Ep. 161 | Mortgages For The Self-Employed
Download MP3Welcome back to the teaching tax flow podcast, everybody. Today, episode 161, we are tackling that pesky, pesky life tax for us that are self employed or something consider if you're planning on going that route in your career, financing or some call mortgage lending. So we're bringing on a great guest for this one. We're gonna dive directly into it as always. But before that, let's take a brief moment and thank our episode sponsor.
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John Tripolsky:Hey, everybody, and welcome back to the Teaching Tax Flow podcast. I should have said that, you know, welcome back to the the the discussion because these are really, really in-depth conversations that we have here. But the greatest part about some of these is you guys don't have to listen to me a ton because we bring on these special guests. So not only do we have my cohost, Chris McEure here, but we also have a great guest, which he will introduce here momentarily as we dive into this one, which I will say this. Even if you're not self employed, you've seen the title, you've seen the show notes, take a listen to this because I guarantee that you thought about it at one time or another, maybe the, quote, unquote, going out on your own, and this probably has an impact with that.
John Tripolsky:So, Chris, would you agree with that or not?
Chris Picciurro, CPA:I I agree. I agree. I I think there's a lot of myths, and there's a there's a lot of people that are self employed, out there that feel that they can't apply for a mortgage or that they have to pay too much tax, or they pay an extra tax just to feel like they have to qualify for a mortgage. They don't understand how lenders might look at their tax return. They don't understand that there are a lot of programs out there specifically designed for them, because they're not quite frankly, they're not working with the right people.
Chris Picciurro, CPA:That's that's the problem. Sometimes they they feel like they're trying to squid up fit a square peg in a round hole, and sometimes you just gotta cut a different hole and make sure that that it fit obviously, we want people to be acquiring properties either if it's a personal residence, a or an investment property that they can clearly afford. I just you know, this just kinda kills me. I I can't tell you how many times are my currents as well. I had, you know, I had these deductions that I, you know, I didn't write off, but I just paid the extra, you know, 5,000, $20,000 of tax for the last few years just to get approved for the mortgage.
Chris Picciurro, CPA:And I'm thinking, gosh. There there's there's gotta be a better way. So that's was really the reason we wanted to have this podcast episode, mortgages for self employed people. That's why you could be, you know, self employed. You could be a partner in a partnership, an owner of s of an s corp, and we have an absolutely amazing guest.
Chris Picciurro, CPA:You've heard her on our teaching text to a YouTube channel. She's a wealth of knowledge and speaks all over the country on these type of issues. But guess what? We've harassed her enough that she's gonna join us again. So so excited to have Parker Barofsky of Wealth Builders Mortgage Group powered by Movement Mortgage.
Chris Picciurro, CPA:Welcome back to the Teaching Tax Flow podcast, and thank you so much for joining us.
Parker Borofsky:Thank you so much for having me. One of my favorite podcasts to come on, actually. I love talking to you guys. You're great.
John Tripolsky:And that was an unsolicited promotion, by
Chris Picciurro, CPA:the way. Parker will give you a $100 later. Well, I love having Parker on. Again, she's awesome to talk to, very knowledgeable, but what I could tell you if you you know, for the listeners and the people watching is just like in our business, she eats her own cooking. She does I know you've spoken about real estate investing and spoken on property management.
Chris Picciurro, CPA:So you really understand some of the some of the trials and tribulations of someone that's that's trying to apply for a mortgage. Some you know, so we we've grown a lot. By god's grace, we've grown a lot over since you've been a a guest last time, but can you tell maybe us tell the the the listeners, watchers how you got into the mortgage business and what interested you in real estate, and then we're gonna talk about some strategies for self employed.
Parker Borofsky:Yeah. Absolutely. I won't go into the whole story, but essentially so I I grew up in San Antonio, Texas, and I, after college, landed in timeshare marketing. Marketing, not sales, very different skill set. I don't don't have that timeshare sales skill set.
Parker Borofsky:But marketing, I did great. So I traveled around the country a little bit with that, and ended up in the Smoky Mountains, Tennessee. And then when in the Smokies, we purchased a home. And I had been in Timeshare ten years, and I just was kinda over it, ready to do something else. And so when we purchased our home, I was interested in both.
