Avoiding Taxes on Real Estate Deals

John Harcar (00:00.91)
Hey guys, welcome back to the show. I’m your host, John Harcar, and we’re here today with Derreck Long. And what we’re going to talk about is avoiding taxes on your real estate deals. Remember, guys, at Investor Fuel, we help real estate investors, entrepreneurs, and really all service providers, 2 to 5X their business. By doing this, we’re providing tools and resources to help grow the business you want and live that life that you want to live. Derek, welcome to our show.

Derreck Long | Heritage IRA (00:27.978)
Yeah, thanks, John. I appreciate you guys having me. I love being part of those mastermind groups and things like that just getting some good education out to everyone. I think that’s what’s unique about what we can provide nowadays with podcasts and the internet and stuff is getting the best education out there at a free rate.

John Harcar (00:30.318)
Yeah.

John Harcar (00:41.972)
Exactly. And be able to gain some exposure for you and also some knowledge base for our audience that maybe doesn’t know about avoiding taxes and whatnot. before we get into that, and I’m super excited to talk about it, but tell our audience a little bit about you, how you got into the business, what got you here.

Derreck Long | Heritage IRA (00:59.318)
Sure, actually behind the scenes is I’m a retirement expert, okay? I teach CPAs and tax attorneys. I host CE class, stuff like that, all across the US. So they get their credits from me. And what that means is I’m a nerd, okay? I’m a dork, all right? I read tax code. Yeah, I asked my wife. I don’t know about that. She might say, but…

John Harcar (01:13.998)
Self-proclaimed? Okay.

Derreck Long | Heritage IRA (01:22.804)
What’s funny is because of that, I deal more on the self-directed realm. This could be self-directed IRAs, solo 401Ks, QRPs, Rob’s plan, something like that. And what happens is if we look at the average American, they have more money sitting in a retirement account than they do in their own personal checking or savings. Because of all the classes I’ve done, I’ve actually had the privilege to speak at Congress eight different times now on retirement related issues. So we’re at the very forefront of that aspect. So…

John Harcar (01:32.942)
Uh-huh.

John Harcar (01:46.466)
Wow, okay, let’s.

Derreck Long | Heritage IRA (01:51.134)
My company is Heritage IRA and we’re really here just to provide education on those topics and make sure people understand, look, you can use those retirement funds to do things like pay for those mastermind programs, use those retirement funds to buy that rental property, do that fix and flip, invest in that Airbnb, buy one of those multi-family deals or invest in one of those syndications you’re looking at. And there’s a lot of tax advantages people miss out on, so.

John Harcar (01:51.182)
place.

John Harcar (02:13.474)
Got it.

John Harcar (02:17.656)
Well, before we talk about that, I want to take a step back here to Congress. But before even all that, what got you into lending? what, what, how did you know that that was your vehicle?

Derreck Long | Heritage IRA (02:27.317)
Yeah, so my dad was a private lender, right? And when I was 17 or 18 years old, my dad gave me $3,000, but he put it in a Roth IRA for me. Okay. And I was like, when I get to touch that, he goes, when you’re old. And I’m like, that’s stupid. You know, I’m 17, I’m 18. I don’t really care. I’m graduating high school, you know? What my dad was doing is he was a private lender and he would lend and like, let’s say it was a hundred thousand dollar note. He would lend $97,000 and 3000 came from me.

John Harcar (02:30.477)
okay.

John Harcar (02:46.103)
Right, right.

Derreck Long | Heritage IRA (02:56.519)
And he didn’t have to, but he made me sign all the documents. And then every month I’d get a payment and the payment was like 30 bucks. You know, that’s you’re not getting rich off 30 bucks. But what’s funny is I was over here and I always had that entrepreneur spirit, right? I tried starting a restaurant and failed miserably and you know, and then like my wife was a real estate agent and it’s like, you know, and my mom was a real estate broker. And it was funny because always kind of been involved in the real estate background.

But lending for us was like that gateway. And as I got older, long before the grays, It was, that $30 wasn’t $30 a month anymore, right? It was $50 a month. It’s $100 a month. It was $150 a month, right? And I wasn’t doing anything for it. And it was like, well, maybe that old man knows something I don’t know, right? And it’s funny how suddenly as you get older, your parents seemed a lot smarter than you realize.

