The Pattie Gentile Show as heard on WADK Radio Ep 26

The "Fighting the Good Fight Podcast" is now a weekly radio program! Heard Saturday evening's at 6 and again Sunday morning at 10 at www.wadk.com or 1540AM Newport RI.

Host Patricia Gentile continues "Defending Taxpayers & Solving Their Tax Problems". With this new format, The Pattie Gentile Show will be your weekly appointment with Host Pattie Gentile & her guest experts as they discuss the latest tax news, issues and cutting-edge strategies to resolve and prevent tax problems.

Here on episode 26, we welcome Mitch Roschelle is the founding partner of Macro Trends Advisors LLC, a real estate investment and macro market strategy firm based in South East Florida.

Enjoy and tune in on WADK.

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Transcript

SPEAKER_04 0:00

This is Patricia Gentile, founder of New England Tax Relief and host of the Patty Gentile Show. A client once wrote me, quote, my husband and I found ourselves in debt to the IRS for $167,000. I had contacted a company that said they would help. After I paid them six thousand dollars, I found out that they took my money and ran. I was desperate and searched for a local tax attorney and found Patricia. She was able to get our tax debt reduced to $36,000. End quote. The moral of that story is that you really need to be able to trust the person you choose to represent you with the IRS. With over 43 years of combined experience as a taxpayer, defense attorney, and CPA, I have successfully resolved hundreds of difficult IRS situations. One-on-one, personal attention is the hallmark of my representation, and my strategies are customized to your specific needs to completely resolve your IRS issues. So go to my website, New EnglandTaxrelief.com, and schedule a free telephone consultation or call me at 1-800-880-8388, where a live person will always answer and take your message 24-7. Welcome everyone to the Patty Gentile Show. And in studio with me, as always, is my producer, John Ianuzi. And today we are jam-packed. So with just great, great information and tips and strategies, all the above. So before we get into that though, um, you know, I wanted to acknowledge, John, that you know, a lot you're one of the hardest working people that I know in radio. And it seems like the theme in this show, like with our guest and with something I was going to mention in our segment here, and of course, this show, you and I, and and what I do in this show is all around passion. You are celebrating, aren't you, 30 years of being in this business yourself?

SPEAKER_00 2:28

It's incredible. I mean, it is really incredible, but yes, it is my first air shift was with a councilman, a city councilman, Yodice, who I don't know if he's still with us, but he he took it easy on me, and I was very nervous. And I made it through the interview live on the air with him in the Bronx, and I was hooked, and that was it. And I I had the good fortune of being taken under the wing of Bill O'Shaughnessy, who had a seat on the National Association of Broadcasters and was just a larger-than-life figure. He had a great big mane of white hair, he wore fine tailored suits, he drove a Cadillac with a license plate that just had the letter O. Really? For O'Shaughnessy. Oh, I love that. And um, you know, I studied under him and I that was it. Once I went out and saw him, how he used radio as a platform to reach so many people, I thought to myself, this is this is what I'm gonna do, and and it's what I've done for 30 years. Yeah.

SPEAKER_04 3:38

It's always great, in in my opinion, to have a mentor.

SPEAKER_00 3:43

Uh he just died, Patty, about two years ago. It's been I'll I'll be honest with you, and I didn't anticipate this, but I lost him, I lost Jim Thompson, gentleman Jim, who was my second mentor, and I lost my dad. Oh yeah. All in two years. Wow. And I woke up one day and I said, Oh, I'm the eldest, I'm I'm the eldest man, I'm the guy now.

SPEAKER_04 4:08

Right, you're the guy.

SPEAKER_00 4:09

Yeah. Yeah. Geez. Wow. You know, and um, but anyway, Bill O'Shaughnessy's this is the sense of humor he had. If you go visit him at Mount Cornwall, his tombstone on the back says, Thank you for visiting. Come again.

SPEAKER_04 4:26

Oh, that's awesome. I love that.

SPEAKER_00 4:29

That is great.

