Ask Loral - Part 1 | RMT243

Welcome to Real Money Talks, real strategies from the money makers and the world changers that you can use to make millions. Keep those millions. Multiply your wealth, and build your team. Here's your host, author of five New York Times best sellers, money expert on Dr. Phil, CNN, CNBC, the street TV, Fox News, and the view Loral Langemeier.

Welcome, welcome, everybody to ask Laurel for members only. Why ask for will because if you can't ask a question about money, you can't start a conversation about money. So Laura, I'm gonna go ahead and turn it over to you.

Absolutely. And again, if you don't know how to even find a question, think of questions as validation, right? So you're reading this you're reading, you know, any of my books, you're on YouTube. Always be checking your thinking, because what do we know a lot of you do is you hunt and peck around this lovely thing called the bathroom wall, the internet, and you find all sorts of random pieces of information. Your Lone Ranger's. How many of you in the chat would agree you are a lone ranger. And you're trying to do this all by yourself, there's a reason we're integrated, which is you need the team and you don't get anything but the entire team at all times. So you can't buy segments of the team, like we have somebody call in and say I just want the CPA team. Well, you don't get that you get it all our way. Because we know how to do it. Our goal is to sequence you in the right order to become a millionaire or at least 100,000. There. And the biggest thing we are just we're known for is that reduction of taxes, investment education structure. We love it. And we are amazing at it. So Steve, did you tell a little bit of how we're going to do this roll, we have a great, great call setup. So thanks all of you, again for participating putting it together. So we have seven different people. We're going to talk to you today. So just to validate, verify you are in Florida, correct? I

would be in Ohio,

you're in Ohio. Okay. And that's where you pay tax. Correct. Okay. And your question is I currently working a W two and do real estate on the side of 18. Doors well done. All in one LLC. Not cool. My taxes are still very high. I know. That could be what the job happens. You making your W two, what do you do?

I'm a lien and Quality Manager for large corporation make over 200 a year. Yeah,

that's a huge problem. But the way you're doing your, your your real estate is not accurate at all that somebody tell you that or you just did the best you knew. And that's kind of what you came up with.

Right started off just the best we knew what to do. I know what's not right. But I'm not sure what the correct steps are? I

do that's why you're here. And it's awesome. So it seems like your real estate should be helping you more it should be but you don't have enough corporate structure and the right corporate structure. It is making money though your cash positive on those 18? Yes. Definitely need a better system. And structure you have about 800k is in. So when you say retirement plans is the 800. And it's in a 401k with the job you work with or like.

Yeah, it's it's in the 401k part of its there a part of it's in some stock options I get from work,

but it's all it's still at work. So you really can't access that it's not like from somewhere. Correct. So we got to fix that. Yeah.

We do have some equity in the properties as well.

Okay. And have you done most of this on traditional financing? Or have you raised money for it? I mean, getting 18 doors is I mean, when I say good job that's like, it is a good job. I mean, especially if you did this with traditional financing or your own traditional financing. Yes, Well done, well done. So now we got to modify it all. So how we help is again, we have an integrated solution. So that starts with your corporate structure, which is not enough. And if you have you been to our millionaire intensive, you've seen what it means when I say live corporate life.

I've read your book, listen to your audiobook and I hear you know your YouTube video site. Have some idea of what you mean. I don't know exactly how that looks. But I have some idea. Yeah,

so I mean with the man, we'll have it go a few more places. Are you married kids partner?

Married kids are grown. And how is she ever who? She's retired? So she has a retirement plan.

So not really. Okay, but uh, you had but outside of this one LLC, you have not had any other entities?

No, no, that's it. Yeah. So

you would start actually I would put two people together with you, which would be the corporate structure and tax. We redo your structure because 200 is I mean, you're at the top, you know, you're in the top 3%. So the only way to take that down is through more corporate structure, better structure. So you can flow through more losses. The real estate may be the real estate. I mean, do you have a good CPA or an okay, one at this time,

I had a really bad tax guy up until this past year. And then I now I have, he's good with the taxes, but there's not a lot of strategy that goes along with it.

