WEBVTT - Study Hall: Opportunity Zones Explained with MG the Mortgage Guy

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<v Speaker 2>Earners, Listen up.

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<v Speaker 3>When people all around the world first started going out

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<v Speaker 4>My graduates from my school being forced back drop Mike

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<v Speaker 4>Drop Backdrop.

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<v Speaker 5>Opportunity zones, from my understanding, is a way for economic

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<v Speaker 5>development and low to moderate income neighborhoods, right right, like

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<v Speaker 5>the hood, but it's not really just the hood. But no,

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<v Speaker 5>not just the hood, but around like kind of similar

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<v Speaker 5>type of that, right where they want to they want

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<v Speaker 5>to have businesses and real estate developments, and they want

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<v Speaker 5>to encourage people to put money into these areas that

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<v Speaker 5>may not be funded otherwise.

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<v Speaker 6>Right, right, correct, and to create jobs as well.

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<v Speaker 2>Right areas?

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<v Speaker 5>Okay, all right, So can we start at the beginning

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<v Speaker 5>as far as opportunity zones, like what exactly is it

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<v Speaker 5>and how does it work?

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<v Speaker 6>Well, the opportunity zone?

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<v Speaker 7>So all right, So, if you have capital gains from

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<v Speaker 7>a real estate transaction that you just sold, and you

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<v Speaker 7>have to pay taxes on that money, right, if you

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<v Speaker 7>don't put it into this type of opportunity zone fund

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<v Speaker 7>or ten thirty one exchange, which is another capital games

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<v Speaker 7>deferred mechanism right for real estate investors.

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<v Speaker 6>So if you sell something, you take that.

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<v Speaker 7>Money, you have to pay your capital gains taxes on

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<v Speaker 7>it right away if you don't put it into one

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<v Speaker 7>of these vehicles. But the opportunity zone fund is the

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<v Speaker 7>ten thirty one exchange on steroids.

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<v Speaker 6>So now can you talk about what ten thirty one exchanges?

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<v Speaker 2>Yeah?

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<v Speaker 7>Yeah, So a ten thirty one exchange is if you're selling,

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<v Speaker 7>say you have a commercial building twenty units and you

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<v Speaker 7>sell it and you make one hundred grand of profit,

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<v Speaker 7>right now, you have to pay gains.

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<v Speaker 6>On that money.

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<v Speaker 7>Now you put that money into the ten thirty one exchange.

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<v Speaker 7>That way you don't have to pay any taxes. You

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<v Speaker 7>deferm that capital gains taxes. But now with a ten

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<v Speaker 7>thirty one exchange, you have to buy a like conditt

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<v Speaker 7>property to the one you just sold, but you don't

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<v Speaker 7>pay any capital gains, you don't pay any taxes, you

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<v Speaker 7>can't touch any of that money, and you have six

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<v Speaker 7>months to close on a like condit property. That's what

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<v Speaker 7>you do with a ten thirty one exchange.

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<v Speaker 8>So in the opportunity zone that opportunity fund, that's what

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<v Speaker 8>this is.

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<v Speaker 6>That's what this is.

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<v Speaker 7>But the Opportunities Own Fund is a ten to thirty

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<v Speaker 7>one exchange on steroids. And what I mean by that

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<v Speaker 7>is that you cannot only put you can only you

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<v Speaker 7>can put real estate capital gains into it. But you

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<v Speaker 7>also can put if you sell stocks, bonds, art anything

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<v Speaker 7>that you will be taxed by the United States government

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<v Speaker 7>capital gains tax on, you can put into the Opportunity

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<v Speaker 7>Zone Fund and then from there you can invest into

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<v Speaker 7>an opportunity zone area.

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<v Speaker 6>Now from a tax perspective, this is how it works.

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<v Speaker 7>You put that money into the capital gain I mean

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<v Speaker 7>into the Opportunity Zone.

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<v Speaker 6>Fund, you get a discount.

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<v Speaker 7>If you keep it in that Opportunity Zone fund for

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<v Speaker 7>at least five years, you save at least ten percent.

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<v Speaker 7>You keep it in that Opportunity Zone fund for extra

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<v Speaker 7>two years, you get an extra five percent discount on

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<v Speaker 7>a capital gain. So you can save fifteen percent on

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<v Speaker 7>your capital gains. So if you have one hundred k

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<v Speaker 7>of profit year seven, you're only paying capital gain on

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<v Speaker 7>eighty five.

