Interview with Yonah Weiss on Mobile Home Park Investment Tax Benefits in 2024

Passive Mobile Home Park Investing

Welcome back to the Passive Mobile Home Park Investing Podcast, hosted by Andrew Keel. In this episode of the Passive Mobile Home Park Investing Podcast our host Andrew Keel interviews the "king of cost segregation studies," Mr. Yonah Weiss of Madison Specs and Weiss Advice.

As the Business Director at Madison SPECS, Yonah has been instrumental in saving clients hundreds of millions of dollars through strategic tax planning. He’s a highly respected figure in the commercial real estate (CRE) world and host of the popular Weiss Advice podcast.

Together, Andrew Keel and Yonah Weiss explore the powerful impact of cost segregation through mobile home park investments. They dive into the intricacies of cost segregation studies, uncover common pitfalls, and track the evolution of bonus depreciation from 2020 to today. They also look ahead to what the future may hold for these essential tax-saving strategies.

Throughout the episode, you’ll discover how to maximize your returns by effectively leveraging cost segregation and bonus depreciation, understand the best timing for these strategies, and learn when they might NOT be the optimal choice. Additionally, the conversation covers key topics like capital expenditures and the importance of diversification when building a resilient mobile home park investment portfolio.

Don’t miss this chance to gain invaluable insights from Andrew Keel and Yonah Weiss that could transform your mobile home park investment approach.

***Andrew Keel and Keel Team Real Estate Investments (Keel Team, LLC) do not endorse any interviewee. This interview is for informational purposes only and should not be depended upon for investment purposes. ***

Andrew Keel is the owner of Keel Team, LLC, a Top 100 Owner of Manufactured Housing Communities with over 3,000 lots under management. His team currently manages over 40 manufactured housing communities across more than 10 states. His expertise is in turning around under-managed manufactured housing communities by utilizing proven systems to maximize occupancy while reducing operating costs. He specializes in bringing in homes to fill vacant lots, implementing utility bill back programs, and improving overall management and operating efficiencies, all of which significantly boost the asset value and net operating income of the communities. Check out KeelTeam.com to learn more.

Andrew has been featured on some of the Top Podcasts in the manufactured housing space, click here to listen to his most recent interviews: https://www.keelteam.com/podcast-links. To successfully implement his management strategy, Andrew’s team usually moves on location during the first several months of ownership. Find out more about Andrew’s story at AndrewKeel.com.

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Talking Points:

00:21 - Welcome to the Passive Mobile Home Park Investing Podcast

00:40 - Yonah Weiss’ background

04:15 - 2017 Trump tax law

05:30 - What is cost segregation?

08:15 - How mobile home park investors and owners can use cost segregation.

12:45 - When does it NOT make sense to order a cost segregation study?

16:21 - Bonus depreciation in 2024 versus 2020

19:45 - Capital expenditures

21:11 - Allocating goodwill to reduce the amount of property tax on your mobile home park investment

22:57 - Depreciation recapture

25:15 - Scenarios where depreciation recapture could backfire

29:45 - What mobile home park investors should look out for in the future in terms of depreciation and new tax laws

31:00 - Contacting Yonah Weiss

31:16 - The importance of diversifying with mobile home park investments

32:21 - Conclusion

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Links & Mentions from This Episode:

Yona Weiss, LinkedIn: https://www.linkedin.com/in/cost-segregation-yonah-weiss/

“How To Pay Zero Income Taxes (Legally) While Making 6-7 Figures”: https://themobilehomelawyer.com/podcast/ep-22-how-to-pay-zero-income-taxes-legally-while-making-6-7-figures/

Keel Team’s official website: https://www.keelteam.com/

Andrew Keel’s official website: https://www.andrewkeel.com/

Andrew Keel LinkedIn: https://www.linkedin.com/in/andrewkeel

Andrew Keel Facebook page: https://www.facebook.com/PassiveMHPinvestingPodcast

Andrew Keel Instagram page: https://www.instagram.com/passivemhpinvesting/

Twitter: @MHPinvestors

Quotes:

“It's, you know, think about it like an appraisal, but a very detailed one in using the IRS's, you know, kind of handbook, what's called the conservation audit techniques guide.” - Yonah Weiss

“I'm a huge fan of cost seg. We order one, you know, still on all of our new properties. And It's been great, I mean, the carry forward that we get is huge.” - Andrew Keel

“The bonus depreciation, when it came into law, had a phase-out component to it, which means that in 2023, if you bought a property, it was 80%. For 2024, we buy a property this year. It's a 60% bonus.” - Yonah Weiss

“Goodwill is something that’s very common when you’re talking about business acquisition.” - Yonah Weiss