I was looking around Google for an old article on tax strategies and this five-year old video of myself happened to pop up.
I’m interviewing a tax expert about how real estate investors avoid paying taxes in perpetuity—AND how everyday citizens can do the same thing.
There’s the 1031 exchange, of course, which I’ve shared with you guys before.
Just to refresh your memory, the 1031 Exchange allows you to roll over gains from your last project into a new property TAX FREE—as long as said property is worth the same or more.
But there’s ANOTHER TAX LOOPHOLE that can take your portfolio to an entirely new level by splitting your capital gains into MULTIPLE properties.
So I thought I’d share it with you guys. 💎
You can check it out here.
Let me know what you think. 😎
PS: In our next update, I’m going to break down how real estate moguls get paid from their properties…tax free. 👀
PPS: If you want to learn how to implement generational wealth strategies like this one, you can join our NYCE wealth academy (TRIBE U) here.
How I run a $300M+ business from the beach…(and how you can TOO!)
Yes, you read that right.
If there’s anything the pandemic taught us, it’s that the paradigm of “office” and “workspace” has been shaken to its CORE.
Universities are teaching via Zoom, court dates are done virtually, FULLY REMOTE businesses are valued at $1B+, and legitimate Inc. 5000 startups are run from…wherever. 📲
This is my office for the day…
I am actually running our business from the beach, typing this from here.
It’s 4:28 pm CET, which means it’s 10:28 am EST and I am CRUSHING my to-do list.
(And the team will continue to crush it while I’m asleep. That’s the 🗝)
So how did we get here?
As a result, we shut down our main office and set EVERYTHING up to run remotely…
SMOOTHLY! And a system that allows us to outperform competition by 200%. (You can build this system, too. More on this in a second.)
Here’s what we were able to do since then:
- Gained 6M+ followers across all platforms 📈
- Add 1500+ new apartments to the portfolio 🤑
- Grow to $300M in real estate 🚀
- 105% investor returns 🎉
- 700K+ community members 🤝
And here’s the best part…
Having team members in all the main time zones gives us a 24-hour work cycle vs. 9-5/eight-hour on-the-clock performance.
This means we get 3x the productivity of a similar company. 🔥
Let me repeat that…3x PRODUCTIVITY vs. our competitors.
Meanwhile our project management software grants us 24-hour TEAM-WIDE connectivity that tracks all tasks and lets us know if productivity dips even a little bit.
There is ALWAYS someone senior awake. It could be Martin in Barcelona…Nat in New York…Vineet & Arif in New Delhi.
All the while giving YOU GUYS wealth hacks and daily content. 🔥
OK, so how can you do it?!
Well, the first step is to have an actual side hustle you’re launching. Not just an idea, a validated business.
MAJOR KEY: Do NOT spend money until you’ve made your FIRST DOLLAR! 🗝🗝🗝🗝
(You can catch a replay Business Launch masterclass here and see TRIBE member Nessa launched her business on the spot and got her first $45K client shortly after.)
One of the easiest ways to start is with Airbnb—you can start that in 10 minutes. Literally. (Here’s a guide if you need it.)
Once you have your business, you build a virtual infrastructure (you really just need two softwares, which are FREE), manage the team accordingly and run the business from there.
I’m gonna put together a step-by-step video breakdown this weekend inside the new TRIBE U on the FIVE key things you need to do this for YOURSELF. 💵 💎
From what software to use, how to build a team, how to keep.
In the meantime, drop a comment if you’re ready to build some wealth and any questions if you want more…
Let’s get to work. 🙌
NYCE CEO: Apps Like Robinhood Have A Responsibility To Their Young Investors
Investor and popular Instagram influencer Philip Michael says new fintechs need to take greater responsibility for their younger traders.
“Promoting financial literacy is a must, but encouraging risky gambling is reckless,” Philip Michael, NYCE CEO, says.
In 2020, a 20-year-old Robinhood trader killed himself after engaging in risky options trading and seeing his balance $730,000 in the red, leading to a wrongful death lawsuit against the investment app.
“The main apps onboard as many new users as humanly possible, but there’s really no educational process,” Michael says, “and these first-time investors are left to figure things out on their own.”
NYCE—a fintech focused on creating wealth for minorities—wants to create 100,000 millionaires through real estate investments and wealth education.
Through its app, investors can own shares in apartment complexes for as little as $100.
Since launching, NYCE has set records for most new first-time BIPOC real estate owners, buying over 1500 apartments in the pandemic and splitting ownership with its investor crowd.
Once investors are in, NYCE automatically enrolls investors in an online wealth academy (TRIBE) that teaches basic wealth principles, responsible investing and how to spot irregular fads like altcoins and meme stocks.
