How to create Tax-Advantaged Passive Income Streams With Patrick Grimes
How to create Tax-Advantaged Passive Income Streams With Patrick Grimes
Transcript
Pierceson York: As always, we’re streaming on expertcresecrets.com, the Capital Gains Tax Solutions YouTube channel as well. Please rate, review and subscribe that. It really helps us out if you find this content super valuable. I’m real excited about our next guest. He is the founding CEO of investomainstreet.com, a private equity firm, specializes in multi-family apartment communities and some alternative investments in oil and gas. They got over 400 million in their portfolio, over 3,000 units, and also he’s the co-author of the best selling book on Amazon, Persistence, Pivots and Game Changers. So, please welcome Patrick Grimes. Patrick, how are you doing today, man?
Patrick Grimes: I’m doing well. Thanks, Pierceson. Glad to be here and I appreciate the introduction.
Pierceson York: Yeah, absolutely. There was a lot more on that bio. I’m not going to lie, everybody. I’m going to ask Patrick real quick to go into his story a little bit, and he can tell us a little bit more about it. I didn’t want to take away your thunder, man, because it’s pretty long.
Patrick Grimes: Yeah, no worries.
Pierceson York: Let’s go.
Patrick Grimes: Yeah. We invest on Main Street and are currently doing very low-risk investments in workforce housing, multi-family in the southeastern states of Texas. We are also doing some oil and gas wells and some alternative assets, investments, but all cash flowing, appreciating tax advantages is our core value, and I think definitely recession resilience, because I started out back in 2007 and in ’08, ’09, and ’10 I was into some heavier lifts, new development residential pre-construction, and I rode that down hard. I saw what happens in the recession when the demand shifts and you see the economics change overnight. So, ever since then, I’ve been thinking to myself, “Hey, what if the next year is the year that the market shifts again?” I’ve been structuring deals in a very low risk way for capital preservation and wealth building in recession resilient markets for tax advantages ever since. It’s been going great, and we’ve started small and traded up, and now we’re at a fairly good size with great portfolio of properties and returning very good returns.
Pierceson York: Awesome. There’s a ton of questions there that I really want to dive into. But before we do, what are one or two strengths or spiritual gifts that you’ve had that have led you to be as successful as you are today?
Patrick Grimes: Well, I started machine design automation and robotics, and it was that problem solver in me that wanted to design and create that led me, and it’s a tough road being in engineering, and I started out that way. I’ve been doing real estate for about three years less, so real estate’s always been a parallel passion. But I think it’s that analytical, which sometimes gifts are also a curse. The analysis paralysis engineering analytical guy inside of me has held me back from growing as fast as I should, but maybe not as fast as I ought to, right? But maybe as fast as I ought to. So, I think that’s been helpful.
Patrick Grimes: Persistence, I’ve seen a lot of ups and downs. That’s what the book is called. That’s why I joined up with the authors to write the Persistence, Pivots and Game Changers. I’d say that’s probably true, because in a high tech business such as machine design and robotics, we’re constantly ups and downs of the innovation and the high tech world, and also in real estate I’ve seen similar waves. In both cases, I’ve learned how to navigate my way along those fairly strong.
Pierceson York: Yeah, absolutely. I’m going to plug this now, you’re giving away a free copy of that book to all of our listeners with the promo code DST. So, if you go to investonmainstreet.com/book, you guys can get a free copy of Persistence, Pivots and Game Changers. Patrick Grimes over there.
Patrick Grimes: We’ll actually ship you the hard copy too. It’s not like [inaudible 00:04:34]. Yeah, and I got a bunch of these. I really believe in the content here. There’s a lot of really great individuals that were co-authors, Phil Collens, lead guitarist at Def Leppard, Russell Gray from The Real Estate Guys, some NFL, NBA players. I mean, it’s a lot of great stories in there. I think it’s a great addition. I think we’ll get value out of it. Happy to share that with your listeners.
Pierceson York: Yeah, absolutely. That’s promo code DST, investonmainstreet.com/book, and you guys can get a free copy using promo code DST. Awesome. All right. So, Patrick, talk to me a little bit, I think a lot of people are seeing this downturn in our economy right now, right? I think for a lot of reasons, this is a lot different than 2008, but there’s still a lot of fear out there as to what’s going on, and there are still people that are losing a lot of stuff right now. So, how did you go from losing everything to having the capital to start investing in these long term really conservative plays that aren’t returning right away? How did you do that?
