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Opportunity Zones In Small Towns

SHOW SUMMARY:

In this episode, Larry and Kandas talked about opportunity zones. Our Small Town Profits site has re-opened for a limited time. This is a 6-week training that Joe McCall and Larry are doing together. This is a program all about how to make money in small towns.

SHOW HIGHLIGHTS:

  • 3-day event
  • What opportunity zone is
  • Opportunity zone map
  • Benefits in opportunity zones
  • - tax incentives
  • - tax rebate and discounts
  • Opportunity zone fund
  • Investing in an opportunity zone fund or opportunity zone property
  • Different types of deferral
  • - temporary deferral
  • - permanent exclusion
  • Why invest in small town
  • Partners Program

QUOTE:

  • "Look at the opportunity zone map."

RESOURCES AND LINKS FROM THIS SHOW:

SHOW TRANSCRIPT:

Larry: How is everyone? Good to see you.


Kandas: Can’t speak mono.


Larry: Good. So, I just asked Kandas if the e-mail went out as we were going live here, live and in person.


Kandas: Yes, it did.


Larry: Excellent, excellent. So, good. Thank you, guys, so much for watching. This is the BRAG show, Be Rich and Generous, where we encourage you to go out and be generous and help other people. We wanna teach you how to do real estate. I got some wings going on here.


Kandas: You got wings, I got twigs. We got all kinds of stuff out in here. Well, today, today is kind of a – it was supposed to be setup day for our three-day event tomorrow, right? That’s changed a little bit. We’re still doing the three-day event but today is not a setup day anymore.


Larry: We are. Tell them about the three-day event.


Kandas: So, the three-day event –


Larry: You can go right there to register. We have three and a half seats left.


Kandas: Three and a half seats, right, and they won’t be on the end, you’re gonna be in the middle. No, I’m just kidding. I don’t know where you’ll be. There is not assigned seating or anything. We don’t run our events like that.


Larry: It’s like Southwest.


Kandas: There are limited seats, right? Yeah.


Larry: Dave in the house, what’s up?


Kandas: You wanna make sure that if you are planning to attend, you reserve your seat today, because after certain times, I’m gonna have to cut it off ’cause there won’t be any more seats available. Larrygoinslive.com will get you that. It’s a $97 seat registration and we will kick things off in the morning and I told – Larry and I decided couple weeks back that we wanted to keep this event small, smaller than any – actually, smaller than any of our other groups intentionally so that we could try a few things out. That way, if we didn’t like the way it went, really no harm, no foul, right?


Larry: Exactly.


Kandas: So, this will be a lucky group of people that’s in this three-day event because we’re keeping it small, we’re trying some different things, seeing how it’s gonna go, seeing how the flow will go, getting the feedback and things like that, and maybe we’ll do it on a bigger scale next time, but, if you haven’t gotten your seat yet, there are still three and a half, like you said, left so you can get on that right now, LarryGoinsLive and get that reserved.


Larry: Exactly. Richard, thank you very much, I appreciate it. Yeah, man, it’s gonna be a great event. We’ve got Darren Vinnet coming in who is – he actually is one of our coaches that work with us, with our partner program. Also, he’ll be there, as well as Carl Fischer from CamaPlan. He is a self-directed custodian. He is the owner of CamaPlan, one of the owners, him and his sister, thus, Cama, Carl and Marie, and Cama, so, there you have it. I’m telling you, he knows a tremendous amount about self-directed retirement accounts. He’s gonna be teaching and sharing that. Look, Zack Childress in the house. Zack Childress, the man, the legend, and the myth. I remember when he used to attend my event, right?


Kandas: When he was a wee little thing. I’m just kidding.


Larry: Wee little.


Kandas: Wee little thing.


Larry: That’s right.


Kandas: Wee to a grasshopper. I’m just kidding.


Larry: That’s exactly right. That’s exactly right.


Kandas: He was just getting started in the business and everything. He’s actually a great guy. He’s also an educator too. If you guys look him up, he’s got some education and stuff as well. Good guy.


Larry: He is a good guy.


Kandas: Most of the time. To us anyway, right?


Larry: The man, the legend and the myth.


Kandas: We get to see him in a few weeks, you know that, right?


Larry: We will see him in a few weeks. He just joined one of our masterminds and, not our mastermind, we’re in the same mastermind together. I don’t want him to think I’m promoting, he is still getting education from me, although he is watching my show right now.


Kandas: You knew this was gonna happen. You knew you were gonna get picked on as soon as you popped your little chat bubble up and said what’s up.


Larry: That’s right, that’s right. So, he just joined the mastermind that we’re in. He loves us, we love you too.


Kandas: Heart you, Zack.


Larry: So, you know, we’re in the same mastermind together now and it’s gonna be great.


Kandas: Oh gosh, no.


Larry: It’s gonna be huge.


