0:10 I appreciate you all joining. 0:12 I just want to mention, why should published into our recording, but just so you know, you can change your name here. All right. I think you right click on your name. 0:21 You can change your name if you want to have some anonymity. 0:26 Yeah. 0:27 An...

I appreciate you all joining.
I just want to mention, why should published into our recording, but just so you know, you can change your name here. All right. I think you right click on your name.
You can change your name if you want to have some anonymity.
Anyways, I appreciate you joining today's October 19th and I just want to mention a couple of things. So last time we did a recording, which I believe was a live feed on YouTube, I just, I really like the interaction. So I'm doing it this way this time. And I was going over what I called financing your life.
But, I also wanted to talk about where we have liability, and we can, we can eliminate that, using corporations. I think there's a great deal of misunderstanding, and so, we can, after that, and I don't expect to go for more than 20 minutes, and then we can open for Q&A, and I'm I'm happy to go for the hour.
If you guys can do that today's October 19th, and I just want to mention a couple of websites that I work from: Ace of coins dot com, of course, is the main one, and then we have cryptic, cryptic accounting dot com, cryptic accounting dot com. That is a separate company. OK? Those guys the accounting firm I chosen because they understand about the crypto hosea there.
Practice is consistent with what I recommend to clients and I don't have to continually qualify new accountants.
So those guys do what you guys want them to do and what's interesting is they cannot be called by the IRS to give up records that you don't want given up.
So you get total privacy.
What those guys that do a good job, What I do find though is that you have the patients with them, because they're reluctant to talk to you on the phone, but we can set that up.
Anyways. I've got good feedback from them, so I appreciate that.
And then you can see if you would please follow my videos on YouTube. Sometimes I put up videos and I don't talk about them here. I just did something and I'm creating a new series.
I did something on, um, the details. I'm writing a motion to dismiss a credit creditor lawsuit. I don't know if you guys care about that, but that's going to be private. And it's going to be in one of my subscriptions. So today, I'm gonna, I'm gonna start out with this.
What I call divorcing, the State, I'm sorry. Not the divorce in the state. We're not going to do that.
It was the continuation from last two weeks ago where I was talking about financing your life and I was given the example of looking at the next five years as a debt and knowing that we're all going to pay it.
Why not just go ahead and get the financing for something to pay for it for five years? And I gave quite a few examples.
And as it turns out, it actually motivated my wife. She actually found something, and I think I can buy a website for a few thousand dollars that is producing twice that.
So And net income.
And it sells three-d. printers. I'm not, of course, I'm like.
I tell you guys about that yet I have to close the deal first off to make an offer on it, but I'll share that with you all and the whole process and how that works and I just really encourage you to consider owning a website that no sells products, that's already being you know, being sold. I mean, the one that we're looking at, it's already making money.
I don't like to take risks and take on a new thing, and the other thing I was tell my wife is that, if I buy a website.
So I asked her, what's the, what's the gross income, and she said, well, the net is going to be around 50, 600, and I was hoping it was not like $20,000 a month.
Because that's, I mean, it's a good price, but For getting that money, but I'm thinking, what do I gotta do for the 20,000 do, I gotta put in 10000 a month for advertising, and do I have to do that from the, from the beginning, right?
So really, my purchase price might be tripled quadrupled. So some of the things, some of these things you have to look at.
But nonetheless, if you, if you're actively looking for a type of business like this, I'm gonna call it an asset because I'm not really gonna work it, I'm just gonna own it and I'm gonna manage it.
So yeah, it's kind of taken my attention, but it's going to be used to offset a lot of other expenses we have. So that's what I just really encourage everyone else to do. You don't have to know a lot to do it. You can use business brokers to help you, some of them are reluctant to work with you. If it's a small ticket item. But you can work out something.
You can make something work.
So, anyways, on financing your life, is there any questions on that?
I know we didn't really have interaction, so much, you guys had some good questions that were posted in the chat, But is there something from there that we can, we can start out discussing.
Anybody wanna ask questions on that?
Anybody looking at some websites that look pretty good?
I didn't really find any good deals. Everything I was saying was priced at in my, my league, and maybe I just need to keep looking more.
Like, we know that, the asking price, if you're looking at something that's 10 or $20,000, let's say, I don't know, maybe $50,000. I mean, some of these things are millions of dollars.
But why would you need to buy a $50,000 website? I mean, I don't see a need for that, but then again, I mean, I think you have more help you get more financing and things of that nature. It's not a problem for the asking price. The problem is not so much of a problem.
But the work is, involves getting financing.
Lot of times you can get the financing from the seller. So, it's not so much about the asking price, because the asking price is going to be covered in your income. So the operating costs. So, but it's that it's that first initial, get in there, right. And also, the question of what you're comfortable with.
Because if it's new, I'm not comfortable even going in on a $50,000 website, even though it's looking pretty good, and I could probably pay off the 50,006 months, That's a pretty good number.
So really the measuring thing, I think Ray is going to be can I pay off the asking price within six months of the net income?
That's what I'm looking for If I'm new at this, So, Hey, if it's $50,000 and you can pay it off, pay that $50,000 from $50,000 total net income and six month period, maybe it's a good deal. Only question is How do I get my financing? Always ask your seller for financing, even if it's a real estate.
OK, I know that's not what we're taught. But, this is how the real world works.
And keep in mind, most investments that we're surrounded by every day hotels, restaurants, the road, OK?
Those investments are funded by other people.
Other people are suited to take on that type of risk, and then they're the people that actually build the thing.
The asset, OK.
So, just keep in mind, most investments are not made with the money of the of the investment owner, other people's money.
We're always talking about saving up money and buying the asset, which is what I'm doing, basically.
And you'll probably want to do that as well.
But just the big, the big deals are not made with the investor's money. It's other people's money.
Got you to search for more.
Yeah, just keep on looking, it's a numbers game. I mean, I'm like you.
I saw lots of them that were good, but I didn't want to take a $50,000 risk. I don't want to take $100 billion. Yeah, yeah, yeah, I mean, what do I really want? OK, I think of it like that.
So let's say my, my mortgage insurance taxes, the place I live is going to cost me $3000 a month, OK? Well, I need something close to that. I don't need three, maybe I need 2500.
That's a smoke and great deal, right, because I'm ahead of my neighbor, my neighbors, not doing that.
So if, if I'm, Here's how it looks.
If I'm using cash flow from a website business that's selling shoes, for example, and it's paying my mortgage and my taxes and my insurance. I've come. I'm kind of buffered from the market changes, OK?
I'm also in a position that if I do that long enough, we're on Monday morning when my neighbor's firing up his car to go to work, I can be out watering the garden.
Think of it like that.
Do I want to be that guy that's driving across town to go get money to pay for the thing that I'm living in, so that I can get up at the next day and go to work, right?
Or do I want to take care of the thing that I bought? I want to enjoy it, right?
That's really what you want, is the money to enjoy the things that you, that you pay for.
OK, so, anyways, I'll stop with the speech on that, but any, anything out there interesting?
Any questions on that financing in the next five years, You're going to do it.
Just be smart about it.
I mean, if I can find charged like that, I have credit cards that are zero interest, or, like, 18 months, just up and get a new chairman. I could buy it, and into revenue would pay off the car. No interest, and it doesn't return. Thank you. And that's what you do, And that's the conversation we had. In fact, I didn't even mention that. We're sitting outside my wife, and I was just before I came in here, and we're talking about this site, and I didn't even say that to her. And she just goes off, and she goes, I will just put it on the credit card. And I said, Now you're talking, you know, the banks are the best risk takers for that.
Let them take the risk mm. Yeah. So, anyways, that's the right thing. And use other people's money and the people that are suited to take that kind of risk.
The seller being the first one. Anything else?
I have a question.
Can you comment on two things?
About how to plan a broker.
When I've done research, it sounds like, are very good, and necessarily representative of your interest.
Particularly not in their price range.
Secondly, the question of whether you made it sound like it's, you can find something that's actually no, not a lot of work, but some of the initial research I've done since your video, which I really appreciate.
It, seems to make it sound like it's still a lot of work initially.
Navigate that for me, always assume there's a lot of work to get started and always assume there's something in there. It's going to cost you five grand that you didn't think of. It's always going to be like that.
And so, I have a tendency to say, Oh, it's easy or make it sound easy.
Yeah, It could be, don't expect it to be, Yeah, you're always getting it because, look at it this way.
