February 22, 2024 • 39 mins
MapableUSA.com: When the Opportunity Zones program was first announced, it was all about real estate, real estate, real estate. Fast forward a few years now and many are creating Opportunity Zone Funds to take advantage of the tremendous tax benefits offered by developing businesses within the Opportunity Zones marketplace as well. What kind of businesses? In this podcast, HCVT tax partner Blake Christian goes over some of the new and unique target markets and interesting developments within the industry and how some inventive businesses are using this program in many unique ways.
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(00:21):
Hello everyone, and welcome to anotherKnackapo USA podcast where we put you on
the map, which is Ron Costabroadcasting live from the Macapa USA Studios in
Las Vegas, Nevada. And folks, what do you do with your opportunity
zone investments? I bet you younever thought of the some of the stuff
they're going to talk about today,So sit back and get ready to go.
(00:42):
And before we do that, let'sintroduce Vicky hutch Mala from the QOZ
Marketplace. Vicky, how are youdoing today? I'm fabulous today ron beautiful
day in Vegas as always, eventhough half the country is under snow.
We're just laying in the sunshine,having a beer, enjoying the day.
And now we're going to get towork, talk to one of our favorite
(01:03):
guests, and a whole new concepton opportunity zones and how they can be
used that maybe are more creative thanordinary. So let's get started. Wait,
you're having a beer before the podcast. I'm gonna have mine afterwards.
But anyway, let's introduce Blake.Christian Blake is the tax partner over at
(01:26):
HTV T. Blake, how areyou doing today? I'm doing great and
I just want to make clear Idon't do not have an alcoholic beverage and
trailer. You know, I thinkeverybody else is a podcast right now,
they should pause the podcast, pullthemselves a nice drink, and then start
the podcast again. That's what Ithink we should have right Great, but
(01:52):
Blake again, I want to thankyou for your time come on the show
again. There's always always a greatform of good information on opportunity zones.
And I know we're going to talkabout today's a really interesting and no one
else is really talking about this.So before we get going on that,
let's can you give us a quickbackground on yourself in case someone hasn't heard
any of our previous episodes with you. Sure, so again, Blake Christian.
(02:17):
I'm TPA that I spend most ofmy time in our Park City,
Utah office. HCVT is a topthirty firm headquarter in Los Angeles, and
we have fourteen offices, primarily inCalifornia that Utah, Arizona, and Texas.
(02:43):
We have offices and we're hiring inall offices. Business is great and
we handle with my OZ team,which has kind of spread throughout the country.
We have six full time people thatwork on about two one hundred odds
funds and cozbs, so we arevery active in this space. Wow,
(03:09):
sounds great. So so Blake,like I said, we're going to talk
about opportunity zones, which we havepreviously quite a bit, but now we're
going to get into a little bitmore creative aspect of opportunity zones and thinking
outside of the box and doing thingsthat aren't ordinary and not really involving building
(03:37):
multifamily structures on opportunity zone for realestate investments. So give us an idea
of some new ventures in opportunity zones. Yeah. So, you know,
we still see even in our practice, you know, probably seventy percent of
(03:58):
our clients are are doing real estateprojects, sometimes ground up, sometimes rehab,
but but all aspects, you know, multifamily hotels as well as commercial
properties. But we a another thirtypercent and we're a little unusual in the
(04:23):
OZ world, but probably thirty percentof our clients are operating businesses. And
I've said from the start of theprogram, you know, you know,
a grand slam in the real estateworld. You know, you're going to
double or triple the value of yourreal estate over a ten year period,
maybe more. If it's a groundup build. But in a operating business,
(04:47):
you know, you're typically going toexit that if it's successful, you're
going to exit that operating business atyou know, probably a you know,
a minimum of seven, but ayou know, if it's tech, you
know, it could be a twentythirty fifty, one hundred multiple exit.
And again in the OS world,with that tax exemption with the ten year
(05:11):
old, that's a very very significant, you know benefit to have an operating
business in one or more of theopportunity zone census tracks. So just you
know, if you don't mind,I'll just kind of I'm going to just
list some of the businesses that ourclients have in opportunities zones. And there's
(05:36):
a handful of these that I'm goingto mean that I've had discussions with people
that it's their business plan. Notall of them have launched, but you
know, there's biotech infrastructure projects inthe Zone's got one client that's a rock
corry. There's another actually this isan acquaintance that's very one of the more
(06:00):
interesting UH. But it's a verylarge mind that happens to all be in
an opportunity zone. Had a clientUH in California looking at a very very
large track of of wells patrollum wellsthat will that are going to be capped
(06:20):
over a ten year period, andthen we'll develop that into you know real
estate. You know, thousands ofas uh, solar Uh, there's incubators
out there, UH, computer serverfarms, UH, an e flight company
that we're dealing with, art gallery, Uh. You know, liquor how
(06:46):
you started the discussion, you know, liquor manufact group. I'm working with
one attorney that has an interesting businessmodel and I want to don't want to
share his proprietary idea, but youknow, just just think of long term
you know, long term aging ofof of certain liquors, shipyard boat chartering,
(07:14):
movie and music recording studios in thezone. And then I'll end it
with again with a little self servingpiece here, but you know, I
actually have a few clients that aredoing modular housing in opportunities zones. And
then I have you know, myown opportunities owned business in my team module
where we converse shipping containers into havingin retail and special buildings and that that
(07:41):
is you know, both a realestate opportunity zone or qoz B as well
as the operating business, and thatthat gives you some flexibility on the on
the tech side. So so Ithure I would just listen, let you
guys, you know, ask questionson some of those, or I could
(08:01):
just start, you know, givingyou some more detail on some of these
and some of the interesting aspects ofthem. Well, you know, here
in Vegas we have Nellis Air ForceBase, and it's it's in north Las
Vegas, far from the Strip andthat, but now it's is a pretty
(08:22):
significant base in terms of homeland defenseand that, and there's a lot of
opportunities zone areas around the base.And and as you're talking, I'm thinking,
well, you know, there's supportivebusinesses that could support Nellis and the
(08:43):
veterans and the people that live therein terms of of housing or uh stores
or schools, daycare, that kindof stuff. Then that would be something
that maybe is a little outside thebox, but you know, linking it
to an air force base and alsoalong a rail line that then brings a
(09:07):
whole other aspect to it as well. But these are things that people don't
you know, it doesn't doesn't jibethat opportunity zones and military defense bass can
really work well together for everyone.Yes, and thank you for bringing that
up, because I didn't have thaton my list, but I did.
