Epic Real Estate Investing - 4 Things You Don't Know About Biden's Plan for Investors | 1166
Episode Date: September 30, 2021President Joe Biden doesn't believe the rich are paying their "fair share" of taxes, so he's coming after corporations, business owners, and especially investors. There are 4 COMPONENTS of his new tax... plan such as capital gains tax (both realized and unrealized), passive income, and the Roth contribution that investors must be aware of. Tune in and find out more! BUT THAT’S NOT ALL! You will get the latest crypto updates, learn how to purchase the property subject to seller financing with an infinite return, how to attend the upcoming Epic Intensive, live in Las Vegas, and more! Let’s go! Learn more about your ad choices. Visit megaphone.fm/adchoices
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This is Terio Media.
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All righty, so in today's show,
I'm going to share with you how I just bought a house
with none of my own money,
no credit score, no income statements, no banks, none of that.
And I was able to create an,
infinite ROI too. And this is not the only one of these that I've found recently. And I'm going to show
you how and where I'm finding deals like these. But I'm going to begin by showing you how I
structured the deal using none of my own money and how I did create this infinite ROI. And then I'm
going to give you an update for what President Joe Biden has in store for investors with his newest
tax proposals. You see, last week, House Democrats spelled out there, proposed tax increases pushing
higher rates on corporations, investors and high-income business owners as they're, you know,
they're trying to piece together enough votes this week for legislation to expand the social safety
net, the infrastructure, and combat climate change. I don't know how higher taxes are going to do that,
but that's what they're looking for. And they are inching closer to achieve their long-term goal
of reforming the federal tax system so that the wealthy pay a higher rate than they do now,
or what our president refers to as their,
Fair share. So don't kill the messenger. Let's go.
Welcome to the all-new Epic Real Estate Investing Show. The longest running real estate investing
podcast on the interwebs. Your source for housing market updates, creative investing strategies,
and everything else you need to retire early. Some audio may be pulled from our weekly videos
and may require visual support. To get the full premium experience, check out Epic Real Estate's YouTube
channel, epic rei.tv.
If you want to make money in real estate, sit tight and stay tuned.
If you want to go far, share this with a friend.
If you want to go fast, go to rei-aise.com.
Here's Matt.
So the seller is in the military, and he just received new deployment papers and wasn't too
sure how long he was going to be away.
And he decided that he'd rather just sell the property instead of trying to
manage it from, you know, the other side of the globe. So the house, it's a condo actually in this
instance, was in decent condition. It already had a tenant in place paying $1,050 a month in rent.
And he didn't want to work with a realtor because he was just a week away or so from deployment
and just he needed to sell fast if he could. And more on that in a minute. Now, regarding the
property, nothing really out of the ordinary here. But when I got to box number five of my nine
point seller interview, I asked if I choose to buy the property,
will I need to pay off any taxes, liens, or a mortgage?
And that's a good tip right there, by the way.
After years of frustration with sellers not being straight about the finances on their
properties are downright telling me it's none of my business, instead of asking how much
do you owe on the property like I used to, I started asking this way.
If I choose to buy the property, will I need to pay off any taxes, liens, or a mortgage?
I think it works much better because it's not nearly as.
intrusive. And it almost sounds as if I'm doing them a favor by offering to pay off all of their
stuff. Anyway, the seller shared with me, there was a $90,000 loan carried back by the previous owner.
And this was a first for me. I've never come across a deal until now that already had seller
financing in place. And I told him that. And then I asked, I'm just curious, what's the interest rate?
And he said, there wasn't one. I'm paying the owner $450 a month until a
it's paid off, he said. So this was a double whammy. But of course, you can't get too excited.
You've got to act like you've been there and you've done that. Even if you haven't, finding and
talking to a motivated seller that had owner financing in place with principal only payments
is akin to that unicorn in the woods that everyone is always talking about. Nonetheless, I stayed
composed and I moved to box six on the nine point seller interview and asked, you know, I'm going
check the most current market conditions, but do you have an idea as to what properties like yours
are selling for? And there's another really good tip there, by the way. Instead of asking a seller
what they think their house is worth, like I used to, put the value in the market's hands.
