October 29, 2024 • 48 mins
Unlock the secrets of minimizing tax liabilities with KC Chohan of Together CFO! In this episode, KC provides expert guidance on sophisticated tax strategies tailored for high-net-worth individuals and business owners. Discover invaluable knowledge about tax structures, including cost segregations and opportunity zones, and learn how specific areas like downtown Clinton, Iowa, are providing unique tax advantages through revitalization projects.
Achieving success in real estate isn’t just about making smart investments—it's also about preserving wealth. We discuss the importance of setting clear daily goals to stay productive, building a knowledgeable team, and leveraging private foundations for asset protection and legacy planning. These strategies are essential for anyone with significant tax liabilities looking to optimize their financial approach and ensure long-term prosperity.
Ever wondered how to transition from corporate life to starting your own business? Hear firsthand experiences of the entrepreneurial journey, from overcoming challenges to celebrating triumphs. We delve into the significance of instilling a strong work ethic in the next generation, the difference between being rich and being wealthy, and the impact of gratitude in everyday life. This episode is brimming with insights for anyone eager to enhance their financial strategies and leave a lasting legacy.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Dwan Bent-Twyford (00:25):
I'm your girl .
You can also go to dwanderfuld-w-a-n-d-e-r-f-u-l,
dwanderfulcom, opt in and I havesome free ebooks for you.
I took my name Dwan aWonderfuland I made a new word, so that's
how we became Dwanderful and Imade a new word.
So that's how we becameDeWonderful.
And, as you can see, I have oneof my wicked smart dudes on
(00:47):
here today.
So we have Casey Chohan.
How are you today?
Did I say it right?
KC Chohan (00:54):
You did say it right.
I'm doing fantastic.
Thank you for having me on.
Dwan Bent-Twyford (01:05):
I'm excited to have you on here today
because I don't know a whole lotabout you, so I'm excited to
learn what you're all about,casey.
So we basically just throw ourguests straight up into the
wolves, and so what I have youdo is just tell us in like a
sentence what you do, how tofind you on social media, and
then we're just going to askquestions and see how you became
to be the wild and famousKCasey.
KC Chohan (01:21):
All right, yeah, so we'll start with the social
media stuff.
Get that out of the way with.
So, Ttogether, cfo is the nameof the company, and we help high
net worth individuals, businessowners, save money on taxes and
create a lasting legacy.
Protecting assets, eliminatingcapital gains it all pairs
(01:42):
really well with real estate andreal estate professionals, so
it kind of it's going to be agreat one today for your
audience.
Dwan Bent-Twyford (01:50):
It is and what are your?
How are we find you like onInstagram?
What is your?
KC Chohan (01:54):
Yeah, instagram.
You can find me at together CFO, or one word, ogether CFO.
On Twitter, it's my name KCaseyChohan, just the two letters
K-C and then C-H-O-H-A-N Fullname.
Again on LinkedIn, the companyis also on LinkedIn, so you can
type in Together CFO anywhere onGoogle.
(02:15):
It'll come up or Casey Chohanand you'll easily be able to
find me, or the website itself,which is TogetherCFOcom.
Nice, I love it.
Dwan Bent-Twyford (02:25):
And I always just like everyone to.
I know a lot of people thatgive like this long laundry list
as they introduce people, but Ifeel like it sounds nice for
coming from you and I like tohave all the stuff at the top of
the show notes, Cause you knowsome people will watch.
You know two, three, fourminutes of a podcast and read
the show notes and then decideif they're going to watch.
I at least want them to knowwhere they can find you if they
(02:47):
don't listen and watch all of it.
But I mean honestly, who wouldnot want to watch the two of us?
So people need to stay in andbe a part of it, because this is
what's happening, all right.
So exactly right, it is exactlyright now.
I love the fact that you talkabout taxes because I know,
because I teach and coach a lotof new real estate investors and
(03:11):
they're always asking me taxquestions.
I'm like, listen, I'm not yourgirl, I can't give you any tax
advice.
I can't tell you what kind ofLLC.
I can't tell you any of thatstuff because I don't know
enough to teach you.
I have a person.
You need to find a person.
So this would be great becauseyou can help us unfold some of
the mysteries about the taxes.
(03:32):
And then I'll say people like,hey, go check out Casey.
If you like him, you need towork with them because it is
like it's great for real estate,but it's a whole different
animal just by itself,regardless of what you do for a
living, taxing and saving moneyand all the stuff, it's just
this whole entire entity.
KC Chohan (03:55):
Oh, 100%.
It can get really complex andespecially here with America,
the rules are very different.
It follows you around the world, anywhere you go, so you kind
of set up a structure thatreally takes care of you and
your family in the mostefficient way possible, unless
you actually like paying taxes,and I've not met many people
that like paying taxes.
Dwan Bent-Twyford (04:17):
None of us do .
And I hear people say like, oh,the rich people, they don't pay
as much in taxes.
It's like no, the rich peopleor the don't pay as much in
taxes.
It's like no, the rich peopleor the people that have more,
hire somebody to help them tosave and not have to pay on
every single solitary thing.
KC Chohan (04:33):
That's exactly right.
So when you look at the taxcode itself, all it says is that
you have to pay your fair share.
So what is your fair sharecompared to the billionaires
that are all paying single-digittax rates?
When their tax returns gotleaked in ProPublica a few years
back, it showed that they werein the low single-digit tax
(04:53):
rates as a net tax rate, whichis ridiculous to some people.
But honestly, they're justusing the structures out there
that are available, thestructures out there that are
available.
There's one level for loopholeswhich pretty much everyone
should be using things like costsegregations, pub zones,
opportunity zones, like there'sso many different things to do
(05:14):
that everyone can do.
But then when you start makingthat serious amount of money,
you kind of run out of loopholesand that's really where
structures supersede loopholesand that's really where we
supersede loopholes and that'sreally where we come in yeah, we
and I you know, I told youwe're.
Dwan Bent-Twyford (05:28):
I'm in my little downtown, clinton iowa
apartment my husband is fromhere and this little downtown
it's, uh, three blocks wide andthree blocks deep.
It's like it's right on themississippi river.
So you have three blocks andthree blocks.
So this little area they'redoing like a bring back the
downtown, but it's 100opportunity zone.
(05:49):
So we and you know, if you keepthem for 10 years, there's no
capital gains, and so we endedup getting a total of 28 parcels
of land here and they're givingus grants and money for facades
and money for things and it'san opportunity zone.
So then people are like, whatdoes that mean?
And I was like well, it's justan area that you know, whoever
(06:11):
made the decision?
Maybe you can tell us whoevermade the decision to make an
opportunity zone and trying toget people to invest there and
bring up the values of thoseproperties.
KC Chohan (06:20):
Yeah, the way I would phrase it is that the tax code
is written for the government toincentivize certain activities.
So in this example it is toredevelop this particular spot
of land.
In other opportunities theywanted people to buy vehicles,
so they let you acceleratedepreciation of vehicles over
£6,000.
Let you accelerate depreciationof vehicles over 6,000 pounds.
(06:44):
So the government's alwayscoming up with new and not
wonderful, but new loopholesthat phase in and then other
loopholes phase out at the sametime.
And it can be problematic aswell, because a couple of years
back I'm sure you had someclients that were doing
conservation easements.
Now they came out with a wholeset of rules about these
(07:06):
easements which were reallybeneficial for a lot of people,
but too many people abused itand then they ended up changing
the rules and auditing a bunchof people.
So it's not to say thatloopholes can be risky if you
push it too far.
But that's where again,structures when you build a
structure.
You mentioned capital gainsthere.
(07:27):
Yes, in certain situations youcan defer capital gains with a
1031.
Or if you're doing anopportunities on or get like
some special relief, you candefer it.
But there's a lot of parametersand things that you have to
meet.
If you have the right structure, using the foundation as an
example, you can totallyeliminate capital gains tax.
So in the right type ofstructure, you can get your
(07:50):
effective tax rate down to 1.39%, which is very similar to all
these billionaires becausethey're doing it in the right
structure, rather than thetraditional LLCs, s-corps and
C-Corps that people use ratherthan the traditional LLCs,
s-corps and C-Corps that peopleuse.
Dwan Bent-Twyford (08:08):
So someone is and let's just say we're going
to talk about in the real estateinvesting scene.
Someone is in the real estateinvesting and they are the first
thing like, oh, I've got to getan LLC, I've got to get this.
You know, everyone spends likesix months I need an LLC, I need
(08:31):
a website, I need this, I needthis, I need that.
I'm like you know, you justneed to start, you need to hire
someone to help you managewhatever money you're making so
that you start off with goodhabits.
So for someone that might belistening today, that's really
new.
Maybe they're buying, liketheir first property, what is
something they need to know orlook out for, that they wouldn't
know.
If they're, just, you know, aregular person that's like, hey,
I'm going to buy a house andfix it up and keep it and turn
(08:53):
it into a rental.
Yeah, so we can.
KC Chohan (08:55):
We can use.
We can use a scenario.
So the first one that I use ineveryday life is I don't let
anything paralyze me gettingstuff done, because there's so
many things that you could putin your own way, like you
mentioned.
Hey, I need an LLC, I need awebsite, I need a new office
stamp or whatever it is.
(09:16):
You can make these things upand you can get in your own way
so quickly.
That's not going to achieveanything.
I always have a list of.
These are my three objectivesfor the day.
If buying some real estate isone of them, then I'm going to
be making a hell of a lot ofcalls to find a good deal, to
underwrite it and get it closedright.
So get out of your own way isalways the first thing, because
(09:38):
you could go clean your officeor your house 10 million times
and still get nothing donebecause you've just put
something in your way that it'snot significant.
So that's the first one.
Dwan Bent-Twyford (09:47):
Then the second one, telling people to
get out of their own way is thatis such good advice, because
people are like paralyzed by thefear and you know, making them
say what if?
What if?
What if?
What?
If it's like, yeah, but what ifit works, like, let's just go
with that?
KC Chohan (10:05):
Let's start on that side.
Well, that's the whole point ofhaving a mentor like yourself.
Right, you surround yourselfwith people that have been there
and done that several timesover.
It's not their first rodeo.
They know what they're doing.
They're not nervous at thetransaction because it's a walk
in the path for them.
They're experts in that field.
Right, if you're doing it onyour own and you don't have a
team, that's where you startgetting nervous and you start
(10:26):
double guessing yourself and thedoubt creeps in.