SPEAKER_04 4:30

That's cool stuff. Well, thank you for now. Uh, they've passed the torch to you, and you have been running ever since. And uh, you definitely are my mentor in when it comes to this show, and I really very much appreciate that. I was along the lines of passion, I heard on the news and I read that Darius Rucker, uh Hootie and the Blowfish, the lead singer, Darius Rucker, is actually now a co-owner uh with Jimmy Johnson. If you're a NASCAR fan, you probably recognize the name Jimmy Jimmy Johnson. And they're uh the racing team is called Legacy Motor Club in NASCAR because uh Jimmy Johnson came in as an owner a few years ago when it was Petty Motorsports, which is Richard Petty, and his number 43 car. And so that's why they called it Legacy Motor Club, because you have Jimmy Johnson with a seven-time NASCAR champion winter, championship winner, and of course Richard Petty, seven-time championship, NASCAR champion cup championship winner, and then of course Dale Earnhardt Sr. And all three of them uh have the the seven cup championships. But you know, Darius is of course an entertainer, we all know that, but you have Michael Jordan right now, he's been a co-owner uh with another driver, Denny Hamlin, and the name of their uh racing group is 2311 Racing. The 23 is Michael Jordan's number, and 11 is Denny Hamlin's uh number, car number. And for the past four years, uh from 2021 to 2025, uh the rapper Pitbull was a co-owner with Track House Racing. This is where uh listening to this news about Darius Rucker coming in as a co-owner on a NASCAR uh racing team, and I think about Michael Jordan and the rapper Pitbull and you with 30 years in this in this business, and what I do and our guest today is uh Mitch Rochelle, and you'll hear about Mitch at the end of the next segment. But uh there's a lot of passion here for what people are doing, and I I just want to acknowledge that and put out a poll question. Poll question is do you have a passion? What what is your passion? Something passionate about you really you have to.

SPEAKER_00 7:37

I mean, what else? It's it is a bleak existence if you don't, in my humble estimation.

SPEAKER_04 7:45

I think the passions really are exciting. Um, you can imagine anything you can create, and then you can form a plan, and then you just have to get out and try it. And if that doesn't work, you just try again or you tweak your plan. But you know, matter of fact, spring is here, so a lot of gardeners, their passion is gardening. For there's probably people right now that are uh growing their seeds, growing their seeds on their windowsills right now. So there's so many types of passions. I'd love to hear from people at 603-204-0104. That's our show text number, which we also have uh a couple of text questions text to us at that number. So, do you have one? Because I have one, John, to read.

SPEAKER_00 8:36

Well, let me say this first, and I gotta get a lot of information in a little bit of time. Welcome Facebook into the top five list of places where people are now downloading the show. It is it is a small number, but a number that wasn't there just two weeks ago. So it is now in the arena.

SPEAKER_04 9:01

Thank you so much, Facebook listeners.

SPEAKER_00 9:04

Yes. And the following caught my eye Norman, Oklahoma. Hartford, Connecticut, which isn't that's not my area. Chickopee Mass. Chicopee Mass. And there was one other uh Rolling Meadows, Illinois. Oh, don't know. Rolling Meadows, Illinois. So there you go there. And a question that I got through social media, right? Because I could I I I've wrestled with this one myself, and I've gotten into arguments with my accountant over this. What constitutes, and I wish we had more time, okay, a home office.

SPEAKER_04 9:46

Oh well, who's ever asking out there, I'm going to direct you to the authority for that, because we only have a small amount of time, and and maybe I could uh throw that in in the last segment where I call my coaching corner, I talk about tips and strategies and uh guidance, you know, around tax specific tax issues. But irs.gov, all you have to do is put in the search box home office, and they'll have a publication on it that will give you all the qualifications for a home office. You definitely want to take that, but I will say something here that if you have an office that you could go to and do your work and you just choose to do your work at home, you don't get the home office to do it.

SPEAKER_00 10:42

Doesn't count, yeah.

