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Miami Real Estate Market, Self-Directed IRA, Residential Mortgage Market Update

Episode 377: 07-14-16

On this week’s show, our CCIM Voice Eugene Font discusses how banks view the current real estate market conditions in Miami, Adam Bergman gives some insight on self-directed IRAs and whether it’s right for you, and Jim Fried shares what he’s seeing in the marketplace after two months of working in the residential mortgage business.

CCIM Voice: Total Bank’s View on the Miami Real Estate Market

Eugene Font is Senior Vice President, Corporate Lending, for Total Bank. Font is one of the senior commercial lenders on the bank’s South Florida team.

We discuss how the bank views current miami real estate market conditions and what they see in the near term for commercial real estate in Miami.

What is a Self-Directed IRA?

Adam Bergman is the founder of IRA Financial Group in New York City. The IRA Financial Group, LLC, is the only attorney owned and operated Self-Directed IRA LLC and Solo 401(k) facilitator.

Bergman is also the managing partner of the law firm The Bergman Law Group, LLC. In addition, Bergman is a recognized expert on IRAs and 401(k) plans and is the founder of the and the

We discuss self-directed IRAs and if they’re right for you.

Residential Mortgage Market Update

Jim Fried discusses what he is seeing in the marketplace after two months of working in the residential mortgage business.

Vivian Fried Kidney Transplant Update

An update on Vivian Fried. You can donate to her kidney transplant fund by clicking here:

Watch Vivian tell her story of love hope and courage:

To become a member of the Vivian Fried Fundraising Team click here:


Episode 377: 07-14-16

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Announcer: The following program is sponsored by James Fried. 880 AM the Biz. South Florida’s only all business station welcomes you to Fried on Business. He grew up in South Florida, has been in business here since the early 1990s, and has closed over $1 billion in deals. He’s seen it all. He always has an opinion, and he’s always ready to share it. Informed, entertaining, and connected. He has his finger on the throbbing pulse of South Florida’s business community. He’s Jim Fried, exclusively on 880 AM, the Biz. To talk to Jim and his guests call 305-541-2350, that’s 305-541-2350. Now, here’s your host Jim Fried.

Jim Fried: All right everybody, and Fried on Business world. Welcome to the show. We’ve got an amazing show. We’ve got the CCIM voice today, we’ve got Gene Font. Total Bank, executive Total Bank sponsors. The CCIM. They are the lead sponsor we’re going to hear why, and then we’re going to have Adam Bergman, Wild Man investment dude. Oh, we’re going to have the greatest time. He’s going to tell you if you need a self-directed IRA, and I’ve been listening to him. It sounds like everybody does. It’s an awesome vehicle.

We’re going to talk about why, so as you know we will talk the entire show about information that’s going to help you have a better life, and it’s going to be able to start right now when you hear the info. In the final segment I will talk about how foreign nationals can, yes, can get residential mortgage loans with us, so we’re going to have a super show. We’re going to talk CCIM lending in the real estate market. We’re going to talk about how you can self-direct your IRA, and do billions of dollars…hundreds of millions of lots of money, and then it’s a great vehicle, and then of course I’ll talk about how to get your home loan. But first it’s going to be tossed to Wanda, and the show will begin now.

[commercial break]

Announcer: You’re listening to Fried on Business. To talk to Jim and his guests call 305-541-2350. That’s 305-541-2350. Now, back to your host Jim Fried.

Jim Fried: Oh my God. We’re ready to rock. I’m just full of energy today. It’s just amazing. Perhaps it’s because I’ve been somewhat taking it easy for the last week and a half. You see me doing the body surfing on the beach, Wanda?

Wanda: I did see pictures.

Jim Fried: Thank you, it was amazing, but now we’re going to talk business. We’re going to talk with Gene Font. Gene is the senior vice president. He’s a lender at Total Bank. I got an MLS number too. Oh, wonderful. Means we can do deals together in the residential market, but we’re talking today about commercial. Gene, Total Bank, this is the CCIM voice spot, and Total Bank is the lead sponsor for the CCIMs. Tell me a little bit about that.

Eugene Font: Yeah, well Total Bank’s been the title sponsor for a long time, and basically we just want to partner up with the best, and CCIM is the best. They bring together the best of the brokerage industry, and with that we also want to partner up, and get their best clients, and continue to making our loans. We’ve been in this community for over 42 years, and we have over a billion dollars still collect.

Jim Fried: Listen, I’ve down business with Total Bank for many, many years. They’re one of the top community banks here in town, and they continue to grow. As they grow they’re able to do more and more wonderful things. I know we at Spectrum do a lot of deals with the folks at Total Bank, and I know even more so that total bank is the chosen lender. When we go out and we do lending, in fact, I called Marty just the other day with a new deal.

