These Bookkeeping Strategies Will SAVE Your Business with Michael Glaspie

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!

Listen to today’s show and learn:

The Importance of Tracking Finances [00:00]
Separate Bank Accounts and LLCs [08:21]
Understanding Tax Deductions [10:07]
Proper Record-Keeping [12:46]
When to Hire a Bookkeeper or CPA [23:35]
Bookkeepers vs. Tax Preparers [26:47]
Connect with Michael [34:05]

Michael Glaspie

Mike Glaspie is a Commercial Real Estate Investment Advisor in North Carolina. Mike attended the University of Houston— Downtown where he received his bachelor’s degree in business management and his master’s in business administration from the University of North Carolina—Chapel Hill.

He served eleven years in the US Army, with a majority spent in Special Operations as a Green Beret. Since purchasing his first investment property in 2014, Mike switched his focus to creative investing strategies in real estate. In less than three years, he completed several transactions in a variety of ways such as Subject-To’s, wholesales, flips, hotel syndication, arbitrage rentals, loan assumptions, and short and long term buy and hold rentals.

Mike currently holds rental properties and short-term arbitrages in multiple states and co-founded an investment centric real estate team—all while serving full time in the military.

Now as a veteran, Mike continues to practice real estate with a focus on educating other veterans on how to build the lifestyle they deserve through creative investing.

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Episode Transcript:

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-Aaron Amuchastegui