(09:30):
I think, you know, justwrote an article or business facilities. As
soon as it's published, I'll sharethat with you and then you can share
it with your your listeners on yourwebsite. But yeah, right now,
there's one hundred and I think it'sone hundred and eighty military bases that are
(09:50):
either adjacent to or in opportunity zones. And what a lot of people don't
realize is that the you know,our defense industry is is extremely aging,
you know, and and we needto upgrade our defense systems, and so
(10:11):
all of these military subcontractors will beyou know, putting money in. With
all the strife around the country oraround the world, we will see that,
you know, that defense contracting sectorhave some you know, some massive
(10:31):
you know, probably a trillion dollarinfusions, and they're going to need new,
upgraded facilities, and opportunity zones becausethey're a long term play, are
perfect for this. And you know, and these you know, these these
mega corporations, they're they're constantly havingcapital gains because they're selling properties, they've
(10:54):
they've got investment portfolios and so theycan they can be funding these you know,
these new facilities with tax defer dollarsand then be building up these these
ten year tax exemptions. So thankyou for bringing that up. Yeah,
for our strategic defense. Opportunity zoneshave been underused, but I think you're
(11:20):
going to see them used over theyou know, I think you're feel a
lot of infusion from defense contractors overthe next five years. Oh yeah,
and and you know when when opportunitiesthis is interesting. When opportunity zones first
started, we talked to somebody inNorthern Nevada and they were thinking about putting
(11:43):
in a shrimp farm to farm shrimpin Northern Nevada in an opportunity zone,
which is, you know, reallykind of crazy, but you know it's
like if you can think the eyeidea and you find it. Just like
there's a new casino hotel casino beingbuilt on the strip and it's partially on
(12:11):
an opportunity zone as well. Youcan't do gambling or that kind of stuff,
but the way that it's planned out, there's a portion that's in an
opportunity zone that they can use,you know, for the hotel part instead
of the casino part. So it'sjust mind boggling. If you can think
(12:33):
it, you might be able todo it. Well. Again, something
that I left off, which whichis you know, criminal of me,
especially since we just had the SuperBowl this weekend that we were talking about
Allegiant Stadium is exactly is one hundredpercent of the zone exactly. So now
(12:54):
you've got that real estate in thezone, and you've got the you know,
the the Raiders franchise in there.So uh, you know, they're
very very strategic moves by some somebillionaires out there, that's for sure,
right, And it puts a wholenew, whole new aura on opportunity opportunity
(13:20):
zones that they're not stagnant, thatthey that you know, they're creative,
that if you can use your brain, you can come up with something that
aside from all the basic you know, the the capital gains and and and
all of that that everybody knows about, you can add a whole new layer
to it and make it really great. Absolutely so. Yeah. So you
(13:45):
know, in a perfect world,the the types of operating businesses that you
want to put in a zone withthe you know, things that are capital
intensive. So we're talking about defensecontractors, but you know tech tech manufacturers,
you know, chip makers. AgainI had mentioned uh the uh solar
(14:11):
farm as well as as the serverfarms. You know that that are going
to use a lot of electricity,a lot of uh you know, a
lot of costs of tangible personal assetsthose you know with bonus appreciation. You
know, first of all, you'reusing tax defer dollars to finance it.
(14:35):
Primarily you can you know, layerin debt, which gives you additional tax
baces for depreciation and tax credits toclaim those. And then ten years out,
all that depreciation that you've expensed inthe front end and got ordinary deductions
for you don't have to recapture inten years. And so you're you're using
(15:00):
all of these tax and economic investmentprinciples together in combination to really enhance your
overall return on investment. And sothat's that, you know, that's that's
why we love doing me you know, the operating companies. And then you
(15:22):
throw solar that I mentioned. Alot of our clients are are layering in
solar into their OZ projects and thereason for that is now you're going to
get a you know, a twentysix plus you know, federal tax credit.
Again, I mentioned the bonus appreciationand the new tax bill that's you
(15:45):
know, going to likely pass.You're going to get one hundred percent instead
of the eighty percent right off inthe year that you place those solar panels
into service. And as long asyou debt financed some of this, you're
going to have tax base is toclaim those. And so the combination of
all those is just it's mind bogglinghow much tax benefit you get on the
(16:07):
front end, and then you're accruingthis you know, this long term tax
return I'm sorry, tax free returnwhen you exit ten years or later.
Yeah, it's great. Yeah,you know. The whole thing about the
military here really intrigues me. Blakewhen people start thinking about investments into opportunities
(16:30):
zones like that, Uh there therestill has to be an opportunity zone fund
associated with it too, right.They just don't go into the investment as
a regular let's say LLC, dothey No, No, you would,
you would. You'd have to wrapit into and have you know, have
a opportunity's own fund, be theinvestor in that. And so you know
(16:52):
this you know defense contractor that mighthave may have been around for eighty years,
would set up a you know,a new a new entity that would
have a opportunities on its own fundthat would be financed with capital gains that
they have generated and typically in thelast one hundred and eighty days and uh
(17:17):
and then they would use that entityas the main funding vehicle for this new
entity, could be set up asa partnership, could go direct to z
corp status, and then you know, they just start, uh you know,
built building out facilities and buying buyingequipment. Yeah, but in this
(17:41):
example, the entity is using theirown capital gains on this, but they
could also be looking for outside investorswho have capital gains to invest in the
fund as well, isn't it right? Yeah? Absolutely, And that the
Business Facilities magazine article I mentioned,we do talk about, you know exactly
(18:02):
that that some some of the defensecontractors may go this is the perfect opportunity
to get outside financing for some ofthese projects, both dead and equity financing.
Okay, well, this brings meto a really interesting point that I've
heard different answers yes and no onbut a lot of investors, real estate
(18:22):
guys in particular, are sometimes lookingto ten thirty one exchange into something different.
Is any of these ten thirty oneexchangeable or not? You know,
it's it's so funny on our onour OS call this morning, you know,
and I'll just give you the factpattern. So, you know,
taxpayer funded their odds fund with fivemillion dollars. They ended up buying a
(18:49):
pretty, you know, dilapidated churchand some other properties. And unfortunately the
church caught on fire, burned down, and so one of my other partners
that's you know, that's the clientpartner on it, just told them,
hey, you know, just youshould just sell this, and you know
(19:11):
it's we'll just we'll just we're notgoing to do the deferral anymore. And
then he contacted one of his associatesand said, hey, you know,
can you do evaluation on this property. Let's put it out for sale.