Eugene Font: And Marty’s always there. She’s been there for 42 years since we started on 27th avenue, and Coral Way.

Jim Fried: Yeah, it’s a great building. Now, let me ask you this. What are your loan limits because I know that stuff has gone up?

Eugene Font: We try to stay in house limits about $50 million.

Jim Fried: Okay.

Eugene Font: On any one project. We can go higher…

Jim Fried: Five zero?

Eugene Font: Five zero.

Jim Fried: Should probably be able to handle most deals with that kind of loan limit.

Eugene Font: And then we have very good relationships also in the market. So, we also participate on larger deals.

Jim Fried: That’s great, it sounds like Total Bank is really active, and really in the marketplace. Why are you guys involved with CCIM?

Eugene Font: CCIM again, like I’ve said, it brings together the best of the brokerage industry. These are the top.

Jim Fried: It also brings the best sponsors, and the best lenders. I know that a lot of the folks. They love bringing you guys deals because you can compete in the marketplace, and you close business.

Eugene Font: And that’s right, we’ve already this year approved over $500 million.

Jim Fried: Whoa, can you say that again please?

Eugene Font: Yes, we’ve approved over $500 million in this year alone.

Jim Fried: And we’re about only halfway through really. I don’t count July as a real month.

Eugene Font: Correct, and not only have we done that, but that far exceeds anything that we’ve done on a total annual basis before.

Jim Fried: Now, there’s permanent lending, there’s construction lending. What do you guys see in the marketplace because some of the banks are moving away from doing construction loans for a variety of reasons.

Eugene Font: Well, a lot of it has to do with the regulatory environment, but we have to make sure that we don’t go over our limits.

Jim Fried: Okay.

Eugene Font: And, but like that we see a lot of constructions loans also topping off, and being able to go away from that. So, there’s availability out there.

Jim Fried: Yeah, when they top off they’ll pay you off on the construction loan. Your construction bucket will fill back up, and then you’ll be able to do more construction lending vs. you want to keep the portfolio balance.

Eugene Font: Correct, we want to diversity.

Jim Fried: Okay, I just want to make sure. Now, what’s the type of lender that Total Bank is looking for?

Eugene Font: Again, we try to work with all of them. So, other than maybe some of our specialties that maybe to the top of our regulatory environment, but other than that we got plenty of lending capacity. We’ve got a lot of construction retail, office, industrial. We do it all. I mean, high rise apartments. We’ve been doing a lot of in downtown Miami. For excellent builders that just love that product. Again, there’s a drive back to that downtown market.

Jim Fried: I was going to ask you. That’s a good start. What are you guys seeing in the marketplace that’s going on today?

Eugene Font: Well, again the issue with the millennials, and a lot of families want not to spend two hours in traffic anymore.

Jim Fried: You’re kidding.

Eugene Font: Oh, so they’re moving towards…they’re moving away, and moving back to that downtown area. That Brickell area.

Jim Fried: What I’m seeing is I had Mike Fay on here a couple months ago, and he called it the theory of donuts. Leave it to Mike Fay to make it about food, but really I call it the theory of the urban concentrated activity centers.

Eugene Font: Correct, and what we need to do is just get those together, and be able to get transient from one to the other, and make it everything work. So, you got to get around going all the way to downtown Miami. You’ve got to get Kindle, all the way out there, and there are hubs everywhere.

Jim Fried: Correct, and I’m hoping that we’ll get the transient thing going, but even…I’m 55. I’m not sure when I’ll ever see that ever happening. If I’ll be around for that. I guess when I’m 80 maybe, but what I really want to see is fully integrated, vertical centers where people don’t have to leave, and that’s really what’s starting to come. You’re seeing it in the Edgewater area, which has been parsed five different ways now. It’s 32 different names of the market. You’re seeing it in downtown. The thing that I really think sets it off is people go, “Well, what is downtown Brickell area need three Publix in a Whole Foods store. I mean it’s because there’s so many people living there.”

Eugene Font: It’s 24 7. You’ve got Whole Foods that just drives all people from the office. I worked literally a block away from Whole Foods, and it’s amazing to see the people.

Jim Fried: I know, my wife goes there all the time. She loves that place, and we’re actually closer to the one on Miami Beach. She goes there. Now, we’ve only got a couple minutes’ left in this segment. I’d really like to hear what Total Bank’s opinion of the second half of the year is in the commercial real estate. What do you think is coming to the second half of the year?

Eugene Font: Again, a lot of the same…I think that until we get over the elections, and people get over that. You’re going to see Miami still thriving. Miami still growing, but it’s not growing as fast as it used to.

