183 IRA Crisis in Congress! – Passive Accredited Investor Show

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183 IRA Crisis in Congress! – Passive Accredited Investor Show

IRA Crisis in Congress!

Today’s guest, Jeffery S. Watson, is an Ohio attorney who has had an active trial and hearing practice since 1991. Jeff has also been a real estate investor since 1994, investing in both residential and commercial properties. He currently represents established real estate investors in commercial and residential matters when the transactions involve self-directed retirement accounts. He has become recognized as a thought leader and teacher in the field of real estate investing, self-directed retirement account transactions, and wealth protection.

Timestamps:

0:01 – Today’s guest: Jeff Watson – https://www.watsoninvested.com/

1:58 – Who is Jeff Watson?

3:28 – RA Crisis – Budget Reconciliation Act cripples the use of Self- Directed IRA’s in Real Estate

4:08 – Four big things in the Budget Reconciliation Act that can blow up the real estate industry and your investments in it

4:49 – The hidden Bomb in Section 138312

5:49 – Why Section 138314 is disastrous

6:32 – The story of Paypal

7:43 – How to Take Action to Stop the Budget Reconciliation Act – https://www.handsoffmyira.com/

12:18 – When will this bill come to effect?

12:58 – Contact your Congressman to stop the Budget Reconciliation Act – https://www.votervoice.net/NREIA/camp…

15:16 – The crucial timeline to stop the Budget Reconciliation Act

21:15 – The Budget Reconciliation Act will hurt the entire economy it doesn’t matter if you have IRA or not.

22:57 – It’s not about the money, it’s about control

26:08 – Wendy’s message: Move forward & Take action

26:45 – The ripple effect in the real estate industry loan.

28:29 – Make a Difference Today! – https://www.handsoffmyira.com/

30:24https://www.CarolinaHardMoney.com

Carolina Capital is a hard money lender serving the needs of the “Real Estate Investor” and the “Small Builder” borrower who is striving to build wealth and generate income for themselves and their families. We offer “hard money rehab loans” and “Ground-up Construction Loans” for investors only in NC, SC, GA, VA, and TN (some areas of FL, as well).

As part of our business practices, we also serve as consultants for investors guiding them to network with other investors and educating them in locating and structuring transactions. Rarely, if ever, will you find a hard money lender willing to invest in your success like Carolina Capital Management.

Listen to our Podcast: https://thealternativeinvestor.libsyn…

Visit our website: https://carolinahardmoney.com

YouTube Channel: https://www.youtube.com/channel/UCYzCFOvEt2n9TchgECLwpww

Facebook: https://www.facebook.com/CarolinaHardMoney/

Wendy Sweet (00:01):

Folks, thank you so much for joining us today on the Passive Accredited Investor Show. We’re really glad you’re here. We’re going to forego all the formalities that we normally do in the beginning because we have an incredibly important guest here this morning, Jeff Watson. He is the bomb. He’s in the middle of all the things that are going on. Jeff, I do want you to tell a little bit about some of the things that you’ve done working with our government, changing things for us. I do want you to hit on that, but he doesn’t have a whole lot of time today and we want to suck his brain dry while he’s here. So ladies and gentlemen, this is Jeff Watson. Jeff, we’re so glad to have you.

Jeff Watson (00:59):

Yeah, it’s my pleasure to be here, Wendy and Bill and everybody else on your amazing team. Thank you so much for having me here and thank you for working me in on this schedule. I really appreciate it.

Wendy Sweet (01:11):

Oh, we were thrilled that you were able to do this for us and, you know, we’re all kind of shaking in our shoes. We’re a fund. We have self-directed IRA money in our fund. If this goes through that’s, you know, close to $5 million we’d have to give back. And then reading an even deeper into it, allowing the IRA investors to only do 10% of a deal. I mean, it’s just, it’s insane. The whole thing is just insane. So Jeff, I’m going to shut up and I’m going to let you just talk. You did a great presentation on Facebook and we just want to expand that.