John Harcar (03:30.69)
Hahaha

John Harcar (03:54.222)
But back then you’re like you’re crazy for doing this and then you’re like you’re now you’re a genius for doing that

Derreck Long | Heritage IRA (03:59.708)
Yeah, right. And it was fun. That’s kind of how we got started. Since then, I mean, my wife and I, own rentals, own acres, we own syndications, we own mineral rights and oil and gas investments. And then, like I said, obviously we’re the owners of a self-directed retirement institution, right? So, and also the owners of a software company. So.

John Harcar (04:09.879)
Okay.

John Harcar (04:15.054)
nice, okay, what kind of software?

Derreck Long | Heritage IRA (04:19.891)
And we deal actually in all the hardware and software for self-directed IRA institutions. Right, so it’s funny, that’s why I was like, I love all the companies, everyone’s my client.

John Harcar (04:23.63)
Sweet.

John Harcar (04:29.078)
Yeah. Well, I love the fact that you had that, you you got assimilated at an early age, right? To all the knowledge, you kind of knew your path. So when you guys started the business, I mean, what were some of the bigger challenges you had in the lending space?

Derreck Long | Heritage IRA (04:43.283)
Well, from lending wise, Yeah, well, I mean, it doesn’t really matter either way, but like on a lending side, we never really had a lot of challenges. I’d say we actually always had more challenges on the single family homes if we’re talking about just real estate in general. But this is because suddenly it puts a lot of stuff on my plate, such as vetting a contractor. OK, right. When I do a loan, I need a deed of trust and a note, you know, a mortgage and a note.

John Harcar (04:45.322)
or another Linux base, but in the IRA space.

John Harcar (04:59.979)
Okay.

Derreck Long | Heritage IRA (05:11.913)
That’s what I need and I’m good to go. When you’re buying a house, you’re dealing with the title company, the agent, right? The bank of its debt leverage, you need a HUD statement, settlement statement, here’s the contract warranty, you’re like, my God. And if you don’t have a good mentor, if you don’t have a good person to turn to, you can make mistakes easily and you can lose a lot of money quickly. And what’s funny is I think most people, try to save money and they don’t want to invest in education.

John Harcar (05:15.958)
John Harcar (05:22.274)
Yep, lot more.

John Harcar (05:32.093)
huh.

Derreck Long | Heritage IRA (05:41.312)
They don’t want to invest in that mentor. They don’t want to invest in those aspects. And that holds true not just in real estate, but even when we’re starting our own retirement institution, right? Is there’s things that you’re going to need help with and you don’t know what it is, right? These smartest people in the world, the most richest people in the world, the guys that are multi-billionaires still have people they turn to for certain aspects, you know?

John Harcar (06:05.198)
Board of advisors, yeah.

Derreck Long | Heritage IRA (06:06.749)
Right? And that’s the thing. And so when we were starting our institution, we made sure that we had those people to turn to, whether they were attorneys, other business owners, you know, even a billionaire that we have that works with us, you know? And it’s like, it’s nice to know. So I think that’s the thing is one of the struggles is don’t try to do it yourself. If you do, you’re going to have a higher percentage of failure, right? You have a higher percentage of success if you try to go a little bit slower.

and find good people to work with, partner with, get education from.

John Harcar (06:40.044)
did you find your mentor?

Derreck Long | Heritage IRA (06:42.197)
Um, was a few different ways. So, uh, one of them actually was just a straight up, uh, uh, mastermind, right? Is, um, I paid a lot of money enjoying the mastermind, right? And that, that actually, uh, introduced me to someone else by the name of Steve Veal. And, uh, Steve, uh, he had this small, small investment group and it was like 25 bucks a month, right? Cancel any time, right? But what was nice is all of us were able to get together and it was more of a,

John Harcar (06:48.611)
Okay.

Derreck Long | Heritage IRA (07:12.117)
Hey, I got a house under contract, but I need help vetting or I need to find a good appraiser. I need a good contractor or a plumber. Right, hey, I’m trying to do this wholesale, I need to get rid of it. And it was this little group that we were able to kind of niche that was very small. We’re talking 50 people or less, you know? Exactly, exactly. And there’s those groups out there and Steve was a big help for me early on, you know?