Jim Fried: Well, I think it’s growing differently. I think that it’s going to continue to grow, or at least see enter neighborhood movements. So, I think we’re going to be okay. I don’t think that I really mind at all. All these foreign people may not come, and live there. They’re providing the construction financing for the people that are going to move over from the west side to the east side. Oh, this is a benefit, and I see this really working out okay.

Eugene Font: And I also see it as the financing to going from flat to vertical.

Jim Fried: There you go.

Eugene Font: And that’s what we have to do is build the future of what our community is going to look like.

Jim Fried: Now, Gene. If people want to do business with Total Bank how do they find you, and remember go slow when you’re giving your contact information because occasionally we have Jet’s fans that listen, and they need to have it real slow.

Eugene Font: You guys can feel free to call me directly. My numbers 305-476-6365, and if anything, I’ll be happy to assist anyone, and if not then we can change it to the appropriate department that might need…might meet your needs.

Jim Fried: Now, the bank just doesn’t do real estate financing. You have other lines of business too. Tell me a little bit about that.

Eugene Font: Actually, now that we’re on the CCIM. One of my biggest products that I love is the 12 31 exchange. We do 12 31 exchanges, and we also do private banking for all of those who have made quite a bit of money on the CCIM.

Jim Fried: No, no, it’s very important. Your private banking is very important, the personal service they provide is incredibly efficient, and terrific, and needed. People that are on the go need that kind of help.

Eugene Font: Right, and the wealth management that comes with that, and additionally the other things that we also do is we do residential loans for nationals.

Jim Fried: Oh I know. It’s one of our best placement sources. Oh shoot, now I gave the cat out of the bag.

Eugene Font: So, we continue to thrive, and grow in this community, and we love this community. And that’s the reason why we stay here, and are the local boys.

Jim Fried: Well, I think that it’s important to tell everybody that’s you’ve been involved in the community for a very long time. They’re obviously a pillar of the community. The performing arts center is named for Adrian Art. She’s had a very, very key part of its Total Bank’s growth in our community. So, it’s very important for the color of our community that we need to support. We need to support as business people in the community Total Bank. Gene, give them a contact number, and your email again one more time before I go because I want to make sure they can find you. Pencils ready. Go.

Eugene Font: 305-476-6365, and my direct email is

Jim Fried: Gene, I want to thank you so much for coming, and being our big home run hitter today for the CCIM voice. I want to make sure that Frank, and Britt, and the rest of the team are going to give you pats on the back when they see you at the next meeting of CCIM. I’ll be there. I love going. It’s a great place to network. A great place to make business. Gene, thanks so much for being on the show today.

Eugene Font: Thank you.

Jim Fried: All right, Wanda. I think that we need to get a little bit of music rolling. I want to let everybody know. We’ve got Adam Bergman. He’s going to talk about self-directed IRAs. Doesn’t sound excited, wait. I’ve been talking to this guy for a half hour before the show. It’s going to rock. Make sure you stay with us. Adam Bergman, money information you can use today. To make and save money. Thank you, Wanda. It’s yours.

[commercial break]

Announcer: You’re listening to Fried on Business. To talk to Jim and his guests call 305-541-2350. That’s 305-541-2350. Now, back to your host Jim Fried.

Jim Fried: All right, Wanda tells me we’re having a Facebook feed problem. So, maybe you can’t see me live. Hopefully, you’re enjoying me dancing, and being crazy before. I want to tell the person that called when I was reading the commercial. I’ll call you back after the show. I can’t really take the call right now because we got to talk to my good friend Adam Bergman. Adam is…what are you? The president, the esquire, IRA financial group, the founder?

Adam Bergman: Founder, yes sir.

Jim Fried: The big guy, the cheese, the kahuna. At IRA Financial. We’ve got him here on the show. Adam, self-directed IRA that doesn’t exactly get me going as far as the topic. In fact, I pushed back on it, but then I met you, and I said my God this guy has to be on my show. First of all, how did you get into this Mr. Book writer?

Adam Bergman: Very interestingly enough I was a tax attorney in New York, and practiced tax law to almost 10 years at some of the largest law firms, and actually had a client that came to me and wanted me to research some self-directed IRA prohibited type transactions issues, and I actually never heard of a self-directed IRA. I have a masters in tax law, and have some considerable tax experience, and never even heard of it. So, I started doing some research and found out that this whole industry exists. That services over 49 million IRAs.

Jim Fried: Whoa, whoa, how many?

Adam Bergman: There’s over 49 million IRAs.

Jim Fried: Wow.

Adam Bergman: $7 trillion in IRAs.

Jim Fried: And people just put the money in, and they can figure out how to do it themselves?