But if you've got the rightteam around you whether that's
real estate team, whether that'stax team, whether that's
operations team, it doesn'tmatter the team You've got the
right people around you thenthat's going to help you
accelerate a lot quicker.
Dwan Bent-Twyford (10:45):
Yep, quicker.
Yep, yep, Yep.
Okay, so that's first piece Getout of your own way.
KC Chohan (10:47):
What else should be what we got for?
Get the right team, get theright mentor around you.
That's essential, right,because if you're guided in the
wrong direction, you can easilymake some mistakes.
Right, if you're trying tofigure it out yourself for the
first time, you could underwritea deal pretty horribly and lose
everything very quickly.
Versus, if you hire the rightmentors and the right team
around you, you get to use theirdecades of experience and
(11:11):
you're more likely to hit a homerun than if you're doing it on
your own.
Now then the third one isdepending on the level at which
you're at in terms of net incomeand how much you want to spend
and what scenario it is.
Look into a private foundation.
This is one of the mostunderused structures and people
(11:33):
think it's only for thebillionaires.
It's not.
It's for the regularmillionaires, accredited
investors as well.
You can use this type ofstructure.
It not only protects yourassets because it's not in your
name, so you don't have a hugetarget on your back.
It creates legacy, because yourchildren and future generations
can take that over completelyprobate-free.
(11:56):
And it gets you down, if donecorrectly, to a 1.39% tax rate
and also, just sprinkling acherry on the top.
If you're buying all cash, youcan eliminate sales tax.
Sorry, the property tax.
You can eliminate property tax.
(12:17):
So there's so many benefits tobe had.
If you use a private foundation,you're helping grow your legacy
and protect your assets, andreally that's what we help
people do is, hey, you know whatan LLC does.
Yes, wyoming, nevada, delawareLLCs you know, everybody knows
(12:38):
that, or most people know thatS-Corps probably not the best
structure for real estate, andthen C-Corps unless you're doing
a syndication, probably not thebest, right?
Yeah, not.
It's pretty simple.
When you're beginning, peopleare going to usually push you
towards an LLC.
But what I would say is do someextra research and see if a
(13:01):
private foundation is actually abetter fit for you, because
there's no capital gains in that.
Because there's no capitalgains in that.
So even if you were to flip itor it's a long-term hold or it's
just a rental you can go onmaking paying such little tax
firstly, and then no capitalgains on the flip side.
So there's a lot of benefits,in my opinion, for the right
(13:21):
type of person.
Again, it's not for everyone,but if you're an accredited
investor or higher, then it'ssomething you should definitely
look into.
Dwan Bent-Twyford (13:30):
So what is your ideal client?
Because it doesn't sound likeyour ideal client is someone
starting off on their first deal.
So for them to be able to cometo you and say, ok, casey, I'm
ready for you.
I've been over here, I've hadmy little CPA and now I'm ready
to move up into the big leagues,what would someone need to come
and say I want to work with you.
(13:51):
Where do they have to be in?
KC Chohan (13:52):
the food chain.
Yeah, firstly, they don't haveto switch CPAs.
We play really well with otherCPAs and other advisors, so it's
not a mandatory requirementthat they have to switch their
relationship over.
But they do have to be payingover $200,000 a year in taxes or
expect to be paying over thatmuch in taxes.
And that's really where goingthrough the complexity of
(14:16):
creating something like afoundation makes sense, because
if you're paying $50,000,$20,000 in tax, there's enough
loopholes that you can use forfree without having to go for
the Rolls Royce of structures.
Right, that's right, you canget by.
So it's dependent on what levelyou're at.
But generally speaking,$200,000 in taxes plus starts to
(14:41):
make sense to look into afoundation.
Dwan Bent-Twyford (14:43):
So then the person opens the foundation, so
I have the De family foundation,and then that is how it all
gets passed down through probate, and down, down down no,
there's no probate.
KC Chohan (14:57):
That's the beauty about this.
So with the probate, you you'reactually taking a risk that you
could lose a lot of that wealthto the system of paying taxes
on that, but with the foundation, it's already written out.
So let's say that you would bethe chairperson of your
foundation and then your husbandwould take over upon your
(15:18):
demise and then your children ornieces and nephews, or whoever
you wish, would take over.
Next, it's just passing overcontrol of the entity To the
next person.
The entity, yeah, is alwaysowning all of the assets.
So the foundation will alwaysown the real estate apartments
half of Mississippi that you own.
(15:38):
Right, that would be owned bythe foundation.
But the person controlling thefoundation would be whoever you
designate.
Dwan Bent-Twyford (15:46):
I like that.
I like that.
I guess I don't know enoughabout private foundations.
I'm feeling like I should havebeen doing this a decade ago.
KC Chohan (15:53):
Definitely at your level.
You should have been yes.
Dwan Bent-Twyford (15:55):
Okay.
Well, that's okay.
It's never too late to change.
KC Chohan (15:58):
Exactly, and that's the beauty about it is that
there's so much information outthere at all times, so don't
want to get over paralyzed, butdefinitely look at the pros and
cons of hey.
If we were to move this 20-oddparcels that you bought into a
foundation, how would it work?
Well, firstly, you'd get a taxdeduction because that's a
(16:19):
donation, so on your personaltaxes that would go down.
Then the asset would be in thefoundation and any passive
income that you're making onthat would be taxed at 1.39% If
you were to flip any of thoseparcels 0% capital gains.
So there's a lot of benefits.
Dwan Bent-Twyford (16:37):
There are a lot of benefits.
I don't know enough about her.
I've never really sat down andthought about it, but it's like
I feel like we should already bein this.
KC Chohan (16:45):
Yeah, and you don't have to wait 10 years to defer
that capital gains tax, it'sinstant yes, yes, yes, okay.
Dwan Bent-Twyford (16:52):
So it's super good that I met you today,
because I clearly need to stepup my game.
I've already I've got three kidsand I've got, like you know,
four, four grandkids at thispoint and I'm like, and you know
my husband's like, oh, our kidsand then our grandkids.
I'm like, yeah, but what ifgrandkids don't want to take it
over?
And you know, it's like we needto have like more things in
(17:13):
place because I don't want towork all the years I'm working
to build up all this wealth.
And then the kids are like, ohyeah, let's just go party on
Mimi's dime.
KC Chohan (17:25):
Well, that's what happens when we look at family
offices.
They do a lot of surveys on theelite families and they see by
the third generation thatusually gets squandered.
So the first generation makesthe wealth, the second
generation sometimes helps orsometimes kind of keeps it
stable.
But the third generation, thegrandkids, usually squander it
(17:47):
all because they're too far awayand they've only seen the good
times but they don't really havethe work, ethic or kind of the
traits that the initial personthat created the wealth has,
because it hasn't been passeddown correctly through the
generation.
So that's another good thingabout foundations it's all about
(18:07):
legacy.
So you should be doing at leastan annual retreat with the
family to talk about theportfolio, the investments, the
community.
Good, what are you doing tobetter yourselves as a family,
as a community, for charity?
But generally speaking, thoseare the times where you're
transferring your perspectiveand your knowledge to the future
(18:30):
generations.
So that's what the likes of theRockefellers do and the
Rothschilds do, all very well,yeah, compared to the
Vanderbilts, which were also avery wealthy family, but they
squandered their money on.
Dwan Bent-Twyford (18:43):
They did On all sorts of meaningless stuff,
to the point at which they'renow not an elite family anymore
now I was reading about thatreally recently and I knew it,
but like I had forgot about itand I was like, yeah, like
they're nothing, they're broken.
You know either therockefellows are like doing all
this stuff.
So bill and I uh, I'm from ohioand he's from here in Iowa, so
(19:07):
we were raised in very bluecollar.
Like you know, my parents likeworked at factories and you know
his dad was like a paintcontractor, like you know, very
blue collar, and out of hisentire side of his family and my
entire side of my family werethe first two that became
millionaires.
So I said, ok.
(19:28):
So now that we're older, I'mlike, why didn't my dad or my
grandfather, my greatgrandfather, why didn't somebody
start something?
And then Bill said too, likewhy didn't no one start?
I'm like, okay, so we're thefirst ones, we're at the top of
the food chain.
I said so we have a chance tobe the beginning step for
generational wealth.
But I told Bill, I said, listen, our kids will work for it
(19:50):
because they work with us now.
But I'm like I tell you whatthose grandkids don't?
I said I'm just going to makeeverything get sold.
I'm going to give every dollarto charities.
Ain't no grandkids going to beliving off my money.
KC Chohan (20:02):
They're going to be working for it.
That's what happens.
You're totally right, becausethe grandkids get the benefit of
the hard work that you and billhave put in.
Yeah, your kids have put in.
But then you know, we have thisnotion I've just become a
father recently is that youalways want the next generation
to have it easier than you hadit yeah, we do.
(20:23):
And then if you've got the meansto do that, why wouldn't you do
that?
But then there's a fine balancebetween I don't want it to be
spoiled little brats or trustfund babies.
I want to have the drive, thedetermination, the intelligence
to go succeed themselves.
But if you're giving themeverything on the silver platter
, you're taking away, givingthem or building in that
(20:44):
determination into them.
Yeah, no, you're right our kids.
Dwan Bent-Twyford (20:48):
We didn't give our kids anything.
We bought them school clothesat the beginning of the year and
they had to work for everything, every single thing.
You want to go to a concert andtickets 85 bucks.
You got to work for it.
So we made our kids, even still, we made our kids work for
every little thing.
Now my so my grandkids arethree, four, eight and nine.
(21:10):
So all of them, even thethree-year-old.
I make them work when they wantsomething.
I just had them here in Iowa inthis apartment for like 30 days
.
It's like, oh my God, I forgot.
I was like by the time theyleft I'm like, oh my God, I'm
dead.
But I made them work foreverything.
They were cleaning, they wereoutside, they were helping my
husband carry paint bucketsaround Like they work.
And.
But I made them work foreverything.
They were cleaning, they wereoutside, they were helping my
husband carry paint bucketsaround like they work.
(21:32):
And then when they work, I letthem shop and you know, and
spend their money.
So they're learning, they'relearning, but you know they're
little.
But I just said we're not goingto do that with our kids, you
know.
I mean we bought them cars whenthey graduated high school we
probably did things that youknow nobody ever did for us.
