Passive Income Pilots

#150 - From Listener to Investor with John Wahrmund

Hosts Tait Duryea and Ryan Gibson sit down with First Officer at Southwest Airlines pilot John Wahrmund to unpack how one listener turned podcast advice into real results. John shares how episode 10 pushed him to buy a short-term rental in Galveston, unlock major tax savings, and rethink how his family builds wealth. This episode highlights intentional investing, knowing your market, using the right team, and why tax strategy can be a powerful tool for high-income professionals who want more freedom, options, and time.John Wahrmund is a Southwest Airlines pilot and retired Air Force officer who spent 20 years flying military aircraft before starting his airline career. In this episode, he shares how he used lessons from Passive Income Pilots to buy a short-term rental in Galveston, reduce his tax liability, and build a more intentional long-term wealth strategy for his family. His story brings a practical, real-world example of what happens when a listener takes action.Show notes:(0:00) Intro(0:56) John’s aviation background(2:08) Why he brought tax returns(6:25) An episode that sparked action(8:43) Why Galveston made sense(12:21) How the tax strategy works(15:09) Financing the first property(18:03) Tax savings over cash flow(21:51) Start with your real goal(30:24) Tech stack for remote hosting(36:06) Why the real win is time(40:02) OutroConnect with John Wahrmund:LinkedIn: linkedin.com/in/john-wahrmund-56151810 Email: johnwahrmund@gmail.com Related Episodes:#10 - Reduce Your Taxes & Maximize Returns Using PROVEN Investment Strategies with Toby Mathis#23 - Counting the Cost: The Risks and Rewards of 401(k) Loans for Pilots#41 - Short-Term Rental Strategies To Maximize Your Passive Income with Dan Templin:#68 - Cruising to Success: Optimizing Your Short-Term Rentals with Airbnb Insider Daniel Rusteen#110 - The IRA Club Advantage: The Self-Directed IRA Strategy for Pilots with Ramez Fakhoury#137 - Revocable Vs. Irrevocable Trusts: What Pilots Must Know with Adam KintighIf you’re interested in participating, the latest institutional-quality self-storage portfolio is available for investment now at: https://turbinecap.investnext.com/portal/offerings/8449/houston-storage/ — You've found the number one resource for financial education for aviators! Please consider leaving a rating and sharing this podcast with your colleagues in the aviation community, as it can serve as a valuable resource for all those involved in the industry.Remember to subscribe for more insights at PassiveIncomePilots.com! https://passiveincomepilots.com/ Join our growing community on Facebook: https://www.facebook.com/groups/passivepilotsCheck us out on Instagram @PassiveIncomePilots: https://www.instagram.com/passiveincomepilots/Follow us on X @IncomePilots: https://twitter.com/IncomePilotsGet our updates on LinkedIn: https://www.linkedin.com/company/passive-income-pilots/Do you have questions or want to discuss this episode? Contact us at ask@passiveincomepilots.com See you at the next one!*Legal Disclaimer*The content of this podcast is provided solely for educational and informational purposes. The views and opinions expressed are those of the hosts, Tait Duryea and Ryan Gibson, and do not reflect those of any organization they are associated with, including Turbine Capital or Spartan Investment Group. The opinions of our guests are their own and should not be construed as financial advice. This podcast does not offer tax, legal, or investment advice. Listeners are advised to consult with their own legal or financial counsel and to conduct their own due diligence before making any financial decisions.

