Buck: Welcome back to the show everyone today my guest on Wealth Formula Podcast is Mr. Mauricio Rauld. Mauricio is the founder and CEO of premier Law Group which is a premier boutique securities law firm. He’s a nationally recognized expert on private placements what we talk about on this show a lot specifically as it relates to accredited investors and the opportunities available to them. He’s also become an expert in the area of opportunity zones which I know many people have a lot of questions about. He’s one of the best SEC attorneys I know. He’s been my attorney and has been recognized as such by the Southern California lawyers magazine where he was previously selected as a Southern California rising star. He’s also a very good friend of mine so Mauricio welcome back to Wealth Formula Podcast.
Mauricio: Thank you, Buck. Great to be back and thanks for having me.
Buck: Yeah man it’s good to see you and you know I know you’ve had a few setbacks physically but you’re looking great and I’m glad to see you back in the saddle again. I’ve described you here as an SEC attorney and you know you were on a while ago right I think probably 100 shows ago and yeah.
Mauricio: This was before you were famous, before this would be number one hit podcast.
Buck: When you were doing me a favor by coming up. For those who don’t know exactly and you know what exactly an SEC attorney, what is an SEC attorney and why would I need one?
Mauricio: Yeah that’s a great, great question. You know I’m an SEC attorney but I specialize in syndication and the reason the securities laws are involved even though most of my clients I think a lot of your investments too are in real estate a lot of people say well why is the SEC involved when I’m buying real estate or raising money to go buy a piece of property the I’m not selling securities well the definition of a security according to the SEC is really broad so it includes the things you typically think about you know stocks, bonds, mutual funds. It also includes things that you sometimes don’t think about which is TIC agreements and profit sharing agreements and side deals and I kind of joke you know hi-5 and shakes because the definition the way I like to do it just to kind of keep it plain is anytime you are taking money from investors where the returns are generating from your efforts you are dealing with a security, and I don’t care what the structure is a lot of people try and get around that or think they’re getting around up by being crafty and you know saying well let’s not make you a member of the LLC let’s do a profit sharing arena or something on the side and that doesn’t matter the structure is irrelevant what matters is whether you’re essentially if your investors are passive in you’re the one doing all the work and you’re active then you’re dealing with a security and therefore you must comply with both federal and state security laws.
Buck: So as you know with my accredited investor group and maybe you can define that a little bit in a second but so we often do private placements which people who are not accredit don’t get access to and a lot of people wonder why that is can you talk about again sort of just as a review what the accredited investor laws are as they relate to private placements and why are they in there well why do we have these laws in the first place.
Mauricio: Yeah so an accredited investor at the individual level is anybody who has a net worth of over a million dollars excluding their primary residence, and the reason for that exclusion is everybody in California several years ago was accredited with all the real estate prices going through the roof. So a million bucks excluding your primary residence or you’ve earned two hundred thousand dollars a year the last couple of years with a reasonable expectation of earning that amount this year, either one of those will make you accredited and if you’re looking through an LLC if you have an LLC you know a holding company or you’ve got a couple partners then you kind of look through the LLC so if all of the members are accredited of the LLC then the LLC becomes accredited, if you have one non accredited member than the LLC is all as also non accredited.
Buck: So why do we have these laws? I mean what’s the point? I mean it just seems a little bit arbitrary and it almost seems to give people you know a little bit too you know it seems unfair because some of the best investments out there are really things that are private placements.