John Harcar (07:30.466)
A little resource pool.

Derreck Long | Heritage IRA (07:40.822)
Now that we have an institution and we have billions of assets and all this other stuff like that, it’s different, but I still turn to other people. I actually had a phone call this morning with a mentor of mine named Wendy Sweet. She’s out of North and South Carolina, runs a company called Carolina Capital. And I called her and I said, hey, look, I think we’re gonna run into some of these issues. was, what do you think you would do? And we talked out and it was, I already had two or three solutions in mind.

but she gave me that extra nugget that I was like, you know what? I didn’t even consider that and it was almost like a way to combine a couple things. so, it’s always good to just understand that you don’t know it all.

John Harcar (08:21.324)
Well, and I hear this theme a lot when I talk to people, it’s not what you know, it’s who you know, right? And it’s having that board of advisors, those trusted folks that, yes, you might know majority of what to do, but that one little thing, that one little thing that can notch your business up another rank, I mean, it’s huge. And that’s by having that network. So what does your business look like now? Tell us kind of all what you’re doing.

Derreck Long | Heritage IRA (08:27.412)
Yeah.

Derreck Long | Heritage IRA (08:41.502)
yeah.

Derreck Long | Heritage IRA (08:50.133)
Yeah, so my clients, I want you to understand is I am a retirement expert, right? I’m the president and co-founder of Heritage IRA.

John Harcar (08:56.066)
Now tell me what a retirement expert is.

Derreck Long | Heritage IRA (09:00.445)
I read IRS revenue code 408 little a big a 590 B like I’m a dork man. All right. But no, no. So what it what it means. Okay. And here’s where I get excited. Right. Because maybe this is my passion and you never even realize what your passion is, I guess at times, but

John Harcar (09:05.15)
Yeah.

I could tell.

John Harcar (09:15.0)
Mm-hmm.

Derreck Long | Heritage IRA (09:18.375)
If I say a retirement account, you might think of your 401k. You might think of a IRA. You might think of a pension plan or a 403b or something like that. I’m just going to use the term retirement account. Every time I give a speech, I ask people, what is your retirement account invested in? And I get the, I don’t know, right? Stocks, bonds, CDs, mutual funds, large caps, right? But they don’t really, if you pull it apart, well, what stocks do you own? They have no idea.

John Harcar (09:28.692)
huh.

John Harcar (09:47.15)
Mm-hmm.

Derreck Long | Heritage IRA (09:47.158)
What does your mutual fund pay you? I have no idea. And if we look at it, it has these huge fluctuations. It goes up and down, up and down, up and down, right? Right now we’re seeing the stocks are drastically down, right? You wait 10 months, it’ll go up again, right? And then it’ll go back down and things. So what happens as my clients get older though, they can’t handle that. Can you imagine being 70 years old and suddenly you lose 50 % of your 401k? They’re like, oh, just wait five years. You’re like, oh, I’m going to be dead. You know?

John Harcar (10:12.418)
Yeah, you don’t have that time.

Derreck Long | Heritage IRA (10:15.423)
So it doesn’t work. So what’s a safer alternative? Every one of those retirement accounts I just mentioned, you can use to invest in real estate. And people don’t realize that. Now, if you’re looking to be a real estate investor, you might actually have more money than you think. Right? If we think of the average individual, do they have more money in a savings account or more money in that 401k? They’ve been saving away for 10, 15, 20 years bouncing from job to job. They have more money typically in that 401k.

John Harcar (10:42.275)
Yeah.

right, yeah.

Derreck Long | Heritage IRA (10:45.289)
Well, why don’t we use that then to buy that rental? Right? Why don’t you use that money to invest in that syndication? Well, they told me I’d have to pay tax and penalties. No, that’s not the truth. Your retirement account can do those exact same investments you as an individual are already considering and looking at. I don’t care what the investment is. You’re looking to buy a house, fix it up and flip it. Your 401k, your IRA can go out and buy that same house, fix it up and flip it.

And you know what? When you do that, you avoid the taxation. Think about you for a minute, right John? You do a wholesale deal, right? You wholesale a property, you make $10,000, you don’t really get the keep 10 grand, do you? Uncle Sam comes in and he pulls out his little portion called taxation, right? And you might not at the end of the day only keep seven or 8,000 bucks. Well, if we did that same wholesale inside your Roth IRA, a traditional IRA, a 401k,

John Harcar (11:23.672)
Mm-hmm.