SPEAKER_04 10:43

And I'm gonna put that out there because that's kind of like the biggest uh mistake people make. The question I got was from Matthew from Stamford, Connecticut, who said if a tax account is in collections through a third-party agency, will the IRS still arrange a payment plan? And Matthew, yes, the IRS will still arrange a payment plan.

SPEAKER_00 11:09

I would have I would have failed that question. I would have I would have got an X on that.

SPEAKER_04 11:13

Yeah, even if your account is assigned to a private collection agency, you can set up an installment agreement uh directly through the IRS online, or you can call uh the IRS if they have uh a number on your most recent notice from the IRS instead of calling the phone number with the agency if the private collection agency, if you don't want to work with them. But once you go online, irs.gov, look up types of plans, payment plans, so that you can choose the one that's going to work for you because there's short-term plans up to 180 days or long-term monthly installment plans that are over 12 months. Come on back, everyone. Our next segment is going to be about how to clean up your documents since you're in the middle of tax season now. At this point, it's a good time. I'll give you a list of what to do. And before the break, I mentioned that in this segment, I'm going to discuss with you documents and tax returns that you should keep for how long, and as well as the type of uh ways you should store them. I get asked this all the time, and since we are a few weeks out uh away from April 15th, and you've probably had your sleeves rolled up and still do in your tax information from 2025, I thought it was a good time to mention these tips here. Uh people ask how long should I keep my tax returns? And the IRS can audit as far back as three years, three tax years. And if they find a substantial error, they can tack on another three years. So keep all tax returns and the supporting documentation for six years. Anything older you want to shred. Of course, there's so much personal information on tax returns that I definitely don't recommend that you just throw them out in the garbage. And if you don't have a shredder, you know, borrow one. Maybe your work place will allow you to use theirs. There's private shredding companies. I use one annually for my business. And sometimes uh there's credit unions or banks that or even your local town that will offer an annual or semi-annual shredding day, and they tell you how many how many boxes you can bring and shred. The third item here was about bank statements and investment account statements. And your your current, we're already three months into the new year of 2026. So if you're seeing something on a bank statement or an investment account statement that you think you're going to need for your 2026 tax return, definitely make a folder and set it in there. Put it in there now. You you are also in the middle of uh preparing your 2025 tax returns or you've completed it, and you want to keep at least 2025, the last year's bank statements and investment account statements. You want to make uh physical or digital folders for these things, and you can shred the older statements that are more than 12 months old, unless they're part of supporting the documentation of your prior tax years. If you're going to uh store six tax years of returns with their supporting documentation, that's you want to keep those to support them. The I'm going to mention something here about keeping at least five years of bank statements or an investment account statements. If you or a family member thinks you may be applying for Medicaid. Good example is a nursing home. If yourself or a family member are looking to apply for Medicaid because of a nursing home, because they're looking for money being moved around in planning to go into this nursing home, and that's that's uh something that they look at. So make sure you are prepared for that. How do you want to keep documents that you never throw away that you keep forever? What would they be? A birth certificate, a death certificate, a social security card, and it is not recommended to carry your social security card on you. I I want to mention that. You want to keep forever the marriage license, your divorce decree, your military discharge papers, and any estate documents you may have. So what type of storage would I recommend for the keep forever type documents of a fireproof safe or fireproof bag, a safe deposit box, or digitize these documents and uh store them in the cloud. And lastly, it's a good time of year to look at old retirement accounts or other types of accounts or things that you could combine. And I tend to do this pretty much with all my clients, and I'm doing their returns, and I'm seeing that they have uh several different, for example, you know, it you in retirement accounts. They were at several different jobs over the years, and they had 401k, and you know, they need they could roll these over into one rollover IRA. And consolidating accounts makes it easier to monitor. It could help reduce fees if you're being uh hit with fees wherever your accounts are being managed, and maybe you get better deals when you're stopping to look at things uh and say, geez, you know, maybe I can get a better deal if I consolidate. Coming up in our next segment is our guest, Mitch Rochelle. And Mitch is a recognized expert with four decades of consulting experience in real estate, housing, finance, economy, business strategy, and capital markets. He is a media commentator. I am so lucky to have had him on today. And he's he's sought after as a thought leader, he's a podcaster, public speaker, he's a brand ambassador regarding all things real estate, housing, finance, economy, and capital markets. And he's a regular guest and panelist on Fox Business and Fox News, News Nation, and Newsmax. Mitch actually is his current passion. I was mentioning passions, is he's chief executive officer uh of M2 Communities LLC for the past year and a half. And he's the owner operator of manufactured housing communities located in the southeast. And that's what Mitch is going to talk to us about today is enhancing returns by investing in manufactured housing, and more important, how important manufactured housing is to consumers, not just the investors. So you have to come back and hear Mitch discuss this topic. Very interesting, very educational.

