Tactical Tax Savings: Cost Segregation With Boomer Philbrick

Cost segregation is the method of reclassifying components and improvements of real property to personal property. In this episode, Boomer Philbrick, National Account Executive at Cost Segregation Services, Inc., joins Brett as they discuss ways to reduce tax liability and generate cash flow through cost segregation. Boomer dives into the engineering-based method they used in over 22,000 studies in all 50 states and why it’s completely bulletproof. Lastly, learn the requirements for becoming a real estate professional and its benefits for you and your family. 

 Our next guest specializes in cost segregation and together with his team at Cost Segregation Services Inc., they help property and business owners save millions of dollars every single year. In fact, over the past years, Cost Segregation Services has completed 20,000 cost seg studies covering all 50 states and resulting in billions in tax savings. I want you to please welcome my guest, Boomer Philbrick. Boomer, welcome. 

Thanks for having me. 

Boomer, give our readers a little bit about your story and your focus. 

I appreciate you having me. My background before I got into doing cost segregation, which I’ve been in now for a few years, I worked in college football and the NFL. I enjoyed helping kids and families in that aspect and easily transitioned into this and helping building owners and investors maximize their opportunities and open new doors and avenues for them. 

Tell us more about that. What team did you work for? What was your role there? 

I worked in scouting and player personnel for the Miami Dolphins under Nick Saban. I got into coaching and recruiting at the University of Miami and Marshall and a couple of other schools before stepping out of that arena. 

Working under a legendary coach like Nick Saban, what did he teach you? What’s the one thing he taught you during that time which you apply to your business? 

The main thing about Coach Saban is he’s focused driven and if it’s not going to help us win games on Saturday or Sunday, it’s not that important. He was a fair coach. If you stood up for what you believed in, he definitely respected you for it. I definitely think that the preparation, strong mindset, good work ethic, being organized has definitely helped transition to cost segregation which is what I’m doing now. 

Absolutely, because it’s so detailed and crucial to making sure that these studies are done correctly and owners understand exactly what they’re getting into and what they’re not getting into. Before we get into the tactical part of it, I want to understand your success. You’re a wealth advisor for tax at this point is what I consider what you do with the cost segregation but before your success as an educator, who was Boomer growing up? We’re all given superpowers. What was Boomer’s superpower growing up and how does that help shape how you help others now? 

I’ve always been involved in sports, so I definitely developed a strong work ethic, being a good teammate and always pulling up others because a team is only as strong as the weakest link. I was definitely a good teammate, a team player, and being able to help others. Especially in the arena of what I’m doing now, it’s all about education and I want to educate you on the opportunities available to you. If it makes sense for you, great. If it doesn’t, at least you know you’ve exhausted the opportunities that are out there. With the Trump plan and tax cuts and JOBS Act, the tax laws are building owner-friendly, but a lot of people simply aren’t aware of the opportunities available to them. It’s always education, number one, and then we can talk on a case by case basis if it makes sense for you going forward. 

Growing up, I have a similar background playing basketball and football and I’m curious about what sports you play. As a part of being that good team player and learning through that, did your parents say, “Boomer, you were always a team player and always about the team,” or was it forged through the fire of, “This is what a good team player is?” What’s your story there with that gift? Was that a natural gift or do you feel that it was forged to the fire? 

It’s more of something that is assumed in a position being a quarterback, a starting pitcher, and things like that. That’s where you have an assumed leadership role. Having worked in sports afterward and seeing how coaches relate to players and how players react to their peers, you definitely find out the best strategies and tactics to go about it if that’s going to achieve the maximum results. 

You were the quarterback and starting pitcher. Did you play in college in any other sports? 

I played semi-pro baseball in high school. After that, in college, I was a regular student. 

What’s the most rewarding part about what you do? We’re going to dive into the tactical tax savings part but give me the why behind being an educator and helping people build wealth through tax savings. What’s the most rewarding part about what you do in the service you provide? 

It’s more of helping people realize a huge opportunity that they didn’t know was there before. A lot of these savings from cost segregation and from the tangible property regulations are game changes for people. It’s simply keeping money in your pocket and allowing you, the smart business owner and smart investor, to use it for whatever you want to use it. If you want to buy a new property, improve your property or pay down debt, it’s totally up to you, but you have to have extra capital in your pocket to make those decisions. 

Give us an example of a deal that you worked on. I like to work with real-life deals. You don’t have to give any names but give general specs of the deal and how much tax savings that were for that particular individual. 

I work a lot in the multifamily sector. A typical saving on a multifamily property is going to be in your 20% to 25% of the purchase price window that you’re going to realize in year one. People who have listened to other podcasts that I’ve been on, they will hear it, reach out to learn more about it and what we do is we run a no-cost analysis on their property to see how it directly applies to them. Each person’s situation is different in terms of their tax liability. Are they a real estate professional and how much savings they’re going to reap in year one? I definitely think that a few people that were not aware of cost segregation, the tax cuts, JOBS Act, and how it applies to them definitely opened up doors. It also allowed them to be involved in more deals going forward with extra capital that they saved or kept in their pocket. 

 Check out the full Podcast Episode Link below. 

https://bit.ly/3fIWzbU 

https://apple.co/2PAbevk 

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 Important Links: 

• Cost Segregation Services Inc. 
• LinkedIn – Boomer Philbrick 
• @CostSeg – Instagram 
• Cost Segregation Boomer – Facebook 

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