Business Wealth Building: Turn Income Into Ownership

All right, Dan. I'm going to have you wrap

us up for the evening. So he's from Washington, and here's his

question. And he's already making millions, so I can I

almost can guess what this is going to be. He we own a car

repair business, which has expanded into our car sales and

rentals of the last seven years. While expanding, we borrowed

hard money, and it has snowballed. We will be finishing

paying off those loans in December. Is there any way to

have friendlier terms on a loan? And you're you're currently

drowning in absolutely. Just paid to do card stacking and

feel like it isn't the right path either. So card stacking is

one way. There's more of a permanent card stacking. Like we

have over 500 kind of different lenders, where you can go into

20-one months of 0% SBAs love this kind of a business, so we

have folks who can help you. So we have a lot of lending folks,

and with a good business plan, quite frankly, your local bank,

having seen what you've seen and put the level of deposits you

put in there, they're they they would be they would be stupid.

The local, not a big bank, not like a Wells or like a national

bank, but a local heavy asset centric bank would be easy. And

Sandy, just so you have some context, this is where Aaron in

Alaska got 7.8 million, not only to refi, but to buy all the

land, buy the real estate, and it was from a local bank in

Alaska, like done right, and I probably give them to him to

help with that kind of a business plan. I go, that's your

cheapest money right now. And unfortunately, or fortunately,

is with like small local banks. You're going to have a lot of

good structure there, and you're going to need it because there's

another part of car financing, which is more vendor financing,

where you use them almost like a consignment, you use the

collateral of other vehicles to collateralize other ones to keep

the whole machine moving. And as you know, Sandy, we owned a Ford

dealership. Unfortunately, it was right when COVID hit, and

everybody went to Carvana and all of those things. So it was a

little rough, but we, you know, we lived through it roughly, but

it was rough. So the other part, though, for him though, would be

corporate structure, tax, and you know what are they doing for

growth? Yeah, exactly. Okay, I'll get it to him. Thanks. Get

that to him. Let me know how so I can help you. And then

Rebecca, you have one more Christy who wasn't able to make

it, but wanted the question answered. She's from New York,

living in rural New York, and work as a real estate agent.

Love what I do, and I do not limit the types of transactions,

which is perfect. I make decent money, but we need to catch up

towards building our wealth. We need tax help and plan to catch

up. I don't plan on stopping my real estate anytime soon. Any

directions or advice? So again, your corporate structure in New

York is going to be vital because it's so heavily taxed

right next to California. It's the worst tax state. Love

upstate. I'm assuming you're in rural and upstate area of New

York. Stunning, beautiful. So while you're working on what

you're doing, like where I would coach you is to find a variety,

which is a lot of investor groups. I used to speak at a lot

of those investor groups in upstate New York and around New

York. So, you if you could service, I'll say it this way:

if you could service investors instead of individuals, you're

going to win bigger because they're going to come back

quarterly. They're going to come back monthly. It's going to be

more diverse projects since you don't have any of that. Love to

teach you how to teach them how to do creative financing so they

can buy more for you, more commissions for you. And at some

point, your win is to park yourself in those deals and

forego your commission in exchange for some ownership on

those seats.

So, in inside the property on the deeds, so you actually go to

own part of the LLCs by by bringing the deals, and

especially if you can bring off market deals. I mean, I have a

very similar kind of a deal with one of our big table members

now. Has been around for probably a decade in Kansas, and

he finds this that kind of property because I like that

kind of property. So you find somebody that's a a regular

buyer. You're going to win bigger, faster because you don't

have to go as wide to find more and more volume of people to do

the deals. Okay, so Rebecca, if you want to get that out to

Christy, that would be great. Love to work with her as well,

and let's get these folks in so we can work through the summer

in June, July, August, and move. And remember, for all of you,

big new bonus to the big table. Once you sign in, we do a

monthly real estate tour with someone who's been part of our

community since 2002 very well vetted and trusted. And you can

head out to those tours to see the markets, if not just learn,

or look at properties in different markets. So with that,

great Ask Laurel. We'll be back in two weeks with another one.

Please go to askloral.com, ask questions, make a request, and

we'll be back with you on a regular basis. So you stay in

the the membership and just keep asking questions. Go to YouTube,

ask questions, and go. One on one with one of our strategists.

We'll talk to you guys soon.