Jeff Watson (01:50):

All right. So, I know you’re amazing tech team could link back to that if you, if you want to, but let me just, let me just do two things very quickly cause you asked me to do this. My name’s Jeff Watson. I’m an attorney licensed to practice in the state of Ohio. That also lets me talk about federal taxation issues. And that’s, what’s the topic here today. So in the background perspective, some you’re going to say, well, Jeff, you know, what have you been doing in the past? Well, let’s see about 10, 9 years ago, successfully lobbied on Capitol hill in Washington, DC regarding a resale restriction that Freddie Mac and Fannie Mae were doing. They want to stretch out to 120 days. I got it pushed down to 30 days. The language that you see on a deed today coming out of a government back foreclosure that says you can’t resell it for 30 days. I wrote that.

Wendy Sweet (02:40):

Awesome.

Jeff Watson (02:40):

They wanted it out to 90, to 120. We got it down to 30. And then a couple of years ago, I participated in the legislative efforts to change the law in the state of Ohio, regarding landlord tenant issues. With the difference between pets and service animals. We got that clarified, got a huge issue taken away from the groups that were extorting money out of landlords. And currently I have coauthored and worked with Congressman Vincent Gonzales, Democrat of Texas on HR 5013, which is the affordable home ownership act to increase the number of transactions they sell or finance or can do. And we’re going to circle back to Congressman Gonzales and the people on his staff that I enjoy working with a little bit later. But right now, if you use money in real estate, if you have an IRA, if you need money in real estate, if you flip houses, if you invest in notes, if you lend money, if you do anything like that, then you know somebody or you’re doing business or you yourself are doing business with a self-directed IRA, you’re using a self-directed IRA And there is pending in Washington, DC right now, this monstrosity of a bill called a budget reconciliation act that is going to cripple the self-directed IRA industry, and literally cap every IRA in America. And it’s, I’m going to get you the four big things that are going on with this bill. Number one, this bill limits all IRAs to no more than $10 million. I’d like to have 10 million in my IRA. I’m working towards it, but I don’t want the lid to be on there. I don’t want that lid on there for anybody. The second thing it’s doing, which makes no sense to me is it’s capping and stopping conversions from traditional to Roth. It doesn’t matter no more backdoor conversions, no mortared conversions of any kind shape or form makes no sense to me. The treasury is raking in piles of money as people convert from their tax infested, traditional IRAs to Roth IRAs. But Congress has got another ax to grind. Now, here are the two that really kill us.

Jeff Watson (04:53):

There is a section I believe in the reconciliation act. I think it’s section 138312. I closed my eyes to try and remember better, but it’s, I think it’s 138312 that literally says IRAs cannot invest like an accredited investor can invest. And if an IRA has so invested, they must get out of the deal by December 31st, 2023. Now I don’t know about you, but that’s a bad idea for me. It’s for multiple reasons. Funds like yours are going to be horribly hit. And then what are people going to do with this money? How are you going to get the liquidity? I mean, it’s just, I just see a tsunami effect out of this thing coming, it’s going to be a horrible thing. And then there’s the next one, which is section 138314, which is so poorly written. That the best way I can describe it is no IRA will ever be involved in the ownership of any entity whatsoever

Jonathan Davis (06:09):

More than 10%, right?

Wendy Sweet (06:11):

Yeah.

Jeff Watson (06:11):

Well it’s no more than 10%, but we don’t know what they really mean by that, because then they’ve got the direct and the indirect and they say it’s a terribly written piece of legislation, but it goes back to my big point. Some of what they’re saying is, oh, we want to the chairman of the house ways and means committee. I read it today. Oh, we want to level the playing field for everybody. No, you don’t. You’re mad. You’re mad as all get out that your buddies on wall street don’t have access to all this money. And you’re jealous is all get out over one guy that got away with it when he took two mid $2,000 and turned it into a couple of billion.

Wendy Sweet (06:46):

Talk about that for just a minute cause a lot of people don’t understand how that happened.