Parker Borofsky:Like, the finding the house part was kinda cool and looking at houses, I enjoyed that. And then but also the mortgage part was kinda interesting too. So I expressed my interest to my loan officer, and she said, okay, but I can't get you an interview till after closing. I said, fair enough. But what was actually kind of funny about it was when I went in for my interview, I found out that the company I was applying for, the mortgage company, the owner of that company, was the father of a guy named Dusty Tonkin, who was like four people from the top at Wyndham, is where I had worked.
Parker Borofsky:And so I just happened to apply at Dusty's dad's mortgage company. So it was interesting. Was all kind of full circle. And so, yeah. So that's how I got into mortgages, and man, had I known what I was getting into.
Parker Borofsky:I wish I had done it ten years earlier. So so, yeah. So I quickly learned. I did all my classes, all my education, you have your your DTI ceilings, and you have all these rules that you have to learn, take the test, and then as soon as you get out into the real world, you quickly learn that these rules mean nothing. Or very little anyway.
Parker Borofsky:And so I very quickly learned that there's almost always a solution to every problem, you know, and different ways to to do it. And you can get different answers from different people who have had different experiences. And I love problem solving and putting puzzles together. So so that's how I initially got into real estate and and mortgage.
Chris Picciurro, CPA:Wow. Yeah. And you are obviously, you and your team are working with a variety of different people looking for looking for financing. You know, many of them are self employed, I would assume.
Parker Borofsky:Oh, yeah.
Chris Picciurro, CPA:And, we talk through maybe some of the challenges self employed people have, and then talk talk about what they should be thinking about when they're looking for their first primary or it doesn't have to be the or your primary residence before we start talking about investment properties.
Parker Borofsky:Yeah. Yeah. Absolutely. So I work with I did quickly segue, as I started my mortgage career, I happened to segue into the short term rental industry and financing a ton of short term rentals. My husband and I also own 12, almost 13 of our own and manage, so we're very much into that world.
Parker Borofsky:What that has done is it's really opened the experience for me to work with a lot of complicated borrowers. Typically, investors are have their hands in a lot of cookie jars. So, you know, there are some that, of course, are your traditional w two earners, but I have so many clients that have I have one client I'm not kidding you, 20 businesses. 20 businesses. That's probably been my most complex one yet, but what's really cool is we solved it with a very easy loan product that I'll tell you about here in a minute.
Parker Borofsky:So one thing I've noticed is that clients come to me all the time self employed. And one of two things, either they're dreading it, and they don't wanna get me all the documentation. Totally understand. Or they just don't think they're gonna qualify. If I had a dollar for every time a client came to me and said, I really don't think there's anything you can do for me, situation.
Parker Borofsky:Like, there's so many things out there, so many different loan products and ways to look at self employment to qualify people for mortgages. And so I'm really excited to share some of that today. So we've got the, you know, the, you
Chris Picciurro, CPA:know, the the way pick a fence kinda easy, you know, easier. And and and by the way, I've self employed for over twenty years. Just my personal opinion, I know from many from a lending standpoint, not you personally. Self employed people seem to have more inherent risk than someone that's a w two at maybe a large company, but, you know, you could always lose your job at that large company. You you and and you have no control over it.
Chris Picciurro, CPA:Something about being self employed and and you've, you know, I've done a great job, with with your with your properties and your business too. We're gonna make it work. We we we will we are problem solvers, and, they're gonna so so in some ways, I think there are less risk. But on paper, there might be more risk. So we have those might maybe more straightforward or easier to qualify people.
Chris Picciurro, CPA:What are some of the things, like, as someone that's self employed, should be thinking about or or I should rephrase this. Let's just get to where what are one or two situations where you've helped someone that they thought there was no way they're gonna get qualified? Because you did say you you you found a special program for them. And and and kinda your role because I also think some people don't understand the difference between maybe a a mortgage company or mortgage broker or a or maybe someone that works at a bank. Yep.
Chris Picciurro, CPA:Can you kinda help us through that a little?
Parker Borofsky:Yeah. So a couple things. So the very first thing I wanna really stress to everybody out there is for the love of God, please do not ask chat GPT. And the reason I say that or or you can ask, and you're welcome to research, but these loan products and loan programs are so specialized to different companies or brokers that Chai GPT is only as good as the knowledge out there on the Internet. Right?
Parker Borofsky:That it can access. And it can't access a lot of this information. So it's gonna scare whoever. Right? So I think the first misconception is AGI.