“Becoming a millionaire is a function of time and habit, not luck and one-time scores,” Michael says. “The micro-investments are really just the gateway drug to that wealth mindset.”
The TRIBE app is LIVE!📱 Here’s how it all started…
Last November, our TRIBAL CHIEF posed a simple question.👇
We received dozens of messages and emails from you all expressing interest in joining the collective. 👇
So, we went to work.
Within ten days, we had the first MVP (minimum viable product). So, we returned to you and asked if any of you would be willing to check it out and give us feedback, aka beta test. 👇
That following weekend, we put TRIBE in the hands of a few beta testers. Each user scanned the site, clicked every link, and pinpointed any errors during the meeting.
Armed with the feedback we collected, our team made the necessary updates to the site.
That following Monday, December 21, 2020, we conducted a special edition of our FB Live 10 Questions. We used this episode to soft launch TRIBE just to our Facebook community. In addition, we used that time to conduct a live walkthrough and answered questions we received regarding TRIBE.
After that 10 Questions session, we officially launched TRIBE and opened enrollment. We were expecting a few submissions, but instead, we received hundreds of applications!!!
Each submission allowed us to learn more about you and helped us define ways we can serve you best.
We ask questions like
What interests you the most?
Have you started a business before?
Have you invested (stocks, bonds, real estate, etc.) before?
And most importantly, why do you want to join our community?
This stage of the journey is called audience development. We learned that 53% of you were entrepreneurs and that over 70% of you were super-focused on learning about investing both in the stock market and real estate.
Best of all, we discovered that 78% of you were willing to commit 5-10 years to learn how to become millionaires. Yay!🙌
Knowing your audience is so important, no matter what business or industry you’re in. With this data, we were able to craft virtual experiences that would help you reach your goals. For example, we outlined a calendar of events focused on real estate, stock investing, goal-setting, and entrepreneurship.
We spent the first few weeks getting to know our founding members through virtual meetings, coaching sessions, and events.
With that in mind, our tech team searched for a solution. In the meantime, we created a group chat through WhatsApp.
We used that chat room to share updates and connect with our members.
In February 2021, we began building the TRIBE social network platform. Our goal was to funnel all community events, updates, and networking under one umbrella.
Our team spent hours designing branded creatives like banners, thumbnails and creating content like how-to articles and videos to populate the network.
We shared the upcoming news about the platform with our founding members first and asked them to check out the site and share their feedback. For the first two weeks, the TRIBE social network was exclusively available to them. However, once they gave us their approval to move forward, we opened doors to the entire wealthgang.
The platform went from founding members to thousands 💪! Not to mention 175K+ (followers, TRIBE members, app downloads, etc.) across the entire NYCE ecosystem. It feels like it all happened overnight. 🔥🔥🔥
As more members joined TRIBE, we conducted more virtual experiences. In addition, we ensured that all events were recorded in case some members were unable to attend; we could share the replay.
However, as demand for replays grew, we knew we needed a better solution to deliver on-demand access.
TRIBE TV was born. To us, it’s Netflix for financial literacy. Through TRIBE TV, you can learn at your own pace.
As the community continued to grow, we added more membership perks like 1:1 and group coaching sessions from experts and 30-day challenges.
So, what’s next for TRIBE?
Today, I am happy to announce that the TRIBE app is now officially available in the App Store and Google Play. (Here are the direct links to dowload: iOS and Android! You can also use Text Me the App here to text yourself and others a quick link to download the app.)
That’s right, a community fueled by a simple social media post has grown to thousands of members, over 100 virtual events, dozens of success stories (hey, Donna!), and now there’s a standalone app!
You know what? We could not have done it without you, our TRIBE community. 🙏
What’s the lesson in all of this? Just start. No matter where you are in life, just start. Start that blog, launch that side hustle, apply for that mortgage loan, invest in that index fund, build that website. No matter what you desire to create, just do it.
You’ll never be ready. We weren’t prepared to build a community that serves thousands. We weren’t ready to produce over 100 virtual events in less than a year. We weren’t ready to build a streaming platform. And we certainly weren’t ready to build two mobile apps in less than 12 months, but we made it happen.
Why? Quite frankly, it’s pretty simple for us. These initiatives move us one step closer to creating 100,000 millionaires. That’s the gasoline that fuels us and keeps us moving. That’s more important to us than anything else.
Through hard work and hardcore commitment, we did it! And you can too!
Always start with why? Our why is always to move one step closer to creating 100,000 millionaires
Build an MVP
Test, test, test
Talk to your target audience so you can learn more about them and their needs
Build solutions to their headaches
Always add value
Work your ass off!
P.S.S. I recommend that you also delete/disable notifications from the Mighty Networks mobile app. Otherwise, you may receive duplicate notifications about TRIBE.