Long story short, they ended upflipping it in a few weeks eight million
dollars. Somebody wanted to it isperfect for a large apartment complex, so
(19:36):
you know, they made appreciated youever. Know. So but anyway,
what they're going to do, whatthey are planning on doing, is doing
a ten thirty one. So theyfound interestingly, they found one five million
dollar piece of property and one threemillion dollars that's in the zone and a
three million dollar piece of property that'soutside the zone. So we're in the
(19:59):
process of kind of working through itbecause you can't you know, the three
million dollars that's outside of the zoneis problematic, but we can tuck you
know, up to about one hundredand fifty million, one hundred and fifty
one point five million of that intothe into the structure because you can have
thirty percent non qualified assets in aqo ZB. So anyway, there's there's
(20:22):
a whole lot of planning and andI'm glad you brought that up. You
know, yes, yes, youcan still use ten thirty one to further
defer h gains even after you've tuckedthat real estate into an olives fund.
And it's a it's a good yeah. Do you see what you see what
the power of prayer can do rightin that situation? Right? That's right?
(20:48):
Well, first learn down the church. What I'm seeing as far as
the thirty one is concerned, isa lot of these guys who own property.
The biggest problem is finding replacement propertythat they that they want to get
into. And I think if youcould do that with an opportunities on investment,
both on the real estate or businessor whatever like you're talking about,
(21:08):
especially around the military paces. Imean, that would be a home run
industry that nobody is really talking aboutright now, and I would think that's
kind of interesting. Yeah, andhere's one other little you know, we've
had this happen many times, youknow, with all the lot of funds
(21:29):
we have. But let's say,and there's another code section ten thirty three,
which actually our client with the burneddown church, that ten thirty three
is involuntary conversions. Sometimes the citywill you know, come in and take
take over your piece of property becausethey need to build a freeway through that
(21:51):
or or it could be a naturaldisaster you've lost it in a fire.
You actually have up to three yearsto replace that property instead of the one
hundred and eighty days. But thepoint I wanted to make is in combination
combining ten thirty onees and ten thirtythree, we've had a number because I
(22:18):
always tell people, hey, tenthe OZ program is excellent if you have
a blown ten thirty one. Sosomebody that cannot replace their property within the
hundred the typical one hundred and eightydays under the ten thirty one rules,
if you went into escrow, let'ssay in November of last year, and
(22:45):
to start your hundred and eighty daysto find the replacement property, and now
you're in say May, if mymath is right, your hundred and eighty
days expires. Well even though youdidn't find replacement period and replacement property in
time. A lot of people thinkthat, oh, I have to pick
(23:10):
that that gain up in twenty twentythree, because that's when the ten thirty
one transaction happened and I wasn't ableto execute on the ten thirty one.
But the way that code, sectionten thirty one reads is, you know,
if you went into escrow and youwere making the attempt to put the
(23:30):
replacement property in there, actually thatthat gain doesn't ripen until May of twenty
twenty four, the you know,one hundred and eighty days out and when
your money comes out of escrow.So then now they have at that point
they have another one hundred and eightydays to roll it into an os fund.
(23:51):
So we have salvaged a number ofblown up ten thirty one's. When
the attorneys and the taxis are tellingthe client, oh no, sorry,
nothing we can do to gain ripenedin twenty twenty three, while it didn't
it ripened in twenty twenty four.So just I know that that's a little
(24:12):
nuanced, but people listening that wouldeal with ten thirty one will understand that.
And I'll tell you I've had alot of people push back and say
we're wrong on that, but that'sexactly how the rules work. Well,
you know, nuances saved a lotof money sometimes, so it's good to
know them. I think I'm knowingthe right people to help you also makes
(24:34):
a big difference as well. Well, I was just going to say that
the thing about the opportunities on productA program in general, which is so
amazing to me is the top levelof it, at the very top of
the mountain, is just hey,we have a great touch strategy for you,
and it sounds so simple and soeasy. But once you get down
to the nitty gritties and all theselittle deadlines and things, you have to
know you have to be crazy tothink you could do it on your own.
(24:56):
You better, you know, youbetter get a professional to help you
out with this. Don't want tomess it up, absolutely and there's there's
a lot of you know, especiallysince for you know, what are we
four four plus years into it?The program it is, uh, you
know, there's a lot of minefieldsout there that and not not not every
(25:21):
OZ fund is being operated properly,and so we spend about thirty percent of
our time trying to fix messed upOZ funds. I can't imagine that.
I'm curious though, when these peoplecome to you with these it's interesting and
original ideas, you know, solarfarm or whatever. Do they even understand
(25:42):
that there's an opportunity to own componentto it or do you have to tell
them that and say, well,you know, what is a good idea
of going this way instead? Uh? Yeah, I mean, you know,
most of the time they're coming tous because they already are familiar with
the OZ program or they you know, they want to learn more about it.
But yeah, that you know,there's a there's a percentage of the
(26:03):
conversations that start off, you know, with no discussion of OZ and then
we then then we you know,say hey, did you know about this
program? And those are very interestingconversations, right, And is there a
component of opportunity zones that they mentionedwhat they called no sin businesses and not
even there anymore. If somebody toldme that golf course wasn't allowed for some
(26:25):
reason. Yeah, And I don'tknow if they that's considered a sin business
just because of all the cussing thathappens on the greens. I don't but
yeah, they're they're there. Youknow that that that was kind of an
odd one to me. But Ithink I think it's I think that's more
of a an optics issue that theydon't want the millionaire, you know,
(26:49):
country club types to be getting thisthis benefit and using tax dollars essentially for
it. But yeah, liquor stores, massa parlors. I think they have
tanning salons because they never really likedtanning salons. And then, as you
mentioned, golf courses as well ascasinos, and you can't even because we
(27:15):
had one project in Reno that wasa converted casino that went into multifamily and
retail, and because of the kindof the staging of that project, they
wanted to keep gaming in there.And even if you are the owner and
(27:38):
you just lease, you know,lease some of the building, but casino
is going casino activities or go gamblingactivities are going on there, it's still
painted. If it's more than it'seither five or ten percent of your total
square footage, so you have tobe very very careful. Now again it's
(28:00):
another nuance, but you could technically, I think it's just a loophole and
they'll close it eventually, But youcould actually operate a you know, any
of these send businesses could actually beoperated at the at the Qualified Opportunity Fund
(28:21):
level, the top level that allof these restrictions are actually written in at
the QODB or the subsidiary operating level. So there are some people that are
trying to get around it, youknow, and running it in a in
a coth We do not recommend itbecause we think at some point they'll they'll
close that off anywhere. Yeah,yeah, okay, Well before we close
(28:45):
this out, I do have oneother question, actually more of a statement.
When you look at the whole programin general, they have the tax
benefits at the front kind of thing. But I think one of the greatest
things about this program is the factthat you could exit out after what ten
years, and you know, capitalgains taxes on your entire deal. Right,
So if you're a company, youcan just cash in big time on
(29:06):
that. And do you do youagree? Do you think that's one of
the best parts about the program.Yeah, yeah, absolutely. And so
to summarize, there's three components.There's the initial deferral there used to be
and it may come back with somelegislation that's out there, where you get
a you know, a percentage exemptionon your gain that has to be reported.
