would that first step be to say? It's almost overwhelming. Like and and it probably it it all comes down to it depends on what loan programs are out there.
Chris Picciurro, CPA:But what are the most common type of taxpayers you you and your team work with that are buying a second property? I know you said short term rentals. But
Parker Borofsky:Yeah. We when you say the common type of taxpayers, what do you mean?
Chris Picciurro, CPA:Yes. Yeah. Common type of taxpayers are yes.
Parker Borofsky:So we've got I mean, everything from w two earners, self employed, sometimes we're qualifying clients just based off of rental income once they get to a certain point. So the second home, there's so many different products that can be used now, and there's two different definitions. Right? And, actually, this is somewhere something we can probably clarify with you as well. So second property, number two property, right, you can purchase that as a second home, which is with if it's a conventional loan, 10% down minimum.
Parker Borofsky:Investment occupancy, which is minimum 15% down.
Chris Picciurro, CPA:Mhmm.
Parker Borofsky:Or you can use some of the non QM products, which are typically gonna be 20% down. There are some cases we can do a ten percent second home non QM product as well. So when you say a second so second property, yes, can be any of those categories you just mentioned. Now second home category, though, that one where you can put the least down payment. Let's talk about that for a second.
Parker Borofsky:So I get this question all the time, and I do always tell them to defer to their CPA, because I get the question of, well, if I buy a second home, can I still write it off on my tax on my taxes? So here's what I tell them, and then I tell them to go check with the CPA. Right. I tell them my understanding is yes. As long as it meets the IRS definition of of investment property, you can.
Parker Borofsky:And so maybe can you answer that for me?
Chris Picciurro, CPA:Sure. I it's situationally dependent, of course, like anything, but here's the here's the situation. If you buy a second property or second home, if it is just a second residence let's say you're a snowbird. And I know, Parker, you guys spend a lot of time on, in the beautiful Emerald Coast and have properties there Yes. Like us.
Chris Picciurro, CPA:Yes. But let's say you're a snowbird. Absolutely. You can deduct your mortgage interest and property taxes as an itemized deduction. It's not it's considered a second personal residence.
Chris Picciurro, CPA:Now once you get to the point where you start renting that out, then that that moves in in general onto schedule e as a rental property. And and then that's at that point, you can then start deducting all of the expenses, you know, maintenance and insurance and, you you know, in but there are there are different rules depending on one. Is it considered what's called a short term rental or an STR for under code four sixty nine, section four sixty nine, or is it considered if it's not a short term rental, then it's a long term rental. Midterm rentals are still considered long term rentals. There's no midterm rental in the tax code.
Chris Picciurro, CPA:And and then you have to look at your use days. Is there mixed use? Are you using it personally, or are you not using it personally? The bottom line is once you start running it out, 99.9% of the time, it's gonna go on the schedule e, not schedule c. It depends.
Parker Borofsky:Thank you.
Chris Picciurro, CPA:Yeah. Schedule e. And unless you have it in, like, a partnership or or some type of multi member entity. So
Parker Borofsky:Definitely. Okay. Great. Yeah. And something else I I remind clients of, because if we're doing a conventional Fannie Freddie loan, and some of the jumbos and some of the non QM as well, they each have different guidelines.
Parker Borofsky:But we can we can do a second home loan with ten thirty one funds. However, because because mortgage and taxes, they run parallel. They don't really intersect much except for qualifying. But the IRS doesn't care what kind of loan you have. If you have a second home loan, the IRS doesn't care.
Parker Borofsky:Right? They're not looking at the loan type. They're looking at your usage. Is that
Chris Picciurro, CPA:Absolutely. And that's a great point. A lot of times, I hear clients say, well, I'm I'm buying it as a primary residence, but I'm but I'm gonna convert it to a rental. So okay. That's fine.