Jeff Watson (06:51):

A gentlemen by the name of Peter teal was one of five guys from Russian origin that co-founded PayPal. They all five invested $2,000 in a self-directed IRA to buy shares of PayPal when it was a brand new company. When the IRS audited it, the IRS did not know how to read in force or apply 26 USC, 4975 E to E. If they didn’t known it, like I know it, like my buddy, John Hyre knows it. Like my buddy Quincy Long knows it, they’d pop the dude. It had been all over. No issue, but they didn’t know what they were doing. They didn’t know what they were doing. They didn’t know how to read and apply the rule. They’d have popped him then big money to them. And Peter would have never gone on and done more deals and grown that thing so huge. So anyhow, what we’re doing now, and this is really important and I’ve shared it with you guys. I emailed it to you. There’s a handout. I want everybody to get and I want you to share it, share it, share it, share it, share it. It’s got two really important links in there. One to my buddy, John Hyer’s website. HandsOffMyIRA.com. John has put that thing together in a heartbeat with his buddy Hector. And those guys are heroes for how hard they’re working. I mean, John’s working harder than I am. I can tell it because I mean, he’s exhausted when we talk. HandsOffMyIRA gives you more information that I can convey. The second thing is, there’s a link in that handout that will give everybody from the comfort of their own home, the ability to directly contact their elected representative. And they’re both members of both senators and say, listen, and we preload the script. I wrote the script, we preloaded it.

Jeff Watson (08:44):

So it’s a matter of click, click fill in your own address, click, click, and boom! You did it in three minutes. Okay? So there’s no excuse. You can contact your Congress congressional representative. You can contract your two state, your two us senators and say, pull those two sections out of the bill. Pull them, pull them, get them out. Get out 138312 and 138314. Get them out of the bill. Okay. And it’ll let life get back to normal for us. Okay. Now there’s one more thing. And this is the politics of Washington DC. And I’m going to get a little wonky here and then I’ll open it up to whatever questions you want to ask me. This whole monstrosity is being done as a budget reconciliation because the liberal Democrats do not have enough votes to get it through the Senate on a 60 vote majority. That’s a 50 50 split in the Senate right now. So they need all 50 senators to come along on board. And there’s two of them that are dragging their feet.

Jeff Watson (09:50):

We need to encourage those two senators to hold the line. And then in the house of representatives, nobody will tell you this, but did you know that Nancy Pelosi, the speaker has only a three vote majority in the house right now?

Bill Fairman (10:07):

I didn’t realize that.

Jeff Watson (10:07):

There are only three more Democrat votes than there are Republican votes. So if she loses, three people, she’s done. She can’t move a bill.

Wendy Sweet (10:17):

Praise the Lord.

Jeff Watson (10:20):

And I’ve identified eight people that are Democrats that are sympathetic to our message. Two of the eight. I considered myself to have a good working relationship with their offices. Vincent Gonzalez, who I already mentioned earlier, who is a friend of real estate investors. Congressman Gonzalez, Democrat checks, as he is a friend of real estate investors. He has introduced multiple pieces of legislation on that. And his may burring district friend, Henry Cuellar has co-sponsored every one of those bills. Now I’m going to give you some, I’m going to, I’m just going to be straight up. MoveOn.org. I don’t care what your politics are, but MoveOn.org has already circulated emails saying we don’t like Henry Cuellar. He is not a true Democrat. We’re going to run against him in the primary. We want to knock him out. And I got to tell you, Henry is a amazingly decent human being. In addition to being the most highly educated, most degreed member of Congress, okay? The man holds the man holds a lot of degree. The man holds a PhD degree. The man has got a degree in economics. He is. And that, here’s why they hate him. Here’s why they hate him.

Jeff Watson (11:43):

He loves God and he’s pro-life.

Wendy Sweet (11:46):

Wow.

Jeff Watson (11:48):

That’s why they hate him. Okay. So those are some of the people that we’re going saying, please oppose this bill until they take this stuff out. I think the bill’s a bad idea. I think it’s a terrible train wreck of an idea to try and cram through $3.5 trillion more of spending when you have no idea how to pay for it. I mean, I’m going to flat out, tell you folks, if this thing goes through, buy every piece of real estate, you can get your hands on. If you can’t get your hands on it, get an option on it. When would this bill come into effect? Some of it will be effective upon enactment. That means when president Biden signs it will become effective. The IRA stuff will get phased in either when it gets signed or at the end of the year or in two years, depending on what we’re talking about here. But literally I’ve shut down a deal that I was getting ready to do. I talked about it last week, Wendy, when we’re in Richmond, the school I’m going to be doing for my granddaughter. I can’t do it because of this pending bill. My little, my little, my little five week old granddaughter can have a deal where she can buy a house as part of an LLC with her account because of this bill.