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<v Speaker 6>Thousand, not the full one hundred k.

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<v Speaker 7>Now, if you keep that op that investment into that Opportunity.

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<v Speaker 6>Zone for ten years.

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<v Speaker 7>And now let's just say you sell that property for

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<v Speaker 7>a million dollars, right, that nine hundred k of appreciation

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<v Speaker 7>and equity that you made money on is tax free,

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<v Speaker 7>and you still only pay your capital gains tax on

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<v Speaker 7>that original one hundred k, which is now eighty five

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<v Speaker 7>thousand because you've got that fifteen percent discount, whereas for

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<v Speaker 7>the ten thirty one exchange, it's you're still rolling that

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<v Speaker 7>money over.

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<v Speaker 6>You're still rolling that money over, and then.

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<v Speaker 7>Also all the proceeds from your sale goes into the

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<v Speaker 7>ten thirty one exchange, but with the Opportunity Zone Fund

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<v Speaker 7>only the gains portion, so you can get your initial

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<v Speaker 7>principle back and only invest the gain the gains portion

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<v Speaker 7>into the Opportunity Zone Fund.

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<v Speaker 6>So it's a little bit different than the ten thirty

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<v Speaker 6>one exchange.

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<v Speaker 7>Where all the proceeds have to go into that ten

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<v Speaker 7>thirty one change, but the Opportunity Zone Fund only the

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<v Speaker 7>capital gains portion, so you can get back your principle

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<v Speaker 7>that you put into whatever you put in. So if

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<v Speaker 7>you put a million dollars initially into your stock market

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<v Speaker 7>and you sold it at two million dollars. You can

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<v Speaker 7>get your initial million dollars back with the Opportunity Zone

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<v Speaker 7>Fund and only put that million dollars of gains into

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<v Speaker 7>the Opportunity Zone Fund and then invest into the opportunity zones.

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<v Speaker 2>Yeah.

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<v Speaker 7>Yes, so this things it accessible for the everyday person.

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<v Speaker 7>This is definitely accessible for the every day person. This

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<v Speaker 7>is a huge opportunity for anyone who's looking to invest

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<v Speaker 7>in real estate because even if you if you're a

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<v Speaker 7>first time investor. Right, my market is mostly first time

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<v Speaker 7>home buyers, first time investors, so even if they they're

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<v Speaker 7>looking to buy into their first property, what I try

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<v Speaker 7>to Coachham is buy in those opportunity zones because the investors,

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<v Speaker 7>the investors who have large capital, they're going into these

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<v Speaker 7>areas with tens of billions of dollars and.

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<v Speaker 6>They're improving these areas.

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<v Speaker 2>Right.

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<v Speaker 7>Another thing with the Opportunity Zone Fund and Opportunity zones,

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<v Speaker 7>in order for you to have a tax free you

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<v Speaker 7>have to prove the property, right, So you can't go

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<v Speaker 7>buy a Class A building and just sit on and

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<v Speaker 7>get the cash flow and ten year sell it and

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<v Speaker 7>you you are one hundred percent to all three.

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<v Speaker 6>It's a long term play.

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<v Speaker 7>So you have to go by the burntown building, the

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<v Speaker 7>building that needs a lot of renovation, and you have

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<v Speaker 7>to invest, Like say you paid a multi family of

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<v Speaker 7>million dollars for it right now, you have to go

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<v Speaker 7>develop that building for another million dollars in order for

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<v Speaker 7>you to see the long term, ten year, one hundred

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<v Speaker 7>percent tax benefit. So a lot of investors are going

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<v Speaker 7>to over improve these properties in the opportunity zone because

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<v Speaker 7>they have no choice because they're betting the long term

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<v Speaker 7>play earners.

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<v Speaker 1>you need.

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<v Speaker 7>All these properties right, So every day investor can now

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<v Speaker 7>buy the single family, a multifamily and regular residential property

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<v Speaker 7>and now they're going to reap the benefits of the appreciation.

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<v Speaker 7>Now they're going to have to pay their taxes and

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<v Speaker 7>things of that nature whenever they sell, or they can

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<v Speaker 7>go ahead and invest into an opportunity fund zone.

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<v Speaker 2>How do they do that?