Derreck Long | Heritage IRA (11:44.757)
You get to keep the full 10 grand.

John Harcar (11:48.226)
Hmm. Why is that?

Derreck Long | Heritage IRA (11:49.493)
That’s huge.

John Harcar (11:52.014)
Yeah.

Derreck Long | Heritage IRA (11:55.572)
That’s what I mean by retirement expert is I have to my clients how to use the retirement account to do that. I have to teach the CPAs. I have to teach those tax attorneys because what happens is Charles Schwab said, no, you can’t do that. No, Charles Schwab doesn’t allow you to do it. Fidelity doesn’t allow you. It’s not that you can’t, you can’t under their umbrella. You just have to go to another institution.

John Harcar (11:57.623)
Right?

John Harcar (12:19.266)
Why are there some companies that won’t let you do that?

Derreck Long | Heritage IRA (12:22.709)
because they make more money if they don’t let you do it. When you buy a mutual fund and that mutual fund is paying 4%, 4 and 5%, which is pretty average for a mutual fund. You know what it’s actually paying? Closer to 8 and 10%. Huh, where’s that other 4 to 5 % going? To Fidelity, to Vanguard, to Charles Schwab. Don’t be mad at them for that. They’re doing all the work.

John Harcar (12:43.246)
right? Yeah, and their pocket. Yeah.

Derreck Long | Heritage IRA (12:50.837)
They’re the ones, they found the investments. They said, just give us the money. We’ll put it in a mutual fund and we’ll pay you 4 % a year. You do nothing. As Ron used to say, set it and forget it. We’re dating ourselves. There’s no longer infomercials.

John Harcar (12:57.379)
Right.

John Harcar (13:01.314)
Forget it. Yeah, Ronco. Man, it’s been a while since I’ve heard that.

Yeah, I know. I mean, most people don’t know about the ability to do that. How does someone even find out about it? like, I mean, what extra steps are needed to be able to use that to invest?

Derreck Long | Heritage IRA (13:20.575)
There, so that’s the cool thing is there’s actually no extra steps. All right. You just need an institution, a retirement company that allows you to do it. So if you go to heritageira.com, right? A little plug for ourselves, right? Boom. You’ll see we have educational videos. We do webinars. We do deal pitching events. We can come in and you can find your next business partner. We even have the ability to teach people how to become a sophisticated investor, right? And no cost.

John Harcar (13:49.038)
Okay.

Derreck Long | Heritage IRA (13:50.356)
Why? I want you to use your IRA. I want you to use your 401k and I want you to buy an investment that you understand. And the examples I’m giving of you, let’s just say you bought a rental property using that 401k and the rents come in out of all the profit you make on that property, zero of it goes to us. Zero. Whereas when we bought that mutual fund at Vanguard, remember it was split right down the middle. And so because of that, right? Look,

John Harcar (14:02.446)
Hmm?

John Harcar (14:11.598)
Okay.

John Harcar (14:15.689)
Mm-hmm. Mm-hmm.

Derreck Long | Heritage IRA (14:19.483)
Use your retirement account and if you’re listening to this podcast, John is putting on this podcast for you guys to listen to, to learn about becoming a better investor. Then take the right steps, use the retirement accounts and John, I’m sure you have a ton of guests that talk about all sorts of different topics. I don’t care which topic it is. Remember you can use those funds for that topic.

John Harcar (14:38.392)
Mm-hmm.

John Harcar (14:43.448)
Well, but I think this is is extra important because, know, it’s it’s something that people don’t maybe don’t know about, don’t know that they have that ability to do. And it’s just kind of like how creative finance came into the real estate world. A lot of people didn’t know that they could sell their property that way, but you can. It’s been there. You just got to know about it. So what are some of the mistakes that people are maybe making when trying to use their 401k or any other retirement stuff for investing?

Derreck Long | Heritage IRA (14:59.604)
Yeah.

