Latest / Earn Your Leisure / Study Hall: Opportunity Zones Explained with MG the Mortgage Guy

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Study Hall: Opportunity Zones Explained with MG the Mortgage Guy · Earn Your Leisure

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  Speaker 4: My graduates from my school being forced back drop Mike
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  Speaker 5: Opportunity zones, from my understanding, is a way for economic
• 2:06
  Speaker 5: development and low to moderate income neighborhoods, right right, like
• 2:12
  Speaker 5: the hood, but it's not really just the hood. But no,
• 2:15
  Speaker 5: not just the hood, but around like kind of similar
• 2:17
  Speaker 5: type of that, right where they want to they want
• 2:19
  Speaker 5: to have businesses and real estate developments, and they want
• 2:22
  Speaker 5: to encourage people to put money into these areas that
• 2:27
  Speaker 5: may not be funded otherwise.
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  Speaker 6: Right, right, correct, and to create jobs as well.
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  Speaker 2: Right areas?
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  Speaker 5: Okay, all right, So can we start at the beginning
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  Speaker 5: as far as opportunity zones, like what exactly is it
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  Speaker 5: and how does it work?
• 2:39
  Speaker 6: Well, the opportunity zone?
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  Speaker 7: So all right, So, if you have capital gains from
• 2:45
  Speaker 7: a real estate transaction that you just sold, and you
• 2:49
  Speaker 7: have to pay taxes on that money, right, if you
• 2:51
  Speaker 7: don't put it into this type of opportunity zone fund
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  Speaker 7: or ten thirty one exchange, which is another capital games
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  Speaker 7: deferred mechanism right for real estate investors.
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  Speaker 6: So if you sell something, you take that.
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  Speaker 7: Money, you have to pay your capital gains taxes on
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  Speaker 7: it right away if you don't put it into one
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  Speaker 7: of these vehicles. But the opportunity zone fund is the
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  Speaker 7: ten thirty one exchange on steroids.
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  Speaker 6: So now can you talk about what ten thirty one exchanges?
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  Speaker 2: Yeah?
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  Speaker 7: Yeah, So a ten thirty one exchange is if you're selling,
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  Speaker 7: say you have a commercial building twenty units and you
• 3:22
  Speaker 7: sell it and you make one hundred grand of profit,
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  Speaker 7: right now, you have to pay gains.
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  Speaker 6: On that money.
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  Speaker 7: Now you put that money into the ten thirty one exchange.
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  Speaker 7: That way you don't have to pay any taxes. You
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  Speaker 7: deferm that capital gains taxes. But now with a ten
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  Speaker 7: thirty one exchange, you have to buy a like conditt
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  Speaker 7: property to the one you just sold, but you don't
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  Speaker 7: pay any capital gains, you don't pay any taxes, you
• 3:45
  Speaker 7: can't touch any of that money, and you have six
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  Speaker 7: months to close on a like condit property. That's what
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  Speaker 7: you do with a ten thirty one exchange.
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  Speaker 8: So in the opportunity zone that opportunity fund, that's what
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  Speaker 8: this is.
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  Speaker 6: That's what this is.
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  Speaker 7: But the Opportunities Own Fund is a ten to thirty
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  Speaker 7: one exchange on steroids. And what I mean by that
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  Speaker 7: is that you cannot only put you can only you
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  Speaker 7: can put real estate capital gains into it. But you
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  Speaker 7: also can put if you sell stocks, bonds, art anything
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  Speaker 7: that you will be taxed by the United States government
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  Speaker 7: capital gains tax on, you can put into the Opportunity
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  Speaker 7: Zone Fund and then from there you can invest into
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  Speaker 7: an opportunity zone area.
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  Speaker 6: Now from a tax perspective, this is how it works.
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  Speaker 7: You put that money into the capital gain I mean
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  Speaker 7: into the Opportunity Zone.
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  Speaker 6: Fund, you get a discount.
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  Speaker 7: If you keep it in that Opportunity Zone fund for
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  Speaker 7: at least five years, you save at least ten percent.
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  Speaker 7: You keep it in that Opportunity Zone fund for extra
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  Speaker 7: two years, you get an extra five percent discount on
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  Speaker 7: a capital gain. So you can save fifteen percent on
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  Speaker 7: your capital gains. So if you have one hundred k
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  Speaker 7: of profit year seven, you're only paying capital gain on
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  Speaker 7: eighty five.
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  Speaker 6: Thousand, not the full one hundred k.
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  Speaker 7: Now, if you keep that op that investment into that Opportunity.
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  Speaker 6: Zone for ten years.