#149 - Side Hustles Every Pilot Should Consider

Hosts Tait Duryea and Ryan Gibson explore one of the most common questions among airline pilots: Should you start a side hustle? Drawing from Ryan’s early experience building income streams during layovers, the hosts share practical ideas pilots can pursue both inside and outside aviation. From consulting and drone photography to aircraft brokerage and real estate investing, they explain how extra income can become the fuel for long-term wealth building. They also discuss tax strategy, airline contract knowledge, and why passion matters when choosing a side hustle. If you’ve ever wondered how to turn extra time into opportunity, this episode offers plenty of ideas.Show notes:(0:00) Intro(1:03) Ryan’s first airline side hustle story(3:00) Turning layover time into opportunity(5:23) Why extra income matters for investing(6:30) Discipline and tax planning for side income(7:26) Using airline contracts to create free time(10:10) Aviation side hustle ideas explained(17:34) Helping pilots prepare for airline interviews(22:50) Non-aviation side hustles and real estate(30:53) Airline training and instructor opportunities(33:43) OutroRelated Episode:#95 - Franchise Investing 101: Insights and Opportunities with Cliff NonnenmacherIf you’re interested in participating, the latest institutional-quality self-storage portfolio is available for investment now at: https://turbinecap.investnext.com/portal/offerings/8449/houston-storage/ — You've found the number one resource for financial education for aviators! Please consider leaving a rating and sharing this podcast with your colleagues in the aviation community, as it can serve as a valuable resource for all those involved in the industry.Remember to subscribe for more insights at PassiveIncomePilots.com! https://passiveincomepilots.com/ Join our growing community on Facebook: https://www.facebook.com/groups/passivepilotsCheck us out on Instagram @PassiveIncomePilots: https://www.instagram.com/passiveincomepilots/Follow us on X @IncomePilots: https://twitter.com/IncomePilotsGet our updates on LinkedIn: https://www.linkedin.com/company/passive-income-pilots/Do you have questions or want to discuss this episode? Contact us at ask@passiveincomepilots.com See you at the next one!*Legal Disclaimer*The content of this podcast is provided solely for educational and informational purposes. The views and opinions expressed are those of the hosts, Tait Duryea and Ryan Gibson, and do not reflect those of any organization they are associated with, including Turbine Capital or Spartan Investment Group. The opinions of our guests are their own and should not be construed as financial advice. This podcast does not offer tax, legal, or investment advice. Listeners are advised to consult with their own legal or financial counsel and to conduct their own due diligence before making any financial decisions.

#148 - Traditional Vs. Roth IRAs: What Pilots Need to Know

Tait Duryea and Ryan Gibson break down one of the most important retirement decisions pilots face: Traditional vs. Roth IRAs. They explain how taxes impact withdrawals, why required minimum distributions matter, and how poor planning could leave your kids with a massive tax bill. The conversation also explores advanced strategies like Roth conversions, self-directed IRAs, and “Roth chunking” during low-income years. If you want to build wealth through real estate while protecting your retirement from unnecessary taxes, this episode offers practical frameworks to help pilots think long-term about their portfolio, income streams, and legacy planning.Show notes:(0:00) Intro(3:01) Traditional vs Roth fundamentals(7:30) Required minimum distributions explained(11:13) Nest egg vs golden goose investing(14:55) Using self-directed IRAs for real estate(21:37) Inherited IRA tax pitfalls(26:08) Roth chunking for new airline hires(30:58) Strategic Roth conversions during low-income years(35:11) Passive income to fund retirement(38:35) Advanced Roth conversion appraisal strategy(45:38) OutroRelated Episode:#110 - The IRA Club Advantage: The Self-Directed IRA Strategy for Pilots with Ramez Fakhoury: https://passiveincomepilots.com/episode/110-the-ira-club-advantage-the-self-directed-ira-strategy-for-pilots-with-ramez-fakhouryIf you’re interested in participating, the latest institutional-quality self-storage portfolio is available for investment now at: https://turbinecap.investnext.com/portal/offerings/8449/houston-storage/ — You've found the number one resource for financial education for aviators! Please consider leaving a rating and sharing this podcast with your colleagues in the aviation community, as it can serve as a valuable resource for all those involved in the industry.Remember to subscribe for more insights at PassiveIncomePilots.com! https://passiveincomepilots.com/ Join our growing community on Facebook: https://www.facebook.com/groups/passivepilotsCheck us out on Instagram @PassiveIncomePilots: https://www.instagram.com/passiveincomepilots/Follow us on X @IncomePilots: https://twitter.com/IncomePilotsGet our updates on LinkedIn: https://www.linkedin.com/company/passive-income-pilots/Do you have questions or want to discuss this episode? Contact us at ask@passiveincomepilots.com See you at the next one!*Legal Disclaimer*The content of this podcast is provided solely for educational and informational purposes. The views and opinions expressed are those of the hosts, Tait Duryea and Ryan Gibson, and do not reflect those of any organization they are associated with, including Turbine Capital or Spartan Investment Group. The opinions of our guests are their own and should not be construed as financial advice. This podcast does not offer tax, legal, or investment advice. Listeners are advised to consult with their own legal or financial counsel and to conduct their own due diligence before making any financial decisions.