Chris Picciurro, CPA:Mortgage qualification is completely different than that. The IRS doesn't care. What they're worried about is as an ordinary necessary expense. Now, obviously, if someone buys a property, there there are rules with, you know, legal legality issues that I'm not gonna touch on as far as what your intent on the property is. But a lot of times, what we see is that, someone might go, I mean, might go with that 10% down loan as a second residence.
Chris Picciurro, CPA:And then subsequently, after owning it a little bit, they might decide to rent it out. You know? Because it it it you could still have a short term rental property or short term rental tax loophole qualified property on any type of mortgage. The mortgage type really doesn't matter. That comes down to the use.
Chris Picciurro, CPA:The use of the property dictates how you report it on your tax return, not the type of mortgage that you have. So Yeah.
Parker Borofsky:Absolutely. Yeah. And the the def what's that?
Chris Picciurro, CPA:Oh, well, I was I'm sorry. I didn't interrupt because I'm really good at doing that. Q you mentioned QM. You said non QM. Can you clarify that for maybe someone that doesn't isn't familiar with that term?
Parker Borofsky:Oh, yeah. Absolutely. So so your your typical loan types, your conventional loan, Fannie, Freddie, those are called qualified mortgages or QM. And what that means is that those loan products meet the requirements that the Federal Housing Finance Agency or the CFPB put in place after 02/2008. So there's very specific ways we can calculate income and and how we can look at that.
Parker Borofsky:When you get into non QM products, these products allow more leniency. So this is where they allow so nonqualified mortgage is what that stands for. It just means it doesn't meet those definitions and requirements that the government set forth. So this is where so DSCR, debt service coverage ratio, is an example of a NonQM. Bank statement loans, where we look at gross revenue on bank statements is another on a non QM.
Parker Borofsky:And there's even full doc non QMs. And, Chris, I don't I don't think I've even told you about this, but we have a really cool full doc product, which means it's still it's a non QM loan, still based on your debt to income ratio. But what it allows if you're if you're on short term rentals, instead of looking at your tax returns to calculate the income, we can take the most recent twelve months gross fronts and 80% of that and just use it flat out.
Chris Picciurro, CPA:That's awesome. I I know that there are the thing is there are products for almost everyone's situation.
John Tripolsky:Yeah.
Chris Picciurro, CPA:You mentioned because a lot of times there are no easy mortgage applications. But quite frankly, people with high w two two earnings that and stable jobs are considered less risk, in my opinion, even though as as, you you know, entrepreneur of over twenty years, I don't look at I mean you know what I mean? The entrepreneurs kinda look Right. At going to that higher risk category. But like you said, there there are there are products available for someone that that receives a $10.99 in in consistently.
Parker Borofsky:So I'm I'm closing one on a ten ninety nine product this week. Yep.
Chris Picciurro, CPA:Why? So on the so there so, basically, you've got the qualified mortgage and then the non QM buckets. In your experience, what's the breakdown approximately of between QM and non QM on on second property purchases?
Parker Borofsky:I I mean, I do a lot of conventional second home products. The the benefit so oddly enough, the interest rates right now between the non QM and the the QM loans aren't really that far apart. Mhmm. The biggest difference is gonna be typically with those non QM loans, they're gonna want slightly higher down payments. So Right.
Parker Borofsky:Like, right now, the rates, the 10% down non QM, the rates really are not pretty. But once you get to 15 or 20% down, then they start looking a lot more like the like conventional loans.
Chris Picciurro, CPA:Mhmm.
Parker Borofsky:So so they're good. But that's that's the drawback. Since they're a little riskier, they want a little bit more skin in the game to get those lower.
Chris Picciurro, CPA:Right. But a lot of people, like, we out there, and you know, in in the real estate business, it's you you marry the property, you date the rate. So if if you're listening to this or know someone listening to this that already owns a second property, and let's say they're kinda grumbling, oh, man. I, you know, I wanted I wanted to close in 2424 with the maybe it's a short term rental with a higher bonus depreciation percentage, but golly, it's I'd really like to refinance it or take a look at that. Is there typically a because this is about financing a second property.
