Latest / The Steve Harvey Morning Show / Info You Can Use: A Masterclass on Real Estate Investing, filing wills and estate planning.

Transcript

Info You Can Use: A Masterclass on Real Estate Investing, filing wills and estate planning. · The Steve Harvey Morning Show

• 0:00
  Speaker 1: Welcome, Welcome, Hi. I'm Rushan McDonald, our host this weekly
• 0:03
  Speaker 1: Money Making Conversation Masterclass show. The interviews and information that
• 0:08
  Speaker 1: this show provides are for everyone that includes you. Like
• 0:11
  Speaker 1: I said many many times, it's time to start reading
• 0:14
  Speaker 1: other people's success stories and start living your own. Build
• 0:17
  Speaker 1: your story, work your story, become your story. If you
• 0:21
  Speaker 1: want to be a guest on my show, please visit
• 0:23
  Speaker 1: our website, Moneymakingconversations dot com and click the be a
• 0:28
  Speaker 1: Guest button. Let's get this show started. My guest received
• 0:32
  Speaker 1: her bachelor's degree from Georgia State University and a jurist
• 0:36
  Speaker 1: doctor degree from Florida A and M University College of Law.
• 0:40
  Speaker 1: Fam you, she's a rattler. Her law firm practices everything
• 0:44
  Speaker 1: from real estate law and state planning, probate and business
• 0:49
  Speaker 1: and contract law. That's a lot of stuff and I
• 0:52
  Speaker 1: had to bring on the show. This is not the
• 0:54
  Speaker 1: first time I've interviewed it, but she hit me with
• 0:56
  Speaker 1: so much great advice I wanted to share with my
• 0:58
  Speaker 1: audience and on a bigger platform. Please Welcome to Money
• 1:02
  Speaker 1: Making Conversations Masterclass. Attorney Diane Claire. How you doing, Attorney Claire.
• 1:08
  Speaker 2: I'm doing well. Thank you so much for having me.
• 1:11
  Speaker 1: Well, I know that one thing I forgot to mention
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  Speaker 1: that you also teach real estate law at Kennansas State University.
• 1:18
  Speaker 2: Correct, I do. I'm a professor at Kennesas State.
• 1:22
  Speaker 1: That's a lot. Now you're pretty busy. Now I just
• 1:24
  Speaker 1: mentioned I mentioned real estate law and state planning and
• 1:28
  Speaker 1: probabe business and contract law, and then your profession I
• 1:34
  Speaker 1: feel is under a marketing and branding attack because every
• 1:38
  Speaker 1: time I turn on the radio, I hear somebody blasting
• 1:41
  Speaker 1: about I can get you can get hit hob truck,
• 1:44
  Speaker 1: if you get hit, you fall out of an airplane,
• 1:46
  Speaker 1: you can get run over by a motorcycle, if you
• 1:49
  Speaker 1: walk across the street and slip, I can get your money.
• 1:51
  Speaker 1: I can get your money. I can get your money.
• 1:53
  Speaker 1: Now you're the esteem person graduate. Did you expect this
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  Speaker 1: to your law professors tell you that this is what
• 2:02
  Speaker 1: you're going to be walking into. This is the profession
• 2:05
  Speaker 1: this craft has become. Or I'm being over by Am
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  Speaker 1: I over exaggerating the matter? Please your thoughts.
• 2:12
  Speaker 2: No, you're not over exaggerating. And that type of law
• 2:15
  Speaker 2: person injury law is only one aspect, but you can
• 2:19
  Speaker 2: hire lawyers for way more and we can assist you
• 2:22
  Speaker 2: in way more so trying to pay such close attention
• 2:26
  Speaker 2: to the.
• 2:26
  Speaker 1: Commercial, but they are dominating that I can't miss them.
• 2:31
  Speaker 1: I can't miss them. Now, let's talk about you here,
• 2:33
  Speaker 1: because you know, like the medical profession, there are a
• 2:37
  Speaker 1: lot of people out there that they become Googling doctors.
• 2:39
  Speaker 1: They just go on the Internet and try to cure
• 2:41
  Speaker 1: themselves by just reading stuff they read online. How is
• 2:46
  Speaker 1: that happening in the law profession, people just trying to
• 2:48
  Speaker 1: get google legal advice online and try to sidestep lawyers.