SPEAKER_01 20:54

This is the day of the expanding man. That shape is my shape now where I want to stand.

SPEAKER_04 21:28

This is the Patty Gentiles show, and our guest today is none other than Mitch Rochelle, who is a regular guest and panelist on Fox Business and Fox News. And as you heard before the break when I introduced uh Mitch and all his accomplishments, he's pretty much everywhere. And and he happens to be here. And Mitch, I wanna thank you for taking the time out of your busy schedule to be here. with us today to discuss this topic. I thought was pretty interesting.

SPEAKER_03 22:04

No, I'm thrilled. Thanks for having me, Patty. Appreciate it.

SPEAKER_04 22:07

I appreciate it. I watched your video session on money show.com and you were discussing your session was about enhancing returns by investing in manufactured housing. I thought just thought it was a really good topic. So if you wouldn't mind, could you let our listeners know how these are not trailer parks? You know, what is the um manufactured home? Uh how these are uh these are not trailer parks and how investors can enjoy outside returns by investing in manufactured housing communities.

SPEAKER_03 22:48

Sure. Well let me start with a couple of premises which I think will lay a foundation no pun intended for uh where we're going to go with this conversation. We have in this country a housing supply crisis. We're actually forming statistically more households and for your listeners statistically speaking a household formation is when children move out of their parents' house. So we're statistically forming more households then we're building new homes whether those be single family homes or whether those be apartment units so that's both single family and multifamily we are building an insufficient quantity just for the growth basically the growth in population okay right and so when you look at the continuum of the scale of housing product that exists a $500 million condo building on one end of the spectrum and then sort of what's the bottom of the spectrum the bottom of the spectrum in many people's eyes is what you would call a trailer park or you did call a trailer park. And what's interesting about manufactured housing and manufactured housing and quote unquote trailer parks are the same thing is it's the lowest point of entry for a home that literally somebody could own. So they're so and and that's what I think is very intriguing about it. So the way the business works is the owner of the park and by the way I want to make sure that the audience doesn't fall down the rabbit hole of thinking that this is an RV park where people drive in stay for a couple days and drive out these are permanent homes that are basically attached to the land and someone buys either an existing home that's in a park and they they pay a mortgage payment on the home itself the the box and then they pay lot rent every month to the owner of the park. So think of it as almost like a parking garage in terms of paying a monthly parking fee. That's sort of the business model. But when you add up the two payments the mortgage payment and the lot rent payment in many parts of the country you could have a single wide trailer that is um 1600 square feet, maybe 1800 square feet, three bedrooms, two and a half baths that is a considerably lower price to be in that home than it would be if it was a comparably sized single family detached home permanently affixed to a land to land either by itself or in a community of some sort.

SPEAKER_02 25:39

Right.

SPEAKER_03 25:40

And when you have a crisis in this country where we don't have enough supply um the basically there puts a lot of pressure on prices right uh demand is greater than supply prices go up.

SPEAKER_02 25:54

Right.

SPEAKER_03 25:54

So that forces people down sort of what I'll call the chain scale of housing product and it creates more demand in the lowest price component which is manufactured housing. But there's a wrinkle to it which is nobody wants a new manufactured housing community in their neighborhood. And when you think about NIMBYism like the not in my backyard mentality no one wants uh and no one wants one. And what's very interesting is it's not just the neighbors who say hey there's that big vacