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WS881: Solo QRP, UBIT, and Fair Market Value Reporting with Jason Debono

This conversation with Jason DeBono from NuView Trust Company will leave you with a lot of newfound knowledge relating to elements of the real estate industry you may have known very little about before. We discuss the benefits of IRA’s and QRP’s, and Jason shares an example of how much more fruitful your investments can be if you use tax-free or tax-deferred accounts, rather than taxable ones.

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Jason explains what makes NuView unique in the retirement account space, the company’s stance on fair market value, and some of the requirements for setting up QRP and IRA accounts. You will also hear about Jason’s firm belief in “clarity breaks,” the value he sees in meeting with people face to face, and the work he does for an NGO called Chair the Love. Curiosity has been a key contributing factor to his own success, so Jason encourages all of us to continuously learn as much as we can from others; this informative episode is a great place to start! 

Key Points From This Episode:

  • Why NuView is unique in the retirement account space. 
  • Jason explains how you can still play an active role in your deals, while your overall ownership remains passive. 
  • Various benefits come with investing passively in an IRA. 
  • An example of how much your money can grow in a tax-free or tax-deferred account compared to a taxable one.
  • A tax that Jason cautions investors to be aware of in leveraged real estate, and a way around it.
  • Jason briefly explains what a QRP is and why it is a benefit to NuView clients that the company sells QRP plans and IRA’s.  
  • The benefits and drawbacks of a solo QRP. 
  • How long it typically takes to set up a solo QRP or an IRA, and some of the requirements.
  • Why Jason recommends that operators choose one self-directed custodian and build a good relationship with them.
  • The way NuView handles fair market value, and how this differs from how many other companies deal with it.
  • What Jason does in his “clarity breaks” and why they are so important to him.
  • Be curious; you will learn a lot from other people.
  • Although we can’t do it right now because of COVID, Jason believes that meeting people face to face is the best way to build connections.
  • A tribute to Jason’s wife, and the NGO that Jason has been involved with for many years. 

[bctt tweet=”What makes us unique is our willingness, not some loophole, but just simply our willingness to hold assets that are not publicly traded. —Jason DeBono” username=”whitney_sewell”]

Links Mentioned in Today’s Episode:

Jason DeBono’s E-mail Address

NuView Trust Company

NuView Trust on Twitter

Chair the Love

Charles Schwab

Fidelity Investments

Merrill Lynch

About Jason Debono

Jason graduated from the University of Central Florida and has since acquired 15-years of experience in the self-directed IRA industry. He has served as both Director of Business Development and Director of Operations for NuView Trust Company – a self-directed custodian with over $1.5 billion of assets under custody. Now, in his role as Corporate President, Jason oversees the day-to-day activities of the company. He is heavily recruited to speak on podcasts and at national events as a subject matter expert in tax-advantaged investing through retirement accounts. Additionally, Jason has provided continuing education to CPAs, Attorneys, and Real Estate professionals and has been a guest speaker at hundreds of investment events and conferences throughout the United States. Outside of his role at NuView, Jason serves as Co-founder and Chairman of Chair the Love, a 501(c)(3) organization, which provides wheelchairs and other mobility-related services to those in need.

He currently resides in Central Florida with his wife, Christina, son, Tyler, and daughter, Delaney.

Full Transcript


[0:00:00.0] ANNOUNCER Welcome to the Real Estate Syndication Show. Whether you are a seasoned investor or building a new real estate business, this is the show for you. Whitney Sewell talks to top experts in the business. Our goal is to help you master real estate syndication. 

And now your host, Whitney Sewell.


[0:00:24.4] WS: This is your daily Real Estate Syndication Show. I’m your host Whitney Sewell. Today our guest is Jason DeBono. Thanks for being on the show Jason.

[0:00:32.1] JDB: Hey, thanks for having me, Whitney.