Chris Picciurro, CPA:It doesn't mean it could be a property that you already own. You know, so I'm gonna pivot back to applying, but since we're on this topic, when does it make sense for someone to consider refinancing a property that they're in right now? Because I know some of the QR QM, can tell you, in personal experience, sometimes there is a prepayment penalty. But, again, it's all it's you gotta look at the breakeven point and and how and and that sort of stuff. Yeah, what are some when should someone consider talking to you and your team about refinancing a second property?
Parker Borofsky:Yeah. Absolutely. So so going back to to to the second or third or fourth additional properties that you own. So when to refi well, first of all, let me start by saying, right now, I wouldn't recommend anybody do a loan with a prepayment penalty. I mean, we've we've got loan or at least not more than twelve months.
Parker Borofsky:So our QM products do not have prepayment penalties except for the DSCR you have an option, but we also have great rates on no prepay penalty. So I typically look, I know short term rental investors out there because I am one. Right? And, yeah, you might think you're gonna hold on to this property for the next three years, but then you get you know, then you see this shiny object, and then you wanna sell tap into equity and buy this other one. So that's why I really don't want that, and I do believe rates will come down in the next few years.
Parker Borofsky:So currently, if any follow those of you listening out there, please really make sure you want to do anything longer than a a one year prepay penalty. Now when is it time to refinance? So it depends. So if you have a higher loan amount, the rates need to drop less than if you have a lower loan amount. So if you have a million dollar loan amount, you know, you may be if rates drop half a point, it could be worth it for you.
Parker Borofsky:But if you have a hundred and $50,000 loan amount, you it really may not the cost of the refi may not be beneficial until the rate drops 2%. And the way and then also depends on what state you're in. So Florida is the most expensive state I'm aware of to refinance in because they charge mortgage stamps, which are pretty high. And so this is where I would encourage you to get with your lender and look at the cost, the closing costs, versus your monthly savings, see how long it's gonna take to recoup, and that's how you determine. So yeah.
Parker Borofsky:And those in the middle that have, I'd say, I don't know, 400,000 to a million dollars or 8 or 900, probably about a point when the rates drop to make sense as a general rule of thumb.
Chris Picciurro, CPA:Well, that's a great rule of thumb. Mhmm. Yeah. So thinking about that financing a second property, obviously, your down payment can range based on a variety of things. And and I would imagine, you know, when we talk about second property, it could even be a I mean, let's just say let's say someone is a vet let's say someone's an active military person.
Chris Picciurro, CPA:They live in your home original hometown of San Antonio could very they're probably in the Air Force, maybe. We'll see. And let's say they are moving somewhere else, and they need they need to buy that next house before they sell the other one. They might rent the other one out. They might keep it.
Chris Picciurro, CPA:They could potentially could they get a VA loan on an on a second property, potentially? But if if and what are kind of some of the rules there?
Parker Borofsky:The you can. Yeah. So if you're buying if you're moving into now very important, the VA has to be a primary home. Right. You can, though, convert.
Parker Borofsky:If you're moving, you can convert that one to a a rental. You don't have to refinance it. It's fine.
Chris Picciurro, CPA:Yep.
Parker Borofsky:Yes. You can have two VA loans at once. There's a certain calculation we have to take a look at to see how much you could qualify for. It's kind of a weird percentage and fractions thing. But, yeah, we can look and see how much entitlement is there, and what they would qualify for a second VA mortgage.
Parker Borofsky:There's also they could re they could refinance that one out if they wanted to. The first one, there's a one time restoration of benefits they could apply for. And then for those out there with who have VA loans, just so you know, typically, except for that one time restoration if you ask for it and they grant it, typically, just refinancing a home is not gonna to replenish your benefits. You'd have to get that house also the title out of your name. Mhmm.
Parker Borofsky:So you'd have to refinance and get the title out of your name in order to restore those benefits. Gotcha.
John Tripolsky:Mhmm.