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<v Speaker 5>How do they So if they want to say, okay, so,

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<v Speaker 5>one way to benefit from it is that opportunity zones

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<v Speaker 5>in layman terms, is going to improve the area, right,

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<v Speaker 5>so a little bit every most opportunities the area is

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<v Speaker 5>going to improve absolutely, odds are. So if you buy

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<v Speaker 5>a house in that opportunity zone, odds are the value

0:11:06.880 --> 0:11:08.600
<v Speaker 5>of your house is going to go up because the

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<v Speaker 5>value of that neighborhood is going to go absolutely. So

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<v Speaker 5>that's one way to take advantage of it. But what

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<v Speaker 5>if they want to actually get on the inside game

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<v Speaker 5>of opportunity zone into an opportunity zone fund. How can

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<v Speaker 5>somebody go about doing that?

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<v Speaker 6>Well, you can create your own fund with an LLC.

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<v Speaker 7>You have to self certify, and everybody in this audience

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<v Speaker 7>contact your tax professional to learn how to self certify

0:11:33.080 --> 0:11:35.360
<v Speaker 7>or Google self certify. I'm not going to get into

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<v Speaker 7>too much details because I'm not a tax professional, But

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<v Speaker 7>you can create your own opportunity zone fund and you

0:11:41.280 --> 0:11:44.719
<v Speaker 7>can put your moneyes into your LLC which is that

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<v Speaker 7>opportunity zone fund. Now and now you can go ahead

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<v Speaker 7>and to invest into these opportunity zones and reap the

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<v Speaker 7>same benefits. But again, if you're a new investor. The

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<v Speaker 7>main purpose of it is to defer capital gains taxes

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<v Speaker 7>on items that are and previously sold. So if you're

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<v Speaker 7>a new investor creating the fund, unless you're going to

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<v Speaker 7>go ahead and buy something flipping in the year a

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<v Speaker 7>year and a half, realize you know, maybe one hundred

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<v Speaker 7>and two hundred thousand dollars in gains and then you're

0:12:13.400 --> 0:12:16.400
<v Speaker 7>reinvesting back into the opportunity zone, it may not work

0:12:16.440 --> 0:12:19.120
<v Speaker 7>for you. And that's why I'm telling them, Hey, speak

0:12:19.160 --> 0:12:22.079
<v Speaker 7>to your CPA or your tax attorney to kind.

0:12:21.920 --> 0:12:24.240
<v Speaker 6>Of get that strategy what's best for you.

0:12:24.760 --> 0:12:26.880
<v Speaker 7>But even if you don't put it into a fund

0:12:27.040 --> 0:12:29.760
<v Speaker 7>or create your own fund, if you're investing into these

0:12:29.800 --> 0:12:33.320
<v Speaker 7>areas that billions of dollars of capital are being dumped

0:12:33.320 --> 0:12:38.840
<v Speaker 7>in to create low income housing, new construction, new businesses,

0:12:39.240 --> 0:12:42.160
<v Speaker 7>whatever you purchase in these areas are going to appreciate

0:12:42.240 --> 0:12:44.520
<v Speaker 7>at some point. And also what's going to happen if

0:12:44.559 --> 0:12:46.760
<v Speaker 7>it's rental properties, The rents are going to go up too.

0:12:47.320 --> 0:12:49.840
<v Speaker 7>So it's you know, it's a double edged sword, so

0:12:49.960 --> 0:12:52.160
<v Speaker 7>to speak. And as you continue to grow your real

0:12:52.240 --> 0:12:54.840
<v Speaker 7>estate portfolio, your capital, you're continuing to invest and then

0:12:54.880 --> 0:12:56.920
<v Speaker 7>you can kind of go more at creating your own

0:12:57.000 --> 0:12:59.360
<v Speaker 7>funds and doing what you have to do on that level.

0:12:59.400 --> 0:13:01.040
<v Speaker 6>But opportunity for everyone.

0:13:01.120 --> 0:13:04.800
<v Speaker 8>I think one of the biggest misconceptions is that opportunities

0:13:04.880 --> 0:13:06.839
<v Speaker 8>zones are all in run down areas.

0:13:07.000 --> 0:13:08.040
<v Speaker 2>And we live in.

0:13:07.880 --> 0:13:13.760
<v Speaker 8>Westchester County, which is a pretty affluent county from the country.

0:13:13.440 --> 0:13:15.800
<v Speaker 7>Right nationwise, and they have one of the most racist

0:13:15.800 --> 0:13:19.000
<v Speaker 7>counties in the country, right, And we have opportunity zones

0:13:19.040 --> 0:13:20.600
<v Speaker 7>here in cities in Westchester.