Let's say you buy some smoking, good deal, and your suppliers all speak German, or Chinese, and sometimes you have to deal with them, right? So that's a factor that people generally don't consider. So it's one of the questions you asked. So, So Here's what I tell my wife. Make. an offer. I wish we did were in fact. We're going to tell the guy yes?
And then I'm going to say, give me your financials, so I'm gonna see what kind of reality we're talking about here.
So then you're gonna start getting a glimpse into what kind of work you're gonna get into, but the whole idea here is expect to do some work? I'm looking at 23 hours a week. My wife will put in the work My energy, My son, my two sons might do it to to help her out. They're pretty good about that so I have people I can work with don't do it alone.
If you can work with family that seems to be in my situation, that seems to work out pretty well, so yeah, Brokers as far as brokers?
I don't have any, I don't have a list of brokers but what I can suggest to you is that have a broker that it's available Don't don't interact with brokers. If you, if you're, if there's some intermediary between you and the broker, like, for example, I looked at one of these certainly listing services, and I call them up and I was asked them to talk to the broker.
I expect, I'm already talking to the broker.
This person said, send us an e-mail and we'll have them call it back and I said, no, thanks, I don't want to deal with somebody like that. I don't want to deal with someone who's brokering me, a brokering service, OK?
I want a different kind of broker. So, it's up to your style.
So, as far as finding a broker, first of all, first rule is make get one that's available get one that's willing to work with your profile. What are the benefits of a broker?
A broker is going to help you become a good buyer.
So a lot of times the broker's gonna ask you what your net worth is or he's gonna ask you for a balance sheet of your of your business, of your company and a lot of you have a new company with not much on the balance sheet, which is perfectly fine and you tell the broker that and the broker will work with you.
I've seen people go through a broker haphazardly without even knowing what they're doing.
And by no Website, and this one guy, the example I gave you all the time is the $200,000 website, and they came to him and guided him through the whole process. I wasn't involved in that.
And he ended up with a Commercial Lender and they made him the personal guarantor on the first deal. But within the closing within a month of the closing, that same Lender was calling them and asked them to read. She wanted him to refinance so they could they could remove him as the personal guarantor because it's a commercial loan and it's more valuable that way. So what I'm saying is if you just go through that process, you will be helped along.
If you're not being helped along, find people that you can work with, change them out.
So don't ever think you're going to be alone.
And, like, in that example, I'll just say, I'll tell you again, and this is about, this is typical.
When you're done with the deal, you're going to have 3, 4, or upwards of 12 professionals that you've had to speak with over the period of time, Maybe take you a week or a month to close a deal. And these are people that you can call up later for maybe another deal or for consulting.
And also, your cell are many times will include, in the deal, consulting for the first few months to guide you through how he ran the operation to get those numbers that you that got your attention.
So, you're not alone.
Someone's asking, when you get a loan for business, she did apply for multiple, know. Go through a, go through a broker or Commercial Lender, and they'll help you, They'll help you qualify.
That broker will help you qualify, and you just wanna go through one, because, a lot of times, the commercial lender will be shopping for a lender himself.
It's not something you have to do.
So, yeah, just go through one. You're going to be just just fine doing it that way.
I wish you luck doing that. Um, certainly you can schedule time with me if you want me and involved in something if you want me involved in something. I'm, I'm happy to do a three-way call with anybody, the seller, the broker and just guide you through it and then after the call, just talk to you about my opinion about that whole interaction.
Because I might tell you what I think about the broker, You know, if if I see the broker may not really know what he's doing, or maybe he's not really telling you everything or didn't offer you something, I'll mention that to you.
So I'm happy to do that if you guys wanted to schedule time with me.
Alright, now we can, we can pick this up again, but I wanted to move over into identifying risk, and this is kind of a newbie. discussion, doesn't have to be, but, I'm going to start out that way.
So, if I can, any any other, any, any other comments?
So, this is the liability I'm gonna explain.
There's there's a list of things that create financial liability for an investment or buying a business.
You know, an investment you might think of investment as speculating a cryptographic currency.
I don't see that as an investment, but it could be, if you're running a business with it, if you're just buying and holding, that's just really speculating, which is fine.
But risk, let's talk about state and federal income tax, because that's what I made the note of today, on the on the group.
So, where the risk comes in, when you have more taxes than you need to pay, is when you start doing things like setting up a company and making it an S corp, all you do is register an LLC with your state, and then you file a tax return for it. And you include a supplement, which is form 2, 5, 5 5 typically, and that makes it an S corp. And once you do that, it's always gotta be an S corp. You can't get out from under that, and for some people, that makes really good sense.
All right, it depends.
S corp, So great, if you're running an operation that requires employees, that's generally what I'm gonna tell you.
Most of the things that we can do, when I'm talking about, I need one LLC, I need a merchant account, maybe. And a website, shopping cart, these sorts of things.
I need certain content on my website, and to get approved by the merchant account, merchant processor, and then I can, I can run my operation, and I can outsource pretty much everything.
That's kinda the situation you want to be in.
All right, that helped.
That is how I help answer that question.
I would suggest this to you.
Be prepared to put a lot of work into getting the first deal. Take your time. Get that deal that you're really comfortable with. Go through 100 listings, 50 listings, it's OK.
Because once you start doing it, you'll start, you know, the more time you put in the better. If you just focus for six months and you made a deal in six months, you just did one deal, your worlds ahead of people in your neighborhood, people in your demographic.
You did a couple of those deals. I mean, think about like this.
If you wait until you're 50 years old and you started doing something like this, you could have a nice retirement type cashflow that would make your Social Security look like just lunch money.
You won't even care.
You give it away.
Risk when it comes to state and federal taxes, comes, when you file a tax return, you're creating that tax liability by filing a tax return, and a lot of people misunderstand that.
They mistakenly believe that a tax return is required to be filed just because you have a corporation that receives money or income. That is not true.
But when you when you file a tax return for a company, um, it creates a tax treatment. That's permanent. The only way out of it is to wind down the company, dissolve it and start up something new and move your cash flow over to it.
I've done that many times. Those are I call those re-organizations. Maybe they're not, they shouldn't be called that, but that's how I got. That's what I call it.
So the risk is filing a statement, a balance sheet or tax return under penalty of perjury. It's not getting an EIN, It's not getting a bank account.
It's not putting your name on the charter on the articles individually.
Now, some people, I will suggest not putting your name on the articles because of your situation.
You might be in the middle of a lawsuit, right? You might be under IRS levy situation. So for that, I'm gonna say, Let's get charging order protection. Let's use an Innocent party. Let's use a trust or something, as the owner.
And that would be a little bit more of a struggle, because the way the banks operate now, when they're looking at the ownership, right? They know we're doing things like this, and they came up with some plausible reason why they need to investigate your ownership. And they really want to make you the liable party as much as they possibly can. Because it creates the perception that you have to file tax returns. That's generally what I'm finding out.
So liability comes from that now.
Here's another example of liability, um, let's say I've got R I've got a professional service people coming to my studio and they do something like a gymnasium, OK? Or I'm giving classes of some kind weightlifting or something like that martial arts, somebody might get injured.
Well, there's, there's a couple of things going on. You've got a limitation of liability on what's known as the assumption of risk, it's a legal doctrine. It's a legal understanding that is around everywhere in the world.
And so, if you engage in dangerous activity like punching people, you know, are using heavyweights, there's the assumption that you have accepted the risk and you cannot pass that risk off onto the property owner. Now, you could pass on part of it.
Like in for example, in California you have what's called Contributory.
Well, it's the not contributory but there's partial risk.
Right. So, so you share this risk. It's a, it's a calculated risk.
So there's that going on, but then we also have insurance insurance is away too indemnify yourself when there's no other way to do it. That's my recommendation, to have insurance when you've already removed the as much risk as possible.
Now, let's say there's there's the risk I like to look at is kind of two factors.
one is if it's a business like a gymnasium, a gym, And I get membership membership contracts.
In the membership, typically, what you're what you're gonna do is, you're gonna take your corporation that's processing your payments, and the name of the corporation is going to be used for the name of the business. Nothing wrong with that, but it doesn't have to be that way. You want Maybe you want to have a brand name that people recognize.
If you look at my order form, you'll see in there, says Singleton Press PMA, and then it says something like, I don't know whatever name I'm using to promote something, right? Well, In the order form, it says Payments are processed through Georgia Capital, LLC. Well, I don't list Georgia Capital on my website. You don't see that to become a member or client, or something like that. So you can use your payment processor separately from the actual brand name.
So the risk that I like to avoid is costs of litigation.
You don't hear that from, guess who, the attorney who helped you set it up, because he wants to get paid, right, and has his, uh, you know, his other attorney colleagues, and what they want to get paid to sell the operate.