Parker Borofsky:The first misconception is that we're looking at AGI. And so I wanna let everybody out there know, at least for the products that lenders, and typically most brokers offer, we're not we could care less about your AGI. We're gonna dive in and look specifically at your business and add back things like depreciation. Or say, for example, there's a couple out there and maybe the wife has w two, but the husband has his own business and it maybe it's the first year in business, so he really did lose a lot of money. Right?
Parker Borofsky:That lowers the AGI. That's okay. We can always look at just the wife in that scenario. So yeah. So AGI really doesn't mean anything.
Parker Borofsky:Let us get in there and really pick apart returns. Another thing is that you have to have two years. That's not necessarily true either. If you've been in business five years, we can look at your most recent year. So if you had a credit year two years ago, you've been And this is just for regular conventional loan.
Parker Borofsky:This is just getting ready regular conventional loan. If you've been in business five years, we just need to look at the most recent one year tax return. That's all we need. We don't even need p and l's for a conventional loan. There's so many you know, I think a lot of self employed that they've been put through the ringer in the past, they think they need the p and l's and the balance sheets and the two years history and all that.
Parker Borofsky:And so even with just a conventional loan, there is hope. Now we mentioned the difference between brokers and lenders and banks. So here's another kind of cool thing too. As a lender, and mostly as a broker too, we're not making a judgment call. We have different programs and different products, and we're just fitting your situation into the guidelines.
Parker Borofsky:And if your situation fits one way or another, sometimes a little tighter than others, But if your situation fits, it works. Versus a lot of times, if you're going to a local bank or credit union, they're actually gonna hold your loan on their books. And so they're the ones that are making a judgment call in most cases versus does it fit the guidelines. So it's a little bit of a difference. Now as far as a broker versus lender goes.
Parker Borofsky:So I choose to work for a lender, which means we underwrite in house, and we fund at closing. We're not a third party. Brokers are a third party. So they go in between the client and the actual lender. I could open my own brokerage, but MVMT's been great about getting the products and programs that I need for my clients.
Parker Borofsky:And not only that, MVMT is so big. It sells in in volume, which means we're also have access to better rates than maybe I would at a smaller broker shop. So that's why I stick with MVMT. As long as they keep getting me what I need for my clients Right. I'm good.
Parker Borofsky:Right.
Chris Picciurro, CPA:Right. No. I get you.
Parker Borofsky:Yeah.
Chris Picciurro, CPA:So is there a so what would hap I mean, is there a situation where someone let's say they've been in they've been in an employee role for a long I'm gonna give you an example. This might be a I mean, a medical doctor probably isn't the I'm sure there's special programs for for medical doctors and and stuff. But let's say someone is a yeah. Let's just say someone's a doctor. Okay?
Chris Picciurro, CPA:And they've been with the hospital system for, you know, fifteen years, and and the hospital system has changed hands, and they're determining that now the person's gonna be an independent contractor, and they're gonna receive a $10.99. You might be listening to the thing. Uh-oh. We've got don't worry. We've got a whole episode.
Chris Picciurro, CPA:I had independent contractor for some play classification. But let's just pretend they're getting moved over. Same person's paying them. But now this person's kinda worried because they're gonna receive a ten ninety nine instead of this w two, and technically, they're self employed. From a lending standpoint, is that what concerns should are valid for them, and should they have have those concerns?
Parker Borofsky:Yeah. Great question. So this is where the guidelines come into play.
Chris Picciurro, CPA:Okay.
Parker Borofsky:And for and this is where a conventional loan wouldn't work. So Fannie and Freddie, they just they don't issue exceptions. We can't ask them for a favor. We can't say, hey. This makes sense.
Parker Borofsky:They're like, guidelines. So that's where the non q m world comes in, which is a beautiful place for self employed. So with the non q m loans, then we have some flexibility. And I've actually had that situation more than once that happens. And so what I've what we've been able to do then is get the, you know, past employment history, even if g I mean, fifteen years is fantastic.
Parker Borofsky:But even if it were, you know, a few years, and then we show the contract, the $10.99 contract. And then we also sometimes will reach out to the CPA or get verification from the hospital that they're covering, you know, their malpractice insurance and so forth. In other words to show, hey, they're getting paid this way now, but they're not gonna have expenses like office expenses, and and those sort of things that go with it. Because that's typically the concern about self employed is when they when they're newly self employed. Well, number one, it's how much income are they gonna generate?
Parker Borofsky:Right?