Adam Bergman: Most people will start by making contributions under 50 years old is $5,500, over 50 years old $6,500 of income. Most IRAs are funded by rollovers from 401Ks from employers after someone leaves a job, or retires. They’ll roll the money into an IRA, and at that point they have an IRA that’s available for investment.

Jim Fried: So, wait a minute now. You say an IRA that’s available for investment that’s an abstract concept to me. What you really mean is that they have dollars in their IRA that they can then invest outside in the world, and then that investment stays in the IRA?

Adam Bergman: Exactly, Jim. Most people don’t realize that an IRA is not restricted to simply buying equities, mutual funds, ETFs.

Jim Fried: Hold it, say that again. Say that again.

Adam Bergman: I will repeat it because it’s actually really important. Something I didn’t know, and something tax partners that I worked with who went to Harvard, and Yale are still not aware of. Is that…

Jim Fried: No way.

Adam Bergman: Totally, you can use your retirement money to invest in almost anything except three things.

Jim Fried: What?

Adam Bergman: Life insurance, number one. You can’t buy life insurance with an IRA.

Jim Fried: Well, that makes sense.

Adam Bergman: You can’t buy collectibles.

Jim Fried: That makes sense, that makes sense, that makes sense.

Adam Bergman: Antiques, rugs, baseball cards, and the third and broadest category is you are not allowed to enter into any transaction with your IRA that directly, or indirectly personally benefits you. So, let me just explain that.

Jim Fried: Oh, I can’t invest it in something for me?

Adam Bergman: Correct, you can’t buy a house and live in it. You can’t take your IRA, and go to Disneyland. You can’t take your IRA and buy yourself…

Jim Fried: Well, you got to break it. You’d have to break it.

Adam Bergman: Exactly, the IRS is saying listen, we are giving you the benefit of setting this IRA up potential getting a tax reduction up front. If you did a pretax IRA, or if you did a Roth IRA tax-free growth. However, we expect to receive some income from you in the form of tax revenue when you hit 70 years old, and that’s called a requirement t of distribution. So, in order to protect those distribution rules, the IRS is basically saying listen if you are going to use your IRA to personally benefit you, or a lineal descendant, like a parent, child, spouse, daughter in law, son in law, pay up. Pay the taxes, but anything else you can do. You can buy real estate, sell it to a third party. You can flip it to a third party. You can rent it to a third party. You can even rent it to a brother, sister, aunt, uncle, cousin.

Jim Fried: So, it sounds to me like as long as I do something that creates an economic development benefit then that’s what it’s for. So, it sounds to me like this is a way for me to put money to work, and help the economy grow? Help my investments grow, and have it taxed deferred would be the term?

Adam Bergman: That’s exactly right. A lot of people don’t understand the concept of tax deferral. I would argue that it’s probably the last best, legal, tax shelter out there. Tax deferral means that your income is growing without tax, so if you take an example to make $100 and the tax rate is 20%. You’re left with $80, but if you take that $100, and invest it, and re benefit each year in a gross without tax you could imagine how much more you’re left off with when you hit 70 years old for example. And that’s really something that a lot of people, baby boomers, millennials, generation Xers, are not aware of the power of tax deferral, and unfortunately I give this example all the time. I went to college. I went to law school, I had a masters in tax law. I did not take one class about retirement saving, or tax deferral. Not one class.

Jim Fried: No, it’s always about the way up, it’s never about what happens when you make the peak. It never talks about what’s going to happen, and how do I manage the backflow after I’ve made my investments so I can make it to the end because I got to believe that you got to have a certain kind of number to make it to the end, and we’re all living longer. We had the woman from the Earth Diet last week who’s helping us all live better. So, it sounds to me like even as we are living through this the actuarially charts change you. What a fancy word, huh?

Adam Bergman: Yeah.

Jim Fried: And there’s got to be ways to make sure that we can have a secure back end. We were talking to Gene just a little while ago about what’s going on with him, and so there’s all kinds of people that need this. Now, I have a question. I have a question.

Adam Bergman: Yes.

Jim Fried: I have read that there’s a way, and I touted, teased this when we were going, that there’s a way to get big dollars into your IRA investment. You were telling me you were on the phone with a guy that’s 50 million, how does that happen? Fifty million dollars in your IRA?

Adam Bergman: Over $50 million in a Roth IRA.

Jim Fried: How does that happen?

Adam Bergman: Mitt Romney, everyone talks about, he has anywhere from 30 to 100 million in a pretax IRA, which is good, but he’s going to have to pay taxes at some point.

Jim Fried: That’s why he didn’t win the election, he isn’t smart.

Adam Bergman: Probably, so yeah. There’s a lot of ways. There’s real estates, there’s hedge funds, private equity, there’s hard money lending, gold, there is a slew of investment opportunities that you can use your IRA for. It’s a great diversification play. You could team it up with your equities, your ETF, your mutual funds, and also invest in something that you know and understand, and hopefully reap some rewarding benefits for your retirement account.