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  Speaker 7: And now let's just say you sell that property for
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  Speaker 7: a million dollars, right, that nine hundred k of appreciation
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  Speaker 7: and equity that you made money on is tax free,
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  Speaker 7: and you still only pay your capital gains tax on
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  Speaker 7: that original one hundred k, which is now eighty five
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  Speaker 7: thousand because you've got that fifteen percent discount, whereas for
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  Speaker 7: the ten thirty one exchange, it's you're still rolling that
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  Speaker 7: money over.
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  Speaker 6: You're still rolling that money over, and then.
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  Speaker 7: Also all the proceeds from your sale goes into the
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  Speaker 7: ten thirty one exchange, but with the Opportunity Zone Fund
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  Speaker 7: only the gains portion, so you can get your initial
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  Speaker 7: principle back and only invest the gain the gains portion
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  Speaker 7: into the Opportunity Zone Fund.
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  Speaker 6: So it's a little bit different than the ten thirty
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  Speaker 6: one exchange.
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  Speaker 7: Where all the proceeds have to go into that ten
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  Speaker 7: thirty one change, but the Opportunity Zone Fund only the
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  Speaker 7: capital gains portion, so you can get back your principle
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  Speaker 7: that you put into whatever you put in. So if
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  Speaker 7: you put a million dollars initially into your stock market
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  Speaker 7: and you sold it at two million dollars. You can
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  Speaker 7: get your initial million dollars back with the Opportunity Zone
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  Speaker 7: Fund and only put that million dollars of gains into
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  Speaker 7: the Opportunity Zone Fund and then invest into the opportunity zones.
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  Speaker 2: Yeah.
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  Speaker 7: Yes, so this things it accessible for the everyday person.
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  Speaker 7: This is definitely accessible for the every day person. This
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  Speaker 7: is a huge opportunity for anyone who's looking to invest
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  Speaker 7: in real estate because even if you if you're a
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  Speaker 7: first time investor. Right, my market is mostly first time
• 6:34
  Speaker 7: home buyers, first time investors, so even if they they're
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  Speaker 7: looking to buy into their first property, what I try
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  Speaker 7: to Coachham is buy in those opportunity zones because the investors,
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  Speaker 7: the investors who have large capital, they're going into these
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  Speaker 7: areas with tens of billions of dollars and.
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  Speaker 6: They're improving these areas.
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  Speaker 2: Right.
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  Speaker 7: Another thing with the Opportunity Zone Fund and Opportunity zones,
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  Speaker 7: in order for you to have a tax free you
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  Speaker 7: have to prove the property, right, So you can't go
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  Speaker 7: buy a Class A building and just sit on and
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  Speaker 7: get the cash flow and ten year sell it and
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  Speaker 7: you you are one hundred percent to all three.
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  Speaker 6: It's a long term play.
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  Speaker 7: So you have to go by the burntown building, the
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  Speaker 7: building that needs a lot of renovation, and you have
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  Speaker 7: to invest, Like say you paid a multi family of
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  Speaker 7: million dollars for it right now, you have to go
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  Speaker 7: develop that building for another million dollars in order for
• 7:26
  Speaker 7: you to see the long term, ten year, one hundred
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  Speaker 7: percent tax benefit. So a lot of investors are going
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  Speaker 7: to over improve these properties in the opportunity zone because
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  Speaker 7: they have no choice because they're betting the long term
• 7:37
  Speaker 7: play earners.
• 7:39
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  Speaker 7: All these properties right, So every day investor can now
• 10:32
  Speaker 7: buy the single family, a multifamily and regular residential property
• 10:36
  Speaker 7: and now they're going to reap the benefits of the appreciation.
• 10:39
  Speaker 7: Now they're going to have to pay their taxes and
• 10:41
  Speaker 7: things of that nature whenever they sell, or they can
• 10:44
  Speaker 7: go ahead and invest into an opportunity fund zone.
• 10:48
  Speaker 2: How do they do that?
• 10:49
  Speaker 5: How do they So if they want to say, okay, so,
• 10:50
  Speaker 5: one way to benefit from it is that opportunity zones
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  Speaker 5: in layman terms, is going to improve the area, right,
• 10:58
  Speaker 5: so a little bit every most opportunities the area is
• 11:00
  Speaker 5: going to improve absolutely, odds are. So if you buy
• 11:03
  Speaker 5: a house in that opportunity zone, odds are the value
• 11:06
  Speaker 5: of your house is going to go up because the
• 11:08
  Speaker 5: value of that neighborhood is going to go absolutely. So
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  Speaker 5: that's one way to take advantage of it. But what
• 11:12
  Speaker 5: if they want to actually get on the inside game
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  Speaker 5: of opportunity zone into an opportunity zone fund. How can
• 11:20
  Speaker 5: somebody go about doing that?