Derreck Long | Heritage IRA (15:11.487)
Sure. The first thing is I’m going to label the difference between self-directed IRA or a self-directed 401k and a non-self-directed account, right? And a lot of people have probably heard that term, a self-directed IRA. Have you heard that term before, John? That’s fake. There is no such thing as a self-directed IRA. Okay? No, so here’s the thing though.

John Harcar (15:28.033)
Of course.

John Harcar (15:34.746)
you set me up for that one right there. That was good.

Derreck Long | Heritage IRA (15:38.932)
That’s the industry standard, right? And that’s what people will say. So right now Google, well, I want a self-directed IRA, Fidelity’s at the top of the list. But they don’t offer a IRA that lets you buy real estate. So I thought it was a self-directed account. That is just a marketing term. So the first mistake I see people make is they assume that, hey, if I set up a self-directed IRA, I can buy real estate. No, no, that is all fake.

John Harcar (15:56.206)
Yeah.

Derreck Long | Heritage IRA (16:07.827)
What it is is you have to have a retirement company that lets you take your retirement account and buy the assets you want. As an example, right? Heritage IRA, we let you do what I’m to label as alternative assets. This is typically, most of our clients are real estate investors, oil and gas investors, or small business investors. There’s a company called Crypto IRA. Guess what they let you use your retirement account for? Cryptocurrency, right? If you go to Equity Trust,

John Harcar (16:32.718)
Bye Crypto!

Derreck Long | Heritage IRA (16:37.257)
They let you use your retirement account and they focus primarily on single family home real estate investing. You go to directed IRA. Directed IRA goes through process of setting up an extra LLC typically for business purposes for your IRA. You go to Fidelity. Fidelity lets you use your IRA to buy stocks, bonds, CDs, and mutual funds. Which one’s better or worse? Neither. So the mistake that I see people make is they’re Googling

Well, I want a self-directed IRA. It’s like, hey, you got to be specific. What are you looking for? And there’s a lot of great notice. I’m not even scared of the competition out there because all of those companies are great companies. They really are. Directed IRA is run by Matt Swanson. Equity Trust run by John Bowens. They provide great services to their clients to allow them to do this. I’m Derek Long of Heritage IRA. We do too. But it’s, you know, what are you looking for?

John Harcar (17:05.464)
They’re just assuming.

John Harcar (17:28.962)
Yeah.

John Harcar (17:32.342)
Yeah, it’s what is what’s your lane, right? What are you trying to achieve? What’s your goal? All those type of things. What other mistakes are they making?

Derreck Long | Heritage IRA (17:34.621)
It’s… Yeah.

Derreck Long | Heritage IRA (17:40.969)
Bad advice, okay? And what I mean by that is they take advice from a financial advisor. And I absolutely despise financial advisors, but let me explain why, okay?

John Harcar (17:55.022)
Please.

Derreck Long | Heritage IRA (17:57.174)
A financial advisor holds a series six or series seven license. Okay. This means that they are authorized to sell you an investment. And when they sell you an investment, they get a commission or a bonus because some institutions say, we can’t call it a commission. So we’re going to call it a bonus. All right. It’s the same damn thing. All right. It really is. But now they sell you that annuity. They sell you that CD, that mutual fund.

Did you ever ask them what is their bonus on it? Most of the time not. Because I, having one of those license, right? I have what’s called a CISP license, right? If I chose to sell that, right? Let’s just go for an annuity, $100,000 annuity that I’m going to lock up your money for five years. I get a 10 % commission on that. Huh. 10 grand right in my pocket. Do you think I have an incentive to sell you?

John Harcar (18:30.344)
Nobody does.

Derreck Long | Heritage IRA (18:57.041)
and advise you to put your money with me? Do think I’m going to advise you to put your money with anyone else? No! And that’s a problem. And what sucks is you know who gets taken advantage of that with that? The older folks.

John Harcar (19:01.6)
Of course.

Right?

John Harcar (19:14.348)
the elderly population.

Derreck Long | Heritage IRA (19:17.595)
is the younger generation, they’re skeptical of everybody. They assume you’re a car salesman. I don’t care who you are, right? They see their phone ring and they don’t answer it. They’re like, they can text me if they, you know, if it’s real.

John Harcar (19:29.43)
Yeah, if they really need to get a hold of me, they’ll text me or call back.