Mauricio: Yeah no I agree I mean I that’s a great question and I didn’t make the laws but I mean the theory behind it is the Congress for whether it’s true or not and I’m gonna argue that it’s not that they determined that if you’ve got a lot of money then somehow you’re sophisticated you know what’s going on and obviously we know that in the real world that couldn’t be further from the truth I mean there’s there’s plenty of people I know that I’ve built under Complete Idiot’s for a lack of a better word and I also know people who don’t have that much means but they’re super smart and certainly certainly capable of evaluating investments. And to add to that actually you know the accredited investment the million dollar threshold was done back in the 80s when a million dollars actually worth something right so now a million bucks really doesn’t even cover that much but they have talked about changing that there’s been some discussions in Congress about maybe having people take an exam a test or something that would prove that they are in fact you know sophisticated or maybe they can bring in a representative and age and a financial adviser that can make them accredited because I agree the the fact that you have money or not really doesn’t equate to your level of sophistication which is really what the SEC in theory is trying to protect is the unsophisticated investor.
Buck: So you know to that point I mean in our group you know with our group we focus specifically on accredited investors because you know from a risk standpoint too it’s just you know make a decision that you know everything that we’re doing has risk in it and if you’re sophisticated but not accredited we don’t you know, we don’t want to put your money at risk necessarily but it also creates there’s also sort of this arbitrary line because as you’ve talked about there is something called a sophisticated investor and and what the heck is a sophisticated investor and who grants you the privilege of being sophisticated, right? So there is a regulation 506 it’s a reg D 506 B which is a lot of what we do within investor club and private placements but theoretically allows for participation of the sophisticated investor. So what makes you sophisticated who grants you that right to be sophisticated?
Mauricio: Yeah so under 506 B you are entitled to take up to 35 non-accredited investors as long as they’re sophisticated and the definition of sophistication is essentially somebody who has the specific knowledge or expertise such that they can properly evaluate the merits and the risk of the investment either themselves or through a representative. So again even if you’re technically not sophisticated you can go hire a financial advisor for example and together you guys can come with a sophistication so that’s kind of the technical definition and it’s your job as a syndicator to know your investor enough to be able to make that decision and know them well enough to make a determination that they are in fact sophisticated, although in our documentation we paper that with warranties and representations that the investors make that they are in fact sophisticated to make sure you’re covered.
Buck: And just to be clear the reason we don’t deal with that is it just becomes such a tricky thing in my view to identify and try to make that judgment but I mean some people do so that is what it is.. Let’s talk a little bit about the JOBS Act, right? The JOBS Act made some of these things more accessible than not accredited investors. Can you talk a little bit about that? I mean specifically as it relates to you know some of the crowdfunding reg triple-A and that type of stuff.
Mauricio: Yeah so Jobs Act was for those of you don’t remember or try and black it out that was back in 2012 into the Obama administration and they you know this is right after the recession and so they were trying to loosen up the rules because under 506 B, even though you can accept non-accredited and it’s kind of a nice a nice exemption you can raise an unlimited amount of money one of the prohibitions is you cannot advertise and you cannot generally solicit and so that places a barrier on capital formation and so as Congress wanted to expand that wanted to get the economy going wanted more people to invest in syndication so they can go out and buy property and stir you know and store the economy so they came out with this new rule 506 C which you alluded to which a lot of people call crowdfunding which technically isn’t true you know I kind of went before I came out I would talk about crowdfunding with a capital C and a crowdfunding with a little c but people call it crowdfunding but essentially just allows you to advertise and solicit it kind of opened those doors with the only limitation really that you could only accept accredited investors and you had to take what’s called reasonable steps to verify that they were accredited, but that opened up your world and you got to the point now where you if you wanted to advertise your deal specifically on any platform Facebook ads your website you could hire one of these Realty mogul companies to market that deal for you, you could do that and you know it’s interesting I thought that was gonna be a game-changer in the sense that it would be used by pretty much everybody because it opened up the world but it turns out for a couple of reasons that I think I know what they are it’s certainly not not proven but it’s kind of my gut, but most people still stick to the 506 B even though they have the option of advertising. I think the verification process sometimes becomes an issue especially with really high net worth individuals, you know they’re not really keen on handing over their financials and all that stuff so almost being equal they’ll probably want to go with someone that doesn’t require that, but it did give you that option to open up the world and I know you Buck I think rely pretty much on that exemption for your thing,m but if you wanted to take only accredited people do 5 or 6 bees and in fact you know the big player is the Goldman Sachs of the world’s Merrill Lynch’s when they do their billion-dollar funds they do it typically under 506 B because obviously they’re dealing with accredited institutions and they have a pretty big database and they have pre-existing relationships with all of them.