Jim Fried: Now, we’re getting close to the end of this segment. Can you stay for another segment because I know you’ve written a lot of books, at least, you got a lot of paper in front of you? And I want to talk a little bit about that stuff, especially the stuff that you’ve written to the millennials because on my show we don’t really talk a lot about the millennials, but I have a message for the millennials. Start now, dummies. How do people find you?

Adam Bergman:, or IRAfinancialtrust. …

Jim Fried: You’re going way to fast. You’re from New York. I know you’re a Jet’s fan. Please go slow for your compatriots.

Adam Bergman: I’m actually a Dolphin’s fan.

Jim Fried: High five, high five.

Adam Bergman: But I will go slow.

Jim Fried: Go slow, now you know you got to go slow for the Jet’s fans.

Adam Bergman: Okay,,. You can call us at 800-472-0646. You can email me at adamB A-D-A-M, B as in boy,, and I will be happy to answer any questions.

Jim Fried: So, really what you’re trying to do is what we talk about on the show. You’re helping to identify people’s aspirational goals, and helping them achieve them, and you’re doing it every day.

Adam Bergman: Absolutely, giving people control, and the ability to unlock a world of investment opportunities.

Jim Fried: Oh, my God. Write that down, and say that at the beginning of the next segment. We’re going to talk about great ideas, great strategies, great things to do for yourself. To help you preserve your wealth, and do great things starting today. We’ll talk about things they can do today. Can we do that?

Adam Bergman: Yes sir.

Jim Fried: All right, we’ll be back after this. I can’t wait. Wanda, yours.

[commercial break]

Announcer: You’re listening to Fried on Business. To talk to Jim and his guests call 305-541-2350. That’s 305-541-2350. Now, back to your host Jim Fried.

Jim Fried: So, what is this. The second, what kind of radio show in a row Larry? What do they call that? The second really good business show, huh? I don’t know.

Wanda: In using business.

Jim Fried: It is, this is all business all the time. We got Bloomberg on, we got me, and actually…yeah, enriching business. You got that right wing radio on in the morning…oh I didn’t say that did I?

Wanda: It’s true.

Jim Fried: Okay, okay, so we’re back. We’re talking about financial security with my good friend Adam Bergman. Adam is the protect your assets wild man. He’s helping you grow your income. This is amazing stuff you’re teaching. This is great. Professor Adam, I love you. You got four books in front of you. You killed a whole bunch of trees. You’re trying to give them to me. Tell me the thing with the Ben Franklin. What’s that all about?

Adam Bergman: Okay, this is a book I just released actually a month or so ago.

Jim Fried: Show it to the Facebook guys. There it is, there it is.

Adam Bergman: It’s called in God We Trust, in Roth we Prosper, and it’s really targeted towards millennials, and generation Xers, and I’ll tell you why, and there’s a statistic that just came out last year from the National Institute on Retirement Security, and it said it’s unbelievable statistic. It’ll scare a lot of people.

Jim Fried: Give it to me baby, give it to me.

Adam Bergman: Nearly 40% of working households with members age between 25, and 64, have zero retirement savings.

Jim Fried: What, that doesn’t surprise me. I’m in real estate. Half the guys I know don’t have a penny.

Adam Bergman: To me it’s scary because there’s no reason that someone can’t put a dollar, two dollars away no matter what your financial position is. The beauty of tax deferral will allow you to have a solid, solid nest egg on retirement by just putting a few dollars away.

Jim Fried: Adam, now I always talk about real estate guys, and you know we’re always going to make 50% on our next deal, so I’m always going to stay in cash, and I’m going to stay in bonds, and I’m always going to stay in short bonds, and I’m going to stay in cash, and then I learn the power of compounding is the most powerful thing that there is in the financial world today. Softball.

Adam Bergman: Right, and the beauty of compounding is that your money grows eight years. Eight percent return, and especially if you’re able to grow your money without tax. You’re going…

Jim Fried: Well, tax deferred.

Adam Bergman: Tax deferred, and then a Roth.

Jim Fried: Uncle Sam listens to.

Adam Bergman: Correct, and in a Roth IRA you can get tax-free growth.

Jim Fried: Whoa, wow, huh?

Adam Bergman: So, a Roth IRA is something that came out of 1997, and unlike a pre-taxed IRA you don’t get that tax deduction upfront, but if you keep your Roth IRA open for at least five years, and you’re over 59 and a half when you pull the money out you never pay tax. No federal income tax, no state tax, nothing.

Jim Fried: Hold it. What’s your phone number?

