Where did you get that million dollar net worth? Real estate is probably the most common way people have achieved wealth I Never made money on a sale. The actual physical liquid money always came from a refinance I Bought hotels for 18 20 million bucks. but I got loans on them for 25 to 30. And borrowing money from the bank is a non-taxable event every time I did a transaction I would 1031 to another transaction defer the gains.
Buy the property, refinance the property, and then take that money, put it in my pocket foreign.
By Stock Chat
where the coffee is hot and so is the chat
I like how he kept the cough in the short aswell 🤣
That cough said it all
@Graham Stephan
My understanding though is that if at any point in his life one of those properties goes into foreclosure, he will immediately owe capital gains taxes on all that money he already pocketed and spent, all the way back to the first property he exchanged. Can you confirm?
Crisp
And now he’s about to go bankrupt
That cough at the end from years of smoking cigars
I can’t wait for Jesus to come back and end this gambling circus.
Can somebody explain the advantage of using bank loans even though they have to be paid back?
Lol they left that disgusting cough at the end – gross.
it's low level compared to juggling act with companies basically you can do a form of this but instead of housing it's companies lol
Money printing is why real estate has been so lucrative. Prices do not go up, only the money supply gets expanded.
And thats why the rich will never pay more taxes 🤣🤣
Hi Graham