Okay, and we'll give them alittle bit, but we did make them
work hard, because I've alwaysheard that that by the time you
(21:53):
get to the grandkids nobody'sgot any work ethic anymore and
we have that really hardcoremidwest worth, that work ethic
where you work and work and youdon't show up and you don't call
in sick and you know you work,and so I think we were able to
instill and our kids are allmillennials and millennials are
like I am, you're probably amillennial, so I'm sorry they're
(22:16):
like the laziest generation,but we didn't let our kids be
that way.
They had to work for everysingle thing and they had dirt
bikes and four wheelers andthings and and it's like, hey,
that thing costs eight grand,I'll put up four.
You got to work for four andthey worked like hard work.
KC Chohan (22:34):
So my kids are not, but that's important, right?
I really think.
Yeah, I think it's reallyimportant because then when they
get the item let's call it thedirt bike they value it so much
more because they put four grandworth of blood, sweat and tears
into getting that and they'relike no, I don't want to break
it.
Or if I break it, I'm going tofix it because they have more
(22:55):
pride in it Rather than there'syour dirt bike, and then they
break it, and then they leave itto one side to be forgotten
Right Until the next day comesalong.
Dwan Bent-Twyford (23:04):
They had to work for everything.
And my little grandkid, theoldest one, the nine she got in
the habit of like buying thingsand, just like you know, tossing
it aside.
So this summer I was like youknow what, honey, anything you
want you got to work for andI'll give you five bucks an hour
.
So she helped me do moving, shehelped clean out some buildings
, a bunch of stuff andeverything she bought with her
(23:31):
money.
She literally she put things ina safe, she put things in a
room in a closet so the otherkids couldn't touch it, and it
was really amazing just to seethe difference of what she
bought versus what was given toher at the beginning of the
summer.
So I'm like, all right, makinga more card does give them a
little bit more.
A little bit more.
The item is that more valuablebecause you know it's their
money 100%.
KC Chohan (23:49):
I definitely I see that and I read that all the
time in a lot of these studiesthat UBS was the latest bank
that did this type of studywithin their family office,
which is the highest levelwithin those banks because they
only deal with high net worth 25million plus.
They do such deep studies onall of the psychology of what
(24:12):
goes on and how to grow thewealth.
So you get to a point where yougo from being rich to being
wealthy and the main differencethat people don't really get is
being rich is working reallyhard and making money.
Being wealthy is when yourmoney is making money while you
sleep.
That's it.
So real estate does thatfantastically.
(24:33):
You can have a plot of land oran apartment or anything in
between and you can be off onvacation in Iowa or Idaho or
wherever you would like to go onvacation and it could be making
money for you, I would nevervacation in Iowa.
Dwan Bent-Twyford (24:50):
This is a really cute.
It's like a little Hallmarktown that just sort of like got
left like building.
Half of it was boarded up andnow they have music every week
and they block off the streetsand they have all these street
parties and we help do a lot ofthat.
And just recently we found outthat the property values down
here have gone up 40 since westarted investing, so it's like
(25:13):
that's really good.
Okay, I'm like all right, we'remaking our little little like
teeny, weeny little manhattancity out here in the midwest,
but we actually live in coloradoand florida.
So now, um, switch topics for aminute.
What's your favorite band ofall time?
favorite band of all time.
Favorite band of all time.
(25:34):
Oh, I'm going to go back to myEnglish roots and go with Oasis.
KC Chohan (25:38):
Oh, Oasis yeah.
Dwan Bent-Twyford (25:41):
I don't know if many Americans will know.
I don't know if I know Oasis.
KC Chohan (25:44):
So their most famous song is a song called Wonderwall
.
Dwan Bent-Twyford (25:47):
Oh yeah, I'll have to listen to them.
Hardly anyone ever I'm like amusic junkie.
Hardly anyone ever stumps me ona band, and if I don't know it,
I listen to it after the show.
So I can like get the vibe ofthe music Oasis Wonderwall.
KC Chohan (26:02):
That's the track to listen to.
Dwan Bent-Twyford (26:04):
Okay, I'm going to listen to it today and
text you.
All right, and tell you aboutit.
I love it when I hear a bandthat I've never heard of before.
That's a good one.
KC Chohan (26:14):
Yeah, I'm born and raised in England.
My background is in accountingand finance.
I worked for a big Fortune 500company for eight years.
I worked my way up the ranksfrom making cups of tea like you
do in England, and then afterfour years I was running the
European region of finance andthen I transferred over to North
American region and that's howI ended up here in LA and
(26:38):
haven't looked back since.
So I did another four yearswhile I was in America and then
started my own business.
So it was it was time then.
Dwan Bent-Twyford (26:47):
So pretty much followed the American dream
, as they call it, it is, it isand that's the thing I tell
people.
It's like I don't really carewhat you get into, like in with
what you do, or real estate, orif you want to I don't know make
shampoo, it's just.
I think it's just the point ofworking for yourself.
Even though there's more stressworking for yourself.
There's so much more for me.
(27:08):
There's so much more much mypleasure knowing I did it and I
make the decisions and I don'thave to have someone tell me
what to do.
KC Chohan (27:14):
So I, you control your own destiny.
You control your own destiny.
Yeah, I was a corporate guy fora long time and I thought, you
know, I would just shoot aroundthe whole globe with this
company, which was fantastic tome, you know.
But I quickly realized that Iwas a very small cog in a four
(27:35):
billion dollar web and that Iwasn't.
I didn't feel significance atall.
And then when I started my owncompany, it was tough because
you've got to learn a lot ofdifferent skills, like I've got
a finance background, what do Iknow about sales or marketing or
anything like that.
But I figured it out Right.
You've got to persevere andyou've got to get through it.
You've got to surround yourselfwith the right people.
(27:56):
Just like we've been talkingabout is that I didn't have any
sales or marketing experience.
So I went and hired it becauseI need to fill the voids of
where I'm weaker, and then got afew clients and scaled a
company and ultimately, the waywe pivoted into the tax
structures was we helped aclient scale his business.
(28:18):
So he went from 5 million ayear to 120 million a year in
the space of six months.
Throughout CFO services.
We analyzed what was workingand it was great timing, but it
was also a good strategy and heexecuted it really well.
That then created a huge taxproblem for him, because now
(28:39):
paying taxes on 120 million is adifferent ballgame than 5
million.
So we then researched andfigured out what the elites were
all doing, and it's so weirdbecause all the billionaires and
all the mega millionaires allhave this private foundation.
It's a very specific type ofstructure which is a private,
non-operating family foundation.
(29:00):
It's a subset of a subset of asubset.
You've got to go four deep inorder to get the right one.
It's not as simple as pickingan LLC or an S-car,
unfortunately.
So when you figure that out andyou see the trends and you're
like, oh, why do all thebillionaires have this one
specific subset?
You then realize that's themost powerful one, where you can
(29:24):
control everything but ownnothing, and that's the key.
Dwan Bent-Twyford (29:29):
That's the key.
So when you were deciding tobranch off and start your own
business, what do you think waslike your biggest fear initially
?
KC Chohan (29:39):
Well, for me it was how am I going to make money?
Because I've gone from a verycomfortable multi six figure
corporate salary to zero.
Because it's like holy smokes,this is just me.
Now I'm really in the realworld here.
So the way I mitigated that wasbefore I'd actually left.
(30:03):
I knew I was leaving, so Iprepared for that.
So I'd already started pitchingmy services, started the
website, started all thosethings up and running before day
one, before I actually put inmy notice so that I was able to
have some revenue when I left.
And then I backed myself.
(30:24):
You really have to have theconfidence to back yourself to
know that, hey, I'm doing thisfor my own vision, I'm doing
this for the next steps.
And it's not always a smoothride.
Mine definitely wasn't, becauseI got the first few clients,
but then it battled.
And then you know, with CFOservices it's so difficult
(30:47):
because you can say to someoneor ask 100 people what is CFO
services and you'll get 100different answers because it's
not a generic oh, it's this andthis.
So if you're a CFO in a realestate company, you're looking
at number of transactions andall these types of things.
Analytics are fair.
But if you're a CFO of a bigFortune 500 company, you're
writing financial summaries toyour shareholders, which is a
(31:12):
sentence or two at a time aboutlike.
As an example, when I leftFlosa, my portion of the
business was a $300 millionsub-business within the $4
billion cog.
So even though it seemssignificant, it's so small
compared to $4 billion.
So when there was a discrepancyin, hey, we're up, we're down
(31:34):
on this line item because ofthis, it didn't even go into the
board summary because it wasjust a rounding error at that
point, which is crazy to think.
Right, it is, it is.
So I'm spending all these hoursdrilling into all this
analytics and data andexplaining what's going on, only
(31:54):
for it not to be reallyrecognized at all because it's a
rounding error and it's likeyou know what.
It's time for me to move on.
And I just needed a tool upbecause I didn't have the skill
like I was really good withnumbers and really good at being
able to explain complexfinancial scenarios into
layman's terms so that anyonecan understand them, and that's
(32:17):
really what I took that skillset and built a business around
it until we pivoted into the taxsavings because we saw an
opportunity to be able to helpmore people that didn't have
access to a family office.
So for those people who don'tknow what a family office is, a
lot of the elites and a lot ofthe billionaires all have a
family office and if you thinkabout, let's say, a financial
(32:41):
advisor is a simple one, or aCPA is a simple professional,
they usually have their own bookof business, whether that's
hundreds or thousands of clientsthat they're dealing with at
any one time or throughout theyear.
Well, if you're in a familyoffice, you have that same level
of individual usually betterbut they are only dedicated to
you as a single family.
(33:01):
So now think about that.
If you could pick up the phoneor walk down the corridor and
speak to your financial advisorwhenever you want, and all he is
doing every single hour of hisworking day is focusing on the
family's portfolio, do you thinkyou would get a better outcome
compared to the guy that's got athousand other clients battling
(33:24):
for his time?
And that's ultimately what afamily office is.
But within all the departmentswhether that's insurance,
whether that's HR, whetherthat's recruitment, finance CPA,
like real estate, is a big oneas well.
You know we've seen more andmore real estate legs or
expertise coming into familyoffices, but it's expensive,
(33:46):
right?
So if you look at, hey, if thisfinancial advisor would be
making roughly a million dollarsa year in his own business.
But we want to hire him just tofocus on our family.
Dwan Bent-Twyford (33:57):
Yeah.
KC Chohan (33:58):
You've got to compensate him a little bit more
because he's taking more riskwith one client than he would
with a thousand clients.
Oh, I get it.
So having a family office canoften cost more than five $10
million a year, just for theright staff.
Because, again, it's about theright team, right?