[0:00:33.7] WS: Since getting his start with NuView, Jason has acquired 16 years of experience in the self-directed IRA industry. Under Jason’s leadership, NuView has grown to over 1.5 billion in assets under custody. Jason currently serves as the president of NuView Trust Company and president of Chair the Love, a 501(c)(3) that provides wheelchairs and other mobility related services to those in need both locally in central Florida and globally. 

Jason, welcome to the show. I’ve learned about NuView or known of NuView for a while now, and a lot of our investors use NuView to invest in our deals and so pleasure to have you on the show. This topic, of how or why to use an IRA seems to be something that it always seems new like to most people, right? 

It’s like, “How did you not know that this was an option?” But it can just seem a little scary I think at first. “I’m not sure I want to go down that route, right? I’ve been doing this thing over here my whole life,” whatever that may be but we just want to get into some of the leads and how to use our IRA and obviously passively, maybe some benefits, pros, cons and some things that people need to think about, whether good or bad and tax and UBIT, all those things that they’re probably not aware of. 

Welcome to the show.

[0:01:49.7] JDB: Yeah, great to be here and looking forward to diving into some of these topics. 

[0:01:54.9] WS: All right, get us started in, I think, just helping the listener understand that hey, you can use your IRA to invest in – passively invest in real estate. What are maybe some of the questions that we wouldn’t typically know how to answer but that you get from investors around using their IRA passively?

[0:02:13.5] JDB: Yeah, this is such a – I love this question because my answer has changed progressively over the last 16 years of being in this business when I started the idea of using real estate passively for anything other than stocks and bonds was like, minds were blown and today, I think there’s still a lot of people that are, you know, they’ve at least heard of it or they’ve at least maybe understood or heard through a podcast like this that it is possible.

What we do at NuView is not unique, it’s not earth shattering, we’re simply a custodian of retirement accounts. I mean, we look just like Schwab, Fidelity, et cetera and any other publicly chartered trust company. What makes us unique is our willingness, not some loophole, but just simply our willingness to hold assets that are not publicly traded. Schwab, Fidelity, Merrill are all great companies, they simply choose to only hold publicly traded assets as a general rule, they’ll do some alternatives for certain clients. 

NuView is designed exclusively to hold alternatives and when we say alternatives, we mean, mainstreet investments, real estate, private equity investments, private companies, private notes. Anything that doesn’t have a publicly traded stock symbol but it’s still something that people invest into pretty regularly.

[0:03:24.6] WS: Okay. People can use – get somebody started in case they, maybe they’ve heard of this before but they don’t know where to start and what – where is typically, or I guess the majority of your clients, where is their money at before converting over to something like this or before they even think about a self-directed IRA, where’s their money, where can that come from?

Maybe the listener doesn’t even know that the self-directed IRA’s an option for them. Where’s that typical client for you and where’s their capital?

[0:03:54.3] JDB: Most of our customers are accumulating money in some sort of stock market-based portfolio and a lot of times it may be an IRA and it may be old 401(k)s. It can be either/or. If it’s current 401(k), generally, it can’t be moved and that’s just because you’re covered under a current plan and they don’t want your current plan owning assets outside of their purview which is typically only a small selection of assets.

Most people are saving, I mean, like all of us, regardless of what our investment philosophy is, we’re all trying to tuck this money – as much money away and when we can get tax benefits especially through a 401(k) or IRA, it’s attractive. Most people are starting with us with part of their retirement account. We do more partial transfers than full transfers. Most people typically come to us with something along the lines of, “I never knew this was possible,” or “I just learned about this, what are my options? What can I do?” We’re not here to tell them what to buy, we’re just here to educate them on what their options are and most of our – I would say about 75% of our customers are passive investors. 

That means they look a lot like probably your customers investors today, they’re people that maybe know and understand real estate. They like real estate as an asset class but they’re not the ones that are knocking on doors, doing inspections and drawing up proformas but they’re reading them to know, “Yeah, I like this asset class better than I like the idea of owning a thousand shares of Microsoft,” you know? In today’s environment.

