In this Interview with David Wilder of ITB Global, a company with a bunch of tools to help investors pull money out of their businesses. He explains that most businesses are 2-3 bad months away from closing their doors. His mission is to improve a business owner’s bottom line and we get into his relationship with Real Estate Investors which was tied together from Cost Segregation which is a way that businesses and real estate investors can use to “get the IRS off your back”. David talks about how he got started and that one thing that got him into finding hidden profits. He says most of his career was spent in corporate America for companies like AIG where he always found himself in a situation working for a vice president of the company and had to figure out how to maximize his budget and make him [Vice President] look good. He narrates how he got to a point where he didn’t need a job anymore and had collected enough information that he could bring to small and mid-sized businesses to make them more profitable.
To listen to David Wilder’s Alchemist Nation Real Estate Podcast: #54 David Wilder Gives Us Some Of The Tax Secrets Of The Ultra Rich
We had earlier talked little about cost segregation in our text messages and I wanted to know how David got involved in cost segregation for real estate. According to him, cost segregation is a smart tool for business owners and when you connect it with all the value of the real estate, it is just a huge win. He further narrates about two things that are inevitable in life which are death and taxes where cost segregation is about getting the IRS off your back and bringing some more cash into a business. If you’re dealing in real estate, they must qualify it to be a commercial real estate, not single-family stuff. If the property you’re dealing with is a commercial property and they have paid taxes over the years, cost segregation can be a great tool. He adds that cost segregation can be brought into the mix, then do feasibility for both the buyer and seller so that both can get cash value out of the deal.
He says that if he is middle of a real estate commercial deal, what his company does will be a feasibility study where they can go to the seller and be like you have owned this building for less than 20 years and if they haven’t done a cost segregation study then they will pull out what they can. Then they can go back to let’s say 2014 and David thinks the money you paid IRS on that property going back to 2014, that would be his bucket that he would be going after. David says that cost segregation is a tool that allows you to reach it to the IRS pocket and pull back some of that money you paid before they can sell it. With the same transaction, he can go the seller and tell him/her that if he’s buying this new property, he can do cost segregation at the purchase, break down that cost segregation, increase his cash value immediately, and reduce your liability. While on the buyer side, if he is breaking all steps down and has gotten that information, he would reduce his real estate insurance cost. From this point, they’re looking to add 5 – 8 percent profit to both parties.
I further ask David how he learned all the different tricks in and out of the trade. He says that he is the type of guy that will look at the problem and dive into it to find a solution. So he says during his corporate America time, he was responsible for the company’s vice president where he had to squeeze dollars out of the pennies he was given hence he learned from the trenches.
If you are a real estate investor and own commercial real estate this session/video may be extremely valuable information for you!
David offers 3 pieces of advice to 20 years old young David on how to become a successful entrepreneur.
1) – Have a mindset that you’re working for yourself.
2) – Slow and Steady beats Fast and Flashy.
3) – Have faith and get a good spouse.
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To get in touch with David, email davidwilder@itbglobal.com Call/Text: 405-694-5325
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To listen to David Wilder’s Alchemist Nation Real Estate Podcast on Anchor: #54 David Wilder Gives Us Some Of The Tax Secrets Of The Ultra Rich
