5 • 1.1K Ratings
🗓️ 31 January 2023
⏱️ 25 minutes
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Welcome back to this week's segment of the No Limit Minute! I am super excited about today's episode because I'm going to be going through the details of our very first 506(c) deal, which is something I've never been able to do before. Curious to hear the details of the deal? Tune into this week's episode to hear the rundown. Enjoy!
https://threebeach.investnext.com/portal_offerings_2935_coastal-rv-resort_
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0:00.0 | Hey, everybody, welcome back to this week's segment of the no limit minute. |
0:11.1 | And we're going to be talking about something that we've never talked about before. |
0:14.3 | I've never done anything like this before, because I've never been able to do anything |
0:19.7 | like this before. |
0:21.6 | So for those of you just tuning in and you haven't been really following the show or following |
0:26.6 | me or my journey. |
0:28.7 | I have been investing in real estate for quite some time now. |
0:32.3 | It's been about five years actually in the business, four years dedicated solely to larger |
0:37.0 | scale multi-family syndications. |
0:38.9 | And we've now massed a portfolio of about 768 units, 62 million assets under management. |
0:44.4 | And we have another 106 units under contract that we'll be closing here in February. |
0:51.8 | So I have something very interesting that I wanted to do today because this deal is going |
0:58.3 | to be our first ever 506c deal. |
1:03.4 | Now for those of you that have no idea what that even means, basically all it means is |
1:07.1 | that one, you have to be in a credited investor. |
1:09.5 | So you have to be able to meet the qualifications that are credited. |
1:13.0 | So if it's just you as an individual filing by yourself and you have to have made at least |
1:16.9 | $200,000 a year in your day job or on your taxes, the previous year with the expectation |
1:22.8 | to make the same or greater this year. |
1:24.5 | And if you're married filing jointly, then you have to have made $300,000 the previous |
1:28.7 | year under tax returns with the same expectation to make the same or more this year. |
1:33.4 | Or you can have a million dollars of net worth or greater excluding your primary residence. |
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