Chris Picciurro, CPA:Right.
Parker Borofsky:And number two, it's well, how much in expenses are they gonna have?
Chris Picciurro, CPA:For sure.
Parker Borofsky:So when we have a situation like this with a doctor, that has been fairly easy to overcome and to get exceptions criteria.
Chris Picciurro, CPA:That and you mentioned something really interesting. Well, thank you for that about self employed people. You mentioned that depreciation gets added back. Now we Mhmm. And with the passing of one big beautiful bill act, o b three, bonus appreciation is now a 100%, which is great from a tax perspective for business owners.
Chris Picciurro, CPA:Let's say you're a farmer or you're a you you buy a piece of machinery or a very a very heavy vehicle. Tax wise, you get a huge tax deduction in in that year. From a banking standpoint, sometimes if some flight person's saying, well, my AGI or adjusted gross income, my what's on my tax return? That number is so small. Explain to someone that doesn't necessarily understand that what an add back is and and why depreciation, you know, kinda how that how that works?
Parker Borofsky:Yeah. Totally. So I don't think I've ever looked at anybody's AGI ever. Mhmm. And so what we'll do is we'll go to whether if it's a schedule c, or I think schedule f if it's farming, or an s corp.
Parker Borofsky:So what we'll do, let's just take a schedule c for example. So we'll go to schedule c, look at the net on there. So that's the number after deductions. And then we'll look at the depreciation line. And whatever is in that depreciation line, we're gonna add back to that income.
Parker Borofsky:So if it's showing negative 50,000 as net income, but there is a 150,000 written off in depreciation for large equipment. We're gonna add that. Now you're gonna have positive 100 that we can use for lending calculation.
Chris Picciurro, CPA:Right. Yep. And and that would be and that does that fall into the non QM or non right?
Parker Borofsky:That's for all all of the above all programs. We'll add that.
Chris Picciurro, CPA:Oh, all programs. Okay. Cool.
Parker Borofsky:Yeah. Conventional as well.
Chris Picciurro, CPA:Yeah. Conventional. Yes. Now and then you also mentioned, obviously, are there programs that that can help a self employed person that that's really based on their sales and not necessarily their net income in other ways? And could can I touch on on that or maybe really obviously, not gonna use anyone's names, but any case studies or any type of stories you have?
Parker Borofsky:Absolute oh, a ton of them. Yes. So so my favorite non QM loans for self employed involves those where we don't even need your tax returns. We don't want your tax returns. We don't need your tax returns.
Parker Borofsky:So there's two. There's the bank statement loan program. This one's really cool, because what we'll do is we'll take we'll ask you for your most recent twelve months of business bank statements.
Chris Picciurro, CPA:We're gonna
Parker Borofsky:look at all the revenue, the incoming revenue. We'll back out anything that was like a transfer from another account or something that's not actually revenue. But we're gonna take all your incoming revenue for twelve months. We're gonna just hit it with an automated 50% expense ratio in most cases. There's some other cases where we can do lower expense ratios, but the easy one is just the blanket 50%.
Parker Borofsky:Here's a really cool story about that. That actually, that same client I told you that has 20 business. He has a really good CPA. It might have even been you.
Chris Picciurro, CPA:Leave you at one.
Parker Borofsky:This particular client actually is very heavy daycare, like all over the country.
Chris Picciurro, CPA:Okay.
Parker Borofsky:And so on paper, when I did all of my calculations and added back his w two that he pays himself and depreciation, he was still like negative $3,000 per month. So I said, well, hey, how much does this and remember he has 20 businesses. And I said, how much does your highest grossing business bring in in a year? And he said, well, 3,000,000. I said, done.
Parker Borofsky:Forget about the other 19. Get me your twelve months business bank statements with this $3,000,000 in revenue, which he did. So we counted that up, hit it with 50%. We were able to qualify him using $1,500,000 in income. Wow.
Parker Borofsky:And so I was like, go buy. So he actually purchased a $2,300,000 property, 10% down, using business bank statements.
Chris Picciurro, CPA:Wow.
Parker Borofsky:So that's yeah. That was a really good example.
Chris Picciurro, CPA:So that brings me so what about you talk kind of about down payment range in the in what you need on a more typical mortgage and because 10% down I mean, 10% of over $2,000,000 is a significant amount. It definitely shows that he has some capital and some skin in the game. But what are, you know, what are if if you're self employed, what are the other than the obvious of the more money you put down, the less mortgage you have. But when you're self employed, sometimes you have that scarcity feel that, like, oh my gosh. I don't have a guaranteed paycheck coming, so I wanna keep some cash available for my business.