Derreck Long | Heritage IRA (19:32.47)
Now, my grandma on the other hand, she says she’s skeptical, but then she believes every ad that comes across the screen. She believes every Facebook article. She believes every newsletter she says, right? It’s like, come on. And so that’s what typically happens. So the second mistake I’d really say is understand who you’re talking to. I think financial advisors serve a big purpose. Some people need that because I love to use my mom. I love my mom.

John Harcar (19:43.628)
Hahaha

John Harcar (19:55.662)
Mm.

Derreck Long | Heritage IRA (20:02.291)
I really do, but she should never invest her own money. Okay, she’s not cut out to be a real estate investor, because she’s going to lend her money on a fifth lane position to some guy who’s gonna take the money and run away to Mexico, right? Because he promised her 20%.

John Harcar (20:06.798)
Why is that?

John Harcar (20:18.252)
Well, a different generation is more trusting. There were more handshakes back in the day.

Derreck Long | Heritage IRA (20:21.15)
Right?

Yeah, my mom, I would argue, should have a financial advisor that says, hey, we’re gonna take your money, we’re gonna put it in that mutual fund. My dad? My dad’s gonna go, huh, I want a first lien position, I’m gonna charge you two points, 12 % interest, right, and I’m gonna walk down, I’m gonna see the property, you know? And my dad will easily make 10, 12, 14 % on every time he turns his money. But he’s being a little bit more hands-on, and why my dad had a great coach early on named Shanoa Grove,

John Harcar (20:41.506)
Right, right.

Derreck Long | Heritage IRA (20:52.571)
that kind of helped him with a lot of those things. And so what’s funny, it’s you can’t put a blanket over everybody, you know? And just look at my family alone. I’m saying my mom, my dad are drastically different people.

John Harcar (21:07.374)
Yeah, for sure. Now let’s say someone is listening to this and then they’ve been thinking about wanting to use their 401 or any whatever retirement accounts they have. What are the steps? Like what is the best advice you can give someone, maybe the first thing to do?

Derreck Long | Heritage IRA (21:21.621)
So the first thing is always to schedule a consultation. This is because, and the minute you schedule that consultation, whether it’s with someone with heritage IRA or any other institution out there, you know who your consultation’s with? A salesman. Okay? It is. And it’s funny because I always use those types of terms and things. I don’t want you to think that it’s bad. You go to a car dealership, you know the guy at the car dealership selling you a car, you know he gets a commission. You don’t care, right?

John Harcar (21:46.488)
Mm-hmm.

John Harcar (21:50.978)
Right, right.

Derreck Long | Heritage IRA (21:51.604)
But just go in with that salesman hat on just for a minute, okay? And realize that when they’re talking through this, make sure they’re going through and they’re figuring out what is your best needs. Because there’s so many different retirement accounts out there. In total, there’s eight, right, that we see people establish. This could be a traditional IRA, a Roth IRA, a Solo 401k, a Rob’s account, a SEP, a Simple, you know, a HSA, an ESA, and I can keep going, you know? And it’s…

John Harcar (22:01.944)
Good.

John Harcar (22:18.647)
Yeah.

Derreck Long | Heritage IRA (22:20.787)
make sure they’re not selling you on something that is giant. And I see this happen a lot. I see that you schedule a consultation with someone, they go, hey, we’re gonna set you up a checkbook control IRA owned LLC. What we need to do, step one, we’re gonna set you up an IRA. Step two, we need to get you a C corporation. That C corporation will create an LLC, that LLC that’ll be owned by the IRA. And I’m like, what are you doing? And they’re like, well, I’m trying to buy a 25, I’m doing a $25,000 second lien note. I’m like, you just spent five grand on all this other crap you don’t need.

John Harcar (22:49.666)
This is right.

Derreck Long | Heritage IRA (22:51.839)
So make sure they’re looking out for you. Schedule a consultation, maybe schedule one, two or three consultations with multiple custodians. Find someone that you fit well with. I’d love to say that Heritage IRA is the best person group for everybody, but we’re not. We charge 300 bucks a year for each one of our clients. So if I’m charging you that fee, I tell people get your money’s worth and ask your questions. Make sure that if you’re sitting down with one of our retirement specialists that

John Harcar (23:08.402)
huh.

John Harcar (23:16.355)
Yeah.