Wendy Sweet (12:57):

That’s crazy. Now that you were talking about, if I remember on your Facebook page this morning, you said there was a link you could go to to get specifically to those eight people.

Jeff Watson (13:08):

And I shared that with you in the thing I mailed over to your team.

Wendy Sweet (13:11):

Okay, great.

Jeff Watson (13:12):

My assistant Debbie spent a day double checking names, addresses, phone numbers, fax numbers, emails, and we’ve got it all in there. And it’s up to date within the last 24 hours. I’ve shared it with you so you can share it with everybody you possibly can and how you can contact them by email and by fax and by phone and folks, I’m going to tell you right now, don’t try snail mail. Email, fax and phone, email, fax, and phone, and everything has gotta be. You gotta pull these sections out of this, this horrible reconciliation bill. The easiest way to get started is to go on the link. That’s on the screen right now regarding voter voice. That will let you from the comfort of your home in three minutes or so, dial in bang. You can contact your elected representative and your two us senators. I’ve preloaded the text. We’re good to go.

Wendy Sweet (14:09):

That’s awesome. I already did it, just real quick. I already did it. And I got a, I got a return back from my Congressman already. How cool is that?

Jeff Watson (14:17):

That is amazing. That’s amazing.

Wendy Sweet (14:20):

[Inaudible] Then said, Hey, I’m Ralph Norman from South Carolina

Bill Fairman (14:23):

Well, I live in North Carolina and my Congressman didn’t say squat. He did get the email.

Jeff Watson (14:30):

Call him again, call him again.

Bill Fairman (14:32):

By the way we have that link in the chat. So you don’t have to try and take a picture of the screen. It’s over there in the chat side. You can find,

Jeff Watson (14:43):

It is. Yep. Yep. I’m going to, I’m sorry to cut you off bill. Yes, yes, it is the exact same list of names and HandsOffMyIRA.com because that’s where John and I have been collaborating. I met with a lobbyist. John met with his lobbyists people. We compared lists as to who was the top ones to go after I had six, John had two, I gave him, we put the top eight. And then if you’re feeling really aggressive, if you’re really angry, there’s another nine more people to go after all on that same list, get them all! Get them all!

Wendy Sweet (15:14):

Yeah.

Bill Fairman (15:16):

Jeff, there’s six more legislative days left in this session. So I’m assuming it’s not going to go through in the next six days. However, it doesn’t mean it’s going to be stopped. I mean, it doesn’t mean it won’t go through. They’ll just save it until the next time they meet. Right?

Jeff Watson (15:32):

So here’s where we’re looking at. They’ve got six days to pass a piece of legislation to raise the federal debt ceiling. Some people are saying, if you don’t pass the reconciliation bill with the huge infrastructure package in it, I won’t vote for the debt ceiling. Some people are saying we’ve got to do the debt ceiling first and then the infrastructure. So we’ve got all sorts of squabbling, but I’m going to tell you this right now. And I want everybody to listen to me, folks. This is not an uphill fight. This is a 50-50 chance. We win this thing. If we can shut this thing down over the next six and seven days, which means you have to take action today and tomorrow, because I bet you there’s going to be a vote on Monday. We’ve got to let our voices be heard. If we can get this thing shut down to where they don’t have enough votes to pass it. We have dodged a bullet for a little while longer, but this doesn’t mean anything more than we won the battle, but we still got a huge war to go fight. Okay?

Wendy Sweet (16:36):

Right.

Jeff Watson (16:36):

And the war is going to be this. We’ve got to keep this thing from passing. We’ve got to keep these things out until the house flips in about 14 or 15 months. Cause the house is going to flip. And so we got to hang on to this thing for like 15 months. And then we got a chance to breathe. So that

Jeff Watson (16:57):

So let’s look at worst case scenario. What if it passes? What do we do? What are we gonna do?