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  Speaker 2: Yes, absolutely, it happens way too often, especially in my field,
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  Speaker 2: which is you know, I do a lot of real
• 2:59
  Speaker 2: estate as well as the state planning law. So I
• 3:02
  Speaker 2: find people that are going online and trying to create
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  Speaker 2: their own wills and trust on legal Zoom. And you
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  Speaker 2: want to get a professional to do that type of stuff.
• 3:14
  Speaker 2: And I've been practicing law now for a little over
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  Speaker 2: ten years, and so you want to get someone who
• 3:20
  Speaker 2: has a good amount of experience and know what they're doing.
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  Speaker 2: Don't reference to the people that are on social media
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  Speaker 2: as well, who are telling you this is how you
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  Speaker 2: invest in real estate, because they're not lawyers, and they
• 3:32
  Speaker 2: may not know exactly what they're talking about.
• 3:35
  Speaker 1: So now does that lean itself into that whole conversation
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  Speaker 1: about AI is AI and becoming a part of the
• 3:42
  Speaker 1: legal game where people are turning the AI and chat
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  Speaker 1: GPT for platforms and that they feel that can lead
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  Speaker 1: them in the right direction and bypass lawyers.
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  Speaker 2: Absolutely, people are using AI. They're googling stuff. Even now Google,
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  Speaker 2: if you google something, it has an AI bot that'll
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  Speaker 2: answer your question before it even gets to the real
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  Speaker 2: websites that you're looking for. So AI is not really
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  Speaker 2: something you want to trust, even if lawyers have gotten
• 4:13
  Speaker 2: in trouble for using it. It creates and makes up stuff.
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  Speaker 1: Yeah, right, So because that's why I wanted to bring
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  Speaker 1: you on, because there's so many things that we're doing.
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  Speaker 1: I call them quick fixes. You know, you can it's
• 4:24
  Speaker 1: you know, basically it's free. You know, if you internet,
• 4:27
  Speaker 1: you go online, you can just type in something through
• 4:30
  Speaker 1: your browser on your phone or your app and things
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  Speaker 1: like that. But that doesn't necessarily mean that that's the
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  Speaker 1: correct information. Now, if you had to give somebody some advice,
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  Speaker 1: who's doing that? Where would you tell.
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  Speaker 2: Them to go?
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  Speaker 1: Besides you as a brand of seeking that type of
• 4:44
  Speaker 1: level legal advice that's necessary that will not be creating
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  Speaker 1: problems down the line.
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  Speaker 2: You want to book a consultation with an attorney, you
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  Speaker 2: want to do your research and make sure that attorney
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  Speaker 2: is in that field of law.
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  Speaker 3: Well.
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  Speaker 2: For instance, I help entrepreneurs a lot. I help people
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  Speaker 2: with setting up their businesses and also getting involved in
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  Speaker 2: investing in real estate. And so you want to make sure,
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  Speaker 2: for instance, in bast your goal, you want to hire
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  Speaker 2: a real estate attorney or something specializes in that to
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  Speaker 2: make sure that they know how to advise you properly.
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  Speaker 1: Now, you said this a couple of times, getting involved
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  Speaker 1: and investing in real estate. What do you mean when
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  Speaker 1: you say that? Are you saying that there's an approach
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  Speaker 1: that you can assist or point people do right direction
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  Speaker 1: where they can get involved in real estate investments.
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  Speaker 2: Yes, so a lot of my clientele are real estate investors.
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  Speaker 2: I help people get into this business from start to finish.
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  Speaker 2: So if you're out there and you want to quit
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  Speaker 2: your nine to five job, you want to invest. You
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  Speaker 2: want to build that real estate portfolio and pass it
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  Speaker 2: on down their future generations. That is what I do.
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  Speaker 2: I hope people get started in that because a lot
• 6:03
  Speaker 2: of times people don't know where to start, they don't
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  Speaker 2: know how to start. And then number two, they don't
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  Speaker 2: have the right legal guide or legal expertise to help
• 6:13
  Speaker 2: them once they get into it, because you do end
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  Speaker 2: up being a lawyer for a lot of things when
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  Speaker 2: it comes to real estate.