0:13:21.120 --> 0:13:23.839
<v Speaker 8>And what I'm seeing and most people, if you live here,

0:13:24.600 --> 0:13:27.880
<v Speaker 8>they're putting up luxury buildings with commercial space at the

0:13:28.760 --> 0:13:31.440
<v Speaker 8>bottom of them. And they're taking over blocks, not just

0:13:31.520 --> 0:13:34.440
<v Speaker 8>but like one storefront. They're taking over blocks and putting

0:13:34.480 --> 0:13:38.680
<v Speaker 8>up these bills so that the appreciation of the value

0:13:38.720 --> 0:13:40.679
<v Speaker 8>of everything around us goes up. And like you said,

0:13:40.679 --> 0:13:43.480
<v Speaker 8>the ramp will go up. So what does the average

0:13:43.520 --> 0:13:45.160
<v Speaker 8>person do to combat that, right?

0:13:45.200 --> 0:13:46.960
<v Speaker 2>Do they? What's the next step for them?

0:13:47.120 --> 0:13:49.720
<v Speaker 7>The next step is getting the game. You know, it's

0:13:49.760 --> 0:13:52.800
<v Speaker 7>plain simple, like it's happening before our eyes. But you know,

0:13:52.960 --> 0:13:55.880
<v Speaker 7>you can't sit on the sidelines right now. Time is

0:13:55.920 --> 0:13:58.440
<v Speaker 7>not on your side, right, money is cheap. You know,

0:13:58.480 --> 0:14:01.560
<v Speaker 7>you have listen, everyone, I'm not a fan of forty

0:14:01.559 --> 0:14:04.040
<v Speaker 7>five right, and I don't think no one here, probably

0:14:04.040 --> 0:14:05.439
<v Speaker 7>at this table is. And I don't want to get

0:14:05.440 --> 0:14:07.439
<v Speaker 7>too much into politics, but one thing I got to

0:14:07.480 --> 0:14:10.120
<v Speaker 7>give them props on is that this is not a.

0:14:10.000 --> 0:14:12.400
<v Speaker 6>Bad law that they put in place.

0:14:12.559 --> 0:14:14.520
<v Speaker 7>There's still a lot to be said about the law

0:14:14.520 --> 0:14:16.840
<v Speaker 7>because with any new laws, it takes time for it

0:14:16.880 --> 0:14:19.120
<v Speaker 7>to really you know, for them to really continue to

0:14:19.160 --> 0:14:21.160
<v Speaker 7>go through it. They're going to make changes and adjustments

0:14:21.200 --> 0:14:23.480
<v Speaker 7>and things of that nature. But for the real estate

0:14:23.520 --> 0:14:25.640
<v Speaker 7>game and anybody who's looking to get in real estate,

0:14:25.960 --> 0:14:28.160
<v Speaker 7>this is great for us. You know, we can go

0:14:28.200 --> 0:14:30.400
<v Speaker 7>in here and now invest in these communities and most

0:14:30.400 --> 0:14:32.400
<v Speaker 7>of them are probably going to be communities.

0:14:31.880 --> 0:14:33.200
<v Speaker 6>That you know, look like us.

0:14:33.520 --> 0:14:34.360
<v Speaker 2>They're our communities.

0:14:34.400 --> 0:14:35.359
<v Speaker 6>They are our communities.

0:14:35.400 --> 0:14:37.880
<v Speaker 7>So now we get to buy our blocks back, reinvest

0:14:37.920 --> 0:14:42.000
<v Speaker 7>in them and create businesses, create jobs, and create appreciation

0:14:42.160 --> 0:14:45.440
<v Speaker 7>and create that generational wealth and also save on taxes

0:14:45.440 --> 0:14:46.080
<v Speaker 7>in the long run.

0:14:46.360 --> 0:14:48.840
<v Speaker 6>And that's the name of the game, is to save

0:14:49.040 --> 0:14:49.920
<v Speaker 6>on taxes.

0:14:51.840 --> 0:14:54.640
<v Speaker 5>But how can somebody find out where opportunities is.

0:14:54.960 --> 0:14:57.680
<v Speaker 7>You can just go to Google. You can google. There's

0:14:57.720 --> 0:15:00.320
<v Speaker 7>tons of websites out there. But you can google, you know,

0:15:00.960 --> 0:15:04.400
<v Speaker 7>Opportunity Zone and White Plains, New York and you'll probably

0:15:04.400 --> 0:15:05.040
<v Speaker 7>see the map that.

0:15:05.040 --> 0:15:08.680
<v Speaker 2>Will come up and have all it's definitely good.