Jeff Watson (17:07):

Wendy, I have got some answers for that, but I don’t want to talk about it right now. Okay. I’m going to tell you, I’m going to tell you, you don’t have, you don’t have to totally freak out and panic. Yeah. There’s some problems, but I got some answers on it and I’ve said the same thing to Quincy. Quincy, I see solutions. I don’t want to talk about them right now. Cause I don’t want to talk about winning this. I don’t want to talk about how to, I don’t want to talk about how to triage the wounded. I want to talk about winning the battle.

Wendy Sweet (17:37):

Yeah. I’m with you on that and Quincy is doing some kind of stuff of a, event at 2:00 PM today.

Jeff Watson (17:43):

Yep. John Hyere was on another call this morning at 11 o’clock. Quincy’s doing something at two o’clock. I mean, we are relentless on this. I mean, I was on I’ve, I was, yesterday. Today, I’ll be tomorrow. I just, we’re not stopping because this matters to everybody. This matters to everybody. I am watching people who don’t normally like to even look at each other and RIAs joining hands and fighting together on this one. Okay. Because this matters to everybody. It doesn’t matter if you’re part of national, REIA it doesn’t matter if you’re fan of Quest. It doesn’t matter if you like Equity Trust, Kingdom Trust, My IRA. It doesn’t matter who you like. Okay. This, we’re all in this together. I mean, who had that slide last week at Jim Ingersoll event with the boat in the water where the guys were talking about, I’m glad they’re not drilling holes in my end of the boat?

Wendy Sweet (18:43):

Was that Jim Lennon? That was,

Jeff Watson (18:46):

That was Rich Lennon. That is so appropriate or folks we’re all in this boat together. So if I’m going to, I’ll be blunt. I’ll be blunt. If I don’t. If I find out that somebody comes to me and says, well, how do I restructure my deals now that this has passed? And oh, by the way, Jeff, I just got too busy and I never contacted my representative. I’m sorry. Don’t even talk to me. Don’t even talk to me. Don’t even talk to me. Because if you can’t take three minutes out of your schedule and mute Netflix and pick up a computer, a laptop, a handheld device, and go to that link and do it, I got no use for you. If you don’t have, if you don’t have time to hit a few links and dial a few numbers and send a few emails, I got nothing for you.

Wendy Sweet (19:35):

We’ve been steep for so long, we have to get out of this mode.

Jeff Watson (19:39):

The other thing I’m going to tell you is, Kerryn Hall who runs an IRA administrator out in California. God bless her. I heard what a hard job that’s gotta be. Shared an email, shared a news article with me today that even the reporter had to admit, the average investor is furious over this and Congress is hearing about it. And I’m going to tell you, it’s got a pour it on, pour it on, pour it on, because this is how we stopped the rent. This is how we stopped the eviction moratorium. Do you remember how the eviction moratorium went away back in July?

Wendy Sweet (20:14):

Right.

Jeff Watson (20:15):

And Congress went on recess. Like they’re fixing to do it about a week, according to bill and they didn’t pass the, they didn’t pass a piece of legislation to try and extend the eviction moratorium. That’s because rank and file real estate investors blew them up over the phone and over the emails, I’m not talking violence. I’m talking about lots of communication. Okay. Just in case the NSA’s monitoring my call. We just, we filled their email boxes. We filled their phone boxes with don’t you dare send this thing and they didn’t. And so when investors all come together, when they coalesce, it happens. We gotta be heard. Okay.

Wendy Sweet (20:56):

That’s right. And I love what you said this morning on the Facebook that if you tell four friends and get them to tell four friends we’re covered, we’re covered and that’s really all it takes. As soon as you did that. I posted it on 15 different pages that I know.

Jeff Watson (21:13):

Yup. God bless you. Thank you. Thank you

Wendy Sweet (21:15):

Well, thank you for doing what you’re doing. You do a great job explaining it in layman’s terms of exactly what’s going to happen. And I think people, people think, oh, I’m not a real estate investor. It’s not gonna matter. It will hurt our entire economy like, devastate, I believe because it’s hitting whether you have an IRA or not, it doesn’t matter. It’s going to affect you.