Adam Bergman: It’s true. It’s out there, any bank can set this up for you. Of course, IRA Financial Trust could as well if you want to do self-directed, but you can go to any bank, open up a Roth IRA for free, and put away a dollar, two dollars, just start, and that’s especially for the millennials, and generation Xers. As you mentioned, Jim, it’s about continuity, and consistency.

Jim Fried: It really is, it really is. If you miss just a couple of months it can really hurt, you in the long run. The dollars you don’t put in today aren’t there down the road. You know they talk about it with these NFL contracts, and stuff, but if the guy misses six months of a year, he doesn’t get paid, or he doesn’t pay himself in this case. That’s a big problem. What’s the yellow book there? The book with the yellow…the check book? What’s that all about?

Adam Bergman: So, this books called the checkbook IRA, Why You Want it, Why You Need It.

Jim Fried: Show it to the folks. There it is.

Adam Bergman: It’s about self-directed IRAs, and it goes into the different types of self-directed IRAs. It goes into what you can and cannot do. Tips, it goes into obviously the concept attached to referral, and extensive information on all the IRA rules.

Jim Fried: Can’t I just hire you? Okay, that’s what I wanted to know. That’s what I wanted to know. Adam, if somebody wants to hire you what’s the website? What’s the phone numbers? Then we’re going to do more talking. Give me a middle how to contact and then give an end also.

Adam Bergman: Okay,, 800-472-0646. Someone will be able to help you.

Jim Fried: I’m telling you. Whoever got you your website, and all your social stuff. High five to them. IRA Financial Group? That’s amazing. What a great logo that is.

Adam Bergman: Thank you.

Jim Fried: Now, we’ve got two of the books out of the way, and you put them over on the top. Tell me that one there that’s the one that’s the two different colors. What’s that all about. You’re showing me, show them.

Adam Bergman: This one’s called Turn in Retirement Funds in the Start-Up Dreams.

Jim Fried: Oh, that sounds good.

Adam Bergman: It’s a book about how you can use your retirement money to start a business.

Jim Fried: Wow, tell me more.

Adam Bergman: It’s actually something that may be some of your real estate investors would like to do as well. It’s a complicated structure that actually involves a 401k in a corporation. It’s called a roll over business startup solution, and it’s really used for someone looking to use their IRA funds without having to pay tax or penalty to start franchise, or do something in a business world.

Jim Fried: See, I know what you’re doing. You’re trying to throw out all these very big ideas so that I have to invite you back, and you want to know something, it’s working. I don’t think you’re a …I thought you’d be the boring tax guy. Oh my God, I thought it would be horrendous. Okay, we’ve got one more. What’s that one?

Adam Bergman: I think your real estate investors will like this.

Jim Fried: Show them, show them.

Adam Bergman: Since a lot of real estate investors are self-employed there’s something called the solo 401k, and the books called Going Solo, America’s Best Kept Retirement Secret for the Self-Employed, and it’s a great retirement plan. It’ll let you put away up to $59,000 a year, and also have the ability to self-direct, and take a $50,000 loan from your plan, and use that for any purpose.

Jim Fried: Okay, I don’t want to say I’m speechless, but I really was at a pause for that. So, you’ve given us four little glimpse’s at different strategies that somebody could start doing today. Today, the most important thing is tomorrow at 9 o clock is to go down to your bank, or to your total bank, or your financial adviser. That’s to you Gene, so that’s an extra for the CCIMs there. Total Bank, and open up your…what do they do? What do they do tomorrow? Oh my God, I got to start saving, what do I do?

Adam Bergman: Go to Total Bank, or any bank of your choice, and open an IRA, and put money in it, and up to $5,500 if you’re under 50 or $6,500. Could do a dollar a day. Don’t have to do it all at once, start.

Jim Fried: Now, tell me about the most interesting investment that you’ve seen somebody do through this self-directed IRA concept.

Adam Bergman: I’ve seen a whole slew from …

Jim Fried: Now, see that’s …you’re trying to get back on the show again.

Adam Bergman: A rocky denares, believe it or not.

Jim Fried: Pardon me?

Adam Bergman: To investments in Zimbabwe, to hedge funds, private equity, hard money lending, two siblings, someone who was a flood victim in Texas recently. A neighbor who was able to use their retirement money to lend to their neighbor to help them out. Unbelievable examples.

Jim Fried: Wow, that’s really a great example. That’s really a great example. We try to do things on the show that make people feel good too, or help them feel good because they’re driving around in that traffic listening to me. Oh, by the way just relax. The guy who cut you off he obviously has some place to go. Don’t slow go him, don’t tap your breaks, don’t aggravate him. Just let him get out of your hair. That’s my approach on the highway these days. It’s just absolutely ridiculous out there. Now, Adam, we’ve only got a couple more minutes. Wandeta, how much more time do I have in this segment? Give me the finger, how many?