But, if I can avoid costly litigation, I pretty much avoided all common risks associated with my operation. And I know we're talking about state and federal taxes, but, if you look at costs of litigation, you do that first. You're going to deal with, effectively the state of federal income tax. The other thing is, brand recognition.
If I have a member who's under contract with my company that everyone sees, it's like it's XYZ gem, right?
And XYZ Gym is the contract party, the contracting party for the gym. And my member, John Smith shows up, and there's a he wants to sue me for some reason, right? So in my membership agreement, there's a process. And if there's not, he could assume me.
But in the membership agreement, I can make it aware any disputes have to go through non binding mediation. That's a buffer to go into court. Why do I want to do that? Because maybe I need, Maybe I need a lawyer to help me with that, because I don't want to deal with that, right, OK? Still, some cost of litigation there, but they're, they're much less than if you go to court, because Court No, court has a lot of bells and whistles to a lot of buttons. A lot of labor leavers, OK?
But, if you're in mediation, it's a lot less formal, and you could probably do it yourself without a lawyer, if you're inclined to do that.
But with a lawyer, that it'll be costing you less, the way you get there, is you had the membership agreement that requires mediation before any lawsuit. What this allows you to do is defeat a lawsuit.
If someone of your members wants to see you first, you can move the court to dismiss the case because the terms under which he was a member are subject to mediation, which he skipped.
So this is very important thing.
The other thing is, if a member SUSE your company, name, your brand name, and you, you've done that. You've, you've put your company name, your brand name in the path of being sued because you didn't write the contract a certain way, and this is what I show people how to do. So I call this porting, are exporting the risk. I think we talked about this last time so I can write the contract in a way that says, OK, it's subjective mediation.
But if you have a dispute, it's with this corporation over here that you're contracted with. It doesn't preclude me from providing the gym membership in the facilities. I'm still doing that, But there's still this contract over here that he's bound to.
Now, maybe he can still see the property owner, We can deal with all that, but I'm just saying, you can write the contract that really mitigates the chance of going to court. Why would I do that? Why?
Let's say, I'm super rich and I don't care what my cost litigation. Which is kinda foolish. But, because I want my numbers to look good.
But what if someone sues my company and takes the brand name into court and accuses my company of a thing.
Well, then anyone looking on is going to think that I did the thing, because that's how people are, right?
So it tarnishes your good brand, so you want to remove that possibility so that your brand cannot be taken to court and and have that lawsuit sustained.
I mean, you could sue anybody.
But you want to have the opportunity to have the case dismissed, provided that the person's suing. You hasn't followed the procedure that you set forth in the terms of membership.
And I keep mentioning this terms of membership.
That doesn't, what it means, is, your member does not have to sign a contract.
All he has to do is participate in the benefits of what you're providing, and he agrees to the terms.
It's a policy statement, right? Sometimes it's good to have a contract that you signed, depends on what you're doing, but generally, you can have a policy that that deals with this.
Now, California Franchise Tax Board, those employees and those, the policies of that state agency are very aggressive, and they're very diligent. And there's nothing wrong with them. They're just very diligent, whereas, like other states, like I think Florida might have an income tax, I can't remember.
They're less diligent. So I'm not going to deal with them too much, Michigan, New York. I think they might have something. So, again, that the light bulbs are the same. So if I focus on IRS, most of the time I focused on IRS, what liability does my client face with IRS will typically it's going to be taxes associated with the income the business receives.
All right, so I can handle that. You know, you guys understand pastors and things like that.
That works just as effectively with the state.
The State of California, basses liability, like, for example, sales tax on residency and residency of the owners.
This is why the banks want to establish who the owners are, because they want your home address and these things, because they want to establish residency, because they're helping the state impose taxes. So, residency creates liability for taxes. So, your liability for state and federal taxes Will really state, comes from state residency of you individually, as the owner of the business, even though you're the owner of an LLC.
And that the two owners of the LLC can eliminate the liability.
You can, you can shield the liability with a limited liability company. You can do that with a partnership to, but it's much easier with a limited liability company.
You could do with a C corp also or an S corp issues that you'd bring in a different type of liability, all right, So what I'm talking about is a pass through.
So where's the liability?
Liability comes from the contract, It comes from what you do. It comes from really what you do with regard to state and federal income taxes. If you file a tax return, you are creating a liability that did not exist, it, did not exist.
Now, I'll say to supplement that you will have an automatic tax liability if you're dealing with a taxable activity.
Being paid for something is not a taxable activity, OK? A taxable activity would be manufacturing, spirits, liquor, spirits, why, and things like that.
Alcohol products, it would be manufacturing weapons, munitions ordinances, things like that.
It would be drilling for natural resources, things of that nature, Those are taxable activities.
In fact, those are activities that require licensing and bonding, and all these things.
So, you'll know, if you're not gonna escape liability, the other liability you face as if you have employees, and I don't care if you try to disguise whether or not they're employees, it will be discovered at some point.
And so the solution to that, to having employees and understanding you have a trust liability with employees when you're paying an employee and he's getting wages, you have to withhold certain amount of wages, and you have to report that to the IRS, for example. And that form is form 941.
As soon as your business does that, it makes it the trustee of the funds.
And if you don't turn those funds over to the state you're in big trouble though, that's my worst-case right there the 141 and here's what I tell my clients paid as soon as possible and beg for mercy because they can prosecute you for stealing money from the government.
It's that simple. So the 140 ones are the biggest liability when it comes to running a business. So how the heck do I get out of the liability of running a business? Let's say I want to run a storage facility. This is hot here for about your state. But in my state and Florida, they're all over the place, There's almost as populist churches, OK? And McDonald's, so with it with a storage facility, you're going to have probably five employees.
Maybe 12, depends on how big it is.
So you can find an employee leasing company, where that company can screen your employees, handle the paperwork, deal with ADP, payroll.
And you can lease them back and so now you've just created you've retained your company without having to deal with workman's compensation and all these things.
You've outsourced all that headache to another agency that is suited to deal with that.
So having an employee's liability that you can export using employee leasing, probably an almost.
I would say every situation, tell me something that you think can't work that way.
I could probably show you that it could.
So let me just list these.
So filing a tax return creates a liability with the state and the Fed.
Having employees that would be ultimately classified as employees, whether or not you want to call them that, you know? Cause somebody moves might make a claim as an employee. He might want you to withhold from him. They'll make you.
They'll make all kinds of problems for you, so if he's under your supervision, he has to follow your schedule and show up at work at a certain time than pretty much he's an employee.
And so whatever you're paying him is wages. You cannot pay him as an independent contractor if the IRS is going to later, classify them as an employee. And if you're not sure, it really is a good idea to ask an accountant.
So having employes big liability, it's OK.
You can manage it, having employees, I suggest, an S corp, you can still manage your cash flow with a pass through and an S corp.
I've helped many companies that were S corp's, they have the liability, they understand it, like a chiropractor's office, but I can still insert a limited liability company, has a pass through, and I can shave off that that profit, let's call it, and just pay tax on my operating income.
So anyways, those are, those are the types of liabilities that I think most people they're not aware of, and then the other liability would be I guess more down the road is going to be something like not using your your money properly.
So, let's say I take out a loan to run my business, but my first, my first use of, that loan money is going to be paying expenses, OK.
Maybe that's necessary, but keep in mind, I think if I'm doing a startup, the loan money, I want to put toward marketing, and direct response advertising. So I can convert sales immediately.
And I've, I've spoken to many of you, and I just said, Make the sale. Make the sale, Make the sale.
If you think your business isn't working right, as long as you can process that payment, and merchant accounts fine, make the sale, because you want that cash flow to come in, And that that frees up your use of capital.
So, try to try to use capital that you're borrowing that has a no time limit on it, and a cost to it. Use that to produce money as quickly as possible.
Did I miss anything?
Is there something that I, because, sometimes I have a tendency to talk fast, If you don't like to deal with all that stuff, trust me, what I just told you, other people have dealt with, whether they knew about it ahead of time or not, they ultimately had to deal with it and figured out, and they all have their different versions of it. I have my version of it, if you don't like to deal with that, and you really want to get into owning something. I mean, there's some fun businesses out there.
I would buy something that's already operating, right? Someone's already done that.
Taken on the first cost, It's like, If I'm gonna avoid the loss of value in my car, I'll just buy a car this one year old, right. Why would I drive off the lot? And then my car's worth what, 30% less? Let someone else take that on. You all know that.
So that's what I recommend.