• 11:21
  Speaker 6: Well, you can create your own fund with an LLC.
• 11:25
  Speaker 7: You have to self certify, and everybody in this audience
• 11:29
  Speaker 7: contact your tax professional to learn how to self certify
• 11:33
  Speaker 7: or Google self certify. I'm not going to get into
• 11:35
  Speaker 7: too much details because I'm not a tax professional, But
• 11:37
  Speaker 7: you can create your own opportunity zone fund and you
• 11:41
  Speaker 7: can put your moneyes into your LLC which is that
• 11:44
  Speaker 7: opportunity zone fund. Now and now you can go ahead
• 11:47
  Speaker 7: and to invest into these opportunity zones and reap the
• 11:50
  Speaker 7: same benefits. But again, if you're a new investor. The
• 11:54
  Speaker 7: main purpose of it is to defer capital gains taxes
• 11:58
  Speaker 7: on items that are and previously sold. So if you're
• 12:02
  Speaker 7: a new investor creating the fund, unless you're going to
• 12:05
  Speaker 7: go ahead and buy something flipping in the year a
• 12:08
  Speaker 7: year and a half, realize you know, maybe one hundred
• 12:11
  Speaker 7: and two hundred thousand dollars in gains and then you're
• 12:13
  Speaker 7: reinvesting back into the opportunity zone, it may not work
• 12:16
  Speaker 7: for you. And that's why I'm telling them, Hey, speak
• 12:19
  Speaker 7: to your CPA or your tax attorney to kind.
• 12:21
  Speaker 6: Of get that strategy what's best for you.
• 12:24
  Speaker 7: But even if you don't put it into a fund
• 12:27
  Speaker 7: or create your own fund, if you're investing into these
• 12:29
  Speaker 7: areas that billions of dollars of capital are being dumped
• 12:33
  Speaker 7: in to create low income housing, new construction, new businesses,
• 12:39
  Speaker 7: whatever you purchase in these areas are going to appreciate
• 12:42
  Speaker 7: at some point. And also what's going to happen if
• 12:44
  Speaker 7: it's rental properties, The rents are going to go up too.
• 12:47
  Speaker 7: So it's you know, it's a double edged sword, so
• 12:49
  Speaker 7: to speak. And as you continue to grow your real
• 12:52
  Speaker 7: estate portfolio, your capital, you're continuing to invest and then
• 12:54
  Speaker 7: you can kind of go more at creating your own
• 12:57
  Speaker 7: funds and doing what you have to do on that level.
• 12:59
  Speaker 6: But opportunity for everyone.
• 13:01
  Speaker 8: I think one of the biggest misconceptions is that opportunities
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  Speaker 8: zones are all in run down areas.
• 13:07
  Speaker 2: And we live in.
• 13:07
  Speaker 8: Westchester County, which is a pretty affluent county from the country.
• 13:13
  Speaker 7: Right nationwise, and they have one of the most racist
• 13:15
  Speaker 7: counties in the country, right, And we have opportunity zones
• 13:19
  Speaker 7: here in cities in Westchester.
• 13:21
  Speaker 8: And what I'm seeing and most people, if you live here,
• 13:24
  Speaker 8: they're putting up luxury buildings with commercial space at the
• 13:28
  Speaker 8: bottom of them. And they're taking over blocks, not just
• 13:31
  Speaker 8: but like one storefront. They're taking over blocks and putting
• 13:34
  Speaker 8: up these bills so that the appreciation of the value
• 13:38
  Speaker 8: of everything around us goes up. And like you said,
• 13:40
  Speaker 8: the ramp will go up. So what does the average
• 13:43
  Speaker 8: person do to combat that, right?
• 13:45
  Speaker 2: Do they? What's the next step for them?
• 13:47
  Speaker 7: The next step is getting the game. You know, it's
• 13:49
  Speaker 7: plain simple, like it's happening before our eyes. But you know,
• 13:52
  Speaker 7: you can't sit on the sidelines right now. Time is
• 13:55
  Speaker 7: not on your side, right, money is cheap. You know,
• 13:58
  Speaker 7: you have listen, everyone, I'm not a fan of forty
• 14:01
  Speaker 7: five right, and I don't think no one here, probably
• 14:04
  Speaker 7: at this table is. And I don't want to get
• 14:05
  Speaker 7: too much into politics, but one thing I got to
• 14:07
  Speaker 7: give them props on is that this is not a.
• 14:10
  Speaker 6: Bad law that they put in place.