You just repeat? Yeah. And what you're seeing, and this is probably for all of you, you're seeing them just document the history, right? They're just documenting what you strategy is helping you look forward to say, how do we reduce the change in all this? So we would do the tax team in the corporate structure team. One other question, do you have a trust? Oh, no. Yeah, so we'd have to get that in play. Otherwise, half of this goes to probate, or 40%. Typically, Ohio's not quite as bad. Florida is a little bit better. Have you had a session with Rebecca at all yet? I see your son. We've

had a few conversations. Yes. Okay, good.

So we would help in a very integrated, so we put your corporate structure which that alone with, with the tax strategy, and the trust, that whole package, I mean, would take your taxes down, then is how you and your wife would live what I call corporate life, which is putting more of your personal expenses. Like where we really get you karma as we get you to maybe, I mean, not to see everything you're doing, but maybe eight to 10 dozen at the most things you pay for personally, and everything else, because it's real estate, and you have so many doors, which is awesome, you can start moving a lot of those expenses, phones, cars office, there is so much that should be written through the corporate structure, but it's not enough structure. That's the problem, you can't write that much through one LLC with that much real estate. The other side of that is I mean, 18 is a huge portfolio. So if you wanted to start using other people's money, I would help you learn how to do that. So one by one by one you could acquire using now OPM completely, because you got 18 doors, I mean, you've probably seen if you haven't seen any of these, there's times where I won't let I wouldn't support anybody to raise money because they don't have 18 doors behind the on the resume. I mean, you got a great portfolio of got a great start. It's really corporate structure, restructuring, making sure your trust provides a safety net, we'll have conversation about life insurance. Look at quitting your job or transitioning. Have you ever asked them if you can just go IC and just be like your company? They pay a company versus you? Could they do that as a contract instead of pay us who?

I know, they'll do that? At some point. I haven't wanted to jump to that yet. Because I wasn't quite comfortable with where I was on the income from the properties. But I that that could be an option? Well,

and I'll guide you through how to do it safely under the right contract. So part of what you're also getting with our team, because that was really your question is how do we help you, we help you at every facet of money. So it's just a very different structure and tax structure, and a different way to live. Because you're not going to pay bills that that personal bank account, you're not going to keep using your personal credit card, you're gonna start moving out to corporate expenses. And that's the game changer for you in a very specific way. I mean, I know, for sure, we're going to set up two, if not three more companies, because you make enough in your, in your job that if it became a business 200 is nice to sit in its own spot, maybe combined with some real estate management, but that's up to the tax team. So we're very strategic. I mean, we look forward and our goal because of where you are, also has introduced you to other asset classes. I mean, with what you make oil and gas on your portfolio, would we but would be great. We teach you how to look at those deals. I mean, we just was there's a whole structure to how do you make it how do you keep it? How do you get it invested? So you have the best plan and that's not what you have today. And you know that that's why you're right. Alright, we can help you with all of that. And we move very quickly, very organically. Do you have to Rebecca have a follow up from this call?

Not yet, but I assumed there would be Yeah,

I'll reach out right after this. Yep. So and then the minute you say okay, I'm in then you sign a contract, pay the tuition and you literally are on a joint to thread with me as early as tomorrow and we get you going to teach you how to raise money. That's where your big game changer for you will be when you don't have to keep putting your money out and you can start looking at your portfolio to get the maximum benefit use other people's money to keep growing the wealth that mean you got that's you're in a great spot you just need you need the right one pert you know one group and we have all of that one shot that's what's different. I mean, you could probably be go other places you're getting segments of it but you still got to keep looking for the rest of it. So I put together okay, no, I'd love to help you. And you know like why would hope just by my answer you know, I know how to help you. You're you're living my jam, which is real estate.

Yeah, want to take it to the next level. So quite sure how to do that. So yeah. So

that's your way out of whether you keep the contract you make the the Java contract what we got aside, keep that because that's helping you a lot. But let's fix some of the other stuff and really get a real estate business now around you, because your to do that you just don't have the structure, or the team or the systems on how to do it. Because the minute you take other people's money, there's a whole other thing I'll teach you, which is, how do you do the accounting of it? Because now you're dealing with other people's money, you can't just do little light bookkeeping. And that's got to be accurate as heck. So we usually introduce you to people who know what to do, so you don't get tangled up.