(29:30):
In twenty twenty six that ranged fromfive to fifteen percent as a basis
adjustment. And then and then ultimatelyit's the exemption and they're in reverse order.
You know, I agree with youone hundred percent run that the exemption
is why you would do this.But most people get into the program for
the deferral. You know, theyhave a big sale, you have a
(29:53):
ten million dollar gain, and theydon't want to pay tax on it,
so they put the money in andthen they find out, oh wow,
ten percent you know, full exemptionafter ten years. That's nice. But
that's that's really the big benefit ofdoing this. And the deferral is number
two. And the basis adjustment isthe third lowest you know value I guess
(30:17):
in you know, in the program, but a lot of people get get
them, get them weighted wrong rightright. And to take that back to
what we talked about before, whenyou're talking about a military application, I
mean that that number could be justenormous. It's just crazy to think how
much money is being run through that. So, I mean, that's kind
(30:37):
of that part that should be people'stakeaway. There's so many different ways to
use this program that people don't evenunderstand. It's like Vicky said, at
the top of the of the podcast, everyone's talking about multi family in real
estate, and uh, you know, you're opening up a whole bunch of
eyes on different opportunities, and youknow, it's just it's it's really mind
boggling when you think about it.Yeah, I'll just I'll just throw throw
(31:00):
in one to really, you know, blow up everybody's mind. He says.
You know, you know with thisAI trade is going on right now,
I mean if I if I'm inthe AI business, I am,
I am going to move. Andbecause you can move an existing business,
I'm going to move. Any expansionis going to go into an opportunity zone.
I mean because because that, youknow, there's gonna be billions,
(31:22):
if not trillions, to be madeon some of these inventions, you want
those to be in an opportunity zone. Exactly. Yeah. Although I got
to tell you, I asked Aithe other day when will the Jets be
in the super Bowl? And hetold me to start drinking. But yeah,
(31:47):
But but before we close this outreal real quickly, Blake, you
have a prediction as to where theproduct the program is going in general over
the next couple of years. Isthere anything new that we're going to see?
Well, you know, there there, you know, there's there's people
pushing real hard. You know.Shay Hawkins just did a presentation. He
(32:07):
was the head legislative legislative aid toTim Scott and so probably the you know,
one of the most knowledgeable people inthe country on OZ and he spoke
yesterday and he's still very optimistic.He's pushing real hard on this legislation that's
been out there for a couple ofyears. He's optimistic that will get pushed
(32:30):
through probably in April as part ofanother bill. But this this would extend
the deferral period till twenty twenty eight. It would increase some of the taxpayer
reporting, and we're okay with that. It's not overly onerous and then would
also layer in some rural you know, expand the program into some some more
(32:57):
rural regions. And then it willalso fine tune it'll it'll get rid of
some census tracks that are into ritzyneighborhoods and uh on a go forward,
they'll those will be you know,they'll be grandfathered, but you can't do
any new projects in those and they'llbe replaced with uh with with some new
(33:17):
census tracks in in other more deservingareas. So you know, So that's
and and then one of the otherthe other things is they he's pushing to
have and I and I've always pushedfor this too, to allow people even
if they don't have a deferred gain, so they're not going to get the
tax deferral components, so they're givingup a benefit anyway. But let's let
(33:40):
just somebody that with with money inthe bank that didn't come from a capital
gain, let them invest in theseand if they're if they're patient and sit
on it for ten years, theyshould get the tax exemption. Also,
it's really not going to cost thegovernment anymore because they're they're already you know,
the people aren't differing again on thefront end. So so anyway,
(34:04):
that's that's kind of the quick legislativeupdate. Frustrated that it hasn't already passed.
There's still a lot of bipartisan support, a little bit a little bit
less on the Democratic side than therewas when it was first passed, but
there's still there's still a lot ofbipartisan support. Yeah. Well, people
wouldn't know any of this unless theyspoke to an opportunity to own specialist,
especially with everything we're talking about inthe podcast today. So, Blake,
(34:29):
how do people get ahold of you? What's the best way to reach you?
So, Uh, I'll give youmy cell phone number five six two
three h five eight five oh sotech text me uh and then uh,
the firm website is h e VTdot com. That'll be on your website
(34:52):
and uh, what Blake Christian orsend an email to the OZ team at
HTVT dot com and we'll we'll answerany of your questions you have whenever you're
not on this on the slope skiingright and that's a you know, not
even been up this year. It'sbeen so busy, but I will go
(35:15):
too. Yeah, okay, wellabout this podcast at any further questions or
comments on what Blake was talking about. Wow, you know, we have
been on top of Opportunity Zone sincethe beginning because, you know, Ron,
we've thought that this is such agreat program and could do so many
(35:37):
things, and as our podcast todayhas proven, yes it has. And
not only have people shifted from thebasic real estate aspect of it and into
so many other areas defense even medicalfacilities and solar panels and all of this
(36:00):
other stuff as well as getting theglitches out from the beginning to now that
it can't possibly not get better andmore exciting. And also because of all
of this new creativity, you especiallyneed to talk to Blake to make sure
(36:22):
that whatever idea you might come upwith is feasible and he can help you
to make it successful, even thoughyou have to wait a while, it
can only be beneficial. So I'mjust excited about the new look of opportunity
zones and the new areas where youcan go in them. And thank you
(36:45):
so much Blake for being on topof it, for being one of the
best experts in the field and helpingpeople to realize what they actually can do
with an opportunity zone, because it'swhat's a special program and now it's even
better. Kudos to you, Blake, well, thank you, and I
(37:05):
have to thank you and you andRon. You know, from the day
this path you you have been atthe epicenter of education and uh you know
you've you've always involved me and Iappreciate all the great information you get out
tell your listeners. So thank youfor that. You know, you know,
(37:27):
Ron, you know Ron. Ithink what we should do is we
should do a follow up podcast withBlake and we can talk about not only
the future in more depth, butalso the things to avoid, you know,
where opportunities failed and why they didand how to overcome that into the
future. What do you think shouldwe should we drink a beer before that
(37:52):
podcast or after that podcast? Ithink that podcast deserves it before and after
breath. All right, let's closethis thing out here. Blake again,
thank you for being a guest onthe show. Vicki, thanks for co
hosting this and folks, you're listeningto the Mappable USA podcast at MAPPABLEUSA dot
(38:14):
com. If you go to thatpage, scroll down on the homepage,
you'll see all our syndication sources.Just pick the one you like best and
subscribe. So you'll never miss anotherone of our episodes. If you want
to be a guest in the show, like Blake Wes stayed, there's a
guest head there. Fill that out. We'll see what we can do about
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email at info at MAPPABLEUSA dot comor just leave a comment on what other
(38:36):
page you'll listen to the car rightnow, So thanks for listening, thanks
for your supporting After next time withother mappable USA
Hello everyone, and welcome to anotherKnackapo USA podcast where we put you on
the map, which is Ron Costabroadcasting live from the Macapa USA Studios in
Las Vegas, Nevada. And folks, what do you do with your opportunity
zone investments? I bet you younever thought of the some of the stuff
they're going to talk about today,So sit back and get ready to go.