About 20, 25% of our clients are active. Meaning, they’re out pounding the pavement, finding their own deals, private loans, private equity, real estate but they are the ones that are really out finding the deals, they’re knocking on doors, et cetera. Either option is fine, you have to maintain an overall passive role but you can certainly be active in your search and pursuit of assets just like you can in the stock market. Do as much research as you want before buying your investment.

[0:05:48.9] WS: I’m glad you brought that out because I wanted to ask you about that. I thought you had to be completely passive, right? When you say active, meaning, you’re finding the deal but how involved can you be?

[0:05:58.3] JDB: Passive as an overall ownership but you can certainly be active as much as you need to be to understand, review, find investments, vet them out. Again, I could sit online 24 hours a day and look at stocks, read stock books and go through and do all the research I want just like I could spend 24 hours a day out pounding the streets, trying to find investments.

Where they really draw the line between passive and active is not your pursuit of finding the investment, it’s the maintenance of the asset. They want you passive from a behavioral standpoint because they don’t want you putting sweat equity into a tax advantaged account. 

Naturally, if I were to invest into a syndicated deal, that’s as passive as it gets, right? If I own my own piece of real estate, let’s say a single-family home, I can’t go and paint it, I can’t go in there and knock down walls, I can’t go in there and you know, mow the grass when it needs to be. There’s no predetermined definition of where the line in the sand is but there’s enough context for them to say, if it’s making decisions for your account, you can be as active as you want. If it’s doing stuff that now crosses the line into sweat equity, it’s not permissible because it’s not taxed. 

That’s kind of the line we try to use and unfortunately, there is no exact science to it but we tend to at least encourage our clients, play it a little safer if you need to but be active to find your deals and be passive in the daily ownership and operation of them.

[0:07:23.7] WS: Can you just highlight, I mean, just go over some benefits of using your IRA passively like that? You know, really, you have control over it to invest in other things but what are just some of the benefits and maybe obviously let’s talk about cons as well?

[0:07:39.7] JDB: It depends on the comparison. The first point of comparison is, “What are you doing with the money today?” I mean, that’s the first thing that we start with customers is, “Do you like the assets you’re invested into today, is the risk reward balance for you tolerable? Do you feel like it’s the best investment for the next period of years that you’re looking out?” If the answer is yes, then you really don’t need to evaluate your options if you’re in stocks, bonds, mutual funds and you’re satisfied.

Most people, they want diversity and while the stock market offers you diversity in different asset classes, it truly doesn’t offer you diversity, right? We saw that in March of 2020 when the entire market dropped 30 to 50%. There’s no such thing as diversity. 

Now, we’ve seen some stocks do better, some stocks do worse and there’s some level of diversity but it’s not truly into different asset classes whereas, you know, real estate took no drop as a general rule overall during any of the pandemic. 

Our clients come to us and the pros for them are a couple of things. Number one, true diversity, number two, investing in what they understand. Most people, myself included, know way more about real estate, even as I’m not a full-time investor but I know more about real estate than I do the stock market.

A lot of people that are clients of ours are already buying real estate so this is actually a way for them to take their retirement money and keep and maintain the tax free or tax deferred growth and invest into real estate so they can double-did, iIf you will, in terms of the asset class that they like and believe in. 

The other thing that’s really attractive for passive investors and syndications using retirement money is, there is a nice time horizon in your IRA. If I was looking at one of your deals for example, Whitney, and you said, “Hey, in a perfect world, we’ll be out of this in five to seven years but nobody knows what the future holds.”

Well, if I put my personal money into that deal, one, I’m fully subjected to tax and two, whatever time horizon that is may not match the time horizon I have for that money, right? I’ve got two kids and who knows what kind of expenses I may need for that.

If I do it in an IRA and I make that same investment, I’m getting exposure to an investment I like and understand and believe in. I’m maintaining some tax deferral through my retirement account. Even if I am subject to [inaudible 0:09:52], which we can talk about and then I’m not under that time horizon.