Patrick Grimes: Well, I think that perhaps, I mean, flip the switch a little bit, I started in pre-development, which don’t return right away. You’re gambling and betting that the market’s going to be there by the time you finish the zoning and you start building, that there’ll be somebody that can build your property that hasn’t gun bankrupt that can rent it or wants to buy it from you on the other side of the bridge, that time bridge. You can caught without a seat. In our investments now, we start cash flowing immediately about one to two months in, and we buy for cash flow. It means very low down payments in a way where our vacancies, our break even occupancies, or the allowable vacancy we have is so low that it’s actually below where we’ve seen the recessions in the past take those workforce housing, existing construction apartment buildings.
Patrick Grimes: I think I went from gamble without returns to immediately start cash flowing, buy for cash flow, but buy properties in the right markets with job and income and employers that are recession resilient and are diversified recession resilient verticals. We’ve seen that in past recessions, and those types of sub markets and macro markets allow for some insulation for market volatility. So, we’ll buy in those kinds, and we’ll buy in workforce housing, existing construction, which tends to fare very well, because on the downside of a recession, people are seeking a little lower cost option. They’re seeking to move out of their, A, prime luxury or single family homes, go into these existing limited inventory of multi-family properties. I think for that reason we’re actually buying for immediate cash flow and returns, but we’re looking for long term appreciation, both just in the markets that we’re in, but we’re buying under market distressed properties that we can renovate to add value and force that appreciation, so we work for it instead of hoping for it.
Pierceson York: So, your mindset has totally shift from a ground up developer to a buy for cash flow and renovate. What is the number one secret to finding that value add deal?
Patrick Grimes: I was just on panel in Chicago on economics. All the panelists, we all had been through a downturn and we were talking about that, because really there’s like 50 different things, and that’s one of the reasons why the engineering background kind of lended itself well to getting into this, because the mathematical models are complex when it comes to not only the business plan, but the markets and the economics surrounding both. So, I’d say that when you’re in a recession resilient market with verticals that are recession resilient, with growing income and job and population growth, and you’re in tax advantaged areas where legislative friendly, landlord friendly that are going to attract people, that are going to attract jobs, now that’s where you find the sweet spot, and inside those you want to look for markets that are growing within the neighborhoods that are up and coming.
Patrick Grimes: We want to get the ugly house on the block, essentially, large apartments, two to 300 units, usually. So, when we find those, where we can see a direct link between, “Hey this comparable property is similar in size, it’s similar in age, it’s got similar amenities, but it’s just renovated and the rinse are three to 400 a month.” We can see a direct path by walking the units and saying, “Look, we can just renovate our units in this building, command higher rents,” and that kind of forced appreciation is a very easy mathematical model. Once you’ve got the right sponsor, you’ve got the right location, you’ve got the right asset and the right area, now you’ve got to find that one where you can see a very calculated risk.
Patrick Grimes: This is about your, this calculated investing in multi-family. That does definitely ring true to our side because it is a much lower risk model than the high tech betting and gambling or on new technologies in the stock market or in new development. You’re not creating anything, you’re looking at something that’s already there and you’ve take a proven path to get there. So, that’s kind of what we do, and how the deals come across, well, it’s decades of experience, it’s a track record for closing, and quite honestly, they’re almost all pocket listings and referrals from broker relationships.
Pierceson York: Yeah, that makes a lot of sense. As I get more and more in that commercial space on learning that more, from an outsider’s perspective, you can think it’s really hard to find potential deals, but it’s crazy how many people don’t close on a property.
Patrick Grimes: Oh, yeah
Pierceson York: I didn’t realize how big of a deal closing and having a track record of being a closer actually is, because they are going to send you every single property first. You’re going to get the cream of the crop. You’re going to get the pick of the litter before everyone else
Patrick Grimes: At a lower price.
Pierceson York: At a lower price.
Patrick Grimes: We just got a five and a quarter million discount for the property we’re raising capital for today, and we were not the highest price. It was an off market pocket listing, but the broker knew, “These guys can close. They can close in a good market and they can close in a down market,” because we have that confidence with us that we can perform. If that broker doesn’t get it closed, he’s usually fired because he just wasted a ton of that owner’s life, and the owner’s investors are kind of pissed because he over promised or something, or maybe he has one more shot. So, we are usually, if not the first, we’re usually the second or the third, because if they go for the risky higher offer and somebody trying, the bank won’t approve it because it doesn’t make sense.
Pierceson York: Right.
Patrick Grimes: But then they come back to us and we’re at two or 3 million below the highest guy, they’re still going to go with us, because on that second try, they have to close. They’ll convince that owner to go for that lower price.
