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Real Estate Rockstars Podcast

1266: These Bookkeeping Strategies Will SAVE Your Business with Michael Glaspie

Real Estate Rockstars Podcast

Aaron Amuchastegui

Investing, Careers, Business

4.6864 Ratings

🗓️ 12 August 2024

⏱️ 34 minutes

🧾️ Download transcript

Summary

Are you maximizing your profits and minimizing taxes as a real estate agent? In this episode, Michael Glaspie shares the importance of bookkeeping for real estate professionals. He emphasizes starting with printing bank statements and categorizing expenses to get a clear financial picture. Michael highlights the benefits of separate business bank accounts and suggests forming an LLC for liability protection. He delves into tax deductions, proper record-keeping, and recommends tools like QuickBooks Online for staying organized. Michael advises hiring a bookkeeper or CPA for strategic financial guidance and stresses finding one knowledgeable about the real estate industry. He also clarifies the distinct roles of bookkeepers and tax preparers. Listen in for essential tips to elevate your financial game! Links: Follow Michael Glaspie on Instagram Subscribe to Michael Glaspie’s YouTube Channel Schedule a Consultation with G2 Business Solutions Michael Glaspie's Website Connect with Michael Glaspie on LinkedIn Michael Glaspie's Facebook Page Follow Aaron Amuchastegui on Instagram Learn More About Shelby and Five Pillars Nation Get Hundreds of FREE Real Estate Tools From the Toolbox Join the 2025 Real Estate Rockstars Mastermind!

Transcript

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0:00.0

Have you ever wondered how much money you're losing every single year because you don't understand write-offs?

0:04.8

Is your financial life a hot mess and do you dread tax season?

0:10.0

If you said yes to any of those things you're in luck because Michael Glassby is here today to make finances fun and easy for us.

0:17.0

Mike is an Army Green Bereay turned real estate entrepreneur,

0:21.0

and he and I have actually known each other since we were babies in the real estate world and we have done so much together from the beginning.

0:27.0

We built a real estate team, we've invested in real estate, we've done flips, short-term rentals, long-term rentals, you name it, conferences, the whole

0:34.2

shabang. And bike is a straight-up G. So a few years ago he pivoted to start G2 business solutions, which is a company

0:40.9

that specializes in bookkeeping, tax prep, and CFO services for real estate business owners.

0:46.0

And y'all, in today's show, you can expect to learn where to start if you really are a hot mess.

0:51.0

Whether or not you should get an LLC, what you can and can't write off, how you

0:57.0

know it's time to hire out bookkeeping services, and stick around to the end for the four red flags that you might see in VA bookkeepers that could cost you thousands.

1:08.0

Guys, you're listening to the real estate rock source podcast, the show for agents who've been around the block and are ready to build sustainable,

1:13.7

scalable businesses that you actually love.

1:16.6

My name is Shelby Johnson and, quick surprise, in case you haven't heard, after a year of

1:21.0

hosting this beautiful podcast, I have decided to hand back the reins so I can fully focus on building my agent business from the ground up here in Lexington, Kentucky.

1:30.0

So, y'all, August, 2024, this month is my last month posting if you want to follow my journey head over to

1:36.4

Instagram at the Shelby show but for today rock stars welcome Michael Glassby, let's pretend. I'm an agent, I'm out there swinging, I'm hustling, I'm generating leaves. I'm like,

2:02.1

getting, I'm closing deals and you know the last thing on my mind is

2:07.3

keeping track of all these little financial details so can we start like big

2:11.1

picture why should we care?

2:13.7

We know we should care, but like why?

2:15.6

And yeah, let's go from there.

...

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