Right? Right. Definitely don't know how to do that part of itself.

We break through that part too. Okay. Awesome. Meet you. You too. Well done so far. Let's just take it to a good finish line. There is how are you? And you are from where young man? Oh,

all over right now. But I'm, I'm in an apartment out of Indiana and I got another place in Ohio. Where

do you file tax as a resident?

Last kind of the reason that I even offered to be on the call today. And that that was kind of the line of questioning I was going to talk to you about Ohio and Indiana have been my primary so I pay out about

right. So let me just say your question that I have here is someone working towards pulling out of the US corporate fiction and eliminating their straw man to be seat National. I doubt it, I think this thing's going to continue to be banned, banned dated for a while. So given where we are, the way we approach that is so given where that lovely DC is, what can we do where we are in Indiana and Ohio for what you're doing for you and your family? So the LLC and using the tax code? I mean, that's all that's not that's gonna stand forever. I mean, I just say forever, I'm just going to stand for a long time, it's going to be a very long walk. Same with all the green station, the green conversation of you know, let's go green. And by even 2030 35 years, I mean, we're not moving away from gas and oil. I mean, I love that narrative, that that's some illusion that people that don't know anything you're talking about the the Railroad Commission of the United States get 25% of that revenue. So I highly doubt that investment in that strategy is ever going to go away, which is one of the top strategies. So for you, what's your what do you do? And what's your real question to me? If you're operating out of both? Do you have any? Do you have any corporate structure? I mean, that's the first thing is how you make money, you need corporate structure. And if you're in both states, depending if it's real estate, or depending on what you do, you don't need both states necessarily. You could pick one, and I would bring the tax him on to pick the best one. So you'd have the best decision. But tell me a little more like, Do you have any entities?

No, I've been sole proprietor. Here. I've got kids working under me. We've got a jewelry business, we've started up. It's not started turning a profit per se yet, but I mean, it's it's got potential. But right now I'm a gas inspector for state gas inspector. So I'm out of state most the time, but the kids usually run the side of the job for me. Hey,

Bill, what is the how much do you make on your job?

My primary is 171 80. Depending on the year, you got

the same problem, a lot of income but no structure to take on any taxes to actually, you don't have enough. And when you say you work for gas company, which state is it? Because that is where you would be filing state taxes. Even if you have real estate in another state. I mean, just the overall rules, wherever your real estate is, you should most likely not an under percent again, that's why we always pull in the experts to look out. You know, there's an assumption that depending on where your real estate is, you should have LLC in that state. But sometimes the Yeah, but sometimes California a few other places. I've done a lot of business, especially in Ohio while I was with the gas company, which state is it that you're going to end up in?

I mean, it's the inspection companies out of California, but we're global, I don't even know how to answer that. We're global. So I mean, I don't know how they would function as far as that's concerned. I mean, my home, my primary home in my shop and everything is out of Ohio.

Okay, perfect. Because we have a lot of support in Ohio. We have a lot of support off country but so if I hear you I mean your structure and taxes is a huge piece that you've got to get your arms wrapped around, which means you got to move this jewelry business. And when you say the kids are working there they your kids are just some they're yours. And are they legally employed by as a sole proprietor is just kind of everybody's kind of getting by everybody's

kind of getting by as it stands right now. Most of them just, you know, we got between 18 and 21 years old and they do they work for me on the side. And

do they have the jobs as well? Yeah, yeah. All right. So really, I mean, once the structure is reset and sent the kids are are adults. So that would be a huge reset with them, if you want them legally in the jewelry business. So that would be us having that conversation, just you, the tax team, say I will take you to the tax person first, then over to the corporate structure, because the way you are in multi states, so instead of putting on it, I might put them together probably one and then the other. And then I'm assuming you don't have a trust, if you don't have structure, most people don't have a trust either. So you need that. And then once that's all reset, or as that's getting reset, I'm assuming the jewelry business and growing that is where you want some time. And

I mean, it seems to have the hold the most potential, I've got a lot of other things that I'd like to expand to. But that's what seems the take off.