#147 - From Cap Rates to Cash Flow: Strategic Moves for 2026

Tait Duryea and Ryan Gibson sit down for a special hosts-only episode to break down where they see the biggest opportunities for 2026. From reshoring trends fueling industrial growth to the demographic wave driving senior living demand, they unpack the macro forces shaping real estate right now. They also explain why falling interest rates, reduced new construction, and renewed capital flows are creating a unique window for investors. Plus, they dive into debt funds, tax considerations, and why consistent cash flow can be a game-changer for high-income professionals looking to upgrade their money strategy.Show notes:(0:00) Intro(01:16) Announcing the 2026 Vegas conference(03:16) 2026 investment focus areas(04:18) Reshoring and industrial growth(08:25) Real estate cycle breakdown(12:52) Cap rate expansion explained(14:07) Self-storage supply trends(18:23) Senior living demand wave(21:48) Baby boomer wealth shift(29:27) Debt funds and cash flow(31:03) Tax strategy for debt investing(35:32) OutroIf you’re interested in participating, the latest institutional-quality self-storage portfolio is available for investment now at: https://turbinecap.investnext.com/portal/offerings/8449/houston-storage/ — You've found the number one resource for financial education for aviators! Please consider leaving a rating and sharing this podcast with your colleagues in the aviation community, as it can serve as a valuable resource for all those involved in the industry.Remember to subscribe for more insights at PassiveIncomePilots.com! https://passiveincomepilots.com/ Join our growing community on Facebook: https://www.facebook.com/groups/passivepilotsCheck us out on Instagram @PassiveIncomePilots: https://www.instagram.com/passiveincomepilots/Follow us on X @IncomePilots: https://twitter.com/IncomePilotsGet our updates on LinkedIn: https://www.linkedin.com/company/passive-income-pilots/Do you have questions or want to discuss this episode? Contact us at ask@passiveincomepilots.com See you at the next one!*Legal Disclaimer*The content of this podcast is provided solely for educational and informational purposes. The views and opinions expressed are those of the hosts, Tait Duryea and Ryan Gibson, and do not reflect those of any organization they are associated with, including Turbine Capital or Spartan Investment Group. The opinions of our guests are their own and should not be construed as financial advice. This podcast does not offer tax, legal, or investment advice. Listeners are advised to consult with their own legal or financial counsel and to conduct their own due diligence before making any financial decisions

#146 - Aircraft Tax Write-Offs Explained by a Former IRS Auditor, Victoria Boon

Hosts Tait Duryea and Ryan Gibson welcome former IRS auditor Victoria Boon to cut through the noise around aircraft tax deductions. Learn how bonus depreciation really works, why aircraft are treated differently from real estate, and what the IRS actually looks for during an audit. From Delta bonus taxation to leasebacks, qualified business use, and depreciation recapture, this episode is essential listening for pilots considering aircraft ownership as a tax strategy.Victoria Boon spent 22 years at the IRS as a subject matter expert, including leading national audits focused on aircraft deductibility. She now co-owns Boon.tax and founded Boon Tax Educators, where she provides tax education for CPAs, enrolled agents, and investors. In this conversation, Victoria shares rare, insider insight into aircraft write-offs, audit triggers, and the mistakes that get taxpayers into trouble.Show notes:(0:00) Intro(01:44) Why bonuses are over-withheld(04:39) Aircraft deductions overview(07:18) Bonus depreciation rules(08:16) Qualified business use explained(11:37) Depreciation recapture basics(14:29) IRS documentation requirements(18:02) Audit horror stories(22:21) Why aircraft trigger audits(37:56) 50% rule and bonus loss(39:30) Passive Vs. Qualified business use(46:36) Social media tax myths exposed(53:45) OutroConnect with Victoria Boon:Website: https://boon.tax/ Structured Tax Education Classes and Workshops: https://boontaxeducators.com/ If you’re interested in participating, the latest institutional-quality self-storage portfolio is available for investment now at: https://turbinecap.investnext.com/portal/offerings/8449/houston-storage/ — You've found the number one resource for financial education for aviators! Please consider leaving a rating and sharing this podcast with your colleagues in the aviation community, as it can serve as a valuable resource for all those involved in the industry.Remember to subscribe for more insights at PassiveIncomePilots.com! https://passiveincomepilots.com/ Join our growing community on Facebook: https://www.facebook.com/groups/passivepilotsCheck us out on Instagram @PassiveIncomePilots: https://www.instagram.com/passiveincomepilots/Follow us on X @IncomePilots: https://twitter.com/IncomePilotsGet our updates on LinkedIn: https://www.linkedin.com/company/passive-income-pilots/Do you have questions or want to discuss this episode? Contact us at ask@passiveincomepilots.com See you at the next one!*Legal Disclaimer*The content of this podcast is provided solely for educational and informational purposes. The views and opinions expressed are those of the hosts, Tait Duryea and Ryan Gibson, and do not reflect those of any organization they are associated with, including Turbine Capital or Spartan Investment Group. The opinions of our guests are their own and should not be construed as financial advice. This podcast does not offer tax, legal, or investment advice. Listeners are advised to consult with their own legal or financial counsel and to conduct their own due diligence before making any financial decisions.