You know, as much as you want to, this is not the time to start, you know, flexing your real
estate superpowers. This is just an interview. And what you really want is to uncover everything
that the seller knows about the property and its value. After all, as much as you think you know the value,
you really don't. Nor does a realtor or an appraiser or a bank or the seller. When it comes to a property's
value, the market is lowered. It reigns supreme. A house is only worth what someone is willing to pay for it.
And that can change from day to day. So by asking the seller, if they know what houses like theirs are
selling for, you're indirectly positioning the market as the bad guy.
You're the good guy and you're there to help the seller solve their problem.
And you will as long as the market doesn't get in the way.
Now, when the seller answered, I could see the dejection in their face because he knew the house wasn't worth much more than what he owed on it.
And then I asked, well, what's the lowest price that you might consider?
And he stated that he actually needed more than what it's worth.
I need $40,000 on top of what I owe or I'm just going to keep it, he said.
Now, typically, in a low equity situation like this, I'm quickly trying to calculate cash flow,
as this could still be a potential subject to deal.
You know, if you don't know, a subject to deal is where you take ownership of the property
and agree to make the payments on the existing financing, while the debt remains in the seller's name.
So these are sweet deals when the numbers work out, meaning despite what equity is or isn't in
place, when the market rent adequately covers the mortgage payment,
it's typically a go for me.
Now, that was still important to me,
but not nearly as important as what else was going on with this property.
You see, I was willing to compromise my minimum cash flow standards a bit
if I could take ownership and leave that principal-only seller finance loan that he had
if I could leave that in place.
And truthfully, I was a little excited to buy a property subject to seller financing,
just to say that I did.
So I ask, although the market shows you really don't have,
have enough equity here to walk away with $40,000.
I still might be able to get it to you
if you're willing to take some money now and the rest later.
How much do you need right now?
That's my favorite question, by the way,
to introduce and start laying the ground for seller financing.
Another tip there, try to leave all the real estate investor jargon
out of your conversation with sellers.
And try to put everything in terms of, you know,
how a fifth grader might be able to understand
I mean, you're the expert real estate investor.
The seller doesn't have a clue as to what you know.
So try not to confuse them.
Just keep it simple, nice, simple language.
But having said that, the fact that this seller bought this house with seller financing,
he was a little bit more in the know than most.
And so he asked me what I had in mind.
So I answered his question with a question.
I said, would it work for you if I took over the payments and the maintenance on the property?
And then I'll give you $15,000 at $1,000.
closing and then another $15,000 in two years. He thought about it for a second and then he
countered with one year for that second $15,000 of which is what I really wanted anyway. And so
we shook hands. And here's how it ended up on paper. Purchase price $120,000, subject to
existing financing, buyer to pay seller $15,000 cash at closing and $15,000 as follows,
$175 per month for 12 months from closing date, balance due on the 13.
month. If you'd like to go deeper and putting together more of these types of creatively financed
deals, head over to Creative Financing Masterclass.com and check out what we're doing over there.
Now, let's calculate the return. The property is rented for $1,050. The mortgage payment is $450.
Property taxes are $109. Insurance is $2124, and there is a $150 monthly HOA fee and a $105
property management fee. Total expenses of $835.42 cents. Subtrack that from the $1,050. This leaves me with
$214.58. And then I've got to subtract the 12-month-seller second mortgage of $175.
And then my monthly cash flow ends up being $39.58. So let's multiply that by 12,
and I get an annual net cash flow after debt service of $474.7. And,
96 cents. Now, divide that by the $15,000 I have to bring to the closing table. That's a 3.1%
cash on cash return. Now, this is a number that definitely does not excite me, but we're not done
calculating yet. Remember, these are principal-only payments. So there's a significant equity
build that's happening underneath everything through the amortization of the loan. So my combined
mortgage payments add up to $625. You multiply that by 12 and I get a nice even number of $7,500.
Now, divide that by the $15,000 that I'm putting down and I get a 50% return.
Now, add the cash flow return and that gives us a total of a 53% return.
Now, that's something that I can get excited about.
But I can do better.
I can turn this into an infinite return if I can borrow the $15,000 down payment from somewhere else.
So with a 53% return, I've got options to where I can pull this money from.
I mean, a hard money loan would work, even the most expensive of those.
and that would be really easy to do.
A private money, that would work for sure.
Even a credit card would work easily.
But here's what I did.
For a couple of years now,
I've been playing with this velocity of money concept
to accelerate my wealth building,
all the while mitigating my risk.