And I’ll just give one quick side bar in this. I had a customer that I was talking to and he said, “You know, I have to say, I’m really glad I did these two deals I did last year through my retirement account because we decided to homeschool both of our kids or to put both of our kids into private school and my wife, you know, stopped working to do the home-schooling deal and without it, we would have used up all of our personal cash savings and we would have never been able to even make that decision,” and who could forecast a pandemic and the cash crunch that it created? It ties in very nicely.

[0:10:30.7] WS: You mentioned a few times about tax, right? I know there’s UBIT tax and everything, I want you to be able to discuss and highlight just so listeners are aware of that but what are the tax benefits, pros and cons also?

[0:10:43.1] JDB: Let’s start with just the general tax benefits of retirement accounts. IRA’s are tax deferred or tax-free. If you choose a Roth, they’re tax-free, if you choose any other account, they’re tax deferred. That means that on an annual basis, with one exception, which we’ll talk about, all of the income that that account generates is 100% tax free, each year. It’s built-in tax deferral. The amount of money that you make from a tax standpoint is incredible. 

Just for a quick illustration, if you double a dollar every 20 years and you do it in a taxable account at 25%, at the end of 20 years, you’ll have about 75,000 bucks. If you double a dollar every year in a tax-free account like a Roth or even a tax deferred account, you’ll have $105000. What we’re talking about here is significant money and the true way that people build wealth is by good investments and good tax strategy. The way people just make quick money is on good investment strategies. IRAs are that tool. 

Shifting gears to something to be aware of, it’s not a drawback, it’s just something to be aware of and that is that, if you are going to invest in leveraged real estate, only leveraged real estate, if it’s a cash deal, this tax doesn’t ever apply to you but the IRS says, if you’re going to go leverage your retirement money, meaning, you’re going to put in 50 grand but really, buy $200,000 worth of actual asset value, you’re getting this $150,000 or 75% of the money is really not your money, it’s borrowed money. But the IRA is the benefactor of all the profits. This is the value of leveraged returns. They’re going to apply a small tax on your leveraged return. It’s not a tax that should scare you from doing the deal but it’s a tax that you should be aware of. 

Last bit on UBIT is, if you are investing into a deal that you believe has UBIT, instead of doing it through an IRA, we at NuView can help you set up a solo QRP account, right? There’s some qualifications, you have to derive some self employed income but it’s pretty easy to get into the qualification and if you make the same investment through the solo QRP account, you’re not subject to the tax. It’s a tax to be aware of but it’s an easy tax and I hate to say, avoid or sidestep, that sounds like evasion, but to strategize in a legally permissible way to invest without it.

[0:13:03.3] WS: Is the solo QRP, is that the same as the EQRP or is that different?

[0:13:07.2] JDB: Yeah, they’re all just different marketing terms that are used. It’s really a 401(k) for self-employed individuals, right? You’re utilizing the benefits of 401(k) and the UBIT exception but since you don’t have employees, it’s really easy to set-up, you can set these up as prototype plans.

The reason that – and not to make a plug for NuView but the reason why NuView, we’re only one of a handful of full-service custodians that can help you on both sides whereas the EQRP, it’s a company that only sells 401(k) plans. They don’t custody IRA’s. 

We’re unique in the sense that we can do both, right? Because we can provide you all the services needed to set up the solo QRP and we can also custody an IRA for you and it makes us agnostic into what you do but it allows us to be better educators on what your options are.

[0:13:56.9] WS: I thought you could highlight there just quickly again why the investors should look at a solo QRP versus just the self-directed IRA?

[0:14:06.8] JDB: Typically, the solo QRP, the biggest benefit that it has, as a general rule, is that it has significantly higher contribution limits and investment flexibility. The beauty of the solo QRP, just for all of the listeners, regardless of what you choose to do with it is, if you have self-employed income, it’s going to give you the highest contribution limits, the fastest way to put money in. It’s going to give you a loan provision so you can borrow money from your own account, it gives you built-in checkbook controls so for those that have a higher level of sophistication. 