So I mean, that's what we do. And we do business startups all the time, we help you and I've made a lot of people in the jewelry business, Sandy, you know, she's met them before we made them millionaires. So it's marketing, marketing, marketing, marketing, marketing, joint ventures, affiliates that actually sell or get a rep. Rep your jewelry is blog is mommy bloggers who will give great commentary and share with you know, hundreds of 1000s of other mommies about it. So there's just a whole marketing thing we'd put around you guys to help support you. But as you make more money to your point, those are the things you want to do. And you know, having a bunch of assets, whether it's real estate, gas and oil, just buying other assets is going to be a critical part of this whole plan for you and your kids.

So if I'm hearing you right, you're you are do you believe I could work or stay as state national in the private but still function in the public as far as corporate structure is?

Absolutely. That's what we will be doing? Absolutely. This

is new to me. This is my first year, from pride on the private side operating outside of taxes.

Oh, yeah. So we would put our arms around. Yeah, you would start on the tax side. It's just too important to get that right. And then really look at the investments. I mean, there'll be a whole fun, like, whole foundational review. At the same time. We got to go get that business making some cash flow. So I'm a huge cash flow push when it comes to working closely with us. Okay. All right. So when Sandy when he was talking, I'll text him right now. All right, good. Well, it's great to meet you. Thank you. Take care. Awesome. So it's great to be with you. And you're in the great state of New York.

Yeah. So upstate. Ethica. Yeah. Love it. Beautiful. Home of the wonderful Cornell University. I won't go any further. Yeah, yeah. I don't want to upset anybody. Maybe.

You're so good. All the time. Your question is you're wiping, you are working on two investment businesses. Starting an Airbnb business. We need help structuring correctly in the entity 75 acres in New York, I love that want to develop into a cannabis growing investment? Where do you start a string this is done correctly right here on this phone call? And I'm in all of that, I think you know, and you don't need 75 acres of cannabis. And do you have a license. So where you start in that is you got to throw your hat in the ring. And either partner with somebody already private. We have teams who can help you navigate sort out and do due diligence on who's because boy, I'll tell you, it's not just the good and the good, the bad. And the interesting is the good and the bad. And then the the really really bad. So exactly. It is a tough space. And and New York's very crowded already. So you can't do any growing without an attachment to a license if you're going legal. But I have a lot of clients who are not legal, I mean, they were illegal went legal in California, for example, and went back because they just can't profit because the way states operating so there's a you know, there's a whole education, I'll give you an places to go do homework on that business. But you can carve out five acres of that 75 is plenty to do a very, very, very lucrative harvest if not 10. And then the rest. I mean, again, that meant you put cannabis there you got some zoning issues, but I mean, this is I'm an expert in this I buy land I do. This is what I do. So I'd help you walk all the way through that. I'm gonna go back up to your other two investment businesses. The ones are B so real estate, Airbnb, what's the other one? Is it the canvas? Yeah,

the cannabis. I mean, we we we also my wife and I basically farm kids. You know, we I grew up on my grandpa's dairy farm my wife grew up in the property that we reside right now with her mom's horse business. So we're agricultural by the fall it's I mean, farm

girl and farm girl growing marijuana so Right

exactly. I mean, it's it's like I have I I'm not like the President that said I never have I never have Okay, I did not I have zero interest in in inhaling this stuff whatsoever. If I can make money Throwing it. Okay, let's roll. But the air b&b thing. I'm a national. I've been in national account management in the pallet industry. So I've worked with a lot of Fortune one hundreds, large capitals. My wife managed a very fancy steakhouse for over 20 years here in town, we're service oriented. So we want to take our Airbnb business right now we have a house, that's, we're, we're going to get our granite countertops on Friday, we want to list it this weekend. That structure is going to have two units in it. We want to expand it. Yep.