Wanda: Two or three.

Jim Fried: Two or three, oh we got plenty of time. First of all, Adam, tell people how to get a hold of you with your fancy logo, and your fancy phone number again.

Adam Bergman: Simple,, or 800-472-0646.

Jim Fried: Okay, so we just sat down. You just walked into my office, you saw how fancy it is. You saw my big stuff up there. What’s the first question you’re going to ask me when we have a meeting about financial planning?

Adam Bergman: I’m going to ask you what type of retirement money do you have. If you don’t have any, I’m going to impose on you that you should go and start opening an IRA today.

Jim Fried: Okay, and now I tell you that I’ve got an IRA. It’s just clicking along there. Every year I pay my taxes, I give the guy an order of my accountant says this is my maximum contribution. I put it in there, and it’s been sitting in there. At first it was in the money market, then I put it in the stock fund, and it started to grow, and what do I do now?

Adam Bergman: Well, the beauty of a self-directed IRA is you are 100% in control. Not me, I’m not an investment adviser. You come to me and say, “Adam, I want to do this.”

Jim Fried: You’re an enabler.

Adam Bergman: I’m an enabler, I’m allowing you to use your retirement funds in a way that the IRS allows you to do so. Unfortunately, many wall street institutions don’t want you to know the fact that you could buy alternative assets with your retirement money.

Jim Fried: All right, we’re out of time now, but you’ve opened up enough doors that I’m going to extend you the offer. Would you please come back sometime in the future?

Adam Bergman: I would love to.

Jim Fried: OH, that’s awesome. He’s a super guy. Adam Bergman talking about the self-directed IRA concept. It’s something that’s not necessarily new, but it is something that a lot of people don’t tell you because I guess that they don’t make money if they give you the idea because you’re doing it yourself.

Adam Bergman: Correct.

Jim Fried: Oh my gosh, it took me a half hour to figure that out, huh? All right, well we’ll be back. I’m going to talk about residential mortgage lending, helping you achieve your goals. It’s your home loan, I’m going to tell you about what I found out as I’ve been walking around for the last two months building up this business. I learned a whole lot because I came out of nowhere to do it. I do know who to do it with, I know what’s going on. Stick with me we’ll talk about what’s going on as the residential home loan mortgage market discussion continues. Thank you my financial friends for the first part of the show. Wanda, it’s all yours. That’s right, Steve Miller is going to tell you what to do.

[commercial break]

Announcer: You’re listening to Fried on Business. To talk to Jim and his guests call 305-541-2350. That’s 305-541-2350. Now, back to your host Jim Fried.

Jim Fried: All right, all right, all right. We’ve got mobility here. Everybody’s moving around, we’ve got the peanut gallery is walking around. You can watch us up on Facebook, you go to Jim Fried, or Fried on Business, and were up live on Facebook. It’s really cool. I’m just figuring out how to do it. It’ll get better over time I promise. So, we promised everybody the fourth quarter we’d talk about residential mortgages, and what I’ve seen. You know, I got into the business. I’d heard the myths, I heard the rumors, I heard that it was really hard, and I found out that it really is. I’ve had people call me. They go, “Jim, I own two houses up here, I got this house up there, I’m going to buy this house, I’m going to rent this one, I’m going to do it on air B&B.”

I go, “Wait a minute bro, that’s going totally change.” Did I just say bro on the radio? I guess I did. That’s okay. I said, “Hey, if you do that you’re going to have a higher interest rate because your things going to not balance right.” You’re going to go, “Well, how do you know that?” I go, “I really don’t know that, but Milvia, the person that processes the loans, she has relationships with all the bankers.” She calls them and says, “Hey, how about this, how about that?” And what she does is she does the calculus, it’s like a Rubik’s cube trying to get these loans done. Am I right? Regina’s nodding. I think he’s going to break his neck nodding it’s so true. These bank loans are not easy to do, and if you can’t qualify for a bank loan whoa nelly as the guy on TV says. You got to definitely call me. Give me call at 305-773-6300. Why? Because I can even get a nonresident foreign alien finance. A home, a condo, a condo building that’s just completed. It may not be FHA approved. If your loan doesn’t fit into a box, I can help. For instance, on the non-foreign, nonresidential foreign aliens.