(00:42):
And before we do that, let'sintroduce Vicky hutch Mala from the QOZ
Marketplace. Vicky, how are youdoing today? I'm fabulous today ron beautiful
day in Vegas as always, eventhough half the country is under snow.
We're just laying in the sunshine,having a beer, enjoying the day.
And now we're going to get towork, talk to one of our favorite
(01:03):
guests, and a whole new concepton opportunity zones and how they can be
used that maybe are more creative thanordinary. So let's get started. Wait,
you're having a beer before the podcast. I'm gonna have mine afterwards.
But anyway, let's introduce Blake.Christian Blake is the tax partner over at
(01:26):
HTV T. Blake, how areyou doing today? I'm doing great and
I just want to make clear Idon't do not have an alcoholic beverage and
trailer. You know, I thinkeverybody else is a podcast right now,
they should pause the podcast, pullthemselves a nice drink, and then start
the podcast again. That's what Ithink we should have right Great, but
(01:52):
Blake again, I want to thankyou for your time come on the show
again. There's always always a greatform of good information on opportunity zones.
And I know we're going to talkabout today's a really interesting and no one
else is really talking about this.So before we get going on that,
let's can you give us a quickbackground on yourself in case someone hasn't heard
any of our previous episodes with you. Sure, so again, Blake Christian.
(02:17):
I'm TPA that I spend most ofmy time in our Park City,
Utah office. HCVT is a topthirty firm headquarter in Los Angeles, and
we have fourteen offices, primarily inCalifornia that Utah, Arizona, and Texas.
(02:43):
We have offices and we're hiring inall offices. Business is great and
we handle with my OZ team,which has kind of spread throughout the country.
We have six full time people thatwork on about two one hundred odds
funds and cozbs, so we arevery active in this space. Wow,
(03:09):
sounds great. So so Blake,like I said, we're going to talk
about opportunity zones, which we havepreviously quite a bit, but now we're
going to get into a little bitmore creative aspect of opportunity zones and thinking
outside of the box and doing thingsthat aren't ordinary and not really involving building
(03:37):
multifamily structures on opportunity zone for realestate investments. So give us an idea
of some new ventures in opportunity zones. Yeah. So, you know,
we still see even in our practice, you know, probably seventy percent of
(03:58):
our clients are are doing real estateprojects, sometimes ground up, sometimes rehab,
but but all aspects, you know, multifamily hotels as well as commercial
properties. But we a another thirtypercent and we're a little unusual in the
(04:23):
OZ world, but probably thirty percentof our clients are operating businesses. And
I've said from the start of theprogram, you know, you know,
a grand slam in the real estateworld. You know, you're going to
double or triple the value of yourreal estate over a ten year period,
maybe more. If it's a groundup build. But in a operating business,
(04:47):
you know, you're typically going toexit that if it's successful, you're
going to exit that operating business atyou know, probably a you know,
a minimum of seven, but ayou know, if it's tech, you
know, it could be a twentythirty fifty, one hundred multiple exit.
And again in the OS world,with that tax exemption with the ten year
(05:11):
old, that's a very very significant, you know benefit to have an operating
business in one or more of theopportunity zone census tracks. So just you
know, if you don't mind,I'll just kind of I'm going to just
list some of the businesses that ourclients have in opportunities zones. And there's
(05:36):
a handful of these that I'm goingto mean that I've had discussions with people
that it's their business plan. Notall of them have launched, but you
know, there's biotech infrastructure projects inthe Zone's got one client that's a rock
corry. There's another actually this isan acquaintance that's very one of the more
(06:00):
interesting UH. But it's a verylarge mind that happens to all be in
an opportunity zone. Had a clientUH in California looking at a very very
large track of of wells patrollum wellsthat will that are going to be capped
(06:20):
over a ten year period, andthen we'll develop that into you know real
estate. You know, thousands ofas uh, solar Uh, there's incubators
out there, UH, computer serverfarms, UH, an e flight company
that we're dealing with, art gallery, Uh. You know, liquor how
(06:46):
you started the discussion, you know, liquor manufact group. I'm working with
one attorney that has an interesting businessmodel and I want to don't want to
share his proprietary idea, but youknow, just just think of long term
you know, long term aging ofof of certain liquors, shipyard boat chartering,
(07:14):
movie and music recording studios in thezone. And then I'll end it
with again with a little self servingpiece here, but you know, I
actually have a few clients that aredoing modular housing in opportunities zones. And
then I have you know, myown opportunities owned business in my team module
where we converse shipping containers into havingin retail and special buildings and that that
(07:41):
is you know, both a realestate opportunity zone or qoz B as well
as the operating business, and thatthat gives you some flexibility on the on
the tech side. So so Ithure I would just listen, let you
guys, you know, ask questionson some of those, or I could
(08:01):
just start, you know, givingyou some more detail on some of these
and some of the interesting aspects ofthem. Well, you know, here
in Vegas we have Nellis Air ForceBase, and it's it's in north Las
Vegas, far from the Strip andthat, but now it's is a pretty
(08:22):
significant base in terms of homeland defenseand that, and there's a lot of
opportunities zone areas around the base.And and as you're talking, I'm thinking,
well, you know, there's supportivebusinesses that could support Nellis and the
(08:43):
veterans and the people that live therein terms of of housing or uh stores
or schools, daycare, that kindof stuff. Then that would be something
that maybe is a little outside thebox, but you know, linking it
to an air force base and alsoalong a rail line that then brings a
(09:07):
whole other aspect to it as well. But these are things that people don't
you know, it doesn't doesn't jibethat opportunity zones and military defense bass can
really work well together for everyone.Yes, and thank you for bringing that
up, because I didn't have thaton my list, but I did.