Chris Picciurro, CPA:So when it comes to down payment, what is a healthy range you like to look for, and what are some of the the things you're when when because when you're consulting with a a business owner, that they should consider.
Parker Borofsky:Yeah. Now if if it's a situation where we can fit it into a conventional loan, then there's possibility we can do as little as 3% down with a conventional Fannie Mae, Freddie Mac If we have to go into some of the non QM type loans, you're probably looking at anywhere between at least 10%, ten, fifteen, or 20% is where that's gonna go. I mean, we can absolutely do 10% down on on most of those non QM primary homes, but a little bit more than the conventional allows for.
Chris Picciurro, CPA:Mhmm. I wanna wrap up some with with kind of a a an inter a different question. We've talked about primary home purchases. I know you came from the STR space, but you help people, you know, you help people with any type of any type of situation. When you know, sometimes self employed people, they realize, gosh.
Chris Picciurro, CPA:You know, I'm I'm a plumber. I'm a, you know, and my back can only take it for so long. I'm probably at that age too if I was in manual labor. I'm looking to buy some investment properties. Could be long term rental, short term rental.
Chris Picciurro, CPA:At what point you know? And and I've seen it where someone might say, well, I'm gonna buy this as a second home to start, and maybe I might rent it out in the future, etcetera, etcetera. But at what point can someone count potential rent from a property when considering that acquisition?
Parker Borofsky:Great question. So if they're purchasing if they're purchasing as a second home
Chris Picciurro, CPA:Mhmm.
Parker Borofsky:And not use any projected rents
Ad Read:Right.
Parker Borofsky:On the property. But if they are purchasing as investment occupancy, if if we need to, then we can use projected rents to help offset income ratio where necessary. Yeah. Absolutely. And then once you have investment properties as you're building out a portfolio, there are ways, again, other than tax returns to count net revenue.
Parker Borofsky:So we have a few non QM products, which are awesome, that we can just do a twelve month gross rent slip back.
John Tripolsky:Nice.
Parker Borofsky:Yes. I have a client today actually, where they've got five short term rentals. One of them they just got online last year, but it's got like a $10,000 mortgage payment. They're like, oh my, number one, my taxes aren't done. But number two, even if they were, we just got it going in November.
Parker Borofsky:So there's nothing to show for that. And I said, that's fine. What have your your well, eleven months, because we're not quite at November. What have your eleven months gross rents been? And they were like, 200,000.
Parker Borofsky:So, yes, I got that for all five of the properties. Wow. I didn't even need to use a w two income at that point. So, yeah. So pretty cool stuff.
Parker Borofsky:Yes. Oh.
Chris Picciurro, CPA:That's like, it's that's sweet. Oh, go ahead. I'm sorry.
Parker Borofsky:I was gonna say, we can't forget the $10.99 loan.
Chris Picciurro, CPA:That's the one I wanted to hit on also. Was it's funny. I wrote that down here. Yes.
Parker Borofsky:Yes. So the $10.99 loan is really cool, especially for the, like, real estate agents. So I have a client right now, she's trying to do this DSCR loan, 20% down, really high interest rate at a five year prepay, which by the way, I wouldn't recommend anybody do a three to five year prepayment penalty right now. Just my little throwing that out there. So but, yeah, she's doing this.
Parker Borofsky:It had like a nine and a half percent interest rate. It was not a great loan. And I said, well, how much did you earn last year? And I think she was close to 400,000. And I said, well, wait.
Parker Borofsky:On the $10.99 loan, we can take the $10.99, do a 10% expense ratio haircut, and call it a day. And I said, she only had two other properties. One we had rental income on, the other was her primary home. So she totally qualified with that. So then we were able to do a 15% down second home loan in her case versus this crazy 20% down DSCR.
Parker Borofsky:So
Chris Picciurro, CPA:So for her situation, she has this $10.99. She's a realtor, earns her commissions. Let's say it's 400,000. You allocate 10%, so she's at $3.60, and then you deduct, you know, whatever her DTI or her or deduction or her her obligations are, I would as you would say, and got her qualified, and she had the 15% down. And and it's a path of least resistance as opposed to that DSCR loan.