Basically, I'm positioning my assets
to buy assets that buy more assets.
So in my world right now, it looks like this.
I've been making small monthly deposits
into a life insurance bank account.
The money I put in there,
it's invested in a conservative stock,
market something that averages about a 5% a year. So it's not a big deal. But it's fairly insulated
against market volatility, so it's safe. And it's a strong eight-figure policy for my wife and
son. So this special bank account, though, it possesses the unique ability to borrow against it.
Meaning, I don't borrow the money that's in the account. No, it all stays there and grows at 5%.
I borrow against it using the money in the account as collateral.
And so about 18 months ago, right at the onset of the COVID lockdown, I borrowed against it to buy some Bitcoin.
And if you've been cryptocurrency alert lately, that turned out to be a really good time to do that as Bitcoin has grown about 1,000% since then.
And then where I buy my crypto from, I have the same ability there to borrow against it in the exact same manner that I'm borrowing from my life insurance bank account.
So I did. That's where I got my $15,000 down payment to close this deal.
And now, since I officially have zero of my own money in the deal, the return can't be calculated.
So it's an infinite return.
Now, I know this may seem like a house of cards doing this daisy chain borrowing, but it's really not.
Actually, quite the opposite.
It creates a very strong financial foundation.
And ultimately, what's happening here is, I envision.
invested $1 in my life insurance bank account, of which bought $1 of Bitcoin, of which bought $1
of real estate. So that $1, when moved in this sequence, purchased $3 worth of assets.
I still own $3 of assets that only cost me $1. And all of those assets continue to grow.
This is what I call velocity investing. And if you'd like to see how this works and how it's
structured to protect my portfolio and the services that I use to make it all happen,
This is just one of the things that I'm getting together with this small group of investors this week to go over.
So go to creative financing masterclass.com to get all of the details.
Now, where am I finding these types of deals and how am I contacting them?
What I've been doing lately is just looking at property management websites in the markets where I already own property.
So I take a look at these websites.
I look at what properties they have for rent.
And I just kind of make a note of the property addresses and then I go skip trace them.
I then load them up to a simple marketing campaign that begins with a ringless voicemail.
And that voicemail says something like,
Hi, this is Matt.
I own property in the area and noticed you have one sitting vacant.
I was wondering if you'd be open to an arrangement giving you the same net monthly income
you'd expect to receive from your rents without the tenant and turnover headaches.
I sent you a pink envelope with all the details.
If you like what you see, give me a call.
My numbers inside.
Now, this ringless voicemail alone will generally,
some phone calls. And then in the next day or two, when they receive my pink envelope, I get even
more calls. I then text those who I haven't heard from. Hi, it's Matt. Did you receive my pink
envelope? And that will generate even more calls too, which is resulting in a tripling of my response
rate that my postcards alone were receiving. So, that's how it went down with no money down and an
infinite return. Thanks for sitting tight while we pay our light bill. We'll be back. Right after this.
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Let's keep going.
Back to the show.
So last week, House Democrats spelled out their proposed tax increases, pushing higher rates
on corporations, investors, and high-income business owners as they try to piece together
enough votes for legislation to expand the social safety net, infrastructure, and combat climate change.
They are inching closer to achieve their long-term goal of reforming the federal tax system so that
the wealthy pay a higher rate than they do now, or what President Joe Biden refers to as
their fair share. The administration has their eyes on the bank accounts of investors and the rich,
and I'll let you know who stands to lose the most.
But first, I want to address the president's constant mention of the wealthy paying their fair share.
You see, this is a narrative that is so easily debunked,
but nobody, particularly the lame stream media, feels the need to do so.
It takes no more than an elementary Google search to discover countless sources that confirm
who pays the most taxes in this country.
And the first thing to point out is that there is no objective standard for what defines fair share.
It is a purely subjective concept.
But there are facts which are objective.
And the facts suggest that the U.S. tax and fiscal system is already very progressive and already very redistributive.
And these facts are very contrary to popular opinion.
Internal Revenue Service data indicates that the wealth.
in America are bearing the heaviest share of the income tax burden than in any time in recent
memory. Conversely, more than 53 million low and middle income taxpayers pay no income taxes at all.