Make that you make your experience as easy as possible.
Take your time.
Right, did I miss anything any went out there? That's having a weird situation That I didn't really didn't really cover. Is that? Answer the question? Getting a tax number does not create a tax liability. Getting A, 1099 does not create a tax liability filing a return does.
Right, Risking your brand, being pulled into court, is sort of a risk.
Sometimes it's not.
It depends on how well your brand is being used to make money for your company.
We can go a little off topic here, because there's some fun things coming up, I can share with you.
Anybody wanna stop me?
Just I'm trying to read your Cyrillic name here, from Bulgaria, and I somehow I can remember sometimes how to pronounce the letters.
Yeah, OK. Thank you. Did you? Yeah, go ahead.
If it's not, what can you couldn't bear the pros and cons of this kind of idea versus your age?
OK, well, that is, I'm using that as a tool for investing in real estate. I was talking to some investors the other day, and it wasn't enough that I can explain it to one investor. He goes, hey, on a second, let me get my partners. And they're like kids, that a kid is, they're like, wow, really? And they started comparing it with buying things subject to. And I said, well, that's just a different way to acquire the property, you want to control the property, you want to control the title, typically on a real estate investment.
But what I'm showing people how to do is control possession totally separate control possession.
If you can't do it easily through an H O a, which controls the title, always has the last word, never exhausted, I can control possession much more easily. And I can do it on one parcel at a time or easily.
Did you want me to say that?
What else on the easement.
Well, in terms of the income potential, by doing this for you, other people and whatnot.
OK, so if I can control possession of the property, what that allows me to do is if my customer is the property owner today, and he's going to be foreclosed upon.
And I can guarantee him as a matter of public record that he will retain possession following the foreclosure.
I'm gonna get them as a customer, if I can sell them on the idea.
Now, I have a video on this. If you guys want to use it, you can send people to the video. And my purpose of doing it as a short video is to validate you and your conversation with them. So let me see if I can find it real quick. And I'll just put it here in the chat. So here's what I'm thinking.
If I control possession of the property, I'm gonna tell the homeowner you're gonna lose your title. But I'm gonna give you the right you have as a title holder today. I'm gonna I'm gonna preserve those over here and this easement. The easement will survive the foreclosure.
What I'll do is give you back the use of the property through a lease agreement under the Easement.
This is what really got their attention.
They helped me repeat that because I can't even say that again.
So, I take, I take the title holders rights and I convey them over to an easement in many different ways. And I can then control how the property, the possession of the property takes place. And I can ignore the foreclosure.
And yeah, at some point, I can recover the title, I think fairly easily.
Alex, would you want to say on that one?
Very clear it is.
Yeah, So I discovered I'm not sure if you got a chance to get caught up with your e-mails, but I sent you an e-mail about lien theory versus title theory, very familiar.
Ring theory, Lien, theory so lean entirely OK, versus title theory.
It turns out that about half the states in the union.
Follow, I saw that theater theory You did see that, OK, Linux, what that means?
So you can't so basically, if you are still in, you're still paying off your mortgage.
In some states, the bank will hold your title in a deed of trust and you, the title is not in your name yet so you can't do an easement. That's my understanding. Is that true?
No, if you have the right to sell the property, you have the right to convey easement rights.
Even if the title is not in your name.
Correct, You have the right to sell it.
Then that's, that's an ultimate power of that property.
I've not seen anything contrary to that. There's some case law or something out, you know, look at it, I'm gonna post here in the chat.
This is the eight minute video that validates. anyone. If you want to talk to property owners that are distressed financial distress or facing foreclosure, here's a big one that they brought to my attention. Last night, they were saying, what about this? Some of these property tax rates are doubling more than doubling in one year, and I'm thinking a lot of people are getting fed up with it. They don't have a solution. If you come in there with this type of solution, they might decide it makes sense to not pay the property tax. And at the same time, if I'm going to do that, why am I going to pay the mortgage, right?
This is going to be a pretty powerful tool.
I think the easements will, will protect the property, the possession of it, Yeah. I believe you can do that in a nonjudicial state where there's a quitclaim deed.
Yeah, I'd like to see more on that, though.
I think you had some research, but, I would like to look more into that, but, I believe that, as long as you have the power of sale, you mean you have to, and, you're paying the property taxes, you then have the power to convey. an easement, right?
So, if the deed of trust is in the bank's name, how do you have the power of sale?
You can sell the property. You can, what do you have to do? Ask the bank for permission to sell the property? I've never heard of that.
That's true.
I've never heard of that! I mean, there might be something in there that, we're in the, in the instrument, that creates that situation that precludes the formation of easements.
I don't, I don't know.
But it would have to more than likely be inside the instrument itself.
because you have that, right. If you have the right to sell it and you have the obligation to pay the property taxes, why wouldn't you have the ability, right.
No, yeah, because you're using the property, right.
You have the exclusive use of that property.
However you're describing it, therefore I can convey that use to another party while I have it.
Right, So a utility easement wouldn't go through the bank, if there's a mortgage rate, it would go through the owner when it.
Whoever's valuable, right?
Whoever's paying the property tax, usually whoever has the liability, is it the one that has the power?
in that case?
OK, thanks, Yeah, sure. A good question. It's worth looking into Alex. Then Elaine's asking about the holding the title, give you the power to sell.
Yeah, of course. I mean, that's, that's part of that one of the powers you get, how did you get the title in the first place? The guy who had it before you sold it to you.
Right, so that's how you know.
It's really subtle.
I did some research on that, John, and it's kinda like you have to find that sweet spot, because at 30, 60, and 90 days, at 120 days, a record default.
There you go.
There you go.
So, if the default is recorded, there is a possibility that you lost That right, to convey use use rights, possibly, that's what I tell people, if, if you have the right to convey an easement easement rights, up until there's a judgement in a judicial foreclosure state, or, like you say, maybe it's when they record the default.
Or maybe it's when they sell it at auction, or take possession where they take the title back.
So, I don't know.
But, yeah.
I would say you're not in a good situation.
If you, if you're, on a public record of being in default, you may lose your right to do that.
Yeah, Just call it less ... Recorder defaults unrecorded less banished.
The key sweet spot and getting them before. That default is recorded 120 day go.
You record the default. Yeah. And I was trying to get around actually physically go into the county because you can go in your public record and look at them.
But I was trying to find a resource online you know where I can locate.
Yeah, we'll know over time but remember there's difference between the title and possession.
So everything that bank deals with his title just like you said lis pendens and notice atlas pendens expires after one year I know in Florida does it. All it does is say that there's a pending lawsuit, that's what that means pending lawsuit that precludes anyone from changing the title.
The title, you're still on the title. You still have the right to convey. Easement Rights.
It's different.
I said it wrong. 90 days is when they notice a deep up Nicola 120 is when they start.
Well, I I think I agree with you on the first thing where if it's a default that's recorded in public records, there's a very good chance that you don't have the right to convey. Now. If you, let's say you recorded the easement afterwards, I think it could be ignored.
I'm not sure.
But I would not want to advise a client to do it.
After default has been recorded, I'd probably tell them you, mister Chan's. So, it's gonna come down to really the best way is the yellow later or postcards because you gotta catch him before.
I mean, there's no way to catch them. There's no database way to catch them.
Unless you market.
No, I just ask why super-duper a real estate investment friend today, Yes.
And he basically, there's software you can get for $97 a month as two weeks free. But $97 a month and you can get pre foreclosures anywhere. Pick a zip code.
OK, I want to do, I want to get that website is showing what it's doing is just happen in which the mortgage is showing, which I'm actually even the first month.
Yes. Somebody is compiling this data and they're selling it, which is justified.
If you want that, if you want the data, without paying for it, it's going to cost you more than if you paid someone who's already getting it for you.
So you're better off paying for the software that lets you grab all this data, and the software is fantastic.
It gives you everything, which, which I'm talking about, debt, service.
You want to know the debt service, when you go in there and talk to the homeowner.
You want to know the debt service.
You're asking me already what the software is.
Hang on a second.
Do I dare tell you?
Well, if you don't ..., probably nobody will be able to do it because I went down to the courthouse and, I mean, like, you're talking a lot of work.
You do that yourself, it's a lot of work, I mean. Yeah, it's always going to cost you.
Especially since you're the Oracle, you can tell us, I got this from the Oracle, it used to be home snap, it's different. Just semicolon, you're next.
Alright, so, you brought up pump snap the other week, OK, Your home snap I think has gone someone bought it and said now We're not going to give him a free version anymore.
We really want serious people.