(09:30):
I think, you know, justwrote an article or business facilities. As
soon as it's published, I'll sharethat with you and then you can share
it with your your listeners on yourwebsite. But yeah, right now,
there's one hundred and I think it'sone hundred and eighty military bases that are
(09:50):
either adjacent to or in opportunity zones. And what a lot of people don't
realize is that the you know,our defense industry is is extremely aging,
you know, and and we needto upgrade our defense systems, and so
(10:11):
all of these military subcontractors will beyou know, putting money in. With
all the strife around the country oraround the world, we will see that,
you know, that defense contracting sectorhave some you know, some massive
(10:31):
you know, probably a trillion dollarinfusions, and they're going to need new,
upgraded facilities, and opportunity zones becausethey're a long term play, are
perfect for this. And you know, and these you know, these these
mega corporations, they're they're constantly havingcapital gains because they're selling properties, they've
(10:54):
they've got investment portfolios and so theycan they can be funding these you know,
these new facilities with tax defer dollarsand then be building up these these
ten year tax exemptions. So thankyou for bringing that up. Yeah,
for our strategic defense. Opportunity zoneshave been underused, but I think you're
(11:20):
going to see them used over theyou know, I think you're feel a
lot of infusion from defense contractors overthe next five years. Oh yeah,
and and you know when when opportunitiesthis is interesting. When opportunity zones first
started, we talked to somebody inNorthern Nevada and they were thinking about putting
(11:43):
in a shrimp farm to farm shrimpin Northern Nevada in an opportunity zone,
which is, you know, reallykind of crazy, but you know it's
like if you can think the eyeidea and you find it. Just like
there's a new casino hotel casino beingbuilt on the strip and it's partially on
(12:11):
an opportunity zone as well. Youcan't do gambling or that kind of stuff,
but the way that it's planned out, there's a portion that's in an
opportunity zone that they can use,you know, for the hotel part instead
of the casino part. So it'sjust mind boggling. If you can think
(12:33):
it, you might be able todo it. Well. Again, something
that I left off, which whichis you know, criminal of me,
especially since we just had the SuperBowl this weekend that we were talking about
Allegiant Stadium is exactly is one hundredpercent of the zone exactly. So now
(12:54):
you've got that real estate in thezone, and you've got the you know,
the the Raiders franchise in there.So uh, you know, they're
very very strategic moves by some somebillionaires out there, that's for sure,
right, And it puts a wholenew, whole new aura on opportunity opportunity
(13:20):
zones that they're not stagnant, thatthey that you know, they're creative,
that if you can use your brain, you can come up with something that
aside from all the basic you know, the the capital gains and and and
all of that that everybody knows about, you can add a whole new layer
to it and make it really great. Absolutely so. Yeah. So you
(13:45):
know, in a perfect world,the the types of operating businesses that you
want to put in a zone withthe you know, things that are capital
intensive. So we're talking about defensecontractors, but you know tech tech manufacturers,
you know, chip makers. AgainI had mentioned uh the uh solar
(14:11):
farm as well as as the serverfarms. You know that that are going
to use a lot of electricity,a lot of uh you know, a
lot of costs of tangible personal assetsthose you know with bonus appreciation. You
know, first of all, you'reusing tax defer dollars to finance it.
(14:35):
Primarily you can you know, layerin debt, which gives you additional tax
baces for depreciation and tax credits toclaim those. And then ten years out,
all that depreciation that you've expensed inthe front end and got ordinary deductions
for you don't have to recapture inten years. And so you're you're using
(15:00):
all of these tax and economic investmentprinciples together in combination to really enhance your
overall return on investment. And sothat's that, you know, that's that's
why we love doing me you know, the operating companies. And then you
(15:22):
throw solar that I mentioned. Alot of our clients are are layering in
solar into their OZ projects and thereason for that is now you're going to
get a you know, a twentysix plus you know, federal tax credit.
Again, I mentioned the bonus appreciationand the new tax bill that's you
(15:45):
know, going to likely pass.You're going to get one hundred percent instead
of the eighty percent right off inthe year that you place those solar panels
into service. And as long asyou debt financed some of this, you're
going to have tax base is toclaim those. And so the combination of
all those is just it's mind bogglinghow much tax benefit you get on the
(16:07):
front end, and then you're accruingthis you know, this long term tax
return I'm sorry, tax free returnwhen you exit ten years or later.
Yeah, it's great. Yeah,you know. The whole thing about the
military here really intrigues me. Blakewhen people start thinking about investments into opportunities
(16:30):
zones like that, Uh there therestill has to be an opportunity zone fund
associated with it too, right.They just don't go into the investment as
a regular let's say LLC, dothey No, No, you would,
you would. You'd have to wrapit into and have you know, have
a opportunity's own fund, be theinvestor in that. And so you know
(16:52):
this you know defense contractor that mighthave may have been around for eighty years,
would set up a you know,a new a new entity that would
have a opportunities on its own fundthat would be financed with capital gains that
they have generated and typically in thelast one hundred and eighty days and uh
(17:17):
and then they would use that entityas the main funding vehicle for this new
entity, could be set up asa partnership, could go direct to z
corp status, and then you know, they just start, uh you know,
built building out facilities and buying buyingequipment. Yeah, but in this
(17:41):
example, the entity is using theirown capital gains on this, but they
could also be looking for outside investorswho have capital gains to invest in the
fund as well, isn't it right? Yeah? Absolutely, And that the
Business Facilities magazine article I mentioned,we do talk about, you know exactly
(18:02):
that that some some of the defensecontractors may go this is the perfect opportunity
to get outside financing for some ofthese projects, both dead and equity financing.
Okay, well, this brings meto a really interesting point that I've
heard different answers yes and no onbut a lot of investors, real estate
(18:22):
guys in particular, are sometimes lookingto ten thirty one exchange into something different.
Is any of these ten thirty oneexchangeable or not? You know,
it's it's so funny on our onour OS call this morning, you know,
and I'll just give you the factpattern. So, you know,
taxpayer funded their odds fund with fivemillion dollars. They ended up buying a
(18:49):
pretty, you know, dilapidated churchand some other properties. And unfortunately the
church caught on fire, burned down, and so one of my other partners
that's you know, that's the clientpartner on it, just told them,
hey, you know, just youshould just sell this, and you know
(19:11):
it's we'll just we'll just we're notgoing to do the deferral anymore. And
then he contacted one of his associatesand said, hey, you know,
can you do evaluation on this property. Let's put it out for sale.
Long story short, they ended upflipping it in a few weeks eight million
dollars. Somebody wanted to it isperfect for a large apartment complex, so
(19:36):
you know, they made appreciated youever. Know. So but anyway,
what they're going to do, whatthey are planning on doing, is doing
a ten thirty one. So theyfound interestingly, they found one five million
dollar piece of property and one threemillion dollars that's in the zone and a
three million dollar piece of property that'soutside the zone. So we're in the
(19:59):
process of kind of working through itbecause you can't you know, the three
million dollars that's outside of the zoneis problematic, but we can tuck you
know, up to about one hundredand fifty million, one hundred and fifty
one point five million of that intothe into the structure because you can have
thirty percent non qualified assets in aqo ZB. So anyway, there's there's
(20:22):
a whole lot of planning and andI'm glad you brought that up. You
know, yes, yes, youcan still use ten thirty one to further
defer h gains even after you've tuckedthat real estate into an olives fund.