Bill Fairman (21:39):

If you like limited choice, then don’t do anything. Because are you going to have limited choice to capital, you’re going to have limited choices of where you can invest your retirement accounts and that’s exactly what we’re getting here. It’s just, they are directing where you need to go to get loans where you need to go to raise capital where you need to go to do your investing.

Jonathan Davis (22:02):

Where you need to rent your home.

Wendy Sweet (22:05):

It’s a cradle to gregg document,

Jeff Watson (22:08):

Right. This is the first big, bold move to take away Roth IRAs, and eventually force everyone into wall street and government backed security investing only that’s where, if we don’t stop it here, that’s where it’s going to go. So we got to stop it here. We got to stop it here. It’s important that we get this done. I’ve got a couple of minutes left. If there’s a question that you want to ask me, go ahead. But I’ve got another call just starting out. Am I coming back next week? It all depends upon if Wendy and Bill want me back. It depends on what else is happening. Okay.

Wendy Sweet (22:51):

Consider it done.

Jonathan Davis (22:52):

We’ll hold a spot open for you.

Wendy Sweet (22:55):

We will certainly reserve that for you, go ahead Jonathan.

Jonathan Davis (22:57):

I do have one question. So they’re proposing all of this, these changes. Is there, are they proposing like, how much money is this supposed to like, bring into the government? Like what the difference between what it’s bringing in and what it’s costing?

Jeff Watson (23:13):

Okay. Great question. Great question. They’re trying to raise $3.5 trillion. This particular piece of legislation they estimate, will raise $100 million. It ain’t a drop of water in a ocean of what they need to do.

Jonathan Davis (23:34):

So they’re raising three and a half. They want to do three and a half trillion. And this can bring in about a hundred million.

Jeff Watson (23:41):

Yup. Yeah. And when you begin to understand the distance between a million and a billion, and then from a billion to a trillion, you realize we’re talking about pecs, little specks of fly residue on a huge mound in the middle of the forest. Okay.

Jonathan Davis (24:05):

So it’s not about money then it’s so we can, we can all scratch that off. Anyone who was thinking that you can scratch that off your list. It’s not about revenue that are,

Wendy Sweet (24:14):

It’s about control.

Jeff Watson (24:14):

It’s about control. It’s about control and it’s about one last thing. There are a segment of our re elected representatives that are absolutely indignant that people like Peter Teal have got this big of a Roth IRA or people like Senator Mitt Romney, who I don’t trust. I’m sorry. Has that big of a traditional IRA. Believe me, they’d be picking on Mitt, but but Peter Teal’s a more attractive target because Peter Teal got to 5 billion in his Roth IRA. Okay. And candidly, he shouldn’t have gotten there because he didn’t play by a certain rule. And I mean, Quincy and I have talked about this, Hyre and I’ve talked about this. We all have a different opinion on it. And I, Quincy and I are basically flat out saying it was a prohibited transaction. He couldn’t have done it. But anyhow. All right. So, okay. Got two minutes left and that I got about,

Wendy Sweet (25:09):

Thank you so much. We really appreciate you carving out time for us today. We can’t wait to see you next week. Thank you for everything you’re teaching us and we’ll get on it.

Jeff Watson (25:21):

There’s more information constantly going up on these websites that are up on the screen, on my blog and on John’s website. There’s more information. So folks, check it out, check it out, stay in, stay involved. And please do me a favor. Last thing. After you contact, after you contact your member of Congress, after you contact your US senators. And after you’ve talked to in contacted the important eight, please let Wendy and Bill know you did it.

Wendy Sweet (25:47):

Yeah, that’d be great.

Jeff Watson (25:50):

Please let them know you did it. All right. I got to run peace.

Wendy Sweet (25:54):

Thank you Jeff

Bill Fairman (25:56):

Thanks, Jeff. Take care.

Jonathan Davis (25:57):

You let us know that you did. It might be a discount on your next loan. I’m not sure, but.

Wendy Sweet (26:03):

We can trade that out.

Jonathan Davis (26:03):

I think we might be able to do that.