If you have the right teamworking with you, you're going
(34:19):
to make better decisions, you'regoing to move faster, you're
going to make more money andthen, if we're talking about
millions and not thousands,you're going to make more
millions a lot more quicker.
It's going to compound comparedto trial and error, the old
fashioned way, right?
Dwan Bent-Twyford (34:35):
No, yeah, no, I, my whole, my whole first
decade was all trial and errorand I was like, ah, I wish I
would've had someone to like,help me, show me the ropes.
Which is why I like to teachother people, because I just the
mistakes I mean the money.
It's just like, oh, but nowit's like, ok, now I know I
(34:55):
don't know everything, but Iknow enough to, like, you know,
make other people millionairestoo.
So I always think I always loveto hear the story Like when you
made that step, because I stillfeel like, even even though
we're both really successful inwhat we do, that first step is
hard.
It's really hard so some of thethings that backup is gone.
KC Chohan (35:16):
Some of the things that helped me a lot through
that process was personaldevelopment.
So I used to listen a lot toTony Robbins, obert Kiyosaki,
jim Rohn.
Like a lot of these people, Iwould literally sit in my
cubicle at the office and havemy headphones in, working on my
spreadsheets and subconsciouslyjust taking it all in.
(35:37):
And you need you need to havethat belief, because you'll
never take that step, otherwisewe were talking earlier about
paralyzing yourself and kind ofputting insignificant steps in
the way.
That's all due to lack ofpersonal development, because if
you are focused on what thegoal is and what you're trying
to achieve, you can achieve that.
(35:57):
But you need to get yourselfout the way and that's all comes
from within.
So if you've got a higher levelof self-awareness and personal
development, you can definitelyuse that as a solid foundation
to then build on.
You can definitely use that asa solid foundation for them to
build on.
Dwan Bent-Twyford (36:14):
That's what I tell people.
I said you know, I just I feellike a lot of people like us
that start their own businesses.
I think you have to.
Initially, you just have tohave a higher risk factor,
because it is still risky.
Even if you plan everything andyou have everything done,
nothing ever works exactly likeit's planned anyway.
So I feel like, well, we haveto have a little bit higher.
(36:35):
So I tell people, hey, listen,if your risk factor is zero, you
probably shouldn't start yourown business.
If your risk factor is 10, likemine, it's like you just jump
off the building and you growyour wings on the way down.
KC Chohan (36:47):
Yeah, that's it.
That's exactly right.
I was speaking to one of mycolleagues yesterday and he's
like his brother is a lawyer andhe's just settled the biggest
case that he's had and now he'sthinking about starting his own
practice, but he's so uncertainon how much he'll make in his
first year going from being anexecutive to then being on your
(37:08):
own and it's like, look, thesimple thing is, if he doesn't,
if he's not built for that risk,just don't do it.
You'll just phase yourself outand you'll stress yourself out
and you won't succeed becauseyou'll be too worried about what
if?
Rather than taking the actionand doing it and then refining
it and getting better along theway.
Dwan Bent-Twyford (37:28):
Exactly, that's exactly what I say.
So I want to ask you a question.
So I ask you about your music,which I'm excited to listen to
Oasis.
That's exactly what I say.
Okay, so I want to ask you aquestion.
So I asked you about your music, which I'm excited to listen to
Oasis.
What's your favorite food?
What do you like to eat?
Oh, that's simple Steak.
KC Chohan (37:42):
I love a good T-bone steak With some French fries
peppercorn sauce, a side ofDijon mustard and a little bit
of horseradish as well.
Dwan Bent-Twyford (37:52):
That's so good, that sounds so good.
So next time I come to LA,we're going to go out to eat.
We're going to go listen tosome Oasis, we're going to eat
some steak and, yeah, I feellike you can tell a lot about
people by their music and whatthey eat and what they like to
do Then we're going to have somedrinks, smoke some cigars and
(38:21):
find some real estate too.
Right, that's good, I'll smokesome cigars, I'll have drinks
too.
I was just out there, um, westayed at the fairmont hotel, um
, right next to my house.
Yeah, we stayed there.
My son-in-law is like themanager or something, so we got
to stay there for just twomonths ago, for nine days, and
it was like oh so, bougie, sofun it's.
KC Chohan (38:32):
So fun.
It's one of the newest hotelshere.
It's a beautiful five-starresort right in the middle of
town.
The mall's on one side andBeverly Hills is literally on
the other side.
Dwan Bent-Twyford (38:40):
Oh, it's great, we ate down at the
restaurant every night.
It was like, oh, I'm definitelya five-star kind of girl.
KC Chohan (38:47):
We had the French Bistro.
Is it still the Frenchrestaurant in the hotel?
Yes, is it?
Dwan Bent-Twyford (38:52):
still the french restaurant in the hotel.
Yes, oh yes, oh yeah.
No, we did twice.
It's like oh, it was so good.
I'm like I'm definitely a fivestar, I'm a bougie girl, and so
it was really nice.
It was really nice okay.
KC Chohan (39:01):
Well, the spa is really nice at that hotel as
well great, we got everything wehave.
Dwan Bent-Twyford (39:07):
I mean, you know gregory's like the manager,
so we got so many things connedlike just champagne and
strawberries and chocolate andjust all kinds of stuff again
delivered to our room just allday and night and was like I
could totally just live righthere right, gregory, good
son-in-law we like that that'sright now.
(39:27):
What's your biggest goal foryou personally, casey?
What's your biggest goal thatyou are trying to accomplish
right now, and how can theDwanderful family help you reach
your biggest next goal?
KC Chohan (39:41):
The biggest goal is to develop a city from scratch.
Dwan Bent-Twyford (39:46):
To develop a city from scratch.
Oh man, I'm with you on that,oh man, I'm with you on that.
KC Chohan (39:52):
Yeah, so we want to put together a full city that
it's not one of these greenhugging type cities, but it's
just a city that helps everyone,right?
So here in LA, just south of LA, there's a place called Orange
County I don't know if you'refamiliar with it.
Oh yeah, so it used to just beorange trees.
Oh yeah, so it used to just beorange trees and literally, my
(40:12):
vision is very similar to thatis to take a plot of land and
develop it into an ecosystemthat can then live on for
generations after me.
Dwan Bent-Twyford (40:25):
I love that.
What a great goal.
KC Chohan (40:30):
Now how can we help you do that?
We're going to start with aplot of land right and some
financing.
You need billions of dollars todo this.
That's a good goal.
I'm putting it out there.
Dwan Bent-Twyford (40:41):
What a great idea when it's time for you to
do that I want to be part ofyour plan 100%.
KC Chohan (40:47):
I'll hit you up for sure.
Dwan Bent-Twyford (40:49):
I love it.
I'm rehabbing a city right now,so our own little town it's a
lot of these buildings.
These buildings are all like1900s and 1920s and 20.
Yeah, they're old and so we'relike we're throwing them back.
KC Chohan (41:05):
Yeah, that's character right, because America
is such a young country, tohave some character like that is
really good we are yeah, thereason I wanted to develop my
own city is I just don't like alot of the practices going on
here, especially with thegovernment and what they do to
our food supply and what they'reteaching our kids in school.
(41:26):
So if we can build our own city, we can go farm to table with
really good food, we can makesure we have clean water, we can
make sure we have great schoolsfor the kids and really build a
lasting legacy that will bethat will surpass me by many
generations and decades to come.
Dwan Bent-Twyford (41:45):
And when you're ready for that, I want to
be part of it.
I was like why did it get sodark all of a sudden?
I think the sun just wentbehind the clouds.
I forgot to turn my light onbehind me.
All right, so thank you firstof all for being on the show.
I love your heart.
I love hearing your story abouthow you started.
I love all of that and I loveyour goals to build a city from
(42:08):
scratch.
How much fun is that going tobe.
It's amazing.
KC Chohan (42:14):
That's going to be a great project.
You know, another thing thatpeople often do is they're
limited by their lack of visionoh please.
So if you can only see twosteps in front of you, they're
likely not going to be bigenough steps.
If you can see a hundred stepsin front of you, or at least put
that vision out there and justtake the risk and put it into
the universe, then you canattract it.
Dwan Bent-Twyford (42:35):
That's it.
That's it.
Even like, in this little townwe started spending so much
money.
Why are you putting all thatmoney in that old town?
That town's all run down.
It's like, yeah, but if you cansee it booming and bustling
like that's what we see, sothat's what we're going to make
happen, so all right.
So uh.
Again, I want to thank you forbeing on and everyone.
You can go to um uh together.
(42:59):
I'm sorry I blamed for a secondcause.
I wrote everything in my uhabbreviations together CFOcom,
yep.
And they opt in and you'll sendthem something Welcome to the
team and get them someinformation.
KC Chohan (43:14):
Yeah, we've actually got a really good tax savings
calculator on the website.
So you can go straight onto thewebsite, plug in your numbers
and you can see how much youcould save on taxes.
So that's a good one to try out.
Dwan Bent-Twyford (43:26):
That is good.
I'm going to do that.
I like to opt into all thethings from all the people.
I like to stay up and see whateverybody is doing and again.
So, folks, I'm going to ask youto do me a favor.
If you enjoyed the show today,if you laughed, if you learned
just anything at all, I want youto subscribe to my podcast Also
, to subscribe to your podcast,and yours is called.
KC Chohan (43:48):
The CEO Story.
Dwan Bent-Twyford (43:49):
The CEO Story .
Subscribe to both, because youknow podcasts are a lot of work,
and leave me a five-star reviewand write something.
Tell me how amazing we all are,and don't forget to go to
dwonderfulcom and opt in to getsome free stuff.
Okay, very last thing, casey.
So I want you to leave us aparting word of wisdom, but just
one single word.
KC Chohan (44:14):
Grateful.
Dwan Bent-Twyford (44:17):
Okay, so everyone that listens to me
regularly, they all know that wetake the word grateful and put
it on a little sticky and put iton our mirror and the word of
the week is grateful.
So we're all grateful, we usegrateful, we think about being
grateful, but what does it meanto you?
KC Chohan (44:39):
Every single second of every single day.
I'm always grateful for thesmallest things and the bigger
things, because if you can'tappreciate the smaller things,
then you're never going to getsignificance because you're not
going to hit the big things allthe time.
So the small things, such aswaking up and being healthy,
being able to drink water,eating food we take that for
granted, but there's so muchturmoil and misery and war going
(45:01):
on in the world that we kind ofsee on the TV or the news but
are really not paying as muchattention as we should.