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  Speaker 1: Okay, now you got my My hand's raised. Now you
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  Speaker 1: can't see it, but it's in the air. What's my
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  Speaker 1: next step? If I call you because you said you
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  Speaker 1: can help me get into invest in real estate, how
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  Speaker 1: do I go about that? And how much money do
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  Speaker 1: I need? Do I need like ten fifty, one hundred
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  Speaker 1: thousand or they're cut off points where one needs to
• 6:44
  Speaker 1: approach this whole thing. How does one start? Attorney Claire, So.
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  Speaker 2: The first thing I'm going to ask you is do
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  Speaker 2: you already have your business register it filed? Incorporate it
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  Speaker 2: because you've got to do that first because you cannot
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  Speaker 2: invest your personal name. Nothing should be owning your personal name.
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  Speaker 2: So that's number number one. If not, I'm going to
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  Speaker 2: help you set up your business entity.
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  Speaker 1: Okay, cool, So setting up a business company a company, LLC, incorporation, incorporated,
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  Speaker 1: uh ES Corp, or C corp. Those are the type
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  Speaker 1: of things that you recognized as a business.
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  Speaker 2: Absolutely, either an LLC or corporation or some type of
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  Speaker 2: business entity. Okay, then I'm gonna I'm gonna I am
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  Speaker 2: gonna ask you, you know, how much money do you
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  Speaker 2: have to invest? Now? You don't have to have a lot.
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  Speaker 2: A lot of people have that misconception that you have
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  Speaker 2: to have a lot of money to start investing in
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  Speaker 2: real estate, and that's not true because there's so many
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  Speaker 2: different ways you can invest in real estate. So if
• 7:45
  Speaker 2: you want to start small, for instance, you can start
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  Speaker 2: with just investing in tax LANs and tax deeds.
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  Speaker 1: And then from what exactly is that, Attorney Claire, because
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  Speaker 1: that's something you know about, but I've never heard of that.
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  Speaker 1: What is that that you.
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  Speaker 2: Just referenced, So it's two different things. So a tax lien,
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  Speaker 2: for instance, happens when a homeowner doesn't pay their their
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  Speaker 2: property okay, and then the county will place a lien
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  Speaker 2: for that amount. Those liens can be usually there's going
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  Speaker 2: to be like a couple hundred dollars. So you can,
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  Speaker 2: for instance, purchase that lian. Now you have an interest
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  Speaker 2: in the property, and if the owner wants to get
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  Speaker 2: that lian removed from their property, they have to come
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  Speaker 2: back and pay you that money plus interest. So that's
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  Speaker 2: a quick way to make money with tax lims. Then
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  Speaker 2: there's tax deeds, which is when the county forecloses on
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  Speaker 2: your property for not paying those tax liens. That is
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  Speaker 2: when you actually are purchasing that property on a tax
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  Speaker 2: for closure sale. So that's a whole other way to
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  Speaker 2: get started. And those are maybe like a couple, so
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  Speaker 2: you can start there. It can start small and then
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  Speaker 2: start investing from there in you know, mortgage foreclosures, or
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  Speaker 2: even do fix and flips or rehab properties and do
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  Speaker 2: rental properties from there.
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  Speaker 1: I have never heard of this in my life. So
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  Speaker 1: you're saying that one can start a company and then
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  Speaker 1: they can start with lins and they find out here's
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  Speaker 1: some list that you are aware of that you can
• 9:27
  Speaker 1: go say look these people or leaning you go and
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  Speaker 1: pay for that lian. Now you have an investment in
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  Speaker 1: that property. If that person wants to get that lien off,
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  Speaker 1: they got to come to you, pay you in a
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  Speaker 1: little extra fee for that. Then you have people who
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  Speaker 1: have been property have been repolled. Then you can go
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  Speaker 1: and get that property at a discount, turn around and
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  Speaker 1: either sell it as is or you can flip it,
• 9:49
  Speaker 1: which means upgrade the property. And then you said, in
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  Speaker 1: other words, probate. Did you not say probate.
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  Speaker 2: Yes, I also do probate law. That's not what I'm
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  Speaker 2: talking about when I'm talking about investing in real estate.