And six out of 10 households receive more in direct government benefits than they pay in all federal
taxes. Now, if we were to look back 20 or so years when the rich aren't paying
their fair share movement began to really pick up steam, the top 1% of wage earners paid 38% of the total
federal income tax bill in 2008. In comparison, the bottom 95%, the bottom 95% of wage earners paid 41%
combined. And this wasn't a one-year anomaly either. In 2007, the top 1% actually paid more than the
bottom 95% paid combined. And you might think facts like these would be enough to put the smack
down on to the rich aren't paying their fair share fallacy, but it hasn't. I mean, it's still out there.
A complete delusion that the majority of this country hold as an unquestionable truth. But how can you
blame them? The president says it constantly. And the wealthiest 1% of Americans have just began to pay
their fair share. I just think it's about just paying your fair share for Lord's sake. Just pay their fair share.
Paying their fair share of taxes. Just their fair share. So it must be true. The problem is not necessarily
that he's wildly misinformed about how much the rich pay in taxes, although it could be. I mean,
maybe he doesn't know. But more so the problem is the assumption that's built into that statement.
Saying the rich aren't paying their fair share assumes that the government or other members of society have a right to your wealth,
of which per our unalienable rights documented in the Declaration of Independence, they do not.
And who determines what's fair anyway? And why does the amount always seem to be increasing?
The most recent government data available shows that in 2018, the top 1% of income earners,
Those who earned more than $540,000 in a year earned 21% of all U.S. income while paying 40% of all federal income taxes.
The top 10% earned 48% of the income and paid 71% of all federal income taxes.
Those are significantly disproportionate amounts and pose a legitimate, and I'd say an inarguable argument,
that the rich are paying an unfair share.
Now, I realize this could be a very unpopular sentiment.
But don't kill the messenger.
I'm just reading straight from the IRS data.
If you happen to know someone who thinks the rich don't pay their fair share,
feel free to share this with them.
I mean, if our leadership and its enabling mainstream media
won't share the truth, someone has to.
even if that truth hurts.
Now, investors, pay attention.
Biden's coming after your wealth in other ways beyond income tax.
So the first proposal for investors,
he's increasing most people's realized capital gains tax from 20% to 25%.
However, there are some exceptions and some escalations based on a person's income.
But it's the president's proposed 43.4% capital gain,
rate that is supposed to hit only those earning $1 million or more, that's what I want to draw
your attention to. You see, you may not be a millionaire investor and feel it's not a big deal,
but if you bought a house, say, 30 years ago, that is now worth over $1 million, you could be
impacted. And considering the booming real estate market of the last 18 months, there are quite
a few people that just entered and likely unknowingly millionaire status per the IRS's definition.
And here's how it can get you. Wages can face federal tax of 40.8% once you include payroll tax,
but hiking the top 23.8% capital gain rate to 43.4% would be a staggering 82% increase.
And then if you add state taxes like, say, California's current 13.3% rate, the government
government gets most of your gains. Well, I'll just sell quickly before this goes into effect.
You may be thinking, I understand it's a natural reaction to a looming tax hike like this,
a significant one. But as proposed, the rate hike is already in effect for sales after April 28,
2021. So, too late. The second proposal for investors, Biden now supports taxing your
unrealized capital gains, money that you haven't made yet. You see, this was once just a novel
idea authored in 2019 by Oregon Senator Ron Wyden, who currently stands as chair of the Senate
Finance Committee. This now has President Biden's support. I made a video on this, just six
months ago, and several people in the comments dismissed it as ridiculous nonsense. But here it is,
right now, up for vote, with this time the president's endorsement.
So here's the deal. Under current law, people pay capital gains taxes only if they sell an asset.
This new proposed law, people would pay capital gains even if they didn't cash in on their assets.
Now, under the current proposal, this would apply to billionaires only.
But this would be a significant fundamental reform of the tax system.
of which would break the proverbial ice to a further reach than just billionaires.
Sound far-fetched?
I mean, six months ago, you all thought I was crazy.
Listen to this.
If passed, it would redefine taxable income for just a few hundred people,
such as billionaires like Jeff Bezos and Warren Buffett.
Now, there's not going to be a whole lot of sympathy for these guys.
And based on their fortunes, I mean, I'd imagine they'll hardly feel it.
So as of now, there is no official estimate from,
this proposal. But a similar idea initiated in 2019 by tax professors Lily Batchelder and David
Kamen, who are both now senior Biden administration officials targeted a larger group, the top 0.1% of
American households. Here's why this could be problematic for you and I, even if we're not in the
top 0.1%. You see, they know taxing unrealized gains.
would be a tough horse pill for Americans to swallow.