So just to be grateful forliving our own lives and being
here in America is fantastic andnot being in other parts of the
world, because it could be alot worse.
And if you're grateful and youlive in gratitude, you'll
(45:24):
attract that to you as well.
Dwan Bent-Twyford (45:26):
Amen.
I love what grateful means toyou.
It's about what it means to meas well.
All right, so, everybody, we'llbe back next week, same bat
time, same bad channel.
And remember that the truth isin the red letters, casey.
Thank you again.
Goodbye everybody.
We will be back next week, ciao.
I'm your girl .
You can also go to dwanderfuld-w-a-n-d-e-r-f-u-l,
dwanderfulcom, opt in and I havesome free ebooks for you.
I took my name Dwan aWonderfuland I made a new word, so that's
how we became Dwanderful and Imade a new word.
So that's how we becameDeWonderful.
And, as you can see, I have oneof my wicked smart dudes on
(00:47):
here today.
So we have Casey Chohan.
How are you today?
Did I say it right?
KC Chohan (00:54):
You did say it right.
I'm doing fantastic.
Thank you for having me on.
Dwan Bent-Twyford (01:05):
I'm excited to have you on here today
because I don't know a whole lotabout you, so I'm excited to
learn what you're all about,casey.
So we basically just throw ourguests straight up into the
wolves, and so what I have youdo is just tell us in like a
sentence what you do, how tofind you on social media, and
then we're just going to askquestions and see how you became
to be the wild and famousKCasey.
KC Chohan (01:21):
All right, yeah, so we'll start with the social
media stuff.
Get that out of the way with.
So, Ttogether, cfo is the nameof the company, and we help high
net worth individuals, businessowners, save money on taxes and
create a lasting legacy.
Protecting assets, eliminatingcapital gains it all pairs
(01:42):
really well with real estate andreal estate professionals, so
it kind of it's going to be agreat one today for your
audience.
Dwan Bent-Twyford (01:50):
It is and what are your?
How are we find you like onInstagram?
What is your?
KC Chohan (01:54):
Yeah, instagram.
You can find me at together CFO, or one word, ogether CFO.
On Twitter, it's my name KCaseyChohan, just the two letters
K-C and then C-H-O-H-A-N Fullname.
Again on LinkedIn, the companyis also on LinkedIn, so you can
type in Together CFO anywhere onGoogle.
(02:15):
It'll come up or Casey Chohanand you'll easily be able to
find me, or the website itself,which is TogetherCFOcom.
Nice, I love it.
Dwan Bent-Twyford (02:25):
And I always just like everyone to.
I know a lot of people thatgive like this long laundry list
as they introduce people, but Ifeel like it sounds nice for
coming from you and I like tohave all the stuff at the top of
the show notes, Cause you knowsome people will watch.
You know two, three, fourminutes of a podcast and read
the show notes and then decideif they're going to watch.
I at least want them to knowwhere they can find you if they
(02:47):
don't listen and watch all of it.
But I mean honestly, who wouldnot want to watch the two of us?
So people need to stay in andbe a part of it, because this is
what's happening, all right.
So exactly right, it is exactlyright now.
I love the fact that you talkabout taxes because I know,
because I teach and coach a lotof new real estate investors and
(03:11):
they're always asking me taxquestions.
I'm like, listen, I'm not yourgirl, I can't give you any tax
advice.
I can't tell you what kind ofLLC.
I can't tell you any of thatstuff because I don't know
enough to teach you.
I have a person.
You need to find a person.
So this would be great becauseyou can help us unfold some of
the mysteries about the taxes.
(03:32):
And then I'll say people like,hey, go check out Casey.
If you like him, you need towork with them because it is
like it's great for real estate,but it's a whole different
animal just by itself,regardless of what you do for a
living, taxing and saving moneyand all the stuff, it's just
this whole entire entity.
KC Chohan (03:55):
Oh, 100%.
It can get really complex andespecially here with America,
the rules are very different.
It follows you around the world, anywhere you go, so you kind
of set up a structure thatreally takes care of you and
your family in the mostefficient way possible, unless
you actually like paying taxes,and I've not met many people
that like paying taxes.
Dwan Bent-Twyford (04:17):
None of us do .
And I hear people say like, oh,the rich people, they don't pay
as much in taxes.
It's like no, the rich peopleor the don't pay as much in
taxes.
It's like no, the rich peopleor the people that have more,
hire somebody to help them tosave and not have to pay on
every single solitary thing.
KC Chohan (04:33):
That's exactly right.
So when you look at the taxcode itself, all it says is that
you have to pay your fair share.
So what is your fair sharecompared to the billionaires
that are all paying single-digittax rates?
When their tax returns gotleaked in ProPublica a few years
back, it showed that they werein the low single-digit tax
(04:53):
rates as a net tax rate, whichis ridiculous to some people.
But honestly, they're justusing the structures out there
that are available, thestructures out there that are
available.
There's one level for loopholeswhich pretty much everyone
should be using things like costsegregations, pub zones,
opportunity zones, like there'sso many different things to do
(05:14):
that everyone can do.
But then when you start makingthat serious amount of money,
you kind of run out of loopholesand that's really where
structures supersede loopholesand that's really where we
supersede loopholes and that'sreally where we come in yeah, we
and I you know, I told youwe're.
Dwan Bent-Twyford (05:28):
I'm in my little downtown, clinton iowa
apartment my husband is fromhere and this little downtown
it's, uh, three blocks wide andthree blocks deep.
It's like it's right on themississippi river.
So you have three blocks andthree blocks.
So this little area they'redoing like a bring back the
downtown, but it's 100opportunity zone.
(05:49):
So we and you know, if you keepthem for 10 years, there's no
capital gains, and so we endedup getting a total of 28 parcels
of land here and they're givingus grants and money for facades
and money for things and it'san opportunity zone.
So then people are like, whatdoes that mean?
And I was like well, it's justan area that you know, whoever
(06:11):
made the decision?
Maybe you can tell us whoevermade the decision to make an
opportunity zone and trying toget people to invest there and
bring up the values of thoseproperties.
KC Chohan (06:20):
Yeah, the way I would phrase it is that the tax code
is written for the government toincentivize certain activities.
So in this example it is toredevelop this particular spot
of land.
In other opportunities theywanted people to buy vehicles,
so they let you acceleratedepreciation of vehicles over
£6,000.
Let you accelerate depreciationof vehicles over 6,000 pounds.
(06:44):
So the government's alwayscoming up with new and not
wonderful, but new loopholesthat phase in and then other
loopholes phase out at the sametime.
And it can be problematic aswell, because a couple of years
back I'm sure you had someclients that were doing
conservation easements.
Now they came out with a wholeset of rules about these
(07:06):
easements which were reallybeneficial for a lot of people,
but too many people abused itand then they ended up changing
the rules and auditing a bunchof people.
So it's not to say thatloopholes can be risky if you
push it too far.
But that's where again,structures when you build a
structure.
You mentioned capital gainsthere.
(07:27):
Yes, in certain situations youcan defer capital gains with a
1031.
Or if you're doing anopportunities on or get like
some special relief, you candefer it.
But there's a lot of parametersand things that you have to
meet.
If you have the right structure, using the foundation as an
example, you can totallyeliminate capital gains tax.
So in the right type ofstructure, you can get your
(07:50):
effective tax rate down to 1.39%, which is very similar to all
these billionaires becausethey're doing it in the right
structure, rather than thetraditional LLCs, s-corps and
C-Corps that people use ratherthan the traditional LLCs,
s-corps and C-Corps that peopleuse.
Dwan Bent-Twyford (08:08):
So someone is and let's just say we're going
to talk about in the real estateinvesting scene.
Someone is in the real estateinvesting and they are the first
thing like, oh, I've got to getan LLC, I've got to get this.
You know, everyone spends likesix months I need an LLC, I need
(08:31):
a website, I need this, I needthis, I need that.
I'm like you know, you justneed to start, you need to hire
someone to help you managewhatever money you're making so
that you start off with goodhabits.
So for someone that might belistening today, that's really
new.
Maybe they're buying, liketheir first property, what is
something they need to know orlook out for, that they wouldn't
know.
If they're, just, you know, aregular person that's like, hey,
I'm going to buy a house andfix it up and keep it and turn
(08:53):
it into a rental.
Yeah, so we can.
KC Chohan (08:55):
We can use.
We can use a scenario.
So the first one that I use ineveryday life is I don't let
anything paralyze me gettingstuff done, because there's so
many things that you could putin your own way, like you
mentioned.
Hey, I need an LLC, I need awebsite, I need a new office
stamp or whatever it is.
(09:16):
You can make these things upand you can get in your own way
so quickly.
That's not going to achieveanything.
I always have a list of.
These are my three objectivesfor the day.
If buying some real estate isone of them, then I'm going to
be making a hell of a lot ofcalls to find a good deal, to
underwrite it and get it closedright.
So get out of your own way isalways the first thing, because
(09:38):
you could go clean your officeor your house 10 million times
and still get nothing donebecause you've just put
something in your way that it'snot significant.
So that's the first one.
Dwan Bent-Twyford (09:47):
Then the second one, telling people to
get out of their own way is thatis such good advice, because
people are like paralyzed by thefear and you know, making them
say what if?
What if?
What if?
What?
If it's like, yeah, but what ifit works, like, let's just go
with that?
KC Chohan (10:05):
Let's start on that side.
Well, that's the whole point ofhaving a mentor like yourself.
Right, you surround yourselfwith people that have been there
and done that several timesover.
It's not their first rodeo.
They know what they're doing.
They're not nervous at thetransaction because it's a walk
in the path for them.
They're experts in that field.
Right, if you're doing it onyour own and you don't have a
team, that's where you startgetting nervous and you start
(10:26):
double guessing yourself and thedoubt creeps in.
But if you've got the rightteam around you whether that's
real estate team, whether that'stax team, whether that's
operations team, it doesn'tmatter the team You've got the
right people around you thenthat's going to help you
accelerate a lot quicker.
Dwan Bent-Twyford (10:45):
Yep, quicker.
Yep, yep, Yep.
Okay, so that's first piece Getout of your own way.
KC Chohan (10:47):
What else should be what we got for?
Get the right team, get theright mentor around you.
That's essential, right,because if you're guided in the
wrong direction, you can easilymake some mistakes.
Right, if you're trying tofigure it out yourself for the
first time, you could underwritea deal pretty horribly and lose
everything very quickly.