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  Speaker 1: Okay, cool, Okay. Now is this a popular business that
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  Speaker 1: people are doing or it's just something that you are
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  Speaker 1: aware of? That's a real niche because it feels like
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  Speaker 1: this is a business that if you if you're smart,
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  Speaker 1: you have time, you have the right legal team. That
• 10:18
  Speaker 1: is something that can Like you said, this is property
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  Speaker 1: you own. I always tell people, you know, God only
• 10:23
  Speaker 1: made land and he's not making no more. So when
• 10:26
  Speaker 1: you buy it, you own something very unique. And that's
• 10:28
  Speaker 1: what you call building a legacy. Am I correct when
• 10:31
  Speaker 1: I make those statements?
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  Speaker 2: Yes, that is true. That is very true. And real
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  Speaker 2: estate is something that is the best thing to invest
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  Speaker 2: in and pass down to future generations because it's not
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  Speaker 2: fluctuating like the stock market. You know, one day the
• 10:48
  Speaker 2: stock market can be up, next minute is down. Typically
• 10:52
  Speaker 2: real estate is going to be something that always increases
• 10:55
  Speaker 2: in value. And so that's why it's the best thing
• 10:59
  Speaker 2: to invest in if you want to get that financial
• 11:02
  Speaker 2: freedom and build that wealth then to pass down to
• 11:05
  Speaker 2: future generations.
• 11:06
  Speaker 1: Okay, so here's ruseean McDonald. I'm just using me as
• 11:09
  Speaker 1: an example. I come in, I contact you, attorney Claire,
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  Speaker 1: I say I want to I want a consultation, and
• 11:14
  Speaker 1: then I tell you, look, I have I already have
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  Speaker 1: a business set up that I can use as dedicated
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  Speaker 1: for this real estate. Correct. It can't be like a mix.
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  Speaker 1: This has to be dedicated specifically for real estate and investment.
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  Speaker 2: Correct, it's preferred. Yes, that is designated for real estate.
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  Speaker 1: Okay, cool? And then what's my next step? Is there
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  Speaker 1: a sheet? Is there some places I go and bid
• 11:38
  Speaker 1: on properties? How does this work? Because I'm kind of
• 11:41
  Speaker 1: confused because you have a lot of information and I
• 11:44
  Speaker 1: don't want to give it away on the air for free,
• 11:46
  Speaker 1: because you're just doing because you want people to come
• 11:48
  Speaker 1: into your office. But what are some of the steps?
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  Speaker 1: Are there places we go and bid on homes or
• 11:53
  Speaker 1: the places you go and you look up stuff in
• 11:56
  Speaker 1: your office? How does that work?
• 11:59
  Speaker 2: So there are places that you go to bid on homes.
• 12:01
  Speaker 2: There is a list each county hosts this list every month.
• 12:07
  Speaker 2: Now I go over all of this in my real
• 12:11
  Speaker 2: Estate Investing Masterclass, which is you can purchase it on
• 12:14
  Speaker 2: my website, the Clayfirm dot com and it it literally
• 12:19
  Speaker 2: goes from the beginning from registering your entity different types
• 12:23
  Speaker 2: of industries you can register to invest in real estate,
• 12:27
  Speaker 2: all the way to the different type of investments and
• 12:30
  Speaker 2: those over lenders because there are people, there are lenders
• 12:34
  Speaker 2: out there that will give you the money to invest
• 12:37
  Speaker 2: in buying fixing flips or real estate properties, and people
• 12:42
  Speaker 2: don't have to use their own money. So my masterclass
• 12:46
  Speaker 2: goes through all of that.
• 12:47
  Speaker 1: Okay, we're talking to turning in Claire Guyan. Claire, by
• 12:51
  Speaker 1: the way, I've met her on a previous interview and
• 12:55
  Speaker 1: she blew me or blew me away with the information
• 12:57
  Speaker 1: that I'm hearing again and being educ hated again about
• 13:00
  Speaker 1: the process. Not the only problem. Else why I called
• 13:05
  Speaker 1: her because I'm probably missing out on some investment opportunities.
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  Speaker 1: So is there a good time of the year to invest,
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  Speaker 1: like in the winter time, Is there a slow period
• 13:14
  Speaker 1: or the summertime or do you wait for the interest
• 13:16
  Speaker 1: to go down? Because you mentioned the stock market that
• 13:19
  Speaker 1: is not as unstable as the stock market, are there
• 13:22
  Speaker 1: periods that you should really look out there and is
• 13:25
  Speaker 1: very competitive talk to us about that.
