Jun 12, 2019
FAR 256
Opening:
Today we are talking about Opportunity Zones. You may have heard about them. You might have even heard they are the next BIG thing in real estate investing. They represent a tax break for real estate investors as an incentive to bring economic development to underserved areas. I had a chance to speak with Jillian Sidoti and Nancy Tegeder of the law firm of Trowbridge and Sidoti out of southern California.
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Announcements:
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News:
Opportunity Zones
Ram Realty CEO isn’t buying into Opportunity zones, says “Anyone who has [Opportunity Zone properties] for development thinks they’re sitting on gold, but if you are trying to underwrite and make sense of the project with today’s rents and costs, it’s very challenging for these areas”
https://therealdeal.com/miami/2019/05/10/ram-realty-ceo-isnt-buying-into-opportunity-zones/
Fund sponsors and their investors began buying assets in Opportunity Zones en masse this past month, their enthusiasm triggered by the U.S. Treasury's mid-April release of a second tranche of proposed regulations for the tax-sheltering vehicles.
https://financialadvisoriq.com/c/2285063/278413
U.S. Opportunity zones are incredible tax savings zone for Entrepreneurs.
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) designated Opportunity Zones in 18 States.
https://home.treasury.gov/news/press-releases/sm0341
Top 10 opportunity zones in the US
https://fundrise.com/education/blog-posts/the-top-10-opportunity-zones-in-the-united-states
Facts about Opportunity zones
https://taxfoundation.org/opportunity-zones-what-we-know-and-what-we-dont/
The Opportunity zone program in New York State
https://esd.ny.gov/opportunity-zones
Trump’s Opportunity zone rules deliver on investors’ wish list
Treasury issues second set of highly anticipated opportunity zones guidance
https://home.treasury.gov/news/press-releases/sm660
In a former warehouse on a dimly lit street in the South Bronx, developers sipping Puerto Rican moonshine listened as a local official urged them to capture a new U.S. tax break by rebuilding the decaying neighborhood.
The U.S. Department of the Treasury and Internal Revenue Service (IRS) approved Michigan’s application for Opportunity Zones -- areas eligible for tax benefits aimed at spurring private investment, economic growth and jobs in the state’s distressed communities.
https://www.michigan.gov/mshda/0,4641,7-141-7559_9637-465897--,00.html
Ben Carson explains benefits of investing in 'Opportunity Zones' for areas facing economic challenges
https://www.foxnews.com/politics/ben-carson-opportunity-zones-low-income-americans
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EXTRAS
Opportunity zones resource center
https://www.novoco.com/resource-centers/opportunity-zones-resource-center
Opportunity zones map tool
https://www.enterprisecommunity.org/resources/opportunity-zone-eligibility-map-tool
The Real Estate Opportunity Zone Meeting
https://www.rclco.com/event/the-real-estate-opportunity-zone-meeting/
Speaker: Eric Willett
Email: ewillett@rclco.com
Phone: 310-752-9032
Special Guest:
Your Questions: Send emails to questions@rogerblankenship.com
- Carlton, Chicago, IL “I’m getting back into investing and thinking about Atlanta. What are the opportunities I should be considering there?”
- Tracy, Senoia, GA “I’m interested in reserving my ZIP code on the FAN. Is it $100 for every ZIP code?”
Comment Line calls and Questions
Call 404-369-1018, press 1 and leave your message!
Motivational Thoughts for the day
“There is no amount of money that makes time
irrelevant.”
-Mark
Dolfini