Versus, if you hire the rightmentors and the right team
around you, you get to use theirdecades of experience and
(11:11):
you're more likely to hit a homerun than if you're doing it on
your own.
Now then the third one isdepending on the level at which
you're at in terms of net incomeand how much you want to spend
and what scenario it is.
Look into a private foundation.
This is one of the mostunderused structures and people
(11:33):
think it's only for thebillionaires.
It's not.
It's for the regularmillionaires, accredited
investors as well.
You can use this type ofstructure.
It not only protects yourassets because it's not in your
name, so you don't have a hugetarget on your back.
It creates legacy, because yourchildren and future generations
can take that over completelyprobate-free.
(11:56):
And it gets you down, if donecorrectly, to a 1.39% tax rate
and also, just sprinkling acherry on the top.
If you're buying all cash, youcan eliminate sales tax.
Sorry, the property tax.
You can eliminate property tax.
(12:17):
So there's so many benefits tobe had.
If you use a private foundation,you're helping grow your legacy
and protect your assets, andreally that's what we help
people do is, hey, you know whatan LLC does.
Yes, wyoming, nevada, delawareLLCs you know, everybody knows
(12:38):
that, or most people know thatS-Corps probably not the best
structure for real estate, andthen C-Corps unless you're doing
a syndication, probably not thebest, right?
Yeah, not.
It's pretty simple.
When you're beginning, peopleare going to usually push you
towards an LLC.
But what I would say is do someextra research and see if a
(13:01):
private foundation is actually abetter fit for you, because
there's no capital gains in that.
Because there's no capitalgains in that.
So even if you were to flip itor it's a long-term hold or it's
just a rental you can go onmaking paying such little tax
firstly, and then no capitalgains on the flip side.
So there's a lot of benefits,in my opinion, for the right
(13:21):
type of person.
Again, it's not for everyone,but if you're an accredited
investor or higher, then it'ssomething you should definitely
look into.
Dwan Bent-Twyford (13:30):
So what is your ideal client?
Because it doesn't sound likeyour ideal client is someone
starting off on their first deal.
So for them to be able to cometo you and say, ok, casey, I'm
ready for you.
I've been over here, I've hadmy little CPA and now I'm ready
to move up into the big leagues,what would someone need to come
and say I want to work with you.
(13:51):
Where do they have to be in?
KC Chohan (13:52):
the food chain.
Yeah, firstly, they don't haveto switch CPAs.
We play really well with otherCPAs and other advisors, so it's
not a mandatory requirementthat they have to switch their
relationship over.
But they do have to be payingover $200,000 a year in taxes or
expect to be paying over thatmuch in taxes.
And that's really where goingthrough the complexity of
(14:16):
creating something like afoundation makes sense, because
if you're paying $50,000,$20,000 in tax, there's enough
loopholes that you can use forfree without having to go for
the Rolls Royce of structures.
Right, that's right, you canget by.
So it's dependent on what levelyou're at.
But generally speaking,$200,000 in taxes plus starts to
(14:41):
make sense to look into afoundation.
Dwan Bent-Twyford (14:43):
So then the person opens the foundation, so
I have the De family foundation,and then that is how it all
gets passed down through probate, and down, down down no,
there's no probate.
KC Chohan (14:57):
That's the beauty about this.
So with the probate, you you'reactually taking a risk that you
could lose a lot of that wealthto the system of paying taxes
on that, but with the foundation, it's already written out.
So let's say that you would bethe chairperson of your
foundation and then your husbandwould take over upon your
(15:18):
demise and then your children ornieces and nephews, or whoever
you wish, would take over.
Next, it's just passing overcontrol of the entity To the
next person.
The entity, yeah, is alwaysowning all of the assets.
So the foundation will alwaysown the real estate apartments
half of Mississippi that you own.
(15:38):
Right, that would be owned bythe foundation.
But the person controlling thefoundation would be whoever you
designate.
Dwan Bent-Twyford (15:46):
I like that.
I like that.
I guess I don't know enoughabout private foundations.
I'm feeling like I should havebeen doing this a decade ago.
KC Chohan (15:53):
Definitely at your level.
You should have been yes.
Dwan Bent-Twyford (15:55):
Okay.
Well, that's okay.
It's never too late to change.
KC Chohan (15:58):
Exactly, and that's the beauty about it is that
there's so much information outthere at all times, so don't
want to get over paralyzed, butdefinitely look at the pros and
cons of hey.
If we were to move this 20-oddparcels that you bought into a
foundation, how would it work?
Well, firstly, you'd get a taxdeduction because that's a
(16:19):
donation, so on your personaltaxes that would go down.
Then the asset would be in thefoundation and any passive
income that you're making onthat would be taxed at 1.39% If
you were to flip any of thoseparcels 0% capital gains.
So there's a lot of benefits.
Dwan Bent-Twyford (16:37):
There are a lot of benefits.
I don't know enough about her.
I've never really sat down andthought about it, but it's like
I feel like we should already bein this.
KC Chohan (16:45):
Yeah, and you don't have to wait 10 years to defer
that capital gains tax, it'sinstant yes, yes, yes, okay.
Dwan Bent-Twyford (16:52):
So it's super good that I met you today,
because I clearly need to stepup my game.
I've already I've got three kidsand I've got, like you know,
four, four grandkids at thispoint and I'm like, and you know
my husband's like, oh, our kidsand then our grandkids.
I'm like, yeah, but what ifgrandkids don't want to take it
over?
And you know, it's like we needto have like more things in
(17:13):
place because I don't want towork all the years I'm working
to build up all this wealth.
And then the kids are like, ohyeah, let's just go party on
Mimi's dime.
KC Chohan (17:25):
Well, that's what happens when we look at family
offices.
They do a lot of surveys on theelite families and they see by
the third generation thatusually gets squandered.
So the first generation makesthe wealth, the second
generation sometimes helps orsometimes kind of keeps it
stable.
But the third generation, thegrandkids, usually squander it
(17:47):
all because they're too far awayand they've only seen the good
times but they don't really havethe work, ethic or kind of the
traits that the initial personthat created the wealth has,
because it hasn't been passeddown correctly through the
generation.
So that's another good thingabout foundations it's all about
(18:07):
legacy.
So you should be doing at leastan annual retreat with the
family to talk about theportfolio, the investments, the
community.
Good, what are you doing tobetter yourselves as a family,
as a community, for charity?
But generally speaking, thoseare the times where you're
transferring your perspectiveand your knowledge to the future
(18:30):
generations.
So that's what the likes of theRockefellers do and the
Rothschilds do, all very well,yeah, compared to the
Vanderbilts, which were also avery wealthy family, but they
squandered their money on.
Dwan Bent-Twyford (18:43):
They did On all sorts of meaningless stuff,
to the point at which they'renow not an elite family anymore
now I was reading about thatreally recently and I knew it,
but like I had forgot about itand I was like, yeah, like
they're nothing, they're broken.
You know either therockefellows are like doing all
this stuff.
So bill and I uh, I'm from ohioand he's from here in Iowa, so
(19:07):
we were raised in very bluecollar.
Like you know, my parents likeworked at factories and you know
his dad was like a paintcontractor, like you know, very
blue collar, and out of hisentire side of his family and my
entire side of my family werethe first two that became
millionaires.
So I said, ok.
(19:28):
So now that we're older, I'mlike, why didn't my dad or my
grandfather, my greatgrandfather, why didn't somebody
start something?
And then Bill said too, likewhy didn't no one start?
I'm like, okay, so we're thefirst ones, we're at the top of
the food chain.
I said so we have a chance tobe the beginning step for
generational wealth.
But I told Bill, I said, listen, our kids will work for it
(19:50):
because they work with us now.
But I'm like I tell you whatthose grandkids don't?
I said I'm just going to makeeverything get sold.
I'm going to give every dollarto charities.
Ain't no grandkids going to beliving off my money.
KC Chohan (20:02):
They're going to be working for it.
That's what happens.
You're totally right, becausethe grandkids get the benefit of
the hard work that you and billhave put in.
Yeah, your kids have put in.
But then you know, we have thisnotion I've just become a
father recently is that youalways want the next generation
to have it easier than you hadit yeah, we do.
(20:23):
And then if you've got the meansto do that, why wouldn't you do
that?
But then there's a fine balancebetween I don't want it to be
spoiled little brats or trustfund babies.
I want to have the drive, thedetermination, the intelligence
to go succeed themselves.
But if you're giving themeverything on the silver platter
, you're taking away, givingthem or building in that
(20:44):
determination into them.
Yeah, no, you're right our kids.
Dwan Bent-Twyford (20:48):
We didn't give our kids anything.
We bought them school clothesat the beginning of the year and
they had to work for everything, every single thing.
You want to go to a concert andtickets 85 bucks.
You got to work for it.
So we made our kids, even still, we made our kids work for
every little thing.
Now my so my grandkids arethree, four, eight and nine.
(21:10):
So all of them, even thethree-year-old.
I make them work when they wantsomething.
I just had them here in Iowa inthis apartment for like 30 days
.
It's like, oh my God, I forgot.
I was like by the time theyleft I'm like, oh my God, I'm
dead.
But I made them work foreverything.
They were cleaning, they wereoutside, they were helping my
husband carry paint bucketsaround Like they work.
And.
But I made them work foreverything.
They were cleaning, they wereoutside, they were helping my
husband carry paint bucketsaround like they work.
(21:32):
And then when they work, I letthem shop and you know, and
spend their money.
So they're learning, they'relearning, but you know they're
little.
But I just said we're not goingto do that with our kids, you
know.
I mean we bought them cars whenthey graduated high school we
probably did things that youknow nobody ever did for us.
Okay, and we'll give them alittle bit, but we did make them
work hard, because I've alwaysheard that that by the time you
(21:53):
get to the grandkids nobody'sgot any work ethic anymore and
we have that really hardcoremidwest worth, that work ethic
where you work and work and youdon't show up and you don't call
in sick and you know you work,and so I think we were able to
instill and our kids are allmillennials and millennials are
like I am, you're probably amillennial, so I'm sorry they're
(22:16):
like the laziest generation,but we didn't let our kids be
that way.
They had to work for everysingle thing and they had dirt
bikes and four wheelers andthings and and it's like, hey,
that thing costs eight grand,I'll put up four.
You got to work for four andthey worked like hard work.
KC Chohan (22:34):
So my kids are not, but that's important, right?
I really think.