Pierceson York: Yeah, no, absolutely. It’s so powerful being a closer. It’s ridiculous. I didn’t really realize how important that was until I started really getting into it and people were just not, and I’m like, “This is so annoying. Just close on the property you said.” It’s super important. Be a closer. That’s the number one secret to finding deals.
Patrick Grimes: Yeah, no, that said, we walk away from a lot more than… well, I mean, two to 300 deals is what we say. From the time that we underwrite, we put in LOIs, they come back, say they beat us down, we walk away from way more deals than we ever walk to. We get to LOI accepted and then before we get to purchase and sell, we’ll do due diligence and then we’ll walk away from those. But it’s those times when we say, “No, no, no enough,” before we commit, and when we commit we actually close. The brokers have a lot more confidence because we’ll say no first before we say yes. I mean, that’s looking out for our investors, right?
Pierceson York: Absolutely.
Patrick Grimes: I mean, there’s numerous times, we were in Hawaii for two years during COVID, my wife’s idea, and so I was red eyeing out overnight to go look at these properties in Dallas and Northern, Southern Carolina and Florida that could have been amazing options, and sometimes we just walked in and were like, “No, let’s tell them we’re not interested.” So, you got to be real agile on your feet, you got to work real hard to find those good deals and bet those good deals.
Pierceson York: Yeah, interesting. How much do you require your apartments to cash flow per door?
Patrick Grimes: Well, the cash flows are a little different these days than they have been because interest rates are going up.
Pierceson York: Right.
Pierceson York: Typically, if you look on average over the lifespan of, say if it’s a three year refinance where we get your capital back in year three, but then we hold for five, seven years on average. Typically, we’re somewhere in that six to 12%, and that’s all wide range, right? Six to 12% average annual cash on cash return.
Pierceson York: Yeah, it’s one or double.
Patrick Grimes: Yeah, we’re it. But some markets are primary markets where cash flow is a little less. Like in Austin, we just closed this $90 million property in Austin, and the cash flow is a little lower in the first years, but then it grows over time. You can get a little bit better in Houston or Dallas, or if you’re in a Cincinnati and Columbus, we don’t do deals in the Midwest, per se, but we got a seven cap, huge discount. We were cash flowing eight, 10% right off the bat. But the real key isn’t so much the immediate cash flow for us. It’s really a combination of two things. One, we want to make sure that we have stability to ride out a recession. So, it’s really about the debt service along with the cash flow, and what that break even occupancy is, meaning that what’s the allowable vacancy we have and still pay our bills?
Patrick Grimes: If we get that done in that 60 to 70% range, then we know even in the markets we’re in, vacancies haven’t dropped below that. So, we’re really looking for that. We’re looking for capital preservation first, and then we’re looking for are we buying it enough at a discount so that we can drive that value up in the first three years, de-risk the investment by getting our investors’ capital out so then they’re passively cash flowing while their investments redeployed hopefully with us in another market now they’ve got multiple streams of income, and then Pierceson will 1031 exchange them forward, which is one of your sweet spots.
Pierceson York: Yeah, absolutely. Okay, so your guys’ play then is to buy, renovate, refi. Are you guys liquidating these assets after five years, or what’s your strategy in the long term?
Patrick Grimes: Yeah. Our key is to do multiple streams of income for our investors to continue to recirculate their investment, and then to 10 31 exchange them into additional assets where we can buy it at a discount and then renovate. So, we’re looking for a great make your money going in at a discount, then buy it under market rents that needed to renovates. So, we got both of those levels, and then pull the capital out, send it back, and then when we go to sell, we exchange it forward. For example, last year we bought 27 million in Jacksonville, Florida, 288 units. It’s on my website, Canopy Creek. We had to close quickly, 30 days. Guy was ill, wanted to wanted get out of it if something were to happen, his partner said, “Let’s just get out of this quickly.”
Patrick Grimes: So, we moved fast, our investors moved fast, and we locked it in. All the units were unrenovated, classic, 10 to 15 years untouched, which is perfect for us, under market rents by 500 to $600. We immediately went to work and proved the outside, fixed it up, started renovating the interiors as people started moving out. By the end of the year, we had reached our exit proforma and we sold in December. Now, we had projected an 18% return over five years, but we had reached it in December. We then traded everybody forward to 372 units in Houston, life in Spring Estates. So, we upped their basis, they cash flowed tax free all year long because of depreciation. We then sold, traded them forward, now they’re, instead of, say, 100% of their investment, they’re cash flowing at 170% of their investment in the next deal, so their basis is higher, and now we’re off to the races doing a unit conversion and renovation strategy at that property in Houston, and we’ll just continue to trade them up, tax deferred, and they can continue to reset their cash flow basis.