So let's start small, they think,
and let's just propose it for a few hundred billionaires.
That would be a much smaller pill for the people,
one that should go down much easier.
But they've already done the math on the next group
of unrealized gains to target, the top 0.1% of households.
Now, that doesn't sound like a big leap, does it?
I mean, it's just 0.1% of households.
How big of a leap could that be?
It's a leap of a few hundred billionaires to 1.2 million households.
You see, once that initial billionaire pill has settled and digested, the second 1.2 million
household pill will go down a little easier too.
And then whose unrealized gains are next on the list.
This could be a very slippery slope.
Third proposal for investors.
President Biden wants a bigger piece of your investment income too.
The plan proposes an additional 3.8% surtax on passive income.
Income from your investments like your cash flowing income properties.
Fourth proposal for investors, he's also coming after your retirement.
You see, initially, he was after your 401k with a drastic proposal that would upend
existing tax preferences for retirement saving.
in 401k style plans.
That seemingly was put on the back burner for now
with this proposal.
I don't think it got the support that he was hoping for.
So rather, he's working on a backdoor entrance
through the Roth IRA by eliminating the Roth conversion
of after-tax contributions to traditional individual retirement accounts.
And he's limiting the types of investments
that can be held in these accounts.
Now, if you don't know, the Roth conversion,
it's a little known tech.
technique, but perfectly legal and available and profitable for all Americans, allowing people to
make annual tax-free retirement account contributions above government-imposed limits. The backdoor Roth
strategy lets participants invested in 401K plans put as much as $58,000 a year into their 401k account
and convert a substantial chunk of that money to a tax-free Roth account with a minimal tax-hit,
if executed well. So if you're hip to this or your CPA is and you have the ability to do so,
do it while you can because unlike the previously mentioned, the experts are predicting this one
to sail right through. And this is unfortunate because the average balance today for a 401k
at the age of retirement is less than $200,000, hardly a retirement, a 401k investor who saves
$35,000 for 25 years and converts those contributions regularly to a Roth would have an estimated
$400,000 more at retirement. Now, that's still short of a respectable amount for one's retirement,
but it is at least double. Okay, last thing on these proposals, a fun fact, if you will.
I mean, it's kind of like, you know, when you hit your funny bone, you laugh, but it hurts like hell.
Most of the proposed changes that you have heard are to impact just the.
those who earn $400,000 a year or more, of which is a completely arbitrary number, by the way.
No one has been able to figure out where that number came from. So most of these changes would
impact your upper middle class and rich, your small business owners and your investors. Yet,
likely have little impact on the richest of the rich. And here's what I mean. You see,
the richest of the rich earn very little from actual paychecks. For example, Mr. Bezos is
salary as the founder of Amazon in 2020 was just $81,840.
So new income taxes will have zero impact on the richest man in the country.
Mainstream media is ripping us apart. This is news to bring us together and make some money
in the process. Tick-Tock said it has one billion monthly active users globally, a 45% jump from July
2020 and a much bigger jump from January 2018 when it had just 55 million. Blackstone sold the
Cosmopolitan Casino and Hotel in Las Vegas for $5.65 billion to MGM. With total profits of $4.1 billion,
it's the single most profitable sale in the investment firm's history. And Polestar, a Swedish
electric car maker backed by Leonardo DiCaprio is going public at a valuation of $20 billion. And say goodbye
a single-family zoning in California.
And this is a big deal in a state where homeowners have fiercely fought any changes to single-family
neighborhoods.
California Governor Gavin Newsom is catching up on his to-do list after the failed recall election
and just signed two important pieces of housing legislation.
One is SB9, which eliminates single-family zoning in most neighborhoods across the state
and gives single-family lots the ability to be divided into two lots where duplexes could be
built on each lot.
So that seems like a terrific opportunity for builders and investors.
But if you thought California was a congested place to live now with this,
it's on its way to be coming even more so.
The other piece of legislation, SB10, will make it easier for cities to build
multifamily apartment buildings in some areas.
The Fed's senior policy makers are now saying they could raise interest rates sooner than they expected.