The 75 acres. I mean, is it. I mean, that's like a whole masterpiece of how you could either develop, you could use it for cannabis, you could just rather agriculture. I mean, that is a potential for a lot of money. If you really look at that with the right team. And I would give you I mean, we would start again, do you have any corporate structure? LLCs? Anything, any corporate structure, any trust anything? No,

the mentor that I have from the Airbnb site, you know, he's mentioned you gotta get an LLC in place. And maybe,

I mean, again, we got to look at that, because you may it may be different than an LLC. He's just saying that because he's probably helping you at the ground level, not at the structural level, right. And

so this is one of the Airbnb things that you find on Instagram. I mean, this guy's incredibly successful at it. But the fact of the matter is, I've been fighting it and struggling to get it to grow from an arbitrage standpoint. So I'm looking at from that side of it, too, as far as Okay, where can I work my way, I want to work my way up and down, I guess I should say, down the east coast, to have have facilities. So that's that,

no, and it's fine if you're working with him as like an Airbnb specialist. But we I mean, we're different, we do the whole integration from the structure that you really need, give them what you want, especially if you say head down, I can just I mean, I have a ton of clients in the Carolinas, and then even the Georgia coast full of Airbnbs. We have tons of clients there that are super successful. So you can't just say it's an LLC, I mean, depending on what you and your wife really want, then we reverse engineer it, we say that's what you want. That's the structure you need. Here's the trust, you need to have to make sure it's all, you know, really, really protected. And then how do you really grow that in the right tax bases for you both? And then what do you do with that? 75 acres? So I mean, you have a lot, you have a lot more, I say, questions that need to be evaluated land that needs to be really looks, but really, we're like, where is the land from? I mean, this is where the teams will look, help you look, is from location to do a visit? Like what can you all put on that out there. And then we have experts from we have tons of Airbnb experts, we have, you know, from RVs, to storage units to conic storage units, modular homes, you name it, we've got somebody in the community that knows how to do all that tiny homes all that's how we're gonna, you could do given your zoning. That mean the the biggest thing I hear though, is you have a desire to get in the cannabis business and you can't walk there without a license. So that's the first place you need to be is on your way in Nevada and Nevada. It's called the CCBs Cannabis Control Board. And compliance board is a compliance report. So you're gonna have some version of that in New York, I start looking there. Usually they you know, are going to give you the lay of the land, is there any open licenses? Can you apply? Are they close, like we're close state, they'll never be another open license in Nevada. So you're they're out there buy from somebody like me, you as one, and I'm not selling, or they went public and screwed it up in New York is just as bad. But that doesn't mean you have to extend New York to do the cannabis business, you can go to better states. So I mean, to me, you and your wife are like, you know, a lot of clay. There's a lot of molding to do. And education to do what I love is that you guys are motivated, you've done really well. And now it's like again, you know, like I told you know, then karma is like make sure you you got to do done. Well done. Now this like dude, a great finish line with a better? Oh, exactly.

Yeah. And the other thing, you know, just our 75 acres, I've spoken with a geologist when they were fracking down in PA, I'm that close to Pennsylvania, when they were fracking down in PA he told me he says, Don't you dare allow anything to happen to your property, keep it in the family because we are sitting on top of and that that is such a mess as far as the legal entity. And when I found out that you were involved in oil and gas rights. I was like, Okay, let's take care of Section A B three, you know, et cetera, et cetera. And then Laurel can help us out with the oil and gas because once the communist community of New York State gets their heads out of their wrong places, you know, we'll get it all figured out.

Well, and then because Do you have gas or oil? I mean, I'll just make a note on here. I mean, you will have like that is what my tax strategist specializes in. So we have we they're all really good tax strategists. And then they have specialties whether it's complicated, you know, business sales to gas and oil to cannabis. So we've got you know, we've got a army of them a small army of them that are really good. So I would give you my guy knowing that you have that want to explore with you but be strapped but again, like you're hearing we've got to fix your foundation. Why put on more wealth or success on what's already not working? It's just not safe enough for you and your wife? I wouldn't, I wouldn't want to grow with no structure protection.

Thanks for listening to The Real Money Talks podcast. Your host has been Loral Langemeier, author of five New York Times best sellers and money expert on Dr. Phil, CNN, CNBC, the street TV, Fox News and the view. Want to learn more about off Wall Street investing tax strategies and multimillion dollar business strategies. Visit live out loud.com/podcast for past episodes, show notes and resources. For some special wealth building gifts only for laurels podcast listeners, visit live out loud.com/podcast gifts. Do you have a burning question for Laurel? Visit ask laurel.com to submit your question and it may just be covered on a podcast episode. So stay tuned and be sure to subscribe to get new episodes every week.