Wendy Sweet (26:06):

I will and that’s for sure. Folks. I want you all to understand how truly important it is that we follow through with that website that Jeff gave us on how we get some letters out and some calls out and some emails out, of course not snail mail to our local representatives because there is, if we really band together, they’ll listen to us. If we band together and do this,

Jonathan Davis (26:39):

Like Jeff said, it’s 50 50 right now, we just have to make enough noise to where we get it over onto our side.

Wendy Sweet (26:45):

That’s right.

Bill Fairman (26:45):

Think about the ripple effect in the real estate industry alone, let’s assume that you have 30% IRA participation in property syndications. And these people now are by law, have to get out of these syndications. That means the sponsor will have to sell assets in order to pay these people off.

Jonathan Davis (27:12):

Either raise cash or sell assets and selling assets is going to be the

Bill Fairman (27:16):

And so if everyone has to sell assets or a lot of people have to sell assets quickly, what happens to the price of those assets?

Wendy Sweet (27:23):

Right.

Jonathan Davis (27:24):

Paul White asked, you have a,

Wendy Sweet (27:26):

Do we have the link to the Big 8?

Jonathan Davis (27:26):

It’s on, HandsOffMyIRA.com. If you scroll down on HandsOffMyIRA.com. He has links to the big eight and then he has an additional nine or 10 that you can contact as well. And you can just download their contact information right off the website.

Wendy Sweet (27:44):

And what were those numbers again? The sections.

Bill Fairman (27:49):

It’s 13831,

Wendy Sweet (27:49):

They got them up there. You don’t have to, you don’t have, don’t strain yourself. And I see John Spears is on here. I haven’t talked to you in a long time, John. I’m glad to see you, my friend. Anyway, we’re really, really glad that you folks chose to join us today. It’s really, really important that we don’t stop here. We’ve got to move forward and take some action. This is why we are in a free country. It’s still free as of today, a far as I know.

Bill Fairman (28:21):

I know that inflation’s going to,

Wendy Sweet (28:22):

Well, it’s a free country and we need to keep it that way because we’ve been shaped for too long. Make a difference today. I’m begging you make a difference today.

Bill Fairman (28:33):

Yep. And again, it’s just pointed out with the amount of money this is going to raise and Jonathan reiterated, this is not about money.

Wendy Sweet (28:43):

It’s not.

Bill Fairman (28:43):

It’s about controlling you and your access to not only capital, but your investing choices.

Wendy Sweet (28:49):

It will make a big difference there at, one of the things that, I didn’t get to even say this to Jeff. One of the things that it says in this document is that if you are a private money lender, somebody who’s lending out money out of your self-directed IRA, you can not be in any deal deeper than 10% of the deal.

Jonathan Davis (29:08):

Well, so yeah, you can’t be in the dealing and you can’t own more than 10% of any entity. That means checkbook. IRA’s, gone.

Wendy Sweet (29:15):

Gone.

Jonathan Davis (29:15):

You can’t do that.

Wendy Sweet (29:15):

Totally gone. That’s right. If you want to try, and if you’re an investor, and a real estate investor, and you want to raise a hundred thousand dollars so that you can go and do a house and you could usually have, you know, one person do that, well, you’re going to get 10. And then,

Bill Fairman (29:31):

And by the way, if you have fractionalized loans where you have that many people in one deal, guess what? It now becomes a security, which means,

Wendy Sweet (29:44):

You can’t do it.

Bill Fairman (29:44):

It’s a vicious circle. Alright. So please contact your Congressman. You got all the information right there. This thing, once it gets permanent on YouTube, all that stuff will be there as well. Please let us know that you’ve contacted your Congress people and tell four other people that you know, as well.

Wendy Sweet (30:07):

Like, share, subscribe, please, share this. Right?

Bill Fairman (30:10):

Thank you so much for joining us. On the Passive Accredited Investor Show. We are Carolina Capital Management. We make loans to real estate investors in the Southeast. If you are interested in making a loan that doesn’t have anything to do with an IRA, click on the apply now tab. If you are a passive investor, looking for passive returns, click on the accredited investor tab, don’t forget to like share, subscribe, hit the bell! Sign up for Wednesday with Wendy. So you guys next week. Thanks so much.

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