Yeah, I think it's reallyimportant because then when they
get the item let's call it thedirt bike they value it so much
more because they put four grandworth of blood, sweat and tears
into getting that and they'relike no, I don't want to break
it.
Or if I break it, I'm going tofix it because they have more
(22:55):
pride in it Rather than there'syour dirt bike, and then they
break it, and then they leave itto one side to be forgotten
Right Until the next day comesalong.
Dwan Bent-Twyford (23:04):
They had to work for everything.
And my little grandkid, theoldest one, the nine she got in
the habit of like buying thingsand, just like you know, tossing
it aside.
So this summer I was like youknow what, honey, anything you
want you got to work for andI'll give you five bucks an hour
.
So she helped me do moving, shehelped clean out some buildings
, a bunch of stuff andeverything she bought with her
(23:31):
money.
She literally she put things ina safe, she put things in a
room in a closet so the otherkids couldn't touch it, and it
was really amazing just to seethe difference of what she
bought versus what was given toher at the beginning of the
summer.
So I'm like, all right, makinga more card does give them a
little bit more.
A little bit more.
The item is that more valuablebecause you know it's their
money 100%.
KC Chohan (23:49):
I definitely I see that and I read that all the
time in a lot of these studiesthat UBS was the latest bank
that did this type of studywithin their family office,
which is the highest levelwithin those banks because they
only deal with high net worth 25million plus.
They do such deep studies onall of the psychology of what
(24:12):
goes on and how to grow thewealth.
So you get to a point where yougo from being rich to being
wealthy and the main differencethat people don't really get is
being rich is working reallyhard and making money.
Being wealthy is when yourmoney is making money while you
sleep.
That's it.
So real estate does thatfantastically.
(24:33):
You can have a plot of land oran apartment or anything in
between and you can be off onvacation in Iowa or Idaho or
wherever you would like to go onvacation and it could be making
money for you, I would nevervacation in Iowa.
Dwan Bent-Twyford (24:50):
This is a really cute.
It's like a little Hallmarktown that just sort of like got
left like building.
Half of it was boarded up andnow they have music every week
and they block off the streetsand they have all these street
parties and we help do a lot ofthat.
And just recently we found outthat the property values down
here have gone up 40 since westarted investing, so it's like
(25:13):
that's really good.
Okay, I'm like all right, we'remaking our little little like
teeny, weeny little manhattancity out here in the midwest,
but we actually live in coloradoand florida.
So now, um, switch topics for aminute.
What's your favorite band ofall time?
favorite band of all time.
Favorite band of all time.
(25:34):
Oh, I'm going to go back to myEnglish roots and go with Oasis.
KC Chohan (25:38):
Oh, Oasis yeah.
Dwan Bent-Twyford (25:41):
I don't know if many Americans will know.
I don't know if I know Oasis.
KC Chohan (25:44):
So their most famous song is a song called Wonderwall
.
Dwan Bent-Twyford (25:47):
Oh yeah, I'll have to listen to them.
Hardly anyone ever I'm like amusic junkie.
Hardly anyone ever stumps me ona band, and if I don't know it,
I listen to it after the show.
So I can like get the vibe ofthe music Oasis Wonderwall.
KC Chohan (26:02):
That's the track to listen to.
Dwan Bent-Twyford (26:04):
Okay, I'm going to listen to it today and
text you.
All right, and tell you aboutit.
I love it when I hear a bandthat I've never heard of before.
That's a good one.
KC Chohan (26:14):
Yeah, I'm born and raised in England.
My background is in accountingand finance.
I worked for a big Fortune 500company for eight years.
I worked my way up the ranksfrom making cups of tea like you
do in England, and then afterfour years I was running the
European region of finance andthen I transferred over to North
American region and that's howI ended up here in LA and
(26:38):
haven't looked back since.
So I did another four yearswhile I was in America and then
started my own business.
So it was it was time then.
Dwan Bent-Twyford (26:47):
So pretty much followed the American dream
, as they call it, it is, it isand that's the thing I tell
people.
It's like I don't really carewhat you get into, like in with
what you do, or real estate, orif you want to I don't know make
shampoo, it's just.
I think it's just the point ofworking for yourself.
Even though there's more stressworking for yourself.
There's so much more for me.
(27:08):
There's so much more much mypleasure knowing I did it and I
make the decisions and I don'thave to have someone tell me
what to do.
KC Chohan (27:14):
So I, you control your own destiny.
You control your own destiny.
Yeah, I was a corporate guy fora long time and I thought, you
know, I would just shoot aroundthe whole globe with this
company, which was fantastic tome, you know.
But I quickly realized that Iwas a very small cog in a four
(27:35):
billion dollar web and that Iwasn't.
I didn't feel significance atall.
And then when I started my owncompany, it was tough because
you've got to learn a lot ofdifferent skills, like I've got
a finance background, what do Iknow about sales or marketing or
anything like that.
But I figured it out Right.
You've got to persevere andyou've got to get through it.
You've got to surround yourselfwith the right people.
(27:56):
Just like we've been talkingabout is that I didn't have any
sales or marketing experience.
So I went and hired it becauseI need to fill the voids of
where I'm weaker, and then got afew clients and scaled a
company and ultimately, the waywe pivoted into the tax
structures was we helped aclient scale his business.
(28:18):
So he went from 5 million ayear to 120 million a year in
the space of six months.
Throughout CFO services.
We analyzed what was workingand it was great timing, but it
was also a good strategy and heexecuted it really well.
That then created a huge taxproblem for him, because now
(28:39):
paying taxes on 120 million is adifferent ballgame than 5
million.
So we then researched andfigured out what the elites were
all doing, and it's so weirdbecause all the billionaires and
all the mega millionaires allhave this private foundation.
It's a very specific type ofstructure which is a private,
non-operating family foundation.
(29:00):
It's a subset of a subset of asubset.
You've got to go four deep inorder to get the right one.
It's not as simple as pickingan LLC or an S-car,
unfortunately.
So when you figure that out andyou see the trends and you're
like, oh, why do all thebillionaires have this one
specific subset?
You then realize that's themost powerful one, where you can
(29:24):
control everything but ownnothing, and that's the key.
Dwan Bent-Twyford (29:29):
That's the key.
So when you were deciding tobranch off and start your own
business, what do you think waslike your biggest fear initially
?
KC Chohan (29:39):
Well, for me it was how am I going to make money?
Because I've gone from a verycomfortable multi six figure
corporate salary to zero.
Because it's like holy smokes,this is just me.
Now I'm really in the realworld here.
So the way I mitigated that wasbefore I'd actually left.
(30:03):
I knew I was leaving, so Iprepared for that.
So I'd already started pitchingmy services, started the
website, started all thosethings up and running before day
one, before I actually put inmy notice so that I was able to
have some revenue when I left.
And then I backed myself.
(30:24):
You really have to have theconfidence to back yourself to
know that, hey, I'm doing thisfor my own vision, I'm doing
this for the next steps.
And it's not always a smoothride.
Mine definitely wasn't, becauseI got the first few clients,
but then it battled.
And then you know, with CFOservices it's so difficult
(30:47):
because you can say to someoneor ask 100 people what is CFO
services and you'll get 100different answers because it's
not a generic oh, it's this andthis.
So if you're a CFO in a realestate company, you're looking
at number of transactions andall these types of things.
Analytics are fair.
But if you're a CFO of a bigFortune 500 company, you're
writing financial summaries toyour shareholders, which is a
(31:12):
sentence or two at a time aboutlike.
As an example, when I leftFlosa, my portion of the
business was a $300 millionsub-business within the $4
billion cog.
So even though it seemssignificant, it's so small
compared to $4 billion.
So when there was a discrepancyin, hey, we're up, we're down
(31:34):
on this line item because ofthis, it didn't even go into the
board summary because it wasjust a rounding error at that
point, which is crazy to think.
Right, it is, it is.
So I'm spending all these hoursdrilling into all this
analytics and data andexplaining what's going on, only
(31:54):
for it not to be reallyrecognized at all because it's a
rounding error and it's likeyou know what.
It's time for me to move on.
And I just needed a tool upbecause I didn't have the skill
like I was really good withnumbers and really good at being
able to explain complexfinancial scenarios into
layman's terms so that anyonecan understand them, and that's
(32:17):
really what I took that skillset and built a business around
it until we pivoted into the taxsavings because we saw an
opportunity to be able to helpmore people that didn't have
access to a family office.
So for those people who don'tknow what a family office is, a
lot of the elites and a lot ofthe billionaires all have a
family office and if you thinkabout, let's say, a financial
(32:41):
advisor is a simple one, or aCPA is a simple professional,
they usually have their own bookof business, whether that's
hundreds or thousands of clientsthat they're dealing with at
any one time or throughout theyear.
Well, if you're in a familyoffice, you have that same level
of individual usually betterbut they are only dedicated to
you as a single family.
(33:01):
So now think about that.
If you could pick up the phoneor walk down the corridor and
speak to your financial advisorwhenever you want, and all he is
doing every single hour of hisworking day is focusing on the
family's portfolio, do you thinkyou would get a better outcome
compared to the guy that's got athousand other clients battling
(33:24):
for his time?
And that's ultimately what afamily office is.
But within all the departmentswhether that's insurance,
whether that's HR, whetherthat's recruitment, finance CPA,
like real estate, is a big oneas well.
You know we've seen more andmore real estate legs or
expertise coming into familyoffices, but it's expensive,
(33:46):
right?
So if you look at, hey, if thisfinancial advisor would be
making roughly a million dollarsa year in his own business.
But we want to hire him just tofocus on our family.
Dwan Bent-Twyford (33:57):
Yeah.
KC Chohan (33:58):
You've got to compensate him a little bit more
because he's taking more riskwith one client than he would
with a thousand clients.
Oh, I get it.
So having a family office canoften cost more than five $10
million a year, just for theright staff.
Because, again, it's about theright team, right?
If you have the right teamworking with you, you're going
(34:19):
to make better decisions, you'regoing to move faster, you're
going to make more money andthen, if we're talking about
millions and not thousands,you're going to make more
millions a lot more quicker.
It's going to compound comparedto trial and error, the old
fashioned way, right?
Dwan Bent-Twyford (34:35):
No, yeah, no, I, my whole, my whole first
decade was all trial and errorand I was like, ah, I wish I
would've had someone to like,help me, show me the ropes.
Which is why I like to teachother people, because I just the
mistakes I mean the money.