• 13:29
  Speaker 2: No, there really aren't any periods that are better to
• 13:32
  Speaker 2: invest throughout the year than others. You just kind of
• 13:36
  Speaker 2: have to if you're for instance, if you're looking to
• 13:39
  Speaker 2: purchase foreclosures, you just have to kind of you know,
• 13:44
  Speaker 2: check the list for the county where you want to
• 13:46
  Speaker 2: invest in. And this I practice solely in Georgia, but
• 13:52
  Speaker 2: you can do this in any state. Really every state
• 13:55
  Speaker 2: has a similar process. So you can check the list
• 13:58
  Speaker 2: in the county where you want to purchase estate, see
• 14:01
  Speaker 2: what's going up for auction for foreclosure option for that month,
• 14:05
  Speaker 2: and go ahead and do your pre investigation, which is
• 14:10
  Speaker 2: kind of what my firm also helps out with. We
• 14:13
  Speaker 2: lose title searches for review title to see if there's
• 14:16
  Speaker 2: any issue before you bid on the property. So then
• 14:21
  Speaker 2: once you bid on the foreclosure, if it's a tax
• 14:24
  Speaker 2: the foreclosure, for instance, then you're only going to come
• 14:27
  Speaker 2: to us for foreclosing that right to redeem because the
• 14:31
  Speaker 2: previous owner does have a year to come back and
• 14:34
  Speaker 2: redeem the property from you. That's how a lot of
• 14:37
  Speaker 2: investors make money because when they come back to redeem
• 14:40
  Speaker 2: the property, they have to pay the interest and fees.
• 14:42
  Speaker 1: Wow.
• 14:44
  Speaker 2: Or you keep the property, so it's a win win
• 14:47
  Speaker 2: situation either way after you've bid on it, or you
• 14:49
  Speaker 2: keep the property, they never come back and then you
• 14:52
  Speaker 2: can take it and fix it up if it needs
• 14:55
  Speaker 2: to be fixed up, and rent it out. That with that,
• 14:58
  Speaker 2: now you do want to come to me to get
• 15:00
  Speaker 2: the quiet title action completed because you don't only have
• 15:04
  Speaker 2: clear title because you brought it on foreclosure until you
• 15:09
  Speaker 2: go through the quiet title process in court.
• 15:11
  Speaker 3: Wow.
• 15:12
  Speaker 1: You're hearing it on Money Making Conversations Master Class. We
• 15:15
  Speaker 1: are talking money Making Conversation with Attorney Diane Clair. When
• 15:19
  Speaker 1: we come back, we're gonna talk about wheels and probate.
• 15:22
  Speaker 1: And that's another fascinating part of the industry that people
• 15:25
  Speaker 1: are not hearing the need to have a will again googling,
• 15:29
  Speaker 1: going online with AI trying to do their wills. We're
• 15:32
  Speaker 1: talking to Tony Diane Clair. She gonna set the records straight.
• 15:35
  Speaker 3: Please don't go anywhere. We'll be right back with more
• 15:38
  Speaker 3: Money Making Conversations Masterclass. Welcome back to the Money Making
• 15:49
  Speaker 3: Conversations Masterclass hosted by Rashaan McDonald. Money Making Conversations masterclass
• 15:55
  Speaker 3: continues online at Moneymakingconversations dot com and follow money Making
• 15:59
  Speaker 3: Comversation's master class on Facebook, Twitter, and Instagram.
• 16:03
  Speaker 1: Did you hear a lot of times your commercials about
• 16:05
  Speaker 1: real estate investment? You talk about flipping home, you talk
• 16:07
  Speaker 1: about where do you go? How could you be a
• 16:09
  Speaker 1: part of that world? And I'm on the call? Is
• 16:13
  Speaker 1: attorney dying Claire? And she got her bachelor's degree from
• 16:17
  Speaker 1: Georgia State University and her Juris Doctor degree from FAM.
• 16:21
  Speaker 1: You she's a rattler out of a HPCU grab and
• 16:25
  Speaker 1: she also teaches real estate law at Kennessas State and
• 16:28
  Speaker 1: she has a master a program that's if you want
• 16:31
  Speaker 1: to get into real estate investment. But now we want
• 16:33
  Speaker 1: to make a shift here and this in regards to
• 16:36
  Speaker 1: you making this money, how do you protect it? How
• 16:39
  Speaker 1: do you keep it? Especially when you die? So I'm
• 16:42
  Speaker 1: gonna ask you this question, Attorney Claire. What's the best
• 16:45
  Speaker 1: estate planning instrument? A will or trust?