Buck: So it’s interesting for me is what you know we did do some things that as you know we’re a little bit higher risk in the digital currency space and stuff and those were ones that I definitely wanted to do 506 C’s in because I felt like they were so high risk and I did not want you know I didn’t want people sort of faking their right right other money and so actually we did get audited and you know people think that you know you do all this stuff you’re spending money you’re putting together a private placement but well now no one’s ever looking we got audited.
Mauricio: And from the SEC no no less that’s pretty rare.
Buck: From the SEC. Now it’s probably because it was related to digital currency but the good news is we did everything right. We dotted every I we crossed every T and we sent him this huge packet of information was what we did, and the good news is they said okay you did it right no change and carry on the bad news is it cost me about ten thousand thousand dollars but they can do that and people don’t realize that yeah you know there really is risk here and so you have to look at not only you know you have to look at not only the investments but you have to look the people around them and one of the things I think that you have to be careful about is if you have people who are operating who don’t seem to be following the rules you have to wonder about everything else they’re doing I mean I that’s one of the things that I personally think about when I’m investing.
Mauricio: Yeah when I actually at some point I did a report for another company or private client about sort of what if you’re a private investor you know private yeah probably investor what kind of due diligence or what are the steps you should take to kind of do your due diligence on this syndicator and that was one of them like you know are they complying with all the docs because if they’re cutting corners and not doing a private placement memorandum and not hiring an attorney and kind of doing it themselves then you know where else are they trying to save a couple bucks and and cut the corners so that’s kind of a red flag to me. And actually I’ve gone through this experience where at least twice now I’ve had clients who asked me to review documents and I looked through them I said look this is really I mean these are terrible this is definitely not in compliance. But the good news in print and in quotations is that when if they do an illegal offering the repercussions and they’re essentially guaranteeing your investment so I said hey look worst-case scenario this thing goes south they’re guaranteeing your investment assuming they have the money obviously to pay you and sure enough both of those deals two years later went south and you know I got a call from them saying look how do I get my hundred grand back and we went through that process but it’s it’s definitely one of the red flags if they’re not doing if they don’t have all the paperwork properly done.
Buck: Yeah and I think that’s exactly right. I mean it’s really yeah they can quote unquote guarantee your investment but chances are there’s not convening money for you to take I mean it’s right people who are not we’re not trying to you know be somewhat careful about these things. Now I want to switch topics you have become a little bit of an expert on opportunity zones. I mean well where’d that come from? How did you know this is the new stuff how did you get involved with Opportunity Zones and become sort of the go-to guy on that?
Mauricio: Well my clients I mean my clients you know this this thing came out a couple years ago at least the initial rules and it’s been kind of in the works for a while and it’s so exciting and a lot of my clients were calling me and saying hey have you heard about this opportunity zone think and we do in opportunity zone and I’d like to do one what’s your experience this at the other and so I just realized and all the chatter in social media I just knew that this was gonna be a huge thing and so I wanted to get a little bit of in front of it so that when you know when this was ready to go which literally just happened three or four weeks ago I don’t know what day to say I think it April 16th is when the sort of the new rules the the final rules came out to the point where we’re now comfortable moving forward I just wanted to be in a position that that I you know was ready to go and I knew all the stuff so I just started studying this quite a bit attending conferences and writing reports on them in order to educate my clients and because it really is at the very least a very interesting investment that somebody should be aware of and obviously you’ve got to make in your own decision whether it’s for you or not.
Buck: Yeah so let’s talk about specifically what’s the big deal what is an opportunity zone what does it present us with that we didn’t have before?