Pierceson York: What is the biggest frustration with capital gains tax as it leads to the 1031?
Patrick Grimes: Well, in our world, and if you go to investonmainstreet.com/1031, I have a guide, because starting out in single family, I started trading through a 1031 exchanges into our larger multi-family assets. I have an article in Forbes, if you go Patrick Grimes 1031 Forbes, you’re going to read it, it’s all about how you can be go from a landlord with tenants, toys and trash trying to work on a scattered portfolio nearby you or trying to manage away from you these smaller assets and how you can trade those, sell those off and then work as a partner with us. We’ll set up a tenant in common and you can join our investments as a partner.
Patrick Grimes: So many investors, from 500,000 to seven and a half million, have been putting them as partners into our large deals in the emerging markets that we fully manage, so they’re hands off at that point. The big biggest challenge is educating these investors that are slaving away at their golden years trying to manage properties, educating them, “Do you really realize that return on your equity is really low? Sure, you got a really good deal originally. You’ve got a ton of equity now, very little cash flow compared to what we can get you, and we’ll continue to recirculate it every three years. We’ll refi out, give you that capital back, can reinvest it and continue to keep your velocity to capital high.”
Patrick Grimes: That’s the challenge, is educating them, “Hey, you could have a better life, actually grow your basis and leave a better legacy and have a better retirement moving forward.” Then doing that in time, because we need them to sell their asset, we need to identify them into one or three our multi-family deals within 45 days, and then we’ll close on one of those three within a total of 180 days. I think that’s just part of the process of educating. I think people start single family, they start thinking a little more sophisticated, they start desiring to have more experts work on their portfolio instead of the control, and then they kind of talk to us and then we start putting them into bigger deals that are managed by experts.
Pierceson York: Yeah, that’s really well said. We were talking a little bit off the show here about this idea of 1031 and the time being really constraining, and that being a little bit of a challenge for a lot of people, and then having to go back into. A lot of syndicaters won’t even touch 1031 dollars. I’ve talked to hundreds, and they’re like, “We don’t even touch it,” and they leave millions and millions and millions of dollars on the table for their deals because it’s just too much energy and effort and work. The amount of the juice really just isn’t worth the squeeze for them.
Patrick Grimes: They fear what they don’t understand.
Pierceson York: Yeah. So, it’s good that you’ve mastered that whole tenant in common situation and you’re willing to go ahead and pull their 1031 dollars in, because it’s a challenge to do. It’s technical. This is the reason why this podcast exists, right? Because it’s cash flow, for sure, but it’s also tax flow. If you get in your 30% every time your investment is liquidated, you’re paying 37% in California, 20% at least, maybe 23% with Obamacare in Florida or your no income tax states, you’re still paying 23%. That’s a big hit every single time when you could defer that and increase. That compounds exponentially. So, the tax flow is really important as well.
Pierceson York: We were talking about the deferred sales trust, not to be confused with the Delaware statutory trust, but the deferred sales trust, which basically allows you to bypass a lot of that work that you have to do in that tenant in common thing as your 1031, and you can actually eliminate the time constraints and the like kind constraints that follow the 1031. That’s the deferred sales trust, allows you to sell highly appreciated assets, which is also really important, because it can be more than just investment real estate and commercial real estate.
Pierceson York: You could do it with a primary home, you could do it with a business, you could do it with stock, you could do it with crypto. We had a guy who sold a business, he got bought up all his partners, $2.6 million buyout, he deferred 600,000 in tax, and he put that money into a 72 unit development deal in Tennessee. You know? You can’t do that with a 1031 because it’s not like kind, so you can’t even do a 1031 for business. Or let’s say someone has Apple, right?
Patrick Grimes: Apple stock, right.
Pierceson York: Apple stock. Where are you going to put it? You bought it 15 years ago and you rode the wave up and you want to liquidate it and diversify some a little bit. You could use a deferred sales trust, you could liquidate the asset, and you could put a bunch of that money right back into one of Patrick’s funds, all tax deferred without the time constraints, without the like kind constraints. So, if you guys want to learn more about the deferred sales trust, go to capitalgainstaxsolutions.com, and there’s a ton of content, ton of videos. Listen to podcasts like this and make sure that you rate, review, subscribe.