• 16:50
  Speaker 2: In my opinion, the best estate planning instrument is always
• 16:54
  Speaker 2: going to be a trust, either or a vocable trust or
• 16:57
  Speaker 2: aravocable trust.
• 16:59
  Speaker 1: And what's the difference between mean, because I've heard the
• 17:01
  Speaker 1: word irrevocable and revocable, what's the difference between those two
• 17:05
  Speaker 1: versions of a trust.
• 17:08
  Speaker 2: So a revocable trust can be changed and can be modified,
• 17:11
  Speaker 2: it can be amended. An irrevocable trust, on the other hand,
• 17:15
  Speaker 2: cannot be amended, revoked, or canceled by the person that's
• 17:19
  Speaker 2: creating it. For those reasons, it presents the best tax
• 17:25
  Speaker 2: benefits because the government or the irs kind of sees
• 17:30
  Speaker 2: as you already are giving that asset or that money
• 17:34
  Speaker 2: away to a beneficiary, and so for that reason, you
• 17:38
  Speaker 2: pay less taxes on it. That's why I always recommend
• 17:42
  Speaker 2: for my clients, especially if you're trying to pass on
• 17:45
  Speaker 2: generational wealth, to get an irrevocable trust.
• 17:48
  Speaker 1: Okay, now we all hear the word will, will, will, will,
• 17:52
  Speaker 1: But then you just said the word trust. What exactly
• 17:54
  Speaker 1: is a will?
• 17:55
  Speaker 2: Then? A will is just a document that tells your executor,
• 18:01
  Speaker 2: who are representative of your estate, how to distribute your state,
• 18:04
  Speaker 2: who gets what. A will doesn't become effective though until
• 18:08
  Speaker 2: after you pass. A trust, on the other hand, can
• 18:12
  Speaker 2: be a living trust, which means you're using it and
• 18:16
  Speaker 2: putting assets into it while you're still alive.
• 18:20
  Speaker 1: Now, this is really getting complicated in the sense of
• 18:24
  Speaker 1: there are people out there who might go, I don't
• 18:26
  Speaker 1: need that while worry about that. I'm still young. I
• 18:29
  Speaker 1: don't need a will, I don't need let alone or
• 18:31
  Speaker 1: trust because of the complications of it and what happens
• 18:37
  Speaker 1: if you don't do that. Are there examples you can
• 18:39
  Speaker 1: tell us of real life or famous or just everyday
• 18:43
  Speaker 1: life stories that you've been involved in or that you're
• 18:46
  Speaker 1: aware of that you should tell us as a warning signs.
• 18:51
  Speaker 2: So let me give you some statisticate numbers. Sixty percent
• 18:56
  Speaker 2: of Americans don't have an estate plan right now. They
• 19:00
  Speaker 2: don't have an estate plan. That percentage goes up to
• 19:03
  Speaker 2: seventy percent when it comes to minorities in America. So
• 19:08
  Speaker 2: the minority community are not the ones passing down wealth.
• 19:13
  Speaker 2: And this is not a money thing because there's rich
• 19:16
  Speaker 2: and famous people who don't have estate plans. It's an
• 19:19
  Speaker 2: education thing. So my mission, part of my mission with
• 19:22
  Speaker 2: my law firm, has been to educate people about this
• 19:25
  Speaker 2: and get them an estate plan. For instance, you have
• 19:29
  Speaker 2: Chadterwick bosemen who die without an estate plan. You have
• 19:32
  Speaker 2: prints you know who die without an estate plan or
• 19:36
  Speaker 2: Retha Franklin, all famous people who have tons of money
• 19:40
  Speaker 2: and now their families are fighting over their assets in
• 19:47
  Speaker 2: court because they did not have a proper estate plan
• 19:50
  Speaker 2: in place.
• 19:52
  Speaker 1: So this is not a will now if it if
• 19:58
  Speaker 1: they had a will, I'm going to ask you, this
• 20:00
  Speaker 1: be fighting because you go versus the state plan. So
• 20:04
  Speaker 1: if you have a will, people could still fight over
• 20:07
  Speaker 1: the what has been said designated as this person gets this,
• 20:11
  Speaker 1: this person gets this, this person gets this.