Argentinians, Venezuelans, Russians, Brazilians, come on down. We can help you get a mortgage. We are going to need a reserve requirement, but the loans can between $150,000 all the way up to $15 million. You can, “Jim, can you really do a $15 million loan on a condo?” Yes, I can. You go, “Where are they?” I go, “They’re on Miami Beach.” And they’re all up and down Miami Beach. I could do them on the homes too. There’s all kinds of beautiful homes on Miami Beach, Pinecrest, Doral, Palm Beach County. We can help somebody anywhere in Florida realize their dream. Self-actualize, if you want to get your home. If you want to refi and pay some bills. Whatever it is we can help. We’re the experts. We’ve had 25 years of experience at our shop. Me? Only a couple of months, and you say, “Jim, what have you seen in the couple of months?” I’ve seen horror stories. It’s just unreal. People call me, and they go Jim. I’ve got a fantastic credit score. Lots of cash in the bank, put on …I don’t have a lot of cash flow. In fact, all my documents show cash losses. Sounds like the guy might be in real estate. Well, that guy, he needs a $7 million to buy his house on the bay.

He goes, “Jim, I called my bank. They won’t do it. I called my stock fund, they won’t do it because my margin account is maxed out because I’m playing the market too. This is obviously a bit of a high roller, and I go, “Well, look. We can help you get the mortgage.” So, we send these paperwork, it came over in a wheel barrel. Took us a couple of days to figure it out. We came back, we mentioned a couple things we had to do. Made it financial. Can you just hit that thing, and just say closer so the foot thing goes away? There we go, now they can see us again on Facebook. I’m just learning how to do it. I got to stop it. You can’t get a message. You can’t get a phone call. I got to stop saying call me. Call me like the crow used to say, call me. But that’s right, we can get you a loan. We’ve got 25 years in the business. We’ll do borrowers that are less than perfect credit. Hey, maybe you did a recent short sale. We even have private equity loans, and we have 100% portfolio bank pricing. It’s strictly non-QM lending loans to US, and foreign corporations. Those are all okay. Now, I’m going to really tell you something you didn’t think you’d hear. I’ll even do a condo hotel unit. That’s right, if we can underwrite the real estate, we can give you a loan. So, give me a call, Jim Fried, and 305-773-6300.

This is not about me, it’s about two wins here. It’s about helping you, meet the people at Spectrum Mortgage who are experts at navigating the mortgage origination process for you. If you want alone, you’re going to need help. If you need a lot, and you’ve been out looking. You know you need help. So, give me a call at 305-773-6300. How do you get loans in today’s world? You have to know who’s in the market, who’s out of the market, who can do a nonresidential foreign alien if that’s what it takes. Who’s looking and doing in somebody who may have a short sell in there. There are even…the real estate guy recognizes the term residential mortgage conduits that we work with. There’s all kinds of buckets. People go, “What’s the rate?” Well, you got to call me because everybody’s different, and we won’t tell a rate until you…you can’t do it until you underrate them, and am I right Gene?

Eugene Font: Correct.

Jim Fried: You see that? He knows. He knows. I got my backer here to back me up today. We do deals with banks like Total Bank. We got all the banks, the community banks, total bank, in fact, is one of the most important banks in our community because as they grow they stay here. They leave their money here, and they invest here. We know banks. We know all their agendas. We know who’s in the market? Who’s out of the market? Give me a call at 305-773-6300, and that’s it for the heavy talk on commercial real estate today. Loans, and mortgages for residential, and commercial. We can do them all all the way up to $15 million. So, give me a call at 305-773-6300, and now we’re towards the best part of the show. You go why?

This is where I …the phone is ringing again. I love it. Wanda, did you not go soft again? Am I on? Oh, who knows. Yeah, but that’s okay, listen. I want to thank everybody. I want to thank our sponsors, the Related Group, of course, Spectrum Mortgage. I want to thank Warren Henry, Magnum Energy Solutions. Wanda’s teeing us back. We’ll be on Facebook in just a minute. Wanda, thank you. Without Wanda I just couldn’t do the show. Let’s see. I’ve got Early Shares, KIND Snacks, I got such great list of sponsors. NFL alumni, Bergstrom Center for Real Estate Studies, the Miami Marlins, The CCIMs, South Florida Business and Wealth Magazine, Xpresso Marketing, Social Media 305. Lauren’s Kids, I want to thank our guests. I want to thank my friend Gene Font. I want to thank Adam Bergman. I want to thank myself. What a great guess I am on my own. Of course I want to thank you Wanda, and I want to thank you are listening because obviously without you I’d have no radio show.

So, thank you so much. Join our community, give us Facebook, comments, who you want to hear from. Twitter @FriedonBusiness, Facebook, Lincoln, YouTube. Website the hits keep coming. Got to the website, For Fried on Business I’ll be here next week at six on 880 AM, why? Because I just freaking love doing this. Thank you Wanda, I’m not done yet. Remember this is not a rehearsal, this is really what it’s all about. The person wants to do something finds a way, the person that doesn’t they make an excuse. Now, go out there and make it happen. Thank you Wanda.



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