0:15:08.880 --> 0:15:11.560
<v Speaker 7>Yeah, I mean, listen, we Google, we're in the information

0:15:11.600 --> 0:15:14.600
<v Speaker 7>and technology ever we'll knee deep into it. So you

0:15:14.640 --> 0:15:16.680
<v Speaker 7>can just google anything you want with a keyword and

0:15:16.800 --> 0:15:17.520
<v Speaker 7>get what you want.

0:15:17.680 --> 0:15:18.920
<v Speaker 6>But it's all across the country.

0:15:18.960 --> 0:15:21.320
<v Speaker 7>Like you said, it's eighty six hundred or in some

0:15:21.480 --> 0:15:24.480
<v Speaker 7>change of opportunity zones throughout the nation. So there's plenty

0:15:24.520 --> 0:15:27.640
<v Speaker 7>of opportunities everywhere. And it's not just in the hoods.

0:15:27.960 --> 0:15:30.600
<v Speaker 7>There's places like White Planes, you have Long Island City,

0:15:30.920 --> 0:15:34.960
<v Speaker 7>you know, affluent areas that on the census track because

0:15:34.960 --> 0:15:37.640
<v Speaker 7>the central track is kind of outdated, that still deemed

0:15:37.640 --> 0:15:40.600
<v Speaker 7>some of these places as low modern income areas. But

0:15:40.760 --> 0:15:43.880
<v Speaker 7>they've been developed so it hasn't caught up. But it's

0:15:43.920 --> 0:15:47.120
<v Speaker 7>still an opportunity for anyone to go and invest. As

0:15:47.120 --> 0:15:49.240
<v Speaker 7>long as you have the capital, you know, you can.

0:15:49.080 --> 0:15:53.360
<v Speaker 2>Go ahead, you said shout to him.

0:15:53.400 --> 0:15:54.920
<v Speaker 8>One of the things he posted was like, you can't

0:15:54.920 --> 0:15:57.400
<v Speaker 8>call it your hood unless you've bought something in it, exactly,

0:15:57.480 --> 0:15:58.040
<v Speaker 8>And I'm.

0:15:57.840 --> 0:16:01.000
<v Speaker 2>Like, that's that's pretty genious, of course, and it's true.

0:16:01.120 --> 0:16:03.480
<v Speaker 6>Listen, we come from these areas.

0:16:03.520 --> 0:16:06.200
<v Speaker 7>We all grew up a certain way, right, and we've

0:16:06.200 --> 0:16:09.280
<v Speaker 7>seen gentrification happen over and over. Look at Brooklyn, look

0:16:09.280 --> 0:16:11.680
<v Speaker 7>at look what's happening in the Bronx right now. And

0:16:12.200 --> 0:16:14.720
<v Speaker 7>it's not too many people that are buying these homes

0:16:14.720 --> 0:16:16.840
<v Speaker 7>and renovating them that look like us, right, There's only

0:16:16.840 --> 0:16:19.200
<v Speaker 7>a hand few of us that are doing it. So

0:16:19.680 --> 0:16:22.520
<v Speaker 7>we have to now get in the game, stop being scared,

0:16:22.600 --> 0:16:26.440
<v Speaker 7>get off the fence, make sacrifices, you know, and start

0:16:26.520 --> 0:16:28.560
<v Speaker 7>investing into the real estate, and start investing in to

0:16:28.720 --> 0:16:30.040
<v Speaker 7>the real estate in our areas.

0:16:30.080 --> 0:16:32.600
<v Speaker 6>Because they're telling us what they're going to do.

0:16:32.720 --> 0:16:33.360
<v Speaker 2>They want to.

0:16:33.360 --> 0:16:36.720
<v Speaker 7>Make the hood basically all the outskirts of the hood

0:16:37.800 --> 0:16:40.640
<v Speaker 7>I appreciate. So we have to take advantage because no

0:16:40.680 --> 0:16:43.200
<v Speaker 7>one knows these areas better than us exactly, you know,

0:16:43.240 --> 0:16:46.560
<v Speaker 7>So why shouldn't we take advantage of the opportunity that's

0:16:46.600 --> 0:16:47.240
<v Speaker 7>in front of us.

0:16:49.360 --> 0:16:54.560
<v Speaker 4>My graduates from my school being forced back, drop drop,

0:16:55.480 --> 0:16:56.840
<v Speaker 4>drop drop.

0:17:08.520 --> 0:17:12.399
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