In the IRA world, you direct your investments through the custodian or you have to go add an entity underneath your IRA like an LLC, which is another step, more work, more paperwork.

In the solo QRP, you get both the plan and the built-in checkbook control without the need for the LLC. For all of those reasons, it is the best type of plan to establish. The UBIT exemption is an added bonus because all those other examples, everyone benefits from automatically. The UBIT example only applies to people making investments into leveraged real estate.

It’s a great benefit for your listeners specifically because I would imagine a lot of them are either entertaining the idea of doing passive investments or possibly buying their own real estate and leverage in the real estate world is very common. For all of those reasons the solo QRP plan is, it’s a great place to start. 

Drawback to the solo QRP plan is it’s more work for you. You’re doing some of the record keeping and you’re keeping track of stuff but we will even outsource that to our IRA team so you can pay our team a fee and we’ll take care of all the day to day stuff for you too. There’s a lot of great strategy and structure, again, I’ll come back to the full-service model.

It’s really understanding all the different plan types and it may not be best for a solo QRP today, it may be best for an IRA. It may be better at the end of the year to set up a solo QRP and move money in prior to an investment and sometimes you can have both, there’s a lot of strategies that can be deployed there.

[0:16:06.5] WS: What would be the timeline of setting something like that up, if somebody is thinking about right now, investing in a deal passively but they have this capital over there that maybe they want to convert to a self-directed IRA or a solo QRP, what’s the timeline for them to make that happen?

[0:16:20.6] JDB: Typically, about 10 to 14 days, it can be faster. The reason we say 10 to 14 days is there’s some elements of getting the money that are a little bit out of our complete control so if you’ve got money coming from an old 401(k), you have to go request it. I can’t make them move me the money faster.

They tend to be quick but, you know, they may mail out a check and they won’t do a wire. Each firm, depending on who has it, kind of sets their own rules. That’s the longest pole in the tent. I mean, the general process, you can go on to our website today, fill out the paperwork and probably, it’s early enough in the day, you’re going to have an account before the end of the day.

It’s really two parts, it’s opening and funding, right? Which is kind of part one. Then we need the investment paperwork so we have an authorization form that you’ll provide us along with the subscription agreement of whatever syndication you want to do or if you want to go buy real estate directly, you know, we’ll need the contract and the closing docs from the title company. There’s some different things we need along with the authorization but our typical turnaround time on moving money once it’s been authorized by the customer is a day to two days. 

[0:17:22.3] WS: Okay, so on that same thought but on the flipside, you know, as the operator, what about just you have an investor that wants to invest in say our deal, what makes the process easier or just cleaner for the investor and for you all and the operator as far as when they want to – they say, “Okay Whitney, I want to invest in your deal. I have my account at NuView,” what’s that process and what paperwork is needed to just make that as streamlined as easy as possible? 

[0:17:52.7] JDB: The first bit of advice I give any operator is, “Pick one self-directed custodian.” Having, you know, trying to appease your customers with a bunch of different accounts is going to make your work and involvement much harder because everyone has a different process. Even though it all looks the same at the end, it has a different process so that is something that I would start with. 

The second thing is, is for NuView specifically in our institutional division where I would assume most of the group operators would end up in our institutional division, which is actually lower priced fees than what our standard book fees are because it is institutional level but also it allows you, by doing volume with the custodian, to not – with NuView, you can save money on your customer’s fees so they can save the money. But it also allows us to onboard the asset upfront, meaning we can go through the paperwork with you directly, not through your customers, which is what a lot of custodians do. 

We can give you some customized paperwork for your offering specifically whereby we go take the information we already know that’s in your sub-docs and we move it to our authorization forms. Most custodians just say, “All right Whitney, have your customer fill this out and send this.” Well, customers don’t know what they’re doing so you either take that labor on or you have the customer do it and then the customer screws it up and gets frustrated and then calls you because it’s not going well. 