They had previously anticipated higher rates in 2003,
but are now saying they could raise the short-term rate by a quarter point sometime next.
year. Higher interest rates will help control inflation, which is currently running around 4%
or double what the Fed would like to see. Get your refies done. That's what I'm saying before these
incredible rates go up. And if you have the ability to grab some more bank money to buy property,
that's a good time to do that too, despite the property prices. You know, the rates will have a bigger
impact on your affordability than the purchase price. And then considering inflation,
a long-term low-fixed rate loan is as valuable of an asset as the property itself.
Just saying.
New claims for unemployment benefits jump to a one-month high of $351,000.
The surge is due to a backlog of claims in California.
They apparently piled up as California worked on new technology to improve efficiency
and prevent fraud.
Weekly claims had hit a pandemic low in early September of $312,000.
Interesting that this could happen when there are currently 10,000.
million job openings in the U.S. right now. But it is what it is. Housing starts and new permits
were both up in August as builders ramped up their residential construction activity.
Realtor.com reports that multifamily demand is being driven by renters and remote workers who are
moving back to the cities. All that construction activity has resulted in an increase in new home sales.
The government says new home sales rose 1.5% while existing home sales were down 1.5% as buyers scoff
at high prices and a lack of affordable inventory.
July marked the fourth consecutive month in which the growth rate of home prices set a record,
according to the latest S&P CoreLogic Case Schiller National Home Price Index Report released on Tuesday.
The index showed a 19.7% annual gain for the year ending in July 2021,
up from 18.7% a month prior.
This is the highest annual rate of price growth since the index began in 1987,
and the 14th consecutive month of accelerating prices.
The good news is inventory is rising.
Market Watch reports that it's up about 16% since a low point last winter,
and that should slow down appreciation.
And I say it should do that, but we'll see.
Mortgage rates are still idling below the 3% level.
Freddie Mac says the average 30-year fixed rate mortgage rose just two basis points last week
to 2.88%.
The 15-year was a...
up three points to 2.15%. Amazing. Get that bank money. The forbearance rate finally hits a pre-pandemic
level. The total number of loans and forbearance declined by four basis points to 2.96%
according to the Mortgage Bankers Association.
It's not a passing fad. It's the future of money. What happened this week in cryptocurrency?
Strike, CEO Jack Mallors, shares his bull.
Bitcoin price predictions with Anthony Pompliano on the Best Business Show podcast.
I think we're going well into the six figures.
When it happens, I don't care.
I think within the next 12 months, we'll see well over $100,000 Bitcoin price very easily.
I expect $100,000 to $250,000, maybe $400,000 Bitcoin price in the year 2022, easy.
And on the Bitcoin network side of things regarding the relationship between Twitter and
strike, he elaborates, in addition to the services currently enableness,
through tips. People can now seamlessly tip with Bitcoin using Strike, a payments application
built on the Bitcoin Lightning Network that allows people to send and receive Bitcoin. Strike offers
instant and free payments globally. By integrating direct Bitcoin payments, Twitter is paving
the way for the Bitcoin price to surpass $300,000. And if you haven't heard, Jack Dorsey's social
media platform Twitter has officially enabled third-party Bitcoin tipping search.
services for iOS users, giving them the ability to seamlessly pay one another across the globe,
nearly instantly. Sending money is now as easy as sending a direct message. Western Union better
step up their game. There's still a high probability that the U.S. is just going to follow Canada,
maybe with a futures-based Bitcoin ETF. Bloomberg Intelligence Senior Commodity strategist Mike
McGlone told Stansberry research last week. McClone also doubled down on his 100,000,
thousand dollar Bitcoin price prediction. Forecasting Bitcoin will hit the psychological level by the
end of 2021, but potentially as soon as October, like right now. Crypto veteran Bobby Lee thinks
Bitcoin will skyrocket and price by the end of 2021. I don't officially give financial
advice, but personally, I'm confident that the latter half of this year, Bitcoin will go back
above $65,000. I think it'll peak out over $250,000 later this year. And that wraps up the
big show. If you found this episode valuable, who else do you know that might too? There's a good
chance you know someone else who would. And when their name comes to mind, please share it with them
and ask them to click the subscribe button when they get here and I'll take great care of them.
God loves you and so do I. Health, peace, blessings, and success to you. I'm Matt Terrio.
Living the Dream. Yeah, yeah, we got the cash flow. You didn't know home world, we got cash low.
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