Chris Picciurro, CPA:Well, let's talk about as we kinda wrap things up, because we were definitely gonna have you back to talk about some more mortgage issues. I'd like to start diving more in even though the primary residence. But on the second, let's think about or let's kind of give people some pointers on if they're thinking about buying another property. When what's the time frame for, one, contacting their, mortgage partner? And two, what are some of the things they could be doing to kind of prepare financially, for that application?
Chris Picciurro, CPA:Because, ultimately, it's a snapshot of where you stand the day you apply with a little bit of look back on on your income. But, yeah, what are some of the things they could do to to cast themselves in the best light, we'll say?
Parker Borofsky:So the beautiful thing so when we initially talk to a client, that data is not permanent. So I'd say before you you gotta talk to a mortgage person before you know how to prepare.
Chris Picciurro, CPA:Okay.
Parker Borofsky:Great. Yeah. Definitely. So as soon as you start even thinking about before you open Zillow or realtor.com, as soon as you start or if you do, start browsing, that's when you need to contact a mortgage professional because that's when you need to get a good idea of where you stand. And also, if there are things you need to work on, that's where they can provide guidance.
Parker Borofsky:And so but without knowing your situation, you know, like, we can do a soft pull on your credit, which is important because it imports your monthly liabilities we have to take into account for debt to income ratio. You know, we can talk about how much money do you have saved for down payment, Where is that gonna come from? And you can talk to somebody who knows how to help you best prepare for the down payment. So, yeah, I'd say as soon as you have in your mind that you possibly want to purchase a second property, that's when you should contact a mortgage professional. And if you talk to somebody who doesn't seem like they understand, talk to a few people.
Parker Borofsky:Or if they're not giving you the if something doesn't feel right about what they're telling you, and especially if you talk to a loan officer who's very limiting, no. You can't do this. No. You can't do that. They just probably either they don't have the products, and they don't wanna tell you that, or they just don't know better.
Parker Borofsky:Right. There are a lot so back to the the second home. So not necessarily a second property, but that second home loan, that 10% down. There is absolutely nothing wrong with buying a second home and renting it on Airbnb. As long as you're buying it with the intention that you're gonna use it some portion of the year.
Chris Picciurro, CPA:Mhmm.
Parker Borofsky:Meaning, you know, some people get one week of vacation a year. Some take two. Some take a few weekends here and there. Whatever your definition is of going, they just wanna know that you also personally want to use that property. So but as long as you intend to occupy that some portion of the year, totally fine to rent that out on Airbnb the rest of the year.
Chris Picciurro, CPA:And that's a that's a QM 10% down second residence product. Is that yep. That's what I see the most part on that first short term rental property. A lot of times, it's gonna be at ten percent second home loan. So no.
Chris Picciurro, CPA:That makes sense. And and, again, you have you wanna work with people that have done it themselves. Like I said, eat your own cooking. I mean, that's I mean, that's that's that's life in general. Right?
Chris Picciurro, CPA:And then once I once you sit down with somebody, you have to prepare yourself because especially now in that environment where you're making offers, you need to make sure that you have your lending lined up ready to go. And and and you need to be really transparent. Right? I mean, you've gotta if there's some on your credit, they're gonna find out eventually, or something. Just just be honest.
Chris Picciurro, CPA:And because you can you'd much rather be partnering with your mortgage professional now instead of it later on. Well, you didn't tell me you had a tax lien in New Mexico. Well, I didn't wanna say anything. Oh, well, you got just I worked there in, what, a couple of years, and I just have a tax bill I never paid. Those little things could be a a big problem.
John Tripolsky:So Definitely. And, Parker, actually, a question for you too before we before we really wrap up. So I know we started this conversation off a little bit. Right? Like, there is there's likely a product for every situation depending how, air quotes, simple someone may think it may be or how complicated it is.