And it's a it's a good yeah. Do you see what you see what
the power of prayer can do rightin that situation? Right? That's right?
(20:48):
Well, first learn down the church. What I'm seeing as far as
the thirty one is concerned, isa lot of these guys who own property.
The biggest problem is finding replacement propertythat they that they want to get
into. And I think if youcould do that with an opportunities on investment,
both on the real estate or businessor whatever like you're talking about,
(21:08):
especially around the military paces. Imean, that would be a home run
industry that nobody is really talking aboutright now, and I would think that's
kind of interesting. Yeah, andhere's one other little you know, we've
had this happen many times, youknow, with all the lot of funds
(21:29):
we have. But let's say,and there's another code section ten thirty three,
which actually our client with the burneddown church, that ten thirty three
is involuntary conversions. Sometimes the citywill you know, come in and take
take over your piece of property becausethey need to build a freeway through that
(21:51):
or or it could be a naturaldisaster you've lost it in a fire.
You actually have up to three yearsto replace that property instead of the one
hundred and eighty days. But thepoint I wanted to make is in combination
combining ten thirty onees and ten thirtythree, we've had a number because I
(22:18):
always tell people, hey, tenthe OZ program is excellent if you have
a blown ten thirty one. Sosomebody that cannot replace their property within the
hundred the typical one hundred and eightydays under the ten thirty one rules,
if you went into escrow, let'ssay in November of last year, and
(22:45):
to start your hundred and eighty daysto find the replacement property, and now
you're in say May, if mymath is right, your hundred and eighty
days expires. Well even though youdidn't find replacement period and replacement property in
time. A lot of people thinkthat, oh, I have to pick
(23:10):
that that gain up in twenty twentythree, because that's when the ten thirty
one transaction happened and I wasn't ableto execute on the ten thirty one.
But the way that code, sectionten thirty one reads is, you know,
if you went into escrow and youwere making the attempt to put the
(23:30):
replacement property in there, actually thatthat gain doesn't ripen until May of twenty
twenty four, the you know,one hundred and eighty days out and when
your money comes out of escrow.So then now they have at that point
they have another one hundred and eightydays to roll it into an os fund.
(23:51):
So we have salvaged a number ofblown up ten thirty one's. When
the attorneys and the taxis are tellingthe client, oh no, sorry,
nothing we can do to gain ripenedin twenty twenty three, while it didn't
it ripened in twenty twenty four.So just I know that that's a little
(24:12):
nuanced, but people listening that wouldeal with ten thirty one will understand that.
And I'll tell you I've had alot of people push back and say
we're wrong on that, but that'sexactly how the rules work. Well,
you know, nuances saved a lotof money sometimes, so it's good to
know them. I think I'm knowingthe right people to help you also makes
(24:34):
a big difference as well. Well, I was just going to say that
the thing about the opportunities on productA program in general, which is so
amazing to me is the top levelof it, at the very top of
the mountain, is just hey,we have a great touch strategy for you,
and it sounds so simple and soeasy. But once you get down
to the nitty gritties and all theselittle deadlines and things, you have to
know you have to be crazy tothink you could do it on your own.
(24:56):
You better, you know, youbetter get a professional to help you
out with this. Don't want tomess it up, absolutely and there's there's
a lot of you know, especiallysince for you know, what are we
four four plus years into it?The program it is, uh, you
know, there's a lot of minefieldsout there that and not not not every
(25:21):
OZ fund is being operated properly,and so we spend about thirty percent of
our time trying to fix messed upOZ funds. I can't imagine that.
I'm curious though, when these peoplecome to you with these it's interesting and
original ideas, you know, solarfarm or whatever. Do they even understand
(25:42):
that there's an opportunity to own componentto it or do you have to tell
them that and say, well,you know, what is a good idea
of going this way instead? Uh? Yeah, I mean, you know,
most of the time they're coming tous because they already are familiar with
the OZ program or they you know, they want to learn more about it.
But yeah, that you know,there's a there's a percentage of the
(26:03):
conversations that start off, you know, with no discussion of OZ and then
we then then we you know,say hey, did you know about this
program? And those are very interestingconversations, right, And is there a
component of opportunity zones that they mentionedwhat they called no sin businesses and not
even there anymore. If somebody toldme that golf course wasn't allowed for some
(26:25):
reason. Yeah, And I don'tknow if they that's considered a sin business
just because of all the cussing thathappens on the greens. I don't but
yeah, they're they're there. Youknow that that that was kind of an
odd one to me. But Ithink I think it's I think that's more
of a an optics issue that theydon't want the millionaire, you know,
(26:49):
country club types to be getting thisthis benefit and using tax dollars essentially for
it. But yeah, liquor stores, massa parlors. I think they have
tanning salons because they never really likedtanning salons. And then, as you
mentioned, golf courses as well ascasinos, and you can't even because we
(27:15):
had one project in Reno that wasa converted casino that went into multifamily and
retail, and because of the kindof the staging of that project, they
wanted to keep gaming in there.And even if you are the owner and
(27:38):
you just lease, you know,lease some of the building, but casino
is going casino activities or go gamblingactivities are going on there, it's still
painted. If it's more than it'seither five or ten percent of your total
square footage, so you have tobe very very careful. Now again it's
(28:00):
another nuance, but you could technically, I think it's just a loophole and
they'll close it eventually, But youcould actually operate a you know, any
of these send businesses could actually beoperated at the at the Qualified Opportunity Fund
(28:21):
level, the top level that allof these restrictions are actually written in at
the QODB or the subsidiary operating level. So there are some people that are
trying to get around it, youknow, and running it in a in
a coth We do not recommend itbecause we think at some point they'll they'll
close that off anywhere. Yeah,yeah, okay, Well before we close
(28:45):
this out, I do have oneother question, actually more of a statement.
When you look at the whole programin general, they have the tax
benefits at the front kind of thing. But I think one of the greatest
things about this program is the factthat you could exit out after what ten
years, and you know, capitalgains taxes on your entire deal. Right,
So if you're a company, youcan just cash in big time on
(29:06):
that. And do you do youagree? Do you think that's one of
the best parts about the program.Yeah, yeah, absolutely. And so
to summarize, there's three components.There's the initial deferral there used to be
and it may come back with somelegislation that's out there, where you get
a you know, a percentage exemptionon your gain that has to be reported.
(29:30):
In twenty twenty six that ranged fromfive to fifteen percent as a basis
adjustment. And then and then ultimatelyit's the exemption and they're in reverse order.