• 14:12
  Speaker 7: There's still a lot to be said about the law
• 14:14
  Speaker 7: because with any new laws, it takes time for it
• 14:16
  Speaker 7: to really you know, for them to really continue to
• 14:19
  Speaker 7: go through it. They're going to make changes and adjustments
• 14:21
  Speaker 7: and things of that nature. But for the real estate
• 14:23
  Speaker 7: game and anybody who's looking to get in real estate,
• 14:25
  Speaker 7: this is great for us. You know, we can go
• 14:28
  Speaker 7: in here and now invest in these communities and most
• 14:30
  Speaker 7: of them are probably going to be communities.
• 14:31
  Speaker 6: That you know, look like us.
• 14:33
  Speaker 2: They're our communities.
• 14:34
  Speaker 6: They are our communities.
• 14:35
  Speaker 7: So now we get to buy our blocks back, reinvest
• 14:37
  Speaker 7: in them and create businesses, create jobs, and create appreciation
• 14:42
  Speaker 7: and create that generational wealth and also save on taxes
• 14:45
  Speaker 7: in the long run.
• 14:46
  Speaker 6: And that's the name of the game, is to save
• 14:49
  Speaker 6: on taxes.
• 14:51
  Speaker 5: But how can somebody find out where opportunities is.
• 14:54
  Speaker 7: You can just go to Google. You can google. There's
• 14:57
  Speaker 7: tons of websites out there. But you can google, you know,
• 15:00
  Speaker 7: Opportunity Zone and White Plains, New York and you'll probably
• 15:04
  Speaker 7: see the map that.
• 15:05
  Speaker 2: Will come up and have all it's definitely good.
• 15:08
  Speaker 7: Yeah, I mean, listen, we Google, we're in the information
• 15:11
  Speaker 7: and technology ever we'll knee deep into it. So you
• 15:14
  Speaker 7: can just google anything you want with a keyword and
• 15:16
  Speaker 7: get what you want.
• 15:17
  Speaker 6: But it's all across the country.
• 15:18
  Speaker 7: Like you said, it's eighty six hundred or in some
• 15:21
  Speaker 7: change of opportunity zones throughout the nation. So there's plenty
• 15:24
  Speaker 7: of opportunities everywhere. And it's not just in the hoods.
• 15:27
  Speaker 7: There's places like White Planes, you have Long Island City,
• 15:30
  Speaker 7: you know, affluent areas that on the census track because
• 15:34
  Speaker 7: the central track is kind of outdated, that still deemed
• 15:37
  Speaker 7: some of these places as low modern income areas. But
• 15:40
  Speaker 7: they've been developed so it hasn't caught up. But it's
• 15:43
  Speaker 7: still an opportunity for anyone to go and invest. As
• 15:47
  Speaker 7: long as you have the capital, you know, you can.
• 15:49
  Speaker 2: Go ahead, you said shout to him.
• 15:53
  Speaker 8: One of the things he posted was like, you can't
• 15:54
  Speaker 8: call it your hood unless you've bought something in it, exactly,
• 15:57
  Speaker 8: And I'm.
• 15:57
  Speaker 2: Like, that's that's pretty genious, of course, and it's true.
• 16:01
  Speaker 6: Listen, we come from these areas.
• 16:03
  Speaker 7: We all grew up a certain way, right, and we've
• 16:06
  Speaker 7: seen gentrification happen over and over. Look at Brooklyn, look
• 16:09
  Speaker 7: at look what's happening in the Bronx right now. And
• 16:12
  Speaker 7: it's not too many people that are buying these homes
• 16:14
  Speaker 7: and renovating them that look like us, right, There's only
• 16:16
  Speaker 7: a hand few of us that are doing it. So
• 16:19
  Speaker 7: we have to now get in the game, stop being scared,
• 16:22
  Speaker 7: get off the fence, make sacrifices, you know, and start
• 16:26
  Speaker 7: investing into the real estate, and start investing in to
• 16:28
  Speaker 7: the real estate in our areas.
• 16:30
  Speaker 6: Because they're telling us what they're going to do.
• 16:32
  Speaker 2: They want to.
• 16:33
  Speaker 7: Make the hood basically all the outskirts of the hood
• 16:37
  Speaker 7: I appreciate. So we have to take advantage because no
• 16:40
  Speaker 7: one knows these areas better than us exactly, you know,
• 16:43
  Speaker 7: So why shouldn't we take advantage of the opportunity that's
• 16:46
  Speaker 7: in front of us.
• 16:49
  Speaker 4: My graduates from my school being forced back, drop drop,
• 16:55
  Speaker 4: drop drop.
• 17:08
  Speaker 1: You just realized your business needed to hire someone yesterday.
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