Kandas: I don’t know about the – the lips are for you. Big old smooches for you there.


Larry: I don’t know.


Kandas: Anyway, this show is about real estate, it’s about how we do real estate, how we use real estate as our vehicle to create wealth and also pay that forward to be generous with our wealth. So, what else do we have to – oh, Investor’s Kits. If you guys don’t have one of the Investor’s Kits, give 877-LARRYGO a call, 877-LARRYGO. Zenobia is in her office and can take those calls or just leave a message for her if she doesn’t answer and she can get the Investor’s Kit for you. It’s got digital copies of the ultimate, no not the ultimate, digital copies of the How to Become a Real Estate Day Trader book, HUD Homes Half Off, and some links to some of our other trainings. Hey, Kenny.


Larry: That’s exactly. Look, Kenny Culver in the house. The man, the legend, and the myth as well.


Kandas: He’s gonna be a daddy soon.


Larry: It’s awesome. He is. Da-da, da-da. That’s awesome. I’m really excited for him. Man, Kenny, I’ve seen you come a long way, man. You’re awesome. In the gym working out all the time, you know, you’re just – you’re awesome, awesome. So, I’m really proud of you, buddy.


Kandas: No more videos though of you in the bathtub with the top hat on. We’re done with that. We’re over that.


Larry: And sipping the champagne. That was hilarious. I love that video. You got to post that video down below. That’s awesome to show people. It was hilarious, I loved it.


Kandas: Crazy.


Larry: So especially the little pling at the end.


Kandas: The gold team.


Larry: That was great, I loved it. I loved it.


Kandas: Yes.


Larry: Alright, so, what we wanna talk about today, okay. I started to put up here about Kandas just mentioned that you can call 877-LARRYGO to get your free Investor’s Kit and it will have a copy of my book, Getting Started in Real Estate Day Training and HUD Homes Half Off and some other various and sundry trainings.


Kandas: Sundry trainings?


Larry: Various.


Kandas: Why are you – fancy on me. Why are throwing out fancy words?


Larry: I don’t know. Also, remember, last week, if you shared, if you shared this video, all you have to do is e-mail customerservice@larrygoins.com and Kandas will mail you a free copy of the Real Estate Day Training Jump Start.


Kandas: Wait, we’re gonna do it ‘til we run out of them.


Larry: Yeah, and we’ve got probably, I dunno, less than a hundred, okay?


Kandas: Oh, less than fifty.


Larry: Yeah, so, please, yeah, there we go.


Kandas: I know I’ve got some sprigs but I don’t think you need to cut me out of the frame.


Larry: So, share the video.


Kandas: So, your picture is in it twice and I’m not –


Larry: And then you e-mail customer service at larrygoins.com with your address and say, “I shared your BRAG show,” and Kandas will mail you one of these.


Kandas: Well, first I will check to see that you shared.


Larry: Right, right. She will check to see that you shared and if you shared, you know, then she will send it out to you.


Kandas: Look at Alain. That’s awesome, Alain.


Larry: “Closing my first Filthy Riches deal Friday. Found a buyer in marketplace.” Yeah, baby. We find a ton of buyers on Facebook Marketplace. A ton of buyers, don’t we, Kandas?


Kandas: Yes, we do.


Larry: We do. A lot of buyers, and some of ’em, here’s the funny part, some of ’em bring cash to the office, right?


Kandas: Like hundred-dollar bills cash.


Larry: That’s right. We had a guy –


Kandas: Forty thousand dollars’ worth.


Larry: That’s right. We had a guy the other day that said, “I got $5,000 cash in the truck out here, you know, for deposit.”


Kandas: Why would you leave it in the truck –


Larry: And then why would you tell a roomful of people, you know, “I got $5,000 cash in the truck,’ right? So, that was cool. Congratulations, Alain, that’s awesome. Give her a hand, give her a hand.


Kandas: Good job.


Larry: Yeah, reply to her comment down there and give her a hand. That’s awesome. That’s what it got. Yeah, baby. Yeah, baby. Alright, cool, so next thing I wanna talk about is about –


Kandas: What’s next?


Larry: Opportunity zones, right? And I’m gonna talk about that because smalltownprofits.com is reopened today. We have – this is a –


Kandas: Six weeks.


Larry: This is a six-week training, you’re right, Kandas, six-week training that Joe McCall and I are doing together. It’s six weeks of – we release a module every Tuesday and then on Thursday, we do a Facebook Live to a private members-only group, right? So, this is a program all about how to make money in small town USA which is where we buy properties and where the majority of our students buy properties as well, right? And there are certain nuances that you need to understand about finding properties, marketing, negotiating, all that good stuff. So, if you wanna learn more about it, go to smalltownprofits.com. There’s a replay of a webinar. There’s also some bonuses they were adding right there, okay?


Kandas: Right now.