Derreck Long | Heritage IRA (23:21.171)
Not only are they answering your questions, okay, but they’re open and honest about everything around them. Not just that, but the fees, what they make, right? You know, all those things. And what’s funny is I know there’s not another institution that does that.

John Harcar (23:31.214)
Okay.

John Harcar (23:39.798)
Any other important questions you think someone should ask if they’re doing this consultation?

Derreck Long | Heritage IRA (23:44.531)
Yeah,

Derreck Long | Heritage IRA (23:48.595)
You know, honestly?

Derreck Long | Heritage IRA (23:53.212)
What’s in it for them? Okay. Why should they work with insert institution over another institution? I think that is one of those perfect closing questions that you should always ask. Cause I can tell you right now, if I Google real estate mastermind, John, how many of them are out there? A million, right? Now some of them are really good.

some of them are really bad. Some of them are at capacity. And what I mean by that is like, hey look, not that they’re trying to be a bad or they want to help you out more, but look, they have too many people. it’s like, I think it’s good that we actually have multiple masterminds. You want to be looking for a mastermind that you can work well with. And one of those things is if I’m talking to a mastermind coach and I’m like, well, hey.

What’s in it for you? If I’m talking to my financial advisor and I go, what’s in it for you? If I talk to that car sale, what’s in it for you? If I talk to my retirement, what’s in it for you? Right? And they beat around the bush. That tells you a lot about their character, you know, and if I go, well, hey, I want you to set up an IRA. I’m going to charge you 300 bucks a year. And now that $300 a year is going to help me figure out what is the best solution to do everything else.

John Harcar (24:59.448)
Got it.

John Harcar (25:05.517)
Sure, of course.

Derreck Long | Heritage IRA (25:18.003)
You know, that sounds pretty realistic. know, here’s the list of my fees. That’s what’s in it for me.

John Harcar (25:22.892)
Now, got it. Now I’m gonna ask you this question. Why should they go to Heritage?

Derreck Long | Heritage IRA (25:30.033)
Education, okay, is we are the number one educators in the US when it comes to retirement accounts, right? That’s for sure. So you will see that every one of our retirement specialists, they’re trained to learn and memorize 100 % of the retirement revenue code and tax code. Every single one of

They have to get what is called a CISP license and that license is issued by a guy named John Paul Ruiz who helps write the Department of Labor Revenue Code under the ERISA Act. So, that’s why you should come to us, is our staff has the most knowledge and the best education possible than anyone out there in the industry. Yeah.

John Harcar (26:20.768)
And that’s important. I mean, that’s important, especially when folks don’t know you want to make sure that you’re educated to make the right decisions. And there you dropped a lot of killer nuggets here. If folks want to continue and talk with you more, maybe talk with Heritage about using their retirement accounts, how do they get a hold of you?

Derreck Long | Heritage IRA (26:38.025)
You know, we have a non-automated line, okay? So it’s heritageira.com, right? And you’ll see our phone numbers right up there at the top and right at the bottom. If you call it, that is a non-automated line. Someone picks up the damn phone! Right? It is, right? You can’t even call the grocery store if I have to go through an automated system. So we’re gonna stand by that, you know, and we always have been and we always will stand by that, right? That’s one of those things that…

John Harcar (26:52.45)
rare this day and age. I know it’s crazy.

John Harcar (27:05.656)
Awesome.

Derreck Long | Heritage IRA (27:06.099)
I’m not saying it’s the right person to pick up the phone. Okay. But they go, Hey, what do you need? Let me see who’s available and I’ll get you to the right person. That’s what people like. So.

John Harcar (27:09.494)
Right, right, right.

John Harcar (27:15.374)
Of course, well, yeah, we want to talk to a human nowadays. And I’ll put all your links and your contact in the show notes. So folks, you’ll be able to click on that and get a hold of them. Derreck, I appreciate your time, man. This was tremendously informing of stuff I didn’t know for sure. And I’m sure a lot of our people have learned a few things. And I hope everybody enjoyed this as much as I did. So Derek, once again, thank you very much. And everybody, I’ll see you on the next podcast.

Derreck Long | Heritage IRA (27:21.343)
Thanks, John.

Derreck Long | Heritage IRA (27:42.698)
Thanks, John.