You know, I agree with youone hundred percent run that the exemption
is why you would do this.But most people get into the program for
the deferral. You know, theyhave a big sale, you have a
(29:53):
ten million dollar gain, and theydon't want to pay tax on it,
so they put the money in andthen they find out, oh wow,
ten percent you know, full exemptionafter ten years. That's nice. But
that's that's really the big benefit ofdoing this. And the deferral is number
two. And the basis adjustment isthe third lowest you know value I guess
(30:17):
in you know, in the program, but a lot of people get get
them, get them weighted wrong rightright. And to take that back to
what we talked about before, whenyou're talking about a military application, I
mean that that number could be justenormous. It's just crazy to think how
much money is being run through that. So, I mean, that's kind
(30:37):
of that part that should be people'stakeaway. There's so many different ways to
use this program that people don't evenunderstand. It's like Vicky said, at
the top of the of the podcast, everyone's talking about multi family in real
estate, and uh, you know, you're opening up a whole bunch of
eyes on different opportunities, and youknow, it's just it's it's really mind
boggling when you think about it.Yeah, I'll just I'll just throw throw
(31:00):
in one to really, you know, blow up everybody's mind. He says.
You know, you know with thisAI trade is going on right now,
I mean if I if I'm inthe AI business, I am,
I am going to move. Andbecause you can move an existing business,
I'm going to move. Any expansionis going to go into an opportunity zone.
I mean because because that, youknow, there's gonna be billions,
(31:22):
if not trillions, to be madeon some of these inventions, you want
those to be in an opportunity zone. Exactly. Yeah. Although I got
to tell you, I asked Aithe other day when will the Jets be
in the super Bowl? And hetold me to start drinking. But yeah,
(31:47):
But but before we close this outreal real quickly, Blake, you
have a prediction as to where theproduct the program is going in general over
the next couple of years. Isthere anything new that we're going to see?
Well, you know, there there, you know, there's there's people
pushing real hard. You know.Shay Hawkins just did a presentation. He
(32:07):
was the head legislative legislative aid toTim Scott and so probably the you know,
one of the most knowledgeable people inthe country on OZ and he spoke
yesterday and he's still very optimistic.He's pushing real hard on this legislation that's
been out there for a couple ofyears. He's optimistic that will get pushed
(32:30):
through probably in April as part ofanother bill. But this this would extend
the deferral period till twenty twenty eight. It would increase some of the taxpayer
reporting, and we're okay with that. It's not overly onerous and then would
also layer in some rural you know, expand the program into some some more
(32:57):
rural regions. And then it willalso fine tune it'll it'll get rid of
some census tracks that are into ritzyneighborhoods and uh on a go forward,
they'll those will be you know,they'll be grandfathered, but you can't do
any new projects in those and they'llbe replaced with uh with with some new
(33:17):
census tracks in in other more deservingareas. So you know, So that's
and and then one of the otherthe other things is they he's pushing to
have and I and I've always pushedfor this too, to allow people even
if they don't have a deferred gain, so they're not going to get the
tax deferral components, so they're givingup a benefit anyway. But let's let
(33:40):
just somebody that with with money inthe bank that didn't come from a capital
gain, let them invest in theseand if they're if they're patient and sit
on it for ten years, theyshould get the tax exemption. Also,
it's really not going to cost thegovernment anymore because they're they're already you know,
the people aren't differing again on thefront end. So so anyway,
(34:04):
that's that's kind of the quick legislativeupdate. Frustrated that it hasn't already passed.
There's still a lot of bipartisan support, a little bit a little bit
less on the Democratic side than therewas when it was first passed, but
there's still there's still a lot ofbipartisan support. Yeah. Well, people
wouldn't know any of this unless theyspoke to an opportunity to own specialist,
especially with everything we're talking about inthe podcast today. So, Blake,
(34:29):
how do people get ahold of you? What's the best way to reach you?
So, Uh, I'll give youmy cell phone number five six two
three h five eight five oh sotech text me uh and then uh,
the firm website is h e VTdot com. That'll be on your website
(34:52):
and uh, what Blake Christian orsend an email to the OZ team at
HTVT dot com and we'll we'll answerany of your questions you have whenever you're
not on this on the slope skiingright and that's a you know, not
even been up this year. It'sbeen so busy, but I will go
(35:15):
too. Yeah, okay, wellabout this podcast at any further questions or
comments on what Blake was talking about. Wow, you know, we have
been on top of Opportunity Zone sincethe beginning because, you know, Ron,
we've thought that this is such agreat program and could do so many
(35:37):
things, and as our podcast todayhas proven, yes it has. And
not only have people shifted from thebasic real estate aspect of it and into
so many other areas defense even medicalfacilities and solar panels and all of this
(36:00):
other stuff as well as getting theglitches out from the beginning to now that
it can't possibly not get better andmore exciting. And also because of all
of this new creativity, you especiallyneed to talk to Blake to make sure
(36:22):
that whatever idea you might come upwith is feasible and he can help you
to make it successful, even thoughyou have to wait a while, it
can only be beneficial. So I'mjust excited about the new look of opportunity
zones and the new areas where youcan go in them. And thank you
(36:45):
so much Blake for being on topof it, for being one of the
best experts in the field and helpingpeople to realize what they actually can do
with an opportunity zone, because it'swhat's a special program and now it's even
better. Kudos to you, Blake, well, thank you, and I
(37:05):
have to thank you and you andRon. You know, from the day
this path you you have been atthe epicenter of education and uh you know
you've you've always involved me and Iappreciate all the great information you get out
tell your listeners. So thank youfor that. You know, you know,
(37:27):
Ron, you know Ron. Ithink what we should do is we
should do a follow up podcast withBlake and we can talk about not only
the future in more depth, butalso the things to avoid, you know,
where opportunities failed and why they didand how to overcome that into the
future. What do you think shouldwe should we drink a beer before that
(37:52):
podcast or after that podcast? Ithink that podcast deserves it before and after
breath. All right, let's closethis thing out here. Blake again,
thank you for being a guest onthe show. Vicki, thanks for co
hosting this and folks, you're listeningto the Mappable USA podcast at MAPPABLEUSA dot
(38:14):
com. If you go to thatpage, scroll down on the homepage,
you'll see all our syndication sources.Just pick the one you like best and
subscribe. So you'll never miss anotherone of our episodes. If you want
to be a guest in the show, like Blake Wes stayed, there's a
guest head there. Fill that out. We'll see what we can do about
anyone's show. And if you likewhat you heard today, send us an
email at info at MAPPABLEUSA dot comor just leave a comment on what other
(38:36):
page you'll listen to the car rightnow, So thanks for listening, thanks
for your supporting After next time withother mappable USA
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