Larry: Right there, so there’s some bonuses that Joe and I recorded a little video. We also recorded another video saying what you’re gonna get, what you’re gonna learn, all that good stuff, so it closes tonight at midnight and one of the bonuses that we’ve just added today and the reason we’re talking about opportunity zones on today’s show is – the reason that is is because opportunity zones – there’s a map, okay? This is something that –


Kandas: A map.


Larry: This is something – opportunity zones are something that was created to help stimulate the economy in small town USA, right? A lot of people call them depressed areas but it’s not necessarily depressed areas. Ben Stewart in the house. What’s up, Ben? How you doin? Are you driving ’cause you’re always driving when you’re on the show, right? Always. So, you’re probably driving to Arkansas, right? So, that’s funny.


Kandas: Hahahaha.


Larry: Anyway, so opportunity zones are huge because they’re in small town USA, alright? So, what is opportunity zones?


Kandas: What is?


Larry: First of all, if you Google the keywords “opportunity zones map,” “opportunity zone map,” you can see a map of every single street, every single area, you can zoom right in and tell if a property you’re buying is in an opportunity zone, okay? And here are the keys. There’s a lot and lot of different benefits, right? A lot of benefits to opportunity zones, but it’s really where you get tax incentives and tax rebates and discounts, okay?


Kandas: Thank you.


Larry: Where’s my water, mama?


Kandas: It’s ginger ale.


Larry: Ginger ale.


Kandas: ’Cause I’m not feeling great.


Larry: She’s not feeling great.


Kandas: Thank you, mama.


Larry: So, opportunity zones, if you make an investment in an opportunity zone property or in an opportunity zone fund, what a fund is is it’s a fund – you could start a fund, I could start a fund, even Kandas could start a fund.


Kandas: That sounds really bad. I don’t want a fund. Keep your fund. You start the fund.


Larry: Anyway, you could start a fund, you could invest in a fund or whatever.


Kandas: Like any blonde could start a fund.


Larry: You could.


Kandas: Terrible. Terrible, terrible.


Larry: So, anyway, what you do is you invest in a property or in a fund that invest in properties and opportunity zones and here’s the thing, it’s almost like if you have a property – one of the things is if you have a property and you sell it at a profit, you’re gonna pay capital gains. Well, you can do a – what’s called a 1031 tax deferred exchange, but you’ve got to buy a replacement property in a certain amount of time and all that stuff, and you got to use a third-party intermediary. You can do basically the same thing with opportunity zones. In other words, let’s say you buy a property and you have a $100,000 gain, you could invest those funds into a property that’s in an opportunity zone or in a fund that invest in opportunity zones, and guess what? Now, you have what’s called a stepped-up basis, right? If you bought a property for a $100,000, you sold it for $200,000, you have a $100,000 gain. Let’s say your basis is a $100,000. Well, if you turn around and invest that $200,000 into an opportunity zone fund or an opportunity zone property, you have a stepped-up basis for that reinvested amount of money into the opportunity zone, right? There’s two different types of deferral. There’s temporary deferral and there’s permanent exclusion as well on your taxes.


Kandas: This is getting deep.


Larry: The longer – now, here’s the thing, I could only really give you an overview of this, okay?


Kandas: This is supposed to be a twenty-minute show.


Larry: But I’ve got – with the Small Town Profits, when you sign up and participate in our –


Kandas: Case study.


Larry: Case study, right, in our case study for Small Town Profits, you’re gonna get an hour and a half long webinar done by my personal tax attorney all about opportunity zones, okay? And you get the PowerPoint slides to go with it. He’s gonna show you what to do, how to do it, how to make money with it, how to defer taxes, how to have permanent exclusion, and many, many, many more things about opportunity zones. That was kind of rough to say, many, many, many more.


Kandas: Where do they go for Small Town Profits?


Larry: Smalltownprofits.com, it’s right there.


Kandas: There you go.


Larry: It’s right there on the screen, right? It’s scrolling right across the bottom right there.


Kandas: It ends today. They said last week that once we sold the case study last week and we closed it down that they weren’t gonna open it back but we got some backlash for that and so now is your opportunity. Everybody that sent the hate e-mails, everybody that I had to calm down on the e-mails and on the phone calls, you have an opportunity right now between yesterday, if you didn’t get those e-mails, or today to get in. Don’t send me anything else mean if you don’t take advantage of this today ’cause it’s not my fault. We opened it back up. If you don’t do it, it’s on you.


Larry: Now, if you wanna see the webinar, the webinar is about two hours long and it’s all about small town USA, making money in small town USA. Why small town USA, why I invest in small town USA, how to avoid the crowds, how to stay away from all the other investors that are driving up the prices in competition. I don’t have competition, right?


Kandas: Not a lot.


Larry: Not much at all, because my competition when I’m trying to buy a house from somebody is why pick out just list with the realtor. Okay, as long as you wanna do that, that’s awesome, that’s good.