• 20:15
  Speaker 2: No a will, they will not be fighting over if
• 20:17
  Speaker 2: they at least had a will. A will the basic
• 20:21
  Speaker 2: the ground for what you at least want to have
• 20:23
  Speaker 2: in place when it comes to your estate plan. The difference,
• 20:26
  Speaker 2: the major difference is that the will still has to
• 20:29
  Speaker 2: be submitted to the probate court, so your probate in
• 20:34
  Speaker 2: your state, your state is still going to go through probate,
• 20:37
  Speaker 2: whereas if you had to trust, trust or not governed
• 20:42
  Speaker 2: by the probate court in any state, so they don't
• 20:45
  Speaker 2: go through probate at all, they don't go through court
• 20:47
  Speaker 2: at all. So that's just the difference. But a will,
• 20:49
  Speaker 2: you can still have a will and that will at
• 20:52
  Speaker 2: least protect your assets and your estate. In some way now.
• 20:56
  Speaker 1: Because it's called this interview is all about protection, legends, gentlemen,
• 21:00
  Speaker 1: and protection sometimes means that you have to spend a
• 21:03
  Speaker 1: little money to meet with the right people and sit
• 21:07
  Speaker 1: down with them. And one thing that I wanted to
• 21:09
  Speaker 1: make sure that people understand was the value of a
• 21:11
  Speaker 1: real estate purchase agreement because people are out there trying
• 21:15
  Speaker 1: to do real estate purchase agreement without proper representation. If
• 21:20
  Speaker 1: you can tell people some of the negatives that can
• 21:24
  Speaker 1: happen without having proper representation Attorney Claire.
• 21:30
  Speaker 2: So, yes, you want to make sure if you're especially
• 21:34
  Speaker 2: if you're investing in real estate on a regular basis,
• 21:37
  Speaker 2: you want to make sure you have an attorney on
• 21:39
  Speaker 2: your team to review your real estate purchase and sell agreements.
• 21:42
  Speaker 2: You want to make sure that the agreement and the
• 21:45
  Speaker 2: transaction completely is beneficial to you. And that's what we
• 21:50
  Speaker 2: do here at the Claire Firm. We help our clients.
• 21:54
  Speaker 2: We make sure that the real estate transaction is best
• 21:56
  Speaker 2: for them. We review the real estate purchase and sell
• 21:59
  Speaker 2: agreement and we make sure everything's sound and done correctly.
• 22:03
  Speaker 1: And that's key right there, done correctly. There's a couple
• 22:05
  Speaker 1: of tax questions. I'm going to ask you as we
• 22:07
  Speaker 1: close out the show here, what are the wealth transfer
• 22:11
  Speaker 1: and tax benefits for a trust.
• 22:16
  Speaker 2: They're significant because and this is this is if typically
• 22:23
  Speaker 2: if you have an araboclobal trust, because your beneficiaries can
• 22:28
  Speaker 2: get paid out what's called gifts, and those gifts are
• 22:31
  Speaker 2: not taxed according to the IRS, so they can get
• 22:36
  Speaker 2: a gift for education. So instead of paying tuition directly
• 22:42
  Speaker 2: to Clark Atlanta, for instance, you can have a trust
• 22:46
  Speaker 2: fund kid and the trust can pay that gift out
• 22:50
  Speaker 2: to Clark Atlanta for their tuition and they receive that
• 22:54
  Speaker 2: money tax free because it's a gift from the state.
• 23:00
  Speaker 2: And when I say a state doesn't mean you've passed away.
• 23:04
  Speaker 2: Your trust can still be active while you're alive and
• 23:07
  Speaker 2: pay out to your beneficiaries. So that's just one example
• 23:11
  Speaker 2: of how you can really get the help you want
• 23:17
  Speaker 2: with a trust in place.
• 23:19
  Speaker 1: I know that it's all about protecting your assets. So
• 23:22
  Speaker 1: a trust can't protect your assets because I'm just really
• 23:25
  Speaker 1: just getting educated here, because I've always heard about a will,
• 23:28
  Speaker 1: I've read about a trust. So a will distributes your assets,
• 23:34
  Speaker 1: but a trust can protect your assets.
