Pro Vision - Tom Wheelwright

[Joseph C.]

I am looking for a new CPA firm to help with tax strategy and planning for my REI. Has anyone used Tom Wheelwrights firm ProVision? Please let me know what you think of them?

[Michael Blank]

I can't speak for Tom's previous company ProVision but have started working with his new company Wealthability. What I like about Tom is that his philosophy is not "can I deduct this" but "HOW can I deduct this". If you're investing in real estate, either actively or passively, his goal is to cut your taxes in half (ideally to 0) within 3 years. 

While I'm a full time real estate investor, I also have an educational company that teaches people how to invest in apartment buildings; I also have an acquisition and management team, so I'm not full time investing in deals myself. 

But they showed me how to not only classify myself as a real estate professional but how to track my time. If you're classified as a RE professional, you can offset ACTIVE income with the PASSIVE losses from real estate. That is amazing - and I bet many people on BP would qualify.

I also learned mind blowing stuff like: did you know you can 1031 exchange OUT of something you own INTO something you already own? Did you know there's a way you can 1031 exchange a syndicated deal even if not all of the limited partners want to keep their money in the deal? (actually, you do the exchange but still give the investors their money back).

But fair warning: they're not cheap. But if I can get my taxes down by at least half, I'll get a major ROI on my investment the first year, not counting all subsequent years, so I feel it's worth it.

Hope that helps.

Michael

BP Blog Contributor