Pierceson York: We also have a mastermind group that we do every Friday at 10:00 AM Pacific, 1:00 PM Eastern, so be sure to check that out. You can see that at capitalgainstaxsolutions.com. That’s another amazing exit strategy for this. I want to dive in a little bit. We talked before the show about the alternative investment space. How is that going for you right now, especially the oil and gas with all the stuff that’s going on Russia, is that all affecting your guys’ funds over there, or how is that playing a part in this thing?
Patrick Grimes: Well, minimally, the Russia thing specifically, there is some positive impact, of course. Not dramatically. Oil’s prices are high, gas prices are high, and that’s good for us, because if you’re direct oil and gas drilling, then higher prices. Our costs don’t go up proportionate to the price, so you get higher margins. So, it’s a great time. It’s a hot market right now. Basically, I built this 500 million portfolio in multi-family, and meanwhile with some of my partners, we had been diversifying in alternative assets. Very well known in a small group of people that these opportunities are out there. So, I had brought a partner on to invest on Main Street to head up the alternative assets division.
Patrick Grimes: He’s structured billions of dollars in deals. We found a specific group that we wanted to partner with. I joined the board of that oil and gas company and we launched a fund and started raising capital too. We bought existing assets, just like we do in multi-family, 135 oil and gas wells with the intent to do value add improvements like we do in multi-family to both rejuvenate the existing wells with various technologies, as well as drill another 23 wells in known proven areas. So, not wildcatting out in the middle of nowhere and trying to get rich like Ed Clampett. No, this is just highly probable fertile land and existing leases.
Patrick Grimes: We put all the leases in the fund, everybody had a piece of the upside and the reserve volume. People have upside of the oil and gas distributions, and we’re off to the races right now. It’s going really well. I think the biggest thing, which, side note, you can also not only 1031 exchange into our multifamily deals, but there is a component of real property in this oil and gas fund too. So, you can 1031 exchange into those as well. If you’re interested, let me know. But I think the biggest thing was my investors in this time when, say, interest rates are going up, they’re a little bit fearful of multi-family. I think that unfortunately that fear is having them stay on the sidelines where they’re affected by inflation. Our deals are not.
Patrick Grimes: Multi-family is a hedge. We actually grow with inflation. I think that I wanted to give them another option that’s in a completely different market cycle. Energy, food and housing are what the government subsidize. Well, we do a lot of housing, the right kind of housing, but energy is also a very solid way with much greater tax advantages. That is why I put together a vehicle for my investors to participate, and took a long time. Oil and gas industry has a bad reputation. Everybody knows somebody who lost money or maybe was defrauded. I think that that’s because there’s a lot of people just trying to get rich quick in that space. But we put together a low risk way to get diversification and returns as well as the tax benefits by doing half oil, half gas, 135 well portfolio in seven locations in five states. We’re working that now. I think that’s the big difference, is we do that heavy lifting of making sure everything’s structured right, and then with the outright operators and push it forward. So, very happy with how that went.
Pierceson York: Are you guys using opportunity zones at all with those?
Patrick Grimes: I have a little bit different perspective on opportunity zones.
Pierceson York: Okay.
Patrick Grimes: Now, the individuals that are looking at opportunity zones are looking for dramatic tax advantages, and they’re thinking to themselves, “Hey, look, the reason why there’s an opportunity zone is because the government is subsidizing to make it attractive to invest somewhere that’s not attractive to invest.” In general, you look at, the way I talk about investments, landlord friendly, legislative friendly, people are moving there, jobs are moving there, income is growing there, they’re on the expansion curve. Well, those are the kind of places where the tide is rising. Now, we buy there and the tide is bonus upside for us because we don’t project that, but we want to buy in places where the tide is rising.
Patrick Grimes: That has helped in past recessions stabilize economies. Houston didn’t even drop off in that ’08, ’09. It leveled off for a while, started going up, whereas some places like Phoenix and Tucson and Las Vegas, Orlando, they were down for 12 to 14 years before they even broke even again. So, I want to buy in those places that are resilient, that’ll bounce back quickly, and in those sub markets, right? But in opportunity zones, you’re hoping for tax advantage. They lock you in for 10 years, but you’re not in those markets, so you’re taking a higher risk, especially with the recession impact, than people realize.
Pierceson York: Does that concept apply to the oil and gas as well? Because, I mean, the oil and gas is typically rural areas where you’re drilling for a particular mineral, right? So, if you’re pumping the oil out of the ground and you get an op zone, does that change your perspective on it, or do you have a difference of opinion versus a multi-family op zone versus the oil and gas op zones or anything like that? Or is it still consistent?