Mauricio: Yeah so this is also part of the new tax reform that President Trump came up with a couple years ago and an opportunity zone is simply just a geographical area that just really needs economic incentive. They’re just these dilapidated areas think of you know Detroit you know where I remember a few years ago you could pick up a single-family home in Detroit on your credit card and it still wasn’t a good deal because of all the bad things. So there’s all these areas in around the United States that just need economic injection that they’re just they need help and so Congress created along with actually with the states with the governors in the states they they selected they’re about 9,000 of them and every state has one and every major metropolis actually has one even Manhattan a little plate just has a couple these opportunity zone and so again it’s just you know it’s Congress using the tax code you know we if we remember our good friend Tom Wheelwright always tells us the tax code is really a series of incentives and it’s a way for the government to make you do things and steer you in a certain direction you know they want you to create jobs they want you to buy real estate they want you to buy oil and gas which is why you get these tax breaks they’re doing that so they want you to invest in these areas that you probably wouldn’t invest otherwise and so they’ve created these huge and I mean massive tax incentives let’s go through them because they’re so exciting massive tax incentives for you to actually go out there and put your money into one of these zones.
Buck: Right. So let’s talk about those incentives specificallly.
Mauricio: So on the tax side and the way I kind of you know these are tax laws and so they they get a little bit overwhelming confusing so the way I kind of in my mind I like to organize things it’s like I look at the good the bad and the ugly. That’s kind of the way my brain works and that’s how I wrote my reports and the opportunity zone the good and bad get. The good is obviously the tax break and there’s really four tax benefits and first of all you’re dealing with capital gains that you currently have that you are receiving. So you’ve sold something whether it’s a piece of real estate where the stocks bonds precious metals your Ferrari doesn’t matter that’s one of the benefits of it the source itself is matter but now you’re sitting with the capital gain do you have to pay taxes on what you can do is almost like a 1031 exchange you can take that capital gain invest it in an opportunity zone that has to be through an opportunitiy zone fund when you invest in the opportunity zone and you get four tax benefits. The first tax benefits is the deferral. So you get to defer the tax you don’t have to pay your tax until December 31st 2026. So currently it’s about seven and a half years when we started there was ten years but obviously is every month goes by that window shortens and there’s I haven’t seen any talk of extended it so the gain number one is that you get that deferral. The second benefit is if you hold that investment in the opportunity zone for five years you actually get a 10% discount on your tax. So let’s say you you know you have a $200,000 capital gains you would actually deduct ten percent that’s $20,000 and you would only pay the gain on 180 as opposed to the two hundred so that’s you know a nice little bonus. This third incentive is if you hold it for a couple more years and hold it for seven years then you get a fifteen percent capital gains discount so five percent more which is obviously is better than ten fifteen is better than ten. And then the final benefit which really is the main benefit is that if you hold the investment for ten years which I realize is a long time but if you hold an investment for ten years, the entire capital gain from that new investment is tax-free. Tax-free. Not deferred, not you know whatever tax-free. So if you buy a building in Detroit Michigan which I haven’t checked but I’m sure there’s a couple of but cities owns there you buy it for a hundred thousand dollars then ten years later you sell out for four hundred thousand dollars then that three hundred thousand dollar capital gain is all yours tax-free.
Buck: Got it so you not only do you save the capital gains from the actual investment but from your initial investment but then the capital gains once you exit the fund as well?
Mauricio: Yes correct correct. And that’s tax free. The one your current one that you’re exiting you only get to defer it for a limited amount of time at this point it’s almost seven and a half years and you get a little bit of a discount but at some point you’re gonna pay the piper so by December 31st 2026 that’s going to trigger your capital gains and you’re gonna have to pay your taxes but it’s gonna be at a 15% discount, but again you’ve been able to defer you’ve been able to defer that tax for seven years which is nice. Again it’s similar to a 1031 exchange there’s there’s good and bad let’s jump to that real quick. The good it’s better than 1031 exchanges because you don’t have to go from property to property like-kind exchange you can go from stocks to real estate or precious metals to real estate or anything to real estate that’s nice, the bad news is or the negative is with a 1031 in theory you could defer that eternally forever and infinitely but with this one it only goes till 2026.