Having a custodial relationship again is very important. Take the time, spend time with them. You know, this is what we’re doing, if we’re going to raise 10 million bucks and we’re going to have 20 to 30 IRA’s, trying to do it with your five custodians could be a nightmare. We have a team that’s dedicated to investment sponsors exclusively. They only work with groups raising a certain amount of money in any particular offering or series of offerings. They’re not dealing with one-off customers. They spend most of their time with the asset sponsor and operator than they do with the customers themselves and all of the entire model is predicated on streamlining the process for the customer so that we can charge lower fees and move through the process faster. 

[0:19:53.8] WS: Nice, well, I know we just have a few minutes left but it is such a big topic that I feel like so many have questions about and one thing too on the operator side that I don’t think we’ve talked about much on the show but I know I get questions often about it from our investors who have invested through the IRA is the fair market value. And I thought you could shed some light on that because I think often the investor, they don’t really know what they’re asking for either and sometimes the operators are not sure what’s needed there and I’ve heard different ways of doing this from different operators but I’d love your opinion of what that is exactly and how it needs to be provided from the operator to benefit that passive investor? 

[0:20:32.0] JDB: There it goes kind of back to case in point about dealing with one custodian. You’ve got five custodians, you’re going to have five sets of rules on fair market values and five sets of opinions because there is no IRS clear-cut guidance. 

The other thing is a lot of trust companies are domiciled by state, which means our regulatory bodies vary from state to state. We are a South Dakota charter trust company, which means we have our regulators in South Dakota. They may have a harder stance or a lesser stance on fair market values than someone domicile in New Mexico or California. Again, not making the case to just use NuView, we would love that but at least interview multiple custodians and pick one. 

The way we handle fair market value is another big benefit of our institutional platform, is we don’t go to our customers for fair market values on our institutional platform and this is what all of our competitors do. They go and they mail out 50 different fair market values to 50 different investors and then your investors are calling you guys. 

We take all of those and we just mail it to you once and we say, “Whitney, we need a fair market value under this guidance.” Our approach to fair market values, I would say, is pretty middle of the road. It is not terribly strict but it is also not one way or we’ll just accept no value for a long period of time. 

Valuations are important because your customer should be able to look at their statement and have some general direction of what’s going on and however you proforma that asset to buy it can be the same way you proforma it from a fair market value standpoint. If you’re simply taking it off of cash flow or if you are using some sort of forecast off of net income, I mean it really doesn’t matter. It does not need to be a full-blown appraisal. 

We just need it to be someone at the firm that has a reasonable belief or expectation that they can ascertain a value. Again, if you make a decision that we’re going to take cash flow times X or you know, net income times Y, as long as you’re consistent with that and you spell it out to your customers, we accept it. We update it once, your clients will all know that it was updated but we don’t send out fair market values to all of our individual – 

[0:22:39.5] WS: Okay. No, that is some great clarification because I feel like a lot of investors feel like, “Well, you’re supposed to have an appraisal done so we know what the value is,” right? Often, we’re like, “No, we don’t need to have an appraisal.” Just to clarify so the listener also knows, so that fair market value can be completed by someone on the team ultimately. I mean if you underwrote the deal initially, you’re probably qualified to assess the fair market, current fair market value. Am I understanding that correctly? 

[0:23:06.2] JDB: Sure, so here would be an example. Let’s just say you and I are the general partners on the deal and I know absolutely nothing about real estate. I’m a doctor full-time and I’m kind of passive in the deal rather than helping raise money. I can’t value that asset, right? Because I have no reasonable understanding. It doesn’t mean I can’t read a proforma or something but on the other hand, you have valued all the real estate that we’ve entertained buying it, et cetera, et cetera. That’s really when we say, you know, someone that has a reasonable expectation, it can’t just be anyone but yeah, that’s exactly right. If you have that expertise, it’s not to pinpoint it, because remember, fair market value just says, “This is what we believe it’s worth under a snapshot in time.” Whether it sells for that, you know, there is nothing that can be done about that.

[0:23:55.1] WS: Is that fair market value then provided to you or the investor on a specific form or is there a specific way that needs to be done or is that different based on every custodian?

[0:24:07.5] JDB: Well, it is going to be different based on every custodian. Like I said, most custodians will just send it out to your customers and let them figure it out. We send it only to you as a sponsor so that, we don’t want to have 50 of our customers calling us and calling you. It does us no good either and it’s the same asset. So, we send it to you, it’s all electronic. We have a system that will email you that document. You’ll go in and punch in the information and electronically sign it and then it will update it into our system. 

We may ask, depending on, you know, if there’s any substantial changes in value or anything, our regulators ask that we have some follow-up questions that gets answered but if it is a reasonable change in value, it just simply gets updated in the clients’ accounts and updated in their portal and accounts statements. 

[0:24:50.8] WS: Is that value based on the total project? You know, we bought it for 20 million, now it’s worth 27 million or whatever, or is it a per investor, per their shares? I get that question also when people that work with us or whatever want to know, what is the fair market value? Is it the value of the entire project or is it just what my shares are worth or my investment? 

[0:25:13.4] JDB: We ask for valuation in the same manner that it was sold. In this example, if you sold it on a per unit basis, we’d ask for the per unit value. It’s the same number, you’re just dividing it out by the number of sold units. If your unit was a 100,000 and it’s gone up 10%, now it’s worth 110,000, your fair market value back to us would be 110,000. Now, you may provide your documentation and say, “You know, we got to that value by taking that income times X and it gave us 27 million divided by all of our outstanding units.” 

That’s probably more detail than we’d even need but we do get groups that like to give it to us so that it’s documented. We’ll put it on our files just in case there’s ever questions that customers have and again, that depends. You know, the operators are all different just like the custodians are all different, so we have a process and we want to make it as easy as possible and we understand you have a process and we want to help facilitate you to manage your investor relations with your customer in the most efficient manner that works for you. 

[0:26:16.9] WS: Jason, that was just great information. I know so many people are thinking about investing in this way and if they haven’t, they need to. They need to consider if it’s something that would work for them or talk to somebody like yourself. A few final questions before we run out of time. Any daily habits that you are disciplined about that have helped you achieve success? 

[0:26:33.8] JDB: Two things. One is exercise, you know, I think we use a term called “clarity breaks” and mine are through exercise. If yours is sitting out in the yard meditating or reading the Bible in the morning or just getting a book, whatever it is. You don’t have to have a routine but it is important that you do. I know when I don’t get a “clarity break” in my morning or in my early day, my day is just not as productive so that’s a big one for me. 

Then the second thing is, you know I think I’d call it intellectual curiosity. When someone tells me something that I don’t know or I haven’t heard of and I think that they’re a subject matter expert or have the experience, I mean, I’m peppering them with questions. I get to live vicariously through a lot of clients. I make a deal with a lot of the customers that call me and say, “Hey, can I get 10 minutes of your time?” and I say, “Sure but just so you know, if you ask me anything that’s intriguing, I’m going to ask for 10 minutes of your time and pick your brain.” 

Be curious. The world is full of lots of smart people. As smart as we all think we are and our egos want us to believe we are, we learn a lot by getting information from others and that’s probably been the best part of the 16 years that I’ve been with NuView and part of this company is I’ve got amazing clients that are brilliant and I have learned just a tremendous amount through them. 

[0:27:48.7] WS: What’s your best source for meeting new investors right now? 

[0:27:50.9] JDB: You know, I say networking. I think really there’s two things, if you ever want to raise money that I think are very simple. One is you have to be in front of people. You can’t do it and I almost say behind the keyboard, which in a pandemic is, you can. It’s just harder. You have to be in front of people and you have to do what you say you’re going to do. The money will take care of itself if you’re around enough of the right people. 

People like to do business with people that say they’re going to do what they say they’re going to do, especially when it comes to money but yeah, being in front of people is key. 