John Tripolsky:Right? So, know, without going into a lot of detail on a on a example of a complicated situation, for anybody that's listening to this, maybe they think, oh, well, I'm pretty sure that I'm not going to qualify, or I'm pretty sure that, you know, my situation is too complicated. Like, what what would you say to somebody like that? I know, obviously, you mentioned, you know, talk to your your lender, your your professional that you have kind of in your proverbial Rolodex or yourself. But what else would you tell them besides that maybe to comfort them a little bit in going into that conversation?
Parker Borofsky:I get those calls every day. People feel like they, you know, they start the phone call like, yeah. You know, I don't I know you're probably gonna have a hard time or may not be able to qualify for anything. And, you know, like, 98% of the time, we'll we'll either figure it out, figure out a way to make something work for them, or set up a game plan for the future to help them understand what they need to do, whether it's credit, whether it's where are they gonna get down payment money from, or whether it's how their taxes, how their income came out on their taxes, you know? Or maybe they just started a business, and they need to have one full year before we can work with that income.
Parker Borofsky:So, yeah, no, I get those calls every day, and and I kinda smile inside because I know that typically, I've got a way to help. And I've had clients that have told me they've been turned down by, I had one that was turned down by 20 other banks and lenders. I was his twenty first that he came to, and now we have financed 12 properties together.
Chris Picciurro, CPA:Wow.
Parker Borofsky:So, yeah. So if you're being told no out there, but you know you've got something to work with, keep going. Keep call me. Call whoever you need to call. But, yeah, stay passionate.
Parker Borofsky:I mean, I have qualified people literally not just rental income, four or five properties of rental income. There's so many great products these days to choose from. Excellent.
John Tripolsky:That's a great that's a great response to it too. And I mean and I and, again, being a marketing guy, I think that just the general population, if anybody spends any time online, right, they've probably strongly associated themselves with a triple digit number, and they almost qualify or disqualify themselves what they think is gonna be the situation, which Yeah. It sounds like that's usually not the case. Or even like what you were saying there that I that I know we will wrap because we go off on a whole another conversation, which we should have on this. But you probably find yourself adding so much value to those conversations, really being a a financial coach in lack of better terms.
John Tripolsky:Right? Like, because you know what they're looking for. You know, really, their their story. You know their situation. And Mhmm.
John Tripolsky:You know, you really I mean, there's lot of trust in it. Same thing with you, Chris. Right? Like, where they say you're you're a tax professional and your your hairdresser or the or your, like, a indirect You
Chris Picciurro, CPA:gotta bring another hairdresser. You slut.
Parker Borofsky:Oh, yeah. Do. Yes. Yes.
John Tripolsky:You know, it's funny as I thought about it mid comment. I'm like, there it is. There's my opportunity.
Chris Picciurro, CPA:Well, here the thing is that mortgages and taxes are very similar. And so a fact that from if you have there's certain people who have the mentality that they're they're just a commodity. And eventually, people that understand what's going on understand that they're not a commodity. It's a it's a relationship that you have to have. So that's why we're so excited.
Chris Picciurro, CPA:I mean, I'm really happy we have this podcast episode. A little
Parker Borofsky:Yeah.
Chris Picciurro, CPA:Teaser. I think that we're gonna try to, twist Parker's arm to we really want some more content for our teaching textual YouTube channel because I know that she could dive into some of these things, in more detail. And, you know, I think a great video talking about, hey. When, you know, when someone says no, that's okay. There's a there's a ton of peep I mean, gosh, there's so many examples out there, not just in the mortgage world of people that, you know, get one scholar scholarship offer, and then they're Major League Baseball now.
Chris Picciurro, CPA:Or they they just need you know, I think if you're listening to this first of all, thank you, by the way. And, but if you're listening to if you're not listening to this, you have no idea that I just said that you're listening to this, so I don't know why I even say you're listening to this. You are listening to this if you listen if you're hearing me, but understand that that your your your mortgage, your mortgage team is your partner, Let's say partnership, and and you need them. They guess what? They wanna give you the mortgage too.
