In today's Flashback Friday Featured episode, Larry Pendleton joins us to provide useful tips on how entrepreneurs can be smarter with taxes. He goes in-depth on business structures and breaks down their tax implications. Larry also shares his thoughts on how minorities and non-minorities approach their tax and wealth-building strategies, and why he is building passive cash flow through real estate.
Larry Pendleton is a real estate investor and CPA with a passion for adding value to fellow investors through tax consulting and accounting services. His mission is to help people achieve financial freedom through real estate investing and tax strategies. He’s been a CPA for over 8 years with over a decade of experience in tax consulting & preparation, cost segregation studies, accredited investor validation, accounting, auditing, and bookkeeping. His team consists of 5 tax and accounting professionals servicing 200+ professionals in real estate in the US. He also brings over 6 years of real estate experience in buy and hold multi & single-family housing, corporate housing, short-term rentals, and flips. He has stakes in various syndications and joint ventures across the US overseeing 11 cash-flowing properties, consisting of 53 doors and 2 lots of land for new construction in 2022. He adds value to these groups in capital raising, tax strategy, investor relations, and underwriting. Most importantly, Larry is married to his beautiful wife, Whitney, and he’s the proud father of two handsome sons, Larry III and Wesley.
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[00:01 - 11:15] Who is Larry Pendleton?
Larry discusses how he got into real estate
His background in public accounting, audit, and eventually building PC Financials
Seeing how his father dealt with taxes inspired him to serve other business owners
[11:16 - 21:24] How to Be Strategic With Taxes
The mistakes people do that cost more taxes
Understanding the entity types
single-member LLC vs S Corp
Knowing when to be an S Corp election
Consult with a tax strategist or accountant
[21:25 - 24:55] The Mindset of Minorities Around Taxes
Thinking of immediate needs vs long term
Who are you surrounding yourself with?
Communities need to come together more
[24:56 - 30:54] Serving the Mission
Why Larry almost quit real estate
Learning about multifamily
Opening up his time to help more people by earning passive cash flow
[30:55 - 36:24] Closing Segment
The final 2 questions
Larry on diversification: Do you truly understand what you’re investing into?
Key Quotes
“When you go self-employed, you're now responsible for all the FICA taxes, that's an additional 15.3% on top of the federal income tax rate as well. That's why it goes from an employee being taxed on 30 to 40% of their income to self-employed individuals being taxed on 50 to 60% of their income.” - Larry Pendleton
“We're trying to pinch every penny and squeeze everything out in the world but at some point, you have to bring in professionals in certain aspects that like, you're not skilled at.” - Larry Pendleton
“I don't see them [minorities] compiling their resources to buy a business or property or whatever so that no one is straining themselves or leveraging the strength of their group. Whereas non-minority groups are doing that more often.” - Larry Pendleton
Resources Mentioned:
Rich Dad Poor Dad by Robert T. Kiyosaki
Finding Your Why by Simon Sinek, David Mead, Peter Docker
Who Not How by Dan Sullivan, Benjamin Hardy
The E-Myth by Michael Gerber
Connect with Larry Pendleton! Follow him on
https://www.linkedin.com/in/larry-pen...
https://www.facebook.com/profile.php?id=100012395678547
Check out his Linq page, too!
https://linqapp.com/LarryPendletonCPAinRealEstate
Contact him directly at 757-535-8592 and book a meeting now!
Let’s get connected! You can find Nicole on
LinkedIn https://www.linkedin.com/in/nicole-pendergrass/
Instagram https://www.instagram.com/nvestornikk...
Facebook https://www.facebook.com/nvestornikki
or visit her website https://noirvestholdings.com
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