Um, Let me do this.
Let me I don't even know the name of this thing because it's got so complicated. What I'm gonna do is I'm gonna learn how to use it and I'll share with you guys, OK. No worries. I'm not gonna leave out hanging.
But anyways, there is software from companies, I mean, look at Ron legrand's work around the grant has services that cater to people like us that why don't you want to find the pre foreclosure foreclosure the earlier the better.
I just went on the webinar, here's Yellowknife. Yeah, yeah, yeah.
Yeah, you mentioned homes dot com. That is a good one.
All right. Justin. You had your hand up for a while there.
Hey, Dan. John.
See. Can you hear me OK Yet perfectly.
Can I ask a question about my bank account?
With my LLC that we set up, I just showed you.
I started to do it with Chase, you know, just just based off my recommendation.
Either they are asked me my percentage of ownership in the LLC. In advocate, I guess, is I'm the one setting up the bank account, even though the PMA is the, I guess, the one in control, obviously. And I wouldn't let me put zero in there and I was wondering 100%.
But 100%. Sure. Life easy. Yeah. Put 100% and just say that. The PMA represents your 100% interest.
OK, and I know I'm gonna upload my ID and everything as well. And obviously, I don't live in the exact registered agent address. Is that going to be you think that's gonna be a problem? As well, if I send them my address, You know. it's not the registered agent address. You don't have a liability there. I mean, what kind of liability are we talking about?
Do you perceive you have none? I just, I just wanted to go smooth model.
I don't like to give it either, but look, yeah, they already have it, guys.
If you, if you somehow got away with not giving them your home address, they have it, If they want it, they can get it, Unless you really wanted to do some privacy stuff now, I don't care. It's not rejected or something that's just going to ask you about your account open. There's more fun to make a bunch of money. Get your account open. You're fine.
Alright, appreciate Let me Let me explain one thing there is before I go on, here.
So this is how I deal with liability generally.
I know I've said this before.
If I have a financial liability to whatever credit card, and let's say my brother has a financial liability to whatever, not a loan shark, but it's got to be somebody you know, that's legal, OK? So he has his own financial liabilities. I have my own finish line.
If we go into, if I go into a business, like an LLC, I set up an LLC, and I'm the only owner, that liability carries over to my business, whatever my business makes.
It's not separate from me.
But if I have my brother as an owner, it's reflected in the articles I file with the state.
And by the way, adjusted when the bank's asking you for the ownership, it whoever's asking you that hasn't read the articles, you gave him the articles for that reason.
Tell them to go read the articles.
He may legitimately ask you what's up with the PMA, but fine, so if my brother has his different Clothes Haven't even send them in the article. I didn't want to go past that I give them the article. Say, I send the articles. It's all there. It's in there.
All right, That was good.
Like, the tomato sauce, ragu, it's in there All right. Cool. All right. Yeah, yeah. So so if I add in my brother and he has his own mess and I got my own mess.
But now my brother and I, we together do not have a financial mess, a financial mess with Clean.
It's like we just landed here from another planet. It's the two of us.
It is a new person. It is not a taxpayer. It has no liabilities. The only way the two of us would have a liability on something as if we signed a contract we'd have to go out of our way to sign like a commercial lease agreement, OK.
Then to that extent we have this type of liability but otherwise we just create a whole new person.
We've taken our property rights that had liability to our financial interests and we transferred them conveyed them 2 eight yet a new party that doesn't have to liability. This is why I really like to use an LLC's especially in a situation.
I mean, the worst situation can be in, I'll end it, like that, end it like that. Or prevent it.
Even during a lawsuit, I can do that.
Because I have a right to convey my interests in this way.
And once I do that, it's like, in that, you know, the game. The game tells you when you play tag, right? Freeze tag or whatever.
There's that timeout spot.
That's what you got. You created this situation that they can't touch, They can see it.
But they can't reach in to the company because your interest in the company is not calculated. They would have to be a lawsuit. There would have to be you would have to have funds disbursed from the company to yourself individually before your financial mess.
We're we're too attached to that money, so as long as you keep it over here and move it over here and move it over here, you can do whatever you want and it's out of bounds.
I do everything that way, in one way or another.
That makes sense?
I just said that. Yeah. Thank you.
Alright, alright, so MPH, what do you think, Oh, if I have an S corp that I'm using for years now, this gives me protection if I just add my and my kids to it.
It will, it be an S corp, is it is an LLC, Know, it's an S corp, it's got an LLC and it's a payment processor. Yeah. Yeah.
The LLC, the LLC, if you have different owners in yourself that are not your spouse, yes, You will have financial protection minus the fact that you're filing tax returns. So, you have your certain tax rebate which is probably favorable to you. Keep that.
But if you want to avoid other financial liability like unrelated debts where the company is not the party, but you have a credit card debt that doesn't, concerns, that can start with the company, or the company's name is not involved, then yeah, add someone else.
Preferably an adult or someone who's close to adulthood, someone who's 17 years old or older.
You can add them by amending the articles and that would put it in the safe zone.
You just put them, you just list them on the articles that they are added, LLC.
You don't, let's just a percentage, or a mountain or anything that doesn't matter, all you do is name the other party in your articles. And you amend the articles. So you get the amendment from the Secretary of State Online. You download the Amendment Format, usually it's one page, and then you simply write in there, be it resolved this day.
Adding or including a new member by the name of such and such, that such that the new membership of the LLC is, and you go ahead and restate who the members are now.
It's very clear, So I meant that takes about a week.
Usually, the states charge about 50 bucks to do this, and you'll get out of the liability unless the company itself has a liability, or the the two together that are the now owners have the same liability, otherwise you're off the hook, OK? I'm just gonna add my wife. And, I borrowed, I got it, oh, no, no, Adger children? one of your children is enough.
Not your wife, OK? That's one person, still.
The marital community is one person.
OK, well, I I Yeah, I took your banking abstract.
I've opened six accounts with it and how many issues, but I said I didn't I sent it in for for a loan borrowing money in it, you know an O in the LLC oh, and they called it up. They asked my closing attorney.
It threw them into a tizzy this PMA stuff, yeah, they do. They'd like to, they'll all. They'd like to make everyone liable for stuff.
It sounds like that.
Yeah, Well, I said, it's not a legal entity and I just said, yeah, that's fine. That's right, and I sent it to the closing attorneys, a buddy of mine.
He said, yeah, I told him not to worry about, but this thing making every every single person in your family and he's like reciting passages. They don't like that because we beat their system. They don't like it.
They were told in law school not to like those things, but you know it's funny.
The State Bar Association is a PMA, and guess why, guys, that the Court system is a PMA, The banks are ... too.
How do you think they're pushing regulation on us?
It's a private association.
Oh, but we can't use private cessation. No, no, no. We must be money laundering.
All right.
I just heard they might be supposed to be FinCEN is supposed to be doing something on mixing point.
Yeah, FinCEN's at least we have that we have to tame that beast.
I always there knew what I knew.
As they're new reporting requirement for LLCs.
People that I believe it's scheduled for January, let's just see how it goes.
OK, because I talked to, did talk to an attorney about that and, and, because, you know, we're setting a ballsy, I said, should I just keep this piece of real estate?
I've got plenty of LLCs ran along with this partner.
And he said, Well, why, what did you hear? And I looked it up, it was a Financial Secrecy Act.
Yeah. Anything that might, I read it, This doesn't apply to you guys.
OK, well, good, I'd like to know more about that, but I did a video on that too, by the way, a few months, six months ago. Yeah. It's a, it's a public. So, you can go look on my YouTube channel, it had to do with fence. And in fact, I did a couple of them How to Correct myself on one. Yeah.
I'm gonna, I'm gonna call Ilya in just a second, but I wanted to look at what Batman's posting here.
He says, if my property lines are special and extend halfway into the street, which they do.
OK, most people in the suburbs, their property lines extend into the Middle Street.
Um, can I still receive parking tickets there?
OK, if the street is maintained by the county, yes, it's fair game.
If there's rules, right, if you're a street, I lived in a neighborhood one time where it was privately owned, and the cops couldn't come on there unless you call them.
The answer.
So you've got a situation. You're trying to, you're trying to get me into something here getting harassed at a property by the nation's worst parking authority, who could that be?
You want to tell me.
So, I don't know.
Look at the rules always, look at the rules.
Rules have remedies.
They tell you what to do.
All right.
Hi, John, I have a question. Well, narrow, we do the persona.
Debbie, like Personal access, and it didn't have a state tax, and you have.
Exit Bait, we made to IRS, right? Yeah.
If we move to a state that does not have state tax, can we eliminate, can we save on that access?
Mean, I'm not saying like removed, but your you create you ran an address there, and they just OK. Yes. The answer is yes, and what you're doing is changing residency. So what should tell you all is that residency creates liability for all kinds of different things, including taxes. So, if you can create if you can establish residency, and there's there's a couple ways I'll try to do this real quick. You can establish residency in a place that's more friendly.
You can't do that with paperwork and not actually move.
So, that should answer your question, you said. You said, get token.
You can you can change residency without actually moving It's legal to do that.
I'll give you an example.
Let's say you want to send your children your child off to college, and the first year, he's going to go there.
They're going to charge them three times tuition.
Because he's non resident right, after the, after the year, he's been there. They'll consider him a resident, and they'll let him pay in-state tuition.
You've heard this before.
So, the way you avoid that is you simply, instead of waiting the year, you just, before he even moves over there, you mail out a declaration of domicile and have it recorded where he bore. He's going to live in fact, anywhere in the state.
You file a declaration of domicile the moment it's filed. He's a resident.
Another way to do it is to get a driver's license in that state.
Presidency, it creates liability. So you can move residency around, I do this sometimes for people in New York. I've done it in some other states where they just didn't really like whatever.
Whatever thing they were subject to whatever is usually some sort of DMV tax or something.
And we would just change residency on paper, that that was a little more difficult, because we have to change residency, but then to make it work, we have to change the driver's license.
That really makes it work.
But when it comes to income tax, I do that for people in California, I move them out of the State of California on paper.
Because the thing is, the thing is, though, the problem that I, that I had, I would say, I move to another stage, right?
And I have I rented a bike service that receives my letters, but I want to get a driver's license, their own data.
They sent a license, so that's addressed. They need to have addressed.
because I guess that that building a building has flagged and lights and the system, they are not able to send driver's license, or the dress, and I have a friend, and he's getting my license, and I do have a friend to it. You can also have a Yeah, but what?
If, whatever you want to move to the state, you don't have anyone there, and do you rent your end and address, and they don't send you license there, and you get us do anyway.
You have to use a residential address where you can actually get the mail.
That's, that's the kick, right. They're doing it. Yeah. That's me. That's an issue, and what would you recommend there?
Uh, no, no tax, no personal income tax.
Borja, Yeah, Florida, I guess, you know. If you would think I would know that, but I, I don't know that off the top of my head, because I don't care, because, when I set things up, it doesn't matter what the state does.
I always avoid the tax legally.
So, yeah, from what I understand, Florida is pretty friendly when it comes to that.
But the thing is, if someone who has who are working for the company, and he just getting W two, but he does not go to office, your work from home, how he can handle how he can save on the It depends on which agency you're dealing with, residency and employment, They kind of go together.
So, based on your employment, residences is established by the employer, so some employers are out of the state so I don't know how they look at it.
You'd have to You'd have to look at the actual agency and what's qualifying you as a resident.
Software is a for our agency in one state and says and soluble or leaves another state.
He'll have to pay Texas for that same state, know, his work. They're only going to see you as a resident of one state.
They're not going to see you as a resident of two states.
It doesn't work that way, for tax purposes.
You may expect to pay based access to the state he lives in or where the headquarters of that company, I don't feel like an artist and I don't know.
OK, typically it's going to be on the individuals' residency. Like, if you up in the north-east of the United States, the States are pretty, you know, they're, they're smaller.
So, it's easy to some people drive to another state, just to go to work, because they're, you know, they're smaller. So, I don't know how that works there, I think.
I think residency is based on where you actually live, in most cases.
But again, I'd have to see who and what you're dealing with.
So, if somebody says, if you add another member to a sole proprietor, which will never fail, how do I have to look at? What do I have to look out for?
If you add a member to an LLC, I don't keep, we call it sole proprietor.
It's no longer a sole proprietor.
It's a limited liability partnership or limited liability company that's operating as a partnership for real.
I know a lot of times we use single member LLCs, and we call them partnerships for EIN purposes. That doesn't mean anything.
But when you're talking about, you know, if you add another member to a sole proprietor, or in a single member LLC, you're going to have a multiple member, LLC.
You get more protections if you do that.
The H away, you're dealing with the HLAA, Justin, on what parking always look at the room. Was just joking about. He said you were the parking enforcers acids, probably the HLAA. Sometimes, yeah.
Yeah. There's ways of dealing with those guys.
Just get it out.
Yeah there. Yeah.
It's usually run by psychopaths. They're too bored.
They're there.
They don't like that you're having fun on the weekends, either grilling hot dogs in the front yard so they want to tell anybody you're doing something wrong.
They're bad.
Residency is established many different ways. I mean, Residency is established.
I'm talking about Castaways comment here, As being a national, you're going to be considered a resident somewhere.
I mean, you could be a non resident, mostly.
I mean, I'm a I'm a floater resident. Why is that? Because I have a driver's license in Florida the valid Florida driver's license.
So, if I go to a grocery store somewhere, they don't look at them, they don't look for residency. That's not what they do. So, I could tell them whatever I want, but what I'm dealing with like voter registration or something, which I don't, but if I did, it would be based on that or banking.
They'll want to make sure that your resident as far as a national goes. If you say you're a national, you go walk into a bank and tell him that.
So, friendly, they are when they try to open, you try to open the account.
It's meaningless as what I'm saying.
And for that for as far as that goes, they will not deal with you if they cannot establish residency somewhere.
The banking system is an arm of the government, as you know.
So what I learned a long time ago was that we're talking about what creates liability.
Residency creates liability. Why will residency entitles you to certain benefits given by the state provided by the state, right? So if you're eligible for benefits, then you're liable for everything under the statutory scheme.
So you've got to ask yourself, what am I live before? Can I get food stamps?
Possibly know, what other benefits am I? am I eligible for many, that you don't even know about, probably?
So, uh, Residency makes you eligible but it also creates liability.
That's what I came, came to. I came to the realization there when I won that case on the right to travel, as they say.
And I want it because I was a non resident because I canceled my license before I got the ticket.
I deliberately got the ticket for not having registration, but before I did that I canceled the license. So that made me a non resident. So during the trial, the prosecutor had to bring it up to the judge. I didn't even know about it. I didn't, it didn't occur to me.
I thought I was going to argue all this old case law on right to travel.
And the prosecutor it was it was required to inform the judge that at the time I got the ticket for having a registration played on my car, that I was a non resident, And the statute did not require non residents to register the vehicle, so I won the case.
But then I realized, OK, residency was the thing. Not what some judge said 100 years ago about the easement rights.
So can a PMA make employee labor tied to membership terms?
Yeah, I mean, you can, all right. You can have a private association that has employees, but remember a PM is not an entity. I don't know why you'd want to do that.
A PMA is a relationship.
It's an association.
It's not a person, a PM isn't that a person?
Now you can make it into one if you do what you're stupid attorney says that it's not a PMA really anymore.
Alright, I don't know what ... Kitchen is.
Sounds delicious.
What does that?
Did I miss something? Because you know the subject of what creates liability? I think I covered the major points.
The reason why is because this week, I mean, I am not saying your, your questions are stupid and not you guys, they're just innocent. Like you're new to this.
You're new to understanding where you're getting your bucket, and I'm telling you you need to look at where the liability is incurred.
That's why I talk to people all the time, that say, my attorney said to get a million dollar insurance policy, premises liability, don't even know that it's premises liability. And I always ask them why.
They don't even know, because my attorney said, well, did your attorney tell you what risks you're insuring against?
Nope, So therefore, if you don't know what risks you're insuring against, you haven't been able to mitigate those risks So your insurance rates are going to be kinda high, aren't they?
It could be lower.
If you mitigate the risk first, you don't need much insurance, much more insurance. Maybe you still need a little bit insurance.
OK, so, the easement HLA class is about I'm about ready to record the first segment. I did an introductory video. In fact, I think I made that public the other day.
So, I gave myself until the end of the month.
I'm not sure I'm going to take that long but I do, I'm gonna give a series out and it's gonna be subscription but I will give some other classes. If you guys want to, if you guys are working on it some real estate deals, and you want to talk to me, I have a consulting fee, so let me know, and I'll work with you on that. And the whole idea here is, I understand what, you're gonna do a couple of those, you don't need me anymore. I'm just gonna charge a consulting fee to walk you through the deal.
I'll do that a few times by then. You should, you should know how to do it yourself.
Then you, I'm happy to see you do help other people.
No, it's not. It's like you can't own the number two. That's where, that's my attitude, right? You can show somebody with, the number two, is, then he can run with it.
So, I'll show you guys how to do this stuff, and you can use my documents public record.
I'm a second.
I'm not going to publish and say, hey, everybody, no, but if I if you pay me for consulting, I will give you the documents and everything.
You're welcome to run with them.
All right.
Let me just make a comment here, if you guys don't have anything else. Oh, there's another comment here. Let's see here. My first time joining your weekly. OK, first time. Welcome to the Colon, miko Mico. That's the right thing and time explain this. Yeah.
Yeah, just let me know if you want to consult with me. You just schedule a time on ... dot com, my calendars down there at the bottom.
I usually have time periods in the afternoon so if you need something else, let me know.
Best way to reach me is e-mail if you can't if you can't schedule time with me first.
Just sending a message to singleton press at proton mail dot com.
And It's not a problem if you don't hear right away back, I don't I don't hate you if you send me four more messages. Hey, there.
It's OK, I know it's hard to get me.
If you're on telegram, that's a bit easier.
Some of you won't say that though, but I know it's hard to get me a telegram too Raised, laughed, and you know so look.
We're talking today about something interesting, check out, checkout, artificial intelligence, You can, you need to look at this stuff.
You can get rich off of it.
That's all I'm going to say.
Just look at it, You need to understand it, OK?
It's fire, it is fire, because, if you were afraid of fire, what would your life be like?
OK, don't be afraid of AI, you don't have to understand how to write the code, I don't, I just want to know the applications for it, how do I get it?
How do I get some of that fire?
You can get it.
Alright, osha, some step on it, John, our additional research, you'll see, yeah, thanks. Thank you. Thank you.
Yeah. So, yeah, we're cooking up some schemes over here.
I mean, we're taken on some things, some litigation, and we're gonna, we're gonna be using more AI. We've already been doing it. We're using the AI against the lawyers.
They don't even know they're fighting their college professors for the last hundred years. Welcome to the Party, Pal.
Yeah, just around, all right.
So, there are a few websites that she helps.
They use AI to like to educate people.
And it's like very cheap, very low, monthly subscription codes are getting to God's gateway, for example. They use AI to build those, those courses, but they have like huge library there.
Good start area for them.
YouTube also, YouTube has got people talk about how they're using it, we can tell you how we're using it to. I'm just, I'm a baby. I am just barely beginning to learn how to do that. I talked about in the Miami seminar.
I talked about easements and it in a way to introduce it to the audience with the idea that I'm going to develop the, the material in that series that I began in Miami. And that's going to be made available to everyone.
I'll give an example.
So, we're not even into the h.o.a.s stuff yet, into the details. But let me just tell you on the easement.
So I make this in a way that, it is so ugly, if anybody wants to challenge it. And by the way, I don't think anybody that challenge it. But it is so ugly and expensive to challenge the way I've written the easement.
No one's going to do it.
All right, that's almost say on that one.
A question for you? So I wasn't I wasn't able to make it to your conference in Florida ...
ways to watch that Yeah, the flow where I'm waiting for my partner to tell me it's ready, He's got to edit a few things. I think the first segment We did it needs to be edited in some way that the audio didn't come out too Well.
So once we get that, we're going to we're going to launch it OK, well that was on the website or how are you going to? Well I'll tell you here, I'll put it on ace of coins, I'll make it available, you'll see it.
And this is for sale, right, Yeah, it's a subscription, right?
Now it's, it's a, Everything, well it's a big. 90% of what I do. But it's, it's telling people, about what I do.
And there are, there are details there that you can use But I need to add more details. And I'm going to be doing that throughout this whole year coming this coming year. So yeah, I'll be ahead of you. I think, I'll be ahead of you laying out the information. So.
Induction Burners. Yeah, OK. Induction burners.
Yeah, That's good.
Just in the IRC putting rules starting soon. What IRS reporting rules? I have not reviewed them. Maybe I should know, guys, like, sometimes I don't care, but if you can tell me if they're in a circular or something, please let me know and I will check it out.
Thank you.
Is that FinCEN that we're talking about?
This is the IRS rules.
Oh, ****.
Vincent the beast. We gotta do something about them.
KYC is not a problem.
I don't like it, but it's not where you have liability, but just the same, we need to rein in these agencies.
They're trying to make you report in a way they want you to report.
So, thank you for that. So, if it's FinCEN, I've got up here and I'll read over it.
Some of you guys, if you send me, I know, you mean well, but if you send me a link to a video, on my phone, I'm not going to watch it. I don't use my phone for that, I'm eager to watch it though.
Or think about, think about my day though, if you send me a video and say what do you think?
What do you think I would do?
I mean, I've got so much thing, so many things to do. I don't have time to watch a video and give you my commentary on it.
I would like to know your commentary on it, maybe you could teach me something.
So you ask about an S corp. Can it be owned by a PMA? Of course your S corp has can have shares or have an interest. Yes it can be owned by a trust, a PMA.
You could have a group of people own, OK?
You can have a group of people own your S corp, and you can give that group of people a name and call that the owner. That's what we're doing, right? What if my brother and I own an LLC, Isn't that a private membership association?
Did I say it was no, but it's two people that own an LLC, that, by definition, as a private membership association, why? Because it excludes everybody else.
So there you go, answer that, answer that question.
Yeah, PayPal and Venmo PayPal Reports. Right. PayPal, I can work with then.
Well, I don't believe I can have an LLC account with Venmo so I'm not going to control my tax liability too. Well, but PayPal. I had a personal account. It started making a lot of money and we had to convert it to an LLC.
I want to do that because it's neat. It's a clean way to do it.
The way I have it set up is, my wife was the seiner, and it didn't matter. She got 1099, but I don't like to, I don't like to play that because one of the things that she could be open to his backup withholding. So we just, we just set up an LLC and upgraded the PayPal account.
Thanks for the link to the FinCEN.
Yeah, another one too, OK, yeah, what is it called?
Bank Owner Information, right, Beneficial owner Information, VOA. Gosh, I hate even learning these terms.
OK, and Venmo, let's say, a business account. Well, thank you for telling me that. So I would definitely use that.
I would use, I would use, always, anytime you have, anytime you're handling money, you shouldn't be doing it in your name.
That's just a climate we're in right now. That's just the environment or commerce environment, right?
Just like, I'm not going to take out hot pot from the oven without gloves on right.
So I'm not going to handle money without protection.
Many companies in the states will have to report information, right? I talked about this.
Did I put the video up?
I think I put the video up.
Yeah, it's further up in the chat.
So, the video I did on FinCEN was awhile back.
Check it out.
I just told you, I told you.
In fact, I even have a letter and out.
Maybe I can find the lead, and I'll put it here, too. It's kinda hard to do that in the chat. Maybe I'll do it in the telegram.
If you want, if you want the letter, that I propose you send to FinCEN, basically tell them it doesn't make any sense and they don't have the authority to do that.
Yeah. Telegram is good.
Thanks, I'll do that. Yes, I got a response. I sent my letter out.
I got a response from the DOJ only. I think I said it to six agencies, including Vincent Vincent ignored me.
So, he wrote back and said, there's nothing we can help you with.
Yeah, so, all right, well, I agree.
Alright, so what did you have question?
Hi, John. Do you want to tell something here?
It's simply absolutely incredible how banks create money. They just create money.
Then, somebody, let's say, Moral 30 K.
They, have, they actually did this. They sell the debt.
The personal borrowed. He still stood the bank.
The same 30 gate, same day, They don't lose, like, like, how it's an impossible to do to do that. To be illegal. If we did it, We need a banking license for that. Yeah. They're very smart.
Yeah, so, well, you know, creating a company is another way to create money, by the way.
You can create a company and have it evaluated, and the stock has value. You can create money that way. Just not like a Bank can do it.
Yeah, there was one guy, that he pretended manufacturing, electric Electric trucks, I think Nicola called Nikola, and he had a stock list exchange and it was like, ghosts scam, so many investors, and he actually showed the demo.
That takes drugs actually working.
Yeah, Yeah, I remember the cola.
Yeah, I remember that guy, I do now. I remember what you're telling me. Yes.
I remember that. Yeah.
They don't want us to have the technology. Even though we invented it, They want to control it all.
The financial interests, they want to control everything, the matrix.
I don't know what's going to happen as a penalty with FinCEN and the KYC thing they got going on. Let's just see. My recommendation is to give them false information deliberately.
I don't believe you can be penalized for it. But even so, I think we just need to do that.
It said, That's enough, No, I'm not going to tell you all that you don't get my SSN, I'll give you a fake one.
I say my video, why I do that.
I'll probably do that. I'll probably be one of the first ones to do that.
Borrowing short and lending long is exactly why so many are failing Now, they got trapped in lower rate environment. Yeah, OK.
So, we'll see what happens with FinCEN. We'll talk more about that, I'm sure.
But, you know, whatever happens you still, like somebody's getting rich, right. Somebody's rich, People are rich, people around you. They're using lots of money, there's lots of money in the system.
You can get some.
Let's not focus so much on all these little details about how we're being exploited, we already know that. Let's just follow some basic strategies, get out from under that. But use money and resources.
Use it to get your piece of the pie, you can do that in any environment.
Because someone else's.
I am.
You mean, borrow money?
Yeah, borrowing, whatever, we. I mean, we go Shar shopping every day.
People are selling stuff every day. The thing you bought today online, whatever that was, I know, probably all of you bought something online today. Somebody sold it to you. Why weren't you selling it?
But Why would someone buy from you, rather than from Amazon?
Well, it's always price, right? How do you buy stuff?
I buy the cheapest stuff with the tolerable quality.
So, Amazon, you know, it's kind of unfair, It's kinda like the Wal-Mart of the nineties and the two thousands, it's unfair.
I mean, it's even unfair to Wal-Mart really, because of the way it can sell products at a low price, the way the Cellos Cassell.
Yeah, that's the Privacy Act, cristian, the Privacy Act of 974. It tells you what privacy that you don't have.
But you're right though, as far as disclosing an SSN.
If you can't do it, in fact, I'll give you another citation, right.
Your quote, this is the ... memorandum, but it's quoting the Privacy Act.
But if you look in the tax regulations where the use of the SSN is in the regulations, the Code of Federal Regulations and it's under 609 26 U S C 609, if you look at, um, 26 CFR Part thirty one point six hundred and nine.
one, if I remember correctly, sub, Paragraph C, it pertains to identifying numbers.
And in there, it says that, if anyone's going to pay you money, he has to ask for the number. If you don't give it to him, he has to tell you it's required by law.
And it's not required by law, but the reg says to tell you that. And if you still don't give the number, he's required to file an affidavit with whatever it is, reporting, saying he asks you for the number, and you wouldn't give it to him. And there's nothing wrong with not giving it. There's no penalty for that.
So that's how the system works, but they trick you into giving up the number.
Yeah, I can post what you want me to post this video, and Telegram, I can do that. Click on the right here and put it Oh, that video, yeah, sure, I could do that, telegram.
OK, yeah, it's crazy, right?
I learned out years ago, the whole thing. The whole thing is a scam.
Don't get me started on all the scams.
We could spend hours talking about that.
So is that good?
Does that cover a lot of things That helps you all out, generally.
Be careful about what you read on the Internet.
Lot of it is written, I mean, I'm taken today's written by AI, and it is designed to induce fear and get you to do things against your own self interests, or just be careful about that. Think it through.
That's when I, when I decided to not use an SSN.
when I went did my banking in the mid nineties, I thought I was required to have it, but I didn't act on that presumption. I went and did the research.
I found out, I could just make up a number and that there is a way to do that and do it correctly, and not make problems for myself.
Look carefully at what you're, what you're getting if you Google stuff on the Internet, OK, And I know I do that, too.
Just be careful.
who's telling you that information?
What interested that party had.
So I was telling my client the other day, she was learning for the first time, what it's like to set up her own new business. And she said, It was very difficult experience.
But she's realizing now, it's becoming very rewarding early. She's lucky.
And I finally told her, I said, everybody you interact with, as you've seen already, truly is your adversary, even your own lawyer?
That's our whole system of commerce, is adversarial. It just has to be that way. Everyone acts in his own self interest. It's not bad. But here's the, here's the qualifying criteria. I will always act in my own self interest but not to your detriment.
Makes sense, right? Because I want you around, I want you to have a good experience with me, because I want you to come back and do some with me two years from now.
So, yeah, you should act in your own self interest, and if you don't, like, if you come to me, like, I've had people come to me with these brilliant ideas and invention and stuff, and they want me to talk about risk management, all this.
They don't even start with the non disclosure agreement.
And I'm like, wait, wait a minute.
I'm gonna e-mail you guys something. for this out and sign it.
It's more for me than you.
I didn't know, I want to help you guys. But I want to be off the hook when it comes to like, I have your knowledge now, right?
And you should do that, too.
So anyways, act in your own self interest. That's honorable, but not at someone else's detriment.
I hope that helps. I appreciate your comments.
Are we at 8 25?
Yes, The hour and 25 minutes.
It sure is. Like that's great. And you have to listen to this again. OK, I know I talk fast. Sorry about that. You guys just video that.
I'm trying to get you you to x-ers out there to slow it down.
I know what you do.
You've watched the video on two X.
Does everybody know that? You can copy the chat to your computer. There's three little dots on the bottom.
And you can download the chat.
Yeah, Delman yeah, it's a good idea.
Well, I got my MBA.
It's a standard NDA, I made a few modifications. You could just download on the internet, they're all over the place.
That's where I got one My, I got that 1 like 20 years ago.
I just whittle away a little bit.
You guys don't want my documents all the time.
Yeah, two X, I know, try watching me on two X today.
My wife does maybe some coffee and I haven't had any yet.
That was me without coffee.
Hmm, Ooooh, I didn't even get any sleep. That's what it is. I'm an adrenalin, my daughter was sick all night all night.
And she was she was in pain and she was like, She has like this dizziness thing, so she had to sleep next year on the living room floor.
So I'm wired today without coffee, that's pretty good.
Was tomorrow Friday, you know what, I think it's Friday now.
Oh, yeah, thanks so much. I appreciate you joining the call, and I will post this recording and the telegram group.
If you would please make some comments in the discussion forum for ace of Queens Discussion, let me know if that that live feed on YouTube is all right.
I kind of felt weird doing that.
I didn't like it at all.
He didn't like that one mm, hmm. All right. It's, it's not the same kind of, communicating that. You can do here in Zoom. I know, Zooms got problems. But I don't know how other people felt when I realized I felt frustrated by it.
Yeah, it's nice to have a two-way conversation.
All right, yeah, well, enjoy your weekend.
Yeah, Zoom, Zoom, zoom.
All right.


U111 – Navigating Financial Liability and Protecting Privacy in the Digital Age, presents a seminar hosted by John Jay, focusing on understanding and managing financial liabilities, particularly in the context of digital businesses and investments. The session, dated October 19th, begins with an emphasis on privacy, allowing participants to maintain anonymity, reflecting the digital era’s privacy concerns.

Jay covers a range of topics central to digital entrepreneurship and financial management. He starts by discussing the importance of understanding liabilities when financing one’s life, emphasizing the role of corporations in mitigating these liabilities. He points out common misconceptions about investments, highlighting that most are funded by other people’s money, not the investor’s own funds.

Jay then delves into the specifics of operating online businesses, such as website ownership and the nuances of dealing with online revenues. He stresses the importance of risk assessment in business, legal doctrines like the assumption of risk, and strategies for legal protection, such as mediation clauses in membership agreements to avert lawsuits.

The discussion also touches on the intricacies of state and federal tax liabilities, underscoring the impact of residency on tax obligations. Jay advises on using corporate structures, like LLCs, to limit personal financial liability. He explains how adding members to an LLC can provide additional protections and mitigate unrelated financial liabilities.

The session concludes with an open Q&A, where Jay addresses specific queries from participants, ranging from software tools for debt service analysis to the nuances of lean and title theories in real estate. Jay emphasizes the importance of careful planning and legal considerations in financial ventures, warning against misinformation on the internet and advocating for thoughtful decision-making.

Key Points

1. Privacy Focus: Emphasis on participant anonymity in the digital setting.
2. Financial Liability: Discussion on managing liabilities in personal finance and business.
3. Use of Corporations: Strategies for using corporations to mitigate financial risks.
4. Investment Misconceptions: Clarification that most investments use other people’s money.
5. Digital Business Management: Insights on operating online businesses and managing online revenue.
6. Legal Protection Strategies: Importance of legal doctrines and protective clauses in business operations.
7. Tax Liabilities: Exploration of state and federal tax implications based on residency.
8. LLC Structures: Using LLCs to limit personal liability and protect assets.
9. Real Estate Considerations: Discussion on lien versus title theories in real estate.
10. Misinformation Warning: Caution against misleading internet information and the value of careful decision-making.