Buck: Interesting because that’s actually something I just learned because I was under the impression that you were permanently you know that the basis essentially was stepped up at year 10 even on the initial gain.
Mauricio: No, yeah that’s correct the technical way they do is they step up the basis so he steps up ten percent the basis steps up ten percent after five fifteen after seven and then and at some point you got to pay the piper which means you’ve got to be a little bit careful because if you’re holding on the investment past the seven years on December 31st 2026 that tax is gonna trip be triggered whether you sell the property or not just make sure you’re aware of that because you’re gonna get a tax bill the following year when you pay when you file your taxes in 2027 in April you’re gonna have to write a check for that capital gains that you claim you know you’ve got seven years ago so you just got to be aware of them and have your liquidity set up.
Buck: Yeah you know and that’s where I think things get potentially a little complicated because the Devils in the details. I’ve been looking at this stuff and I’m you know as you know at a recent meet meet up I we saw each other there a couple months ago with Ken McElroy and you know be a David Steele out there from Western Wealth Capital. so I was talking to those guys about this type of stuff and I was kind of surprised that they generally we’re not terribly interested in this kind of thing and well and when I asked why I think you know I think it was Ken who said he felt like a lot of the required improvements etc seem very expensive onerous can you talk about some of those obstacles that maybe they’re referring to?
Mauricio: Yeah that’s one of my quote/unquote bad or probably the the main bad thing is one of the requirements from the fund is that within 30 months of the investment you must make what’s called substantial improvement to the property. And that means essentially investing the same amount of money that you pay to buy the property of the improvement you’ve got to invest that over that 30 month period. So for examine this is only on the improvements and not the land so let’s again for easy example if you buy a property for $100,000 and you allocate 20% to the land and 80% to the building then that building cost you $80,000 you must invest an additional $80,000 to substantially improve the property because that’s the whole point the whole point is to you know inject capital and get the economy going in these in these area so that is definitely one of the negatives. Now there are there were a couple of positives that came out from the new the final rules and one of them is if the property has been vacant for a while and for a while turns out to be five years and surprisingly there’s a lot of those in these things or an unsurprising there’s a lot of these in these areas then you don’t have to you don’t have to substantially improve if the apartment or whatever’s been vacant for five years. Similarly if you’re just buying obviously if you’re just buying land nothing for you to improve and if you’re doing a development deal then that development will obviously count towards the improvement so it’s not like you have to develop the land on top of that put additional capital but yes that is definitely one of the quote unquote bad from the good the bad the ugly is that you must do the substantial improvement and that may be a turn-off for some.
Buck: You alluded to another thing which I’m trying to get my head around these guys that I mentioned you know Ken McElroy MC companies and Dave Steele from Western Wealth capital those are the guys that I either invest with or work with and invest with but you know they don’t currently they don’t use fund structures right they don’t they don’t have like a structure they typically go after individual assets you know they might take down a 300 unit building or a 4 unit building somewhere. But in these kinds of opportunity zone situations a fund is required, is that right?
Mauricio: Yeah but it’s not it’s not required yes it’s required but the definition of a fund is simply setting up essentially an LLC in our case it’s real estate it has more than you know more than one person so it’s a two-person thing so in theory you and I Buck could get together create our fund and go buy a piece of property together. It doesn’t have to be a syndication it doesn’t have to be a blind what I think of a fund typically the blind pool where you’re raising a bunch of money and then you’re gonna go out and look for properties most of the people that are going to do this are going to first identify the property and then raise them either raise the money to go buy it or just get together with two or three other people and take it down themselves so it’s a fund but it’s not the blind pool thing.
Buck: So it could be asset specific?