Pierceson York: Does that concept apply to the oil and gas as well? Because, I mean, the oil and gas is typically rural areas where you’re drilling for a particular mineral, right? So, if you’re pumping the oil out of the ground and you get an op zone, does that change your perspective on it, or do you have a difference of opinion versus a multi-family op zone versus the oil and gas op zones or anything like that? Or is it still consistent?
Patrick Grimes: No. I think in general, for us, because the tax advantages are already there in oil and gas, if you invest 100 grand with an oil and gas deal, about 66 of it comes off your adjusted gross income in the first year. That is a substantial discount on your taxes. I mean, literally, the most expensive tax dollar drops by 66K. So, it’s either pay the taxes to Uncle Sam or Uncle Sam pays you for investing in energy. That’s incredible about it, right? So, we’re not chasing higher tax returns, we’re chasing high risk adjusted returns, which means a relatively high return for a low risk profile. Oil and gas returns are already really high, right? Why chase even higher ones and take a greater risk?
Patrick Grimes: We’re buying leases for land in known fertile areas. We’re not wildcatting in zones where we’re trying to gamble high to make it big. I think that’s why the concept of opportunity zones at oil and gas, not even on my map, right? I don’t want to take that risk. I don’t need that extra bonus. My investors don’t want that either. They don’t want to lose it all again like I did trying to gamble big in 2007 in pre-development. They want to move forward on the tried and true wealth building path.
Pierceson York: Gotcha. So, basically what it sounds like you’re saying is that those zones for the oil and gas don’t have known reserves in there that are going to yield the returns that you guys have, whereas you guys, you know what you’re buying and you know what you’re going to get, and you know there’s a super low risk profile with it. So, because of that, you’re willing to take a little bit lower, the returns are already super high, but within your risk tolerance, this is the market you’re going after. Makes sense. Okay, cool. All right, we’re kind of coming up on our time here. Where can people find you?
Patrick Grimes: Yeah. If you go to investonmainstreet.com, you’ll see our website, our latest investments at the top. This is a live stream, so I’m assuming people are looking at it. We’re a syndication, so 506c reg D, which means I can share with you directly about our investments. We’re raising capital right now for an investment in Atlanta. It’s an awesome opportunity. Got a five and a quarter million discount, great returns, eight to 10% cash on cash, 17% overall average return over the whole. Love to have you involved. You can opt in there. We also have a bunch of free resources.
Patrick Grimes: We’ve got articles, a bunch I’ve written in Forbes, Passive Investor Guide, lot of content on our website at investonmainstreet.com. Send me an email, [email protected]. Love to chat with you. I still take time to meet with all the investors that come in the door. I’m a relationship based individual, so if you’re accredited, investor interested, set up a chat, shoot me an email, and we’ll connect, see what your goals are and see if we’re a good fit.
Pierceson York: Awesome, awesome. All right. Don’t forget to go get a free copy of his book, Persistence, Pivots and Game Changers, by going to investonmainstreet.com/book using promo code DST. That’s promo code DST. If you want to learn more about the deferred sales trust, come to our mastermind group every Friday, 10:00 AM Pacific, 1:00 PM Eastern Time. It’s a fantastic place to come, ask questions, bring your CPAs, bring your financial advisors, your accountants, all those people, right? Come ask questions, learn, and make sure to register for that. If you want to get in touch with us, you can go to capitalgainstaxsolutions.com, and there’s a ton of content on there. Check out our YouTube channel and keep listening to the podcast.
Pierceson York: Patrick, thanks so much for coming on, man. You added a ton of value. Really appreciate your time, and we’ll see you on the next one. Thanks again, everybody, for listening to another episode of the Capital Gain Tax Solutions podcast, where we believe most high net worth individuals and their professional teams struggle to find great capital gain tax free options. Not having a clear plan is the enemy, and using proven tax control strategies such as 1031s into tenants in common with Patrick and his funds, or using a deferred sales trust is the best way to exit highly appreciated assets tax, so you can create, preserve, and grow your wealth. Please rate, review, subscribe, share, comment, like all that stuff for the inter web algorithms and all that other stuff that I don’t understand. But I just know that you got to do it. It helps us out greatly, so we really, really appreciate it, guys, and thank you so much, and we’ll catch you on the next one. See you.
How to Build Tax-Advantaged Legacy Wealth
The Smart Investors Guide to Passive Real Estate Investing