Kandas: Thanks, Ben.


Larry: Thank you very much, Ben. You’re the man, the legend, and the myth.


Kandas: We’ve got some groupies.


Larry: There you go.


Kandas: A few.


Larry: So, but guys if you’re not familiar with opportunity zones, it is something you need to look at. If for no other reason, then look at the market that you’re marketing in. If you’re our students and you’re marketing in small town USA like Ben is, Ben’s marketing outside of Arkansas, couple of counties out, small lot town USA, just like I do. I said a couple of counties out from Arkansas. A couple counties out from Little Rock, I believe it is, right? But anyway, you’re in small town USA, look at the opportunity zone map and see if properties, if the area you’re in is an opportunity zone, right? And those might be good properties to keep as long-term rentals or as long-term investments because you have tax incentives whether you keep it five years. You have more tax incentives if you keep it seven years. You have even more tax incentives if you keep it ten years and then sell it, okay? So, there’s a tremendous amount of tax credits and benefits – not credits, but benefits for opportunity zones so make sure you get the webinar, watch that webinar, all about small town profits and learn about opportunity zones as well because I’m gonna include that training with my tax attorney all about opportunity zones and you’re gonna get the PowerPoint slides to go with it as a bonus, right? And as an additional bonus, you’re gonna get the Ultimate Buying and Selling Machine, a $1,288 course and you’re gonna get Joe McCall’s automated wholesaling, which he only, only let access – the only people he let access it was his coaching students, right? So, you’re gonna get that. So, Ben has a question. “Is it better for me to keep trucking with what I’m doing or jump in to what you are offering? I know, a personal question.” Ben, you are one of our partners, okay? You don’t need –


Kandas: You’ve already got this.


Larry: You already got it. You’re one of our partners, okay? So, you’re good to go. You’re good to go.


Kandas: Yeah.


Larry: Alright, if you have any questions about any of the other stuff, watch the webinar. If you got any questions about that, you e-mail me personally ’cause you’re one of our partners, okay? You got my personal phone number and e-mail address. You can reach out to me anytime, Ben, alright? Alright, so that’s that with that for the opportunity zones which brings me from Ben’s question is if you want to apply to work with us, right, to partner with us, have us mentor you –


Kandas: Thanks, Lou.


Larry: Thanks, Lou. Thank you very much. You’re awesome. That’s great. So, if you want to apply to become one of our partners and have us mentor you and help you one on one personally, just go to larrygoins.com/apply. Larrygoins.com/apply, and you fill out a little short questionnaire and we will call you and see if it’s a good fit.


Kandas: For both you and us.


Larry: And go from there, right? So, Lou would like to have this.


Kandas: Have what?


Larry: I’m not sure what this is.


Kandas: This partnering, go to /apply. Thanks, Ben, and go to the /apply Larry just mentioned for partnering. If it’s Small Town Profits, maybe you can throw that link back up for a second.


Larry: Yeah, Small Town Profits.


Kandas: Lou, if that’s what you’re talking about, that is the Small Town Profits link.


Larry: Smalltownprofits.com, right? And there’s a webinar replay.


Kandas: And you can have the webinar there.


Larry: Joe McCall and I as well as, what else, a little video that Joe and I did about all the bonuses and all that good stuff, right? There you have it, and there’s the /apply link.


Kandas: Yep.


Larry: So, can you think of anything else?


Kandas: No, we gotta get packing.


Larry: You guys have any more questions about anything?


Kandas: I’m excited for this three-day. If you guys are coming, I’m really excited for what you are gonna be involved with. I definitely want feedback from this event so we can move forward with the model the way that we’re gonna do them and if you’re not there, then hate it for you.


Larry: There you have it. There you have it.


Kandas: ’Cause we’re gonna have fun either way.


Larry: Yeah, we are. Our events are fun. I usually am the only one who speaks except for maybe Darren who’s coming in this time.


Kandas: I speak from the back of the room. I chime in.


Larry: You do. You interrupt from the back of the room.


Kandas: I chime in. It’s a welcome breath of fresh air from three days of you.


Larry: Like I’m not fresh air.


Kandas: You’re not fresh air.


Larry: Awesome. So, Ben, you’re gonna send me an e-mail about title issues. Yeah, listen, man, most of the properties out there that we buy have some kind of title problem. I shouldn’t say most have, have some kind of title problem, so you know how to reach me personally. Just reach out to me and I’ll help you any way I can, buddy. Alright guys, thank you so much for watching. I really appreciate it. I got to go have some lunch. I was literally at a drive-thru three minutes before the show started, so my food is sitting right out there. So, thanks so much for watching, guys. I appreciate it. We’ll see you next week. Hopefully, we’ll see you at the three-day tomorrow. Now, we have two and a half seats left.