Mauricio: Oh absolutely no absolutely
Buck: Got it actually just like one great big building they could take down.
Mauricio: Yeah yeah.
Buck: Well that’s interesting.
Mauricio: Yeah and I think the other and I thought they brought this up but I think for me one of the negatives that you have to really pay attention to is you know it’s questionable to make an investment purely on you know on tax for tax reasons right. You want to make sure that the investment stands on its merits alone and in my opinion what will happen is you’re obviously creating artificial demand in these in these areas and so you’re gonna be overpaying right? If something costs $50,000 because of these incentives I mean the artificial the man that’s created you’re gonna end up paying 60 70 80 you know the price is gonna go up and so I think at some point it’s gonna level out at some point you’re gonna say well I don’t want to over pay that much for the property doesn’t really it doesn’t equate to whatever tax benefit I’m getting but you’re certainly making investments in places you ordinarily would not make and so you just got to be really careful that the investment itself you know stands up on its own merits and not a hundred percent you know rely on the tax brakes even though they’re pretty attractive.
Buck: And I agree with that a hundred percent and honestly it’s one of the things that sort of kept me from really kind of getting behind this so far I’m not certainly I’m open to it but you know I have people in the group who are selling practices doing you know getting huge chunks you know eight ten twelve million dollars and they asked me about opportunity zones and I mean I don’t I don’t want to give anybody advice but if it were me I don’t think I would be comfortable with that kind of money going into areas that necessarily are redevelopments I mean you talk about Detroit and stuff what I want to spend you know put 8-10 million bucks into a project in Detroit probably not for me personally right. And so those are the those are the things that become very tricky I mean this is not this is an incentive but you know do you do you let the tax you know wag the tail is that I think that you’ve got another question I have with regard to the funds though because I’m just curious how you’re seeing these things set up because you’ve got obviously these multiple stages of benefits and you mentioned the need potentially for liquidity are you seeing at least the stuff that you’re seeing so far how are they structured in terms of people being able to take out money at given times and how are you seeing these funds plan to are they pretty much you know 10-year and then we’re just selling everything no how are you seeing these things happen right now?
Mauricio: Yeah there’s no provision for early withdrawals at least the ones I’ve seen and even if you try and sell this is kind of one of the things that came out and it still looks a little bit vague but from what we can tell it looks like if you’re if you actually do have a fund or maybe a portfolio where you’re buying multiple properties and you start buying and selling right so the fund sells one of the properties and then within the allowable time buys another property the fund itself you know remains in opportunity zones and still remains qualified but the limited partners do actually get hit with that tax the minute they sell that property so we there’s no way out for them at the end of the day you have to understand that you’re getting to a long-term investment that after seven years you have to you know you have to pay the piper and so you’ve just got to have good advice and make sure you can see that coming up because like you said if you if you sold a twelve million dollar practice and would have gotten hit with you know I’m just making this up it a million dollar tax bill and you defer that and then some of these seven years from now you’ve got to pay that million dollars you better have liquidity and you want to make sure that you’ve structured your affairs such that you have that money you know have the money you can liquidate that to make to make that payment.
Buck: And hopefully at the end of ten years your twelve million dollars isn’t still worth just 12 million.
Mauricio: That’s the point and I think you know that’s that I think that’s the concern is that you know you know tax-free on on zero dollars there or a loss isn’t a great deal so if you put picture twelve million and you’ve lost it all or now it goes down to ten you’re not getting any of the benefits from from the tax law so again that’s why you you have to look at the investment. Now just to be clear and this is one of the criticisms which which is is not good for the overall really the spirit of the law but maybe for real estate investors it’s good is there are a lot of areas that are targeted as opportunity zones that may not really be as dilapidated as the Detroits of the world so there’s specifically I’ve read there’s a lot of neighborhoods or zones in in Oakland California for example which which aren’t that bad so it’s maybe they don’t really need the money as much but it’s categorized enough cities and probably if you look at Manhattan that’s probably another area that you may want to take a look at to see you know so they’re all opportunity zones are not created equal and I think that’s one of the reasons well there’s two reasons I think people are trying to get in front of the in front of this number one is for that it’s just to gobble up those those those zones that are the other that are better than others owns make sure they get in first number one to take advantage of those zones but also to not overpay look at I think I said as the time goes on you’re going to be overpaying or paying more for the property. The other thing that people need to realize and remember is if you want the full tax benefit about fifteen percent discount you’ve got to get your money in there before the end of this year by December 31st of this year because if you go if you invest next year you’re not going to get to seven years you’re gonna get the December 31st 2026 which is what it triggers and you’re not gonna make to seven years so you won’t get that benefit of that additional 5% so if you want the entire 15% discount you have to get into an opportunity zone fund by the end of this year which is another reason people are rushing to get this thing set up and people making investments in them.
Buck: And I think one of the things that anytime you have a situation like this and I’ve been cautioning my my group that asked me about it and again I don’t I just don’t right now currently know of opportunities that I would invest in personally but I think especially when you have things like this happening that sound like wow that’s a really really good idea, you have to be especially careful for charlatans in situations like this, right? Where at the end of the day you know you still have to deal with operators you still have the same elements that you have to deal with and so you know there’s a lot of people who are getting involved and I know a couple of them they absolutely don’t trust who’ve been talking this up like crazy but I know that the way they’re gonna make their money is by upfront fees and then they’re just gonna you know if it works it works and if it doesn’t it doesn’t right I mean right you have to be really careful because there’s so much hype around this right now.
Mauricio: Yeah you definitely want to make sure I think this is true with any investment but you definitely want to make sure that your sponsor whoever is putting the deal together that your interests are aligned with theirs that they have the same incentive so clearly somebody who has a lot of fees upfront and really doesn’t care whether there’s you know any profit in the deal and just fees the thing to death is not as good as if somebody I don’t want to I’m not endorsing this but some people don’t take any heeds upfront at all which I don’t think either it’s the other extreme but they basically don’t get paid until the back end and only if you make money I make money which sort of the other extreme but this is probably more more pronounced in the opportunity zones because you’re right if these things go south these promoters will will end up making money anyway because they’re taking it on upfront fees and maybe some asset management fees during the first few years and then by the time the thing goes south you know they’ve already made some money.
Buck: Yeah in other words the same rules apply. I know you’ve been working on a report about this for people who are interested how can they get their hands on that?
Mauricio: Yeah I put together a report called the anti lawyers guide to opportunity zones the good the bad the ugly and if you want a copy of it just feel free to email me at firstname.lastname@example.org again email@example.com. Just put you know Wealth Formula on the rail line and I’ll send you a copy of it as soon as it’s done.
Buck: Yeah and we’ll put that in the show notes too as that email or if you want to just shoot me an email if you can’t remember you can’t spell premier or something like that you can shoot me an email and happily forward it to my friend Mauricio here because you’ve got all sorts of fancy blockers on your email so you’re not…
Mauricio: Not on that one.
Buck: Anyway Mauricio it was great to have you back appreciate it. Tell us also about Premier Law Group and what kind of services you’re you’re doing there.
Mauricio: Yeah we are as I like to say the premier syndication attorneys and a hundred percent of our practice is syndication so that’s all I do I work on with real estate investors I think all of my a hundred percent of my clients are real estate investors and 99 percent of my deals are real estate related so if you’re out there looking to raise capital happy to talk to you. You can look me up on on YouTube when facebook I do a lot of videos I like to add value that’s kind of how I kind of contribute so if you are looking for some additional information you can either check out the website at PremierLawGroup.net or find me on Facebook or YouTube and you’ll see some of some of my videos that I’ve been putting together that have actually been pretty well-received I just started doing them about a month ago and I’m getting some good traction with them so love to share them with you.
Buck: So awesome man well again thanks a bunch for being on the show and we will be right back.