Chris Picciurro, CPA:Okay? That's the kind of the cool part about this. And we appreciate it. And we're definitely gonna we're definitely gonna coerce Parker in giving us some more content.
Parker Borofsky:Yes. And I would like to leave you all with a message. Two, actually. Number one, don't DIY your DTI. Number your debt to income ratio is what that stands for.
Parker Borofsky:Don't DIY your debt to income ratio. You'll sell yourself short every time. Number two is friends don't let friends DIY their DTI because they will sell themselves short every time. Get with a professional. It's complicated.
Parker Borofsky:Different products have different guidelines. So yeah.
John Tripolsky:That's a great way to to close it out. And really, for anybody, again, that's listening to this, I mean, obviously, Parker, thank you so much for joining us. And I also just realized too that your last name may be one of the only ones that I've seen in a very, very long time that ends similar to mine, s k y instead of s k I. So Yes. We'll have a whole conversation on, you know, that joke side of things that I've been getting my entire life.
John Tripolsky:But, again, for for those of you that are listening to this, I mean, you you've obviously been listening to it for a while, or you've chimed in halfway through or hopefully from the beginning. But think about this. Right? Like, you've just listened, basically eavesdrop in and out of conversation from two different people that really are helping you get to the same place that you want to. Right?
John Tripolsky:Like, unfortunately, Chris, I'm gonna put you in the in the the not as sexy hot seat. Right? Like, nobody gets excited about their tax or paying their taxes. But the caveat is the better you're prepared for that side of things, the better you're likely prepared for purchasing that second home or your first home or or anything along those lines too. So you've you've heard the conversation between the two people that could probably help you the most.
John Tripolsky:I mean, not necessarily have to go to these two people, but in general, those two professions. So take that to heart. A lot of advice came here. My pen is is sore. If anybody's watching this, they've probably seen my arm moving.
John Tripolsky:I'm writing on my sticky notes on my legal pad as always. And, Parker, I look forward to doing those little snippets with you if you can if we can get you on our YouTube channel. Because I think there's so many, like, specific questions that I think we could answer and dive in, and I know there's a ton of stuff. You know, it was very easy for us to go off into a into a rabbit hole and end up popping up in a completely different world, so we'll we'll have to behave ourselves,
Chris Picciurro, CPA:I
John Tripolsky:think, in that regard. But, again, Parker, thank you. Thank you for taking the time to join us on this one.
Parker Borofsky:Thank you guys for having me. I really appreciate it.
John Tripolsky:Excellent. Excellent. And, yep, if anybody's listening to this, obviously, if you're listening to it, be sure to check it out on YouTube as well. We have our YouTube channel. Subscribe to that.
John Tripolsky:It's extremely easy to do. Don't be lazy. Subscribe to this. When we do release some more content, you will absolutely get a notification because it's automated. You will literally get a notification when we release something new.
John Tripolsky:Conversations like this, we have a schedule, I think, built out for the next two, almost three months of some fantastic guests, some great topics. And as always, keep the questions rolling in. If you have something you wanna hear or you've heard you wanna hear more of, shoot it our way. Defeatingtaxes.com is our private Facebook group. There's your free invite.
John Tripolsky:I feel like we're giving away a lot of free advice and insight here today, but that's okay. That's what we're here for. Check it out, defeatingtaxes.com. Join that group, and we will see you back here next week on the teaching tax flow podcast. Different day to same day of the week, completely different topic.
John Tripolsky:There we go. I tweaked it a little bit. So thank you everybody for listening, joining us, and have a great week.
Disclaimer:The content provided is for educational purposes only. We encourage you to seek personalized investment advice from your financial professional. For all tax and legal advice, please consult your CPA or attorney. Investment advisory services are offered through Cabin Advisors, a registered investment advisor. Securities are offered through Cabin Securities, a registered broker dealer.
Disclaimer:The content of this podcast does not constitute an offer of securities. Offerings can only be made through an offering memorandum, and you should carefully examine the risk factors and other information contained in the memorandum.