It's just like, oh, but nowit's like, ok, now I know I
(34:55):
don't know everything, but Iknow enough to, like, you know,
make other people millionairestoo.
So I always think I always loveto hear the story Like when you
made that step, because I stillfeel like, even even though
we're both really successful inwhat we do, that first step is
hard.
It's really hard so some of thethings that backup is gone.
KC Chohan (35:16):
Some of the things that helped me a lot through
that process was personaldevelopment.
So I used to listen a lot toTony Robbins, obert Kiyosaki,
jim Rohn.
Like a lot of these people, Iwould literally sit in my
cubicle at the office and havemy headphones in, working on my
spreadsheets and subconsciouslyjust taking it all in.
(35:37):
And you need you need to havethat belief, because you'll
never take that step, otherwisewe were talking earlier about
paralyzing yourself and kind ofputting insignificant steps in
the way.
That's all due to lack ofpersonal development, because if
you are focused on what thegoal is and what you're trying
to achieve, you can achieve that.
(35:57):
But you need to get yourselfout the way and that's all comes
from within.
So if you've got a higher levelof self-awareness and personal
development, you can definitelyuse that as a solid foundation
to then build on.
You can definitely use that asa solid foundation for them to
build on.
Dwan Bent-Twyford (36:14):
That's what I tell people.
I said you know, I just I feellike a lot of people like us
that start their own businesses.
I think you have to.
Initially, you just have tohave a higher risk factor,
because it is still risky.
Even if you plan everything andyou have everything done,
nothing ever works exactly likeit's planned anyway.
So I feel like, well, we haveto have a little bit higher.
(36:35):
So I tell people, hey, listen,if your risk factor is zero, you
probably shouldn't start yourown business.
If your risk factor is 10, likemine, it's like you just jump
off the building and you growyour wings on the way down.
KC Chohan (36:47):
Yeah, that's it.
That's exactly right.
I was speaking to one of mycolleagues yesterday and he's
like his brother is a lawyer andhe's just settled the biggest
case that he's had and now he'sthinking about starting his own
practice, but he's so uncertainon how much he'll make in his
first year going from being anexecutive to then being on your
(37:08):
own and it's like, look, thesimple thing is, if he doesn't,
if he's not built for that risk,just don't do it.
You'll just phase yourself outand you'll stress yourself out
and you won't succeed becauseyou'll be too worried about what
if?
Rather than taking the actionand doing it and then refining
it and getting better along theway.
Dwan Bent-Twyford (37:28):
Exactly, that's exactly what I say.
So I want to ask you a question.
So I ask you about your music,which I'm excited to listen to
Oasis.
That's exactly what I say.
Okay, so I want to ask you aquestion.
So I asked you about your music, which I'm excited to listen to
Oasis.
What's your favorite food?
What do you like to eat?
Oh, that's simple Steak.
KC Chohan (37:42):
I love a good T-bone steak With some French fries
peppercorn sauce, a side ofDijon mustard and a little bit
of horseradish as well.
Dwan Bent-Twyford (37:52):
That's so good, that sounds so good.
So next time I come to LA,we're going to go out to eat.
We're going to go listen tosome Oasis, we're going to eat
some steak and, yeah, I feellike you can tell a lot about
people by their music and whatthey eat and what they like to
do Then we're going to have somedrinks, smoke some cigars and
(38:21):
find some real estate too.
Right, that's good, I'll smokesome cigars, I'll have drinks
too.
I was just out there, um, westayed at the fairmont hotel, um
, right next to my house.
Yeah, we stayed there.
My son-in-law is like themanager or something, so we got
to stay there for just twomonths ago, for nine days, and
it was like oh so, bougie, sofun it's.
KC Chohan (38:32):
So fun.
It's one of the newest hotelshere.
It's a beautiful five-starresort right in the middle of
town.
The mall's on one side andBeverly Hills is literally on
the other side.
Dwan Bent-Twyford (38:40):
Oh, it's great, we ate down at the
restaurant every night.
It was like, oh, I'm definitelya five-star kind of girl.
KC Chohan (38:47):
We had the French Bistro.
Is it still the Frenchrestaurant in the hotel?
Yes, is it?
Dwan Bent-Twyford (38:52):
still the french restaurant in the hotel.
Yes, oh yes, oh yeah.
No, we did twice.
It's like oh, it was so good.
I'm like I'm definitely a fivestar, I'm a bougie girl, and so
it was really nice.
It was really nice okay.
KC Chohan (39:01):
Well, the spa is really nice at that hotel as
well great, we got everything wehave.
Dwan Bent-Twyford (39:07):
I mean, you know gregory's like the manager,
so we got so many things connedlike just champagne and
strawberries and chocolate andjust all kinds of stuff again
delivered to our room just allday and night and was like I
could totally just live righthere right, gregory, good
son-in-law we like that that'sright now.
(39:27):
What's your biggest goal foryou personally, casey?
What's your biggest goal thatyou are trying to accomplish
right now, and how can theDwanderful family help you reach
your biggest next goal?
KC Chohan (39:41):
The biggest goal is to develop a city from scratch.
Dwan Bent-Twyford (39:46):
To develop a city from scratch.
Oh man, I'm with you on that,oh man, I'm with you on that.
KC Chohan (39:52):
Yeah, so we want to put together a full city that
it's not one of these greenhugging type cities, but it's
just a city that helps everyone,right?
So here in LA, just south of LA, there's a place called Orange
County I don't know if you'refamiliar with it.
Oh yeah, so it used to just beorange trees.
Oh yeah, so it used to just beorange trees and literally, my
(40:12):
vision is very similar to thatis to take a plot of land and
develop it into an ecosystemthat can then live on for
generations after me.
Dwan Bent-Twyford (40:25):
I love that.
What a great goal.
KC Chohan (40:30):
Now how can we help you do that?
We're going to start with aplot of land right and some
financing.
You need billions of dollars todo this.
That's a good goal.
I'm putting it out there.
Dwan Bent-Twyford (40:41):
What a great idea when it's time for you to
do that I want to be part ofyour plan 100%.
KC Chohan (40:47):
I'll hit you up for sure.
Dwan Bent-Twyford (40:49):
I love it.
I'm rehabbing a city right now,so our own little town it's a
lot of these buildings.
These buildings are all like1900s and 1920s and 20.
Yeah, they're old and so we'relike we're throwing them back.
KC Chohan (41:05):
Yeah, that's character right, because America
is such a young country, tohave some character like that is
really good we are yeah, thereason I wanted to develop my
own city is I just don't like alot of the practices going on
here, especially with thegovernment and what they do to
our food supply and what they'reteaching our kids in school.
(41:26):
So if we can build our own city, we can go farm to table with
really good food, we can makesure we have clean water, we can
make sure we have great schoolsfor the kids and really build a
lasting legacy that will bethat will surpass me by many
generations and decades to come.
Dwan Bent-Twyford (41:45):
And when you're ready for that, I want to
be part of it.
I was like why did it get sodark all of a sudden?
I think the sun just wentbehind the clouds.
I forgot to turn my light onbehind me.
All right, so thank you firstof all for being on the show.
I love your heart.
I love hearing your story abouthow you started.
I love all of that and I loveyour goals to build a city from
(42:08):
scratch.
How much fun is that going tobe.
It's amazing.
KC Chohan (42:14):
That's going to be a great project.
You know, another thing thatpeople often do is they're
limited by their lack of visionoh please.
So if you can only see twosteps in front of you, they're
likely not going to be bigenough steps.
If you can see a hundred stepsin front of you, or at least put
that vision out there and justtake the risk and put it into
the universe, then you canattract it.
Dwan Bent-Twyford (42:35):
That's it.
That's it.
Even like, in this little townwe started spending so much
money.
Why are you putting all thatmoney in that old town?
That town's all run down.
It's like, yeah, but if you cansee it booming and bustling
like that's what we see, sothat's what we're going to make
happen, so all right.
So uh.
Again, I want to thank you forbeing on and everyone.
You can go to um uh together.
(42:59):
I'm sorry I blamed for a secondcause.
I wrote everything in my uhabbreviations together CFOcom,
yep.
And they opt in and you'll sendthem something Welcome to the
team and get them someinformation.
KC Chohan (43:14):
Yeah, we've actually got a really good tax savings
calculator on the website.
So you can go straight onto thewebsite, plug in your numbers
and you can see how much youcould save on taxes.
So that's a good one to try out.
Dwan Bent-Twyford (43:26):
That is good.
I'm going to do that.
I like to opt into all thethings from all the people.
I like to stay up and see whateverybody is doing and again.
So, folks, I'm going to ask youto do me a favor.
If you enjoyed the show today,if you laughed, if you learned
just anything at all, I want youto subscribe to my podcast Also
, to subscribe to your podcast,and yours is called.
KC Chohan (43:48):
The CEO Story.
Dwan Bent-Twyford (43:49):
The CEO Story .
Subscribe to both, because youknow podcasts are a lot of work,
and leave me a five-star reviewand write something.
Tell me how amazing we all are,and don't forget to go to
dwonderfulcom and opt in to getsome free stuff.
Okay, very last thing, casey.
So I want you to leave us aparting word of wisdom, but just
one single word.
KC Chohan (44:14):
Grateful.
Dwan Bent-Twyford (44:17):
Okay, so everyone that listens to me
regularly, they all know that wetake the word grateful and put
it on a little sticky and put iton our mirror and the word of
the week is grateful.
So we're all grateful, we usegrateful, we think about being
grateful, but what does it meanto you?
KC Chohan (44:39):
Every single second of every single day.
I'm always grateful for thesmallest things and the bigger
things, because if you can'tappreciate the smaller things,
then you're never going to getsignificance because you're not
going to hit the big things allthe time.
So the small things, such aswaking up and being healthy,
being able to drink water,eating food we take that for
granted, but there's so muchturmoil and misery and war going
(45:01):
on in the world that we kind ofsee on the TV or the news but
are really not paying as muchattention as we should.
So just to be grateful forliving our own lives and being
here in America is fantastic andnot being in other parts of the
world, because it could be alot worse.
And if you're grateful and youlive in gratitude, you'll
(45:24):
attract that to you as well.
Dwan Bent-Twyford (45:26):
Amen.
I love what grateful means toyou.
It's about what it means to meas well.
All right, so, everybody, we'llbe back next week, same bat
time, same bad channel.
And remember that the truth isin the red letters, casey.
Thank you again.
Goodbye everybody.
We will be back next week, ciao.
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