Chris Picciurro, CPA:And and I will admit, I I got stung on a DSCR prepayment because we we made a bad decision on a property, and we thought about it. And we said, I'm ready. It is what it is. We're gonna sell it a little earlier than we thought, and it was a great way to learn. So you mentioned DSCR.
Chris Picciurro, CPA:Even though it might not be the best option, someone might be listening to this podcast for the first time. What is what is what is that type of product?
Parker Borofsky:So DSCR is debt service coverage ratio. And with that and it's good for some people. There are some people who really do So need if there's just really no way to qualify you on a debt to income ratio basis, then the DSCR loan is based just on your credit and your assets, your cash to close, and then the potential or the projected rents of the property you're purchasing. So as long as those projected rents are equal to or greater than that monthly payment, then Right. It will typically qualify.
Parker Borofsky:So that that's what the DSCR is.
Chris Picciurro, CPA:And is that a product that usually is associated with short term rentals just because of the the income associated and or is it could it be for any type of I mean, could you use it for a duplex, or is it go up to, like, a four unit? You know? Because at some point, you're multi, you know, apartment building.
Parker Borofsky:Something like that. Yes. You can do that up to a four unit. And, yeah, it originally started with long term rents, and you can still use it for long term rents, and then it evolved into also the short term rents as well. Yep.
Chris Picciurro, CPA:Awesome. Mhmm. Awesome. Is there, like, a minimum on those type of of loans?
Parker Borofsky:Or Typically, they're minimum 100,000, yeah, on those. I never say never. I'm sure if somebody looked hard enough, they could find one. They're a 100. But yeah.
Parker Borofsky:But yeah.
Chris Picciurro, CPA:You gotta look at the fee. Yeah. No. I'm just thinking, I mean, that I've seen those kinda tail off a little It is a it is a good option as not a plan a as a as a maybe a plan b or c. So
Parker Borofsky:Yeah. Totally. And I and I keep trying to tell my clients with these prepaid penalties. They're like, oh, yeah. We're gonna hold on to the property for that.
Parker Borofsky:You know? And I'm like, okay. First of all, I know you guys out there. All of us short term rental investors are ADHD. I'm sorry.
Parker Borofsky:I'm one of you too. Right? And so right now, it sounds like a good idea until you see the next shiny object out there, and then you may wanna sell and go buy it. So three to five years, that's a long time to be committed, and not be able to refinance or sell, you know. So the DSCRs I've done for clients lately, really have urged them to do a one year, which the rates are still very good on that.
Parker Borofsky:But twelve months, I think anybody can kinda figure out. Right?
Chris Picciurro, CPA:But Sure.
Parker Borofsky:But yeah. So for what it's worth. Wow.
Chris Picciurro, CPA:No. That's pretty that's cool. I well, I appreciate this. I always learn whenever you're on this podcast. Even though I can you know, I'm involved indirectly in in the tax part of it and working with pretty much all of our private CPA firm clients are in the real estate business or self employed in some way, shape, or form.
Chris Picciurro, CPA:So but I yeah. I learned a lot, and and then that whole the $10.99 loan is really in a great option for people. You know, it's it's it's, know, in in it's nice to you know, it's one of the benefits with you of getting a $10.99. Right? That's the other thing.
Chris Picciurro, CPA:We gotta say, if you can run it if you run-in a situation where you're you have income and you're not receiving the $10.99, I guess you can go with the bank statement loan or request a $10.99.
Parker Borofsky:Mhmm. So Yeah. Joel, and it's so much easier because the again, with the ten ninety nine loans, we don't want your tax return. We don't want your tax returns. We don't want your tax transcripts.
Parker Borofsky:We'll get ten ninety nine transcripts. And then, you know, we'll need to know, hey. Where where are you at year to date? Would have you been paid so far? But other than that, I mean, it's very straightforward.
Chris Picciurro, CPA:Oh, that's awesome. Mhmm. John, you ready to go out and buy another house now?
John Tripolsky:Yeah, man. Load it up. No. I gotta I gotta wish list. As long as you know what?
John Tripolsky:I would say as long as I stay off my wife's Pinterest board. Now I'm sounding like I'm aging myself. At least I didn't say MySpace here. But, really, as we wrap this too, I mean, kinda going back to the beginning. And and while you guys were chatting, obviously, I'm writing down things.