[0:28:21.8] WS: The number one thing that’s contributed to your success? 

[0:28:24.6] JDB: An amazing wife. You can’t do it alone. There are days that you think you can but I’m very humbly reminded frequently that without my wife supporting me, challenging me, encouraging me and all of those things. We’vee got two kids. Without that, it would be a really uphill climb every day and I am thankful that I don’t have to go through that journey alone. 

[0:28:48.9] WS: I can relate to and appreciate that completely so I appreciate you saying that. How do you like to give back? 

[0:28:55.2] JDB: We run a charity that we started about six years ago but it’s really a cause we’ve been contributing to for about 12 to 14 years but it’s called Chair the Love. It’s a 501(c) (3). We raise money for mobility-related activities although we’ve done some other things. 

We’ve finished a school in Ecuador that only went up to 10th grade, we finished it to 12th grade thanks to a bunch of great donors. We deliver wheelchairs throughout the world. We’ve delivered wheelchairs to two of the biggest school systems in the two counties that we cover here in Florida, so all of the schools have one of our wheelchairs in each of their schools. We’ve built wheelchair ramps, we’ve been part of groups that have been remodeled or modified houses to make them ADA-compliant. We want to give back anyway we can. 

That is our primary source and then we have a team inside our company. It’s a volunteer committee that gets a budget and they get to decide how they spend it completely but it is one of our core values is serving others and so they get to decide what it is and what that looks like and it’s exciting to see the stuff they do and come up with and it makes a difference. 

[0:30:05.5] WS: Jason, it’s been a pleasure to meet you and have you on the show and just really share your expertise about self-directed IRA’s. I mean whether you – even the active versus passive thought process and some of the benefits, tax issues and even the solo-QRP, some things that the listener needs to be thinking about. At least they know who you are now and know that you’re an expert and have probably a lot more understanding than they did, you know, 30 minutes ago. 

Just the timeline too, thinking through how long does that take, when should I start something like that and then that fair market value piece as well. That’s important for I think the investors to understand in a great way but then also the operator, just to understand what needs to be provided and to who and what that needs to look like and who can even do that, I think is important for the investor to know that also. But I’m grateful for just your time and even how you give back through your all’s non-profit. 

Tell the listeners though how they can get in touch with you and learn more about you? 

[0:30:59.3] JDB: Yeah, well first of all Whitney, been great and I appreciate the dialogue. As far as contacting myself or us as a company, you can email me directly. If you do have questions, whether an operator or a potential passive investor, I can either get you assisted myself or get you someone on the team that can walk you through whatever you need but my email is 

You can also visit our website at There’s a ton of content, videos, blogs, et cetera that you can go and read through, watch. Some of it is our own content. We try to bring a lot of third-party content for the reasons I mentioned before. You know, there’s a lot of smart people out there and if you can tap into their knowledge, you know, the better off we all are. Yeah, all of that is free. We don’t charge anything for any of the activities on our website. We do host some live events, they’re all virtual given the pandemic. 

Yeah, I think that gives you plenty of ways to reach out and plenty of ways to learn a little bit more about who we are and what we do. 

[0:32:06.3] WS: Awesome Jason, that’s a wrap. Thank you very much. 

[0:32:09.5] JDB: Thank you Whitney, I appreciate it. 


[0:32:11.8] WS: Don’t go yet, thank you for listening to today’s episode. I would love it if you would go to iTunes right now and leave a rating and written review. I want to hear your feedback. It makes a big difference in getting the podcast out there. You can also go to the Real Estate Syndication Show on Facebook so you can connect with me and we can also receive feedback and your questions there that you want me to answer on the show. 

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[0:32:52.2] ANNOUNCER: Thank you for listening to the Real Estate Syndication Show, brought to you by Life Bridge Capital. Life Bridge Capital works with investors nationwide to invest in real estate while also donating 50% of its profits to assist parents who are committing to adoption. Life Bridge Capital, making a difference one investor and one child at a time. Connect online at for free material and videos to further your success.


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