• 23:37
  Speaker 2: A trust can protect your assets as well because they're
• 23:39
  Speaker 2: owned by the trust. So instead of being owned by
• 23:42
  Speaker 2: you or your business, the trust is the owner and
• 23:46
  Speaker 2: so it's shielded from lawsuits or you know, other people
• 23:51
  Speaker 2: that may be trying to come after your assets.
• 23:53
  Speaker 1: So we talked about wet jeury in your trust. We
• 23:56
  Speaker 1: talk about cars, you talk about houses, we talk about lands,
• 23:59
  Speaker 1: we talk about CDs. Accounts can be checking accounts or
• 24:03
  Speaker 1: savings accounts, be part of a trust, that's what we're
• 24:06
  Speaker 1: talking about right.
• 24:07
  Speaker 2: Absolutely, Because the trust has its own EI in number.
• 24:12
  Speaker 2: It's like its own Social Security number. So you can
• 24:15
  Speaker 2: open up a bank account in the name of the
• 24:17
  Speaker 2: trust and have your assets in there instead of it
• 24:20
  Speaker 2: being in your own name. And that is what's advised.
• 24:24
  Speaker 2: That's why I advise my clients to don't have anything
• 24:27
  Speaker 2: in your own name, have it in the name of
• 24:29
  Speaker 2: the trust or in the business, and you can actually
• 24:32
  Speaker 2: put your business inside the trust too.
• 24:34
  Speaker 1: Wow. Now let me ask you this about it. As
• 24:37
  Speaker 1: we go through this, Attorney Claire, we talked about real
• 24:39
  Speaker 1: estate law, we talked about the state planning and promate
• 24:42
  Speaker 1: business and contract law. As we go through this whole process,
• 24:46
  Speaker 1: you mentioned that you have a Class A course. Let
• 24:49
  Speaker 1: us know what that course he is about real estate investment.
• 24:52
  Speaker 1: Let us know how we can where we can go
• 24:54
  Speaker 1: to register for those courses if you're interested, Yes, so you.
• 24:59
  Speaker 2: Can purchase the or is on my website, Theclarefirm dot
• 25:02
  Speaker 2: com and that's th che C L A I R
• 25:06
  Speaker 2: F I r M dot com. That course comes with
• 25:11
  Speaker 2: the video, the recorded course that I did live, as
• 25:14
  Speaker 2: well as the PowerPoint and the references to the lenders
• 25:18
  Speaker 2: that will assist you with lending you money to start
• 25:20
  Speaker 2: your real estate investment company. Also, you can visit my
• 25:24
  Speaker 2: website to just book a consultation with me. It doesn't
• 25:27
  Speaker 2: necessarily have to be about real estate, but you can
• 25:29
  Speaker 2: also book consultation with me on real estate or estate
• 25:32
  Speaker 2: planning and getting your affairs in order right on my website.
• 25:37
  Speaker 1: And that means that if I'm interested in investing learning
• 25:41
  Speaker 1: about investing, I can book a consultation with you and
• 25:44
  Speaker 1: get one on one conversations like we're having right now
• 25:48
  Speaker 1: and educate myself if it comes with the feed. Now,
• 25:51
  Speaker 1: Ladies and gentlemen, nothing free information you're paying for, but
• 25:55
  Speaker 1: information that can change your life. Again, Attorney Claire, thank
• 25:58
  Speaker 1: you for taking the time You've educated me Again Hopefully
• 26:01
  Speaker 1: my audience is excited about the prospects of investing in
• 26:04
  Speaker 1: real estate because there are opportunities out there that we
• 26:07
  Speaker 1: know nothing about, and people are making a pretty profitable
• 26:10
  Speaker 1: living because they are now understanding how they can with
• 26:14
  Speaker 1: a small amount of money getting the game of real estate.
• 26:17
  Speaker 1: Thank your attorney, you're welcome, and we'll talk to my friend.
• 26:22
  Speaker 1: I appreciate you.
• 26:23
  Speaker 4: This has been another edition of Money Making Conversation Masterclass
• 26:27
  Speaker 4: hosted by me Rashaun McDonald. Thank you to our guests
• 26:30
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• 26:32
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• 26:34
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• 26:37
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• 26:41
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• 26:45
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• 26:46
  Speaker 1: Keep winning.