John Tripolsky:And then, actually, Parker, I was going back and looking at some of the previous recordings that me and you have done on on specific topics. And really looking at the beginning of this podcast when we hit record until now. Right? I can kind of create a timeline for everybody really, really quick. The way I I saw this is we started off, right, talking about finding the right person.
John Tripolsky:And then we mentioned that there's a product for everybody, which I think we touched on a ton of different options. Everybody. 99.92% of people, there's something for. But then really, as we just mentioned too, think he he added a couple times in there is, where else are you gonna find somebody that wants to lend you money that says, nope. We don't want your tax returns.
John Tripolsky:Right? You almost feel like you have to show your returns and you go buy groceries half the time. And here we are talking about buying buying a pro you know, buying a property. So it's awesome that, hey. You have the experience in that too, and I love how you said that you really don't want to have a brokerage.
John Tripolsky:What was that kind of what you say? You're like, I'm good where we're at. We already have the solutions, and that's awesome. Yeah. So really by somebody working with you and, you know, having a great tax professional whom whomever they go with, building those right connections goes a lot further than, you know, just clicking somebody.
John Tripolsky:Oh, I found this person on Google. They're around the corner from me. Yep. I'm gonna call them. You know, they might not special.
John Tripolsky:They might be great in one area, but they might not specialize in something else. So we're talking about some pretty specific here. So I appreciate that.
Parker Borofsky:Absolutely. And if they do accidentally end up with that person and they need help or they get stuck, I'll take you in. Come on over.
Chris Picciurro, CPA:Well and and, you know, we we really appreciate it. I know Parker and her team do an amazing job. I'm not and I know that what I again, what I said in the beginning, what I love about you and your team, you eat your own cooking. You know, you've got to yeah. It's you've you've got you really understand what the what the other side's going through, and you and and that goes a long way, you know, just like just like in anywhere in life.
Chris Picciurro, CPA:So Yeah. So yeah.
Parker Borofsky:Yep. It's it's we we great too. I mean, that's how we connected the first time was I had a a client, and there's a discrepancy on his tax return. Not a discrepancy, but I needed a clarification. Reached out to you guys, and you guys were great about, like, communication and working through it.
Parker Borofsky:And you understood also the, you know, the lending goal. And so really great to have partners like you guys as well.
Chris Picciurro, CPA:Well, thank you. We appreciate it, and I'm sure we'll get you back. And like I said, John John mentioned, trust me, it's not time it's rather, it's time well spent. Parker's got a we we've we've we've, you know, coerced her into giving us some really good content on the teaching text. So YouTube channel, but it is so helpful.
Chris Picciurro, CPA:And
John Tripolsky:Yeah. We kinda weed through all the all the the clouds out there and make sense of something so simple. And plus, if you get on there and you subscribe to the channel for anybody that's listening to this, subscribe to the channel. We'll put the links directly in the show notes that goes to that playlist. And then you can hear me flap more crap out of my mouth that makes no sense.
John Tripolsky:And then Parker saying, you know what? It's a good idea. That's a bad idea. Let's talk about something that is realistic. And we had some really good topics.
Chris Picciurro, CPA:What was one of them? I won't say what it is, but it was like WTF.
Parker Borofsky:Oh. That's what
John Tripolsky:DTI. Think it is.
Chris Picciurro, CPA:Amazing. So if anybody's interested in that, check it out.
John Tripolsky:And if you know what WTF means, you'll really won't be surprised. But, anyways well, Chris, I like what you said. Parker, thank you so much again for joining us. Thanks for coming back. We must have not have been too crazy.
John Tripolsky:I say us, me. You deal with me. So thank you. We appreciate your time.
Parker Borofsky:Great.
John Tripolsky:Awesome. Awesome. And thank you everybody for jumping into this. Hop out a couple things. Again, show notes.
John Tripolsky:There's some links down there for you. Get on to feedingtaxes.com, private Facebook group you are invited to. Free access. We we will not ask you for your tax returns to join that group. I promise.
John Tripolsky:Do that. Follow the other links. Subscribe to the YouTube channel, and check out that playlist we mentioned too that we've been working with Parker on, and we're gonna keep growing that as well. So, everybody, you have a great week. And we're going see you back here again on the Teaching Tax Flow podcast next week.
John Tripolsky:Same day of the week, different date, completely different topic. See everybody soon.
Disclaimer: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, investment advisor. Securities are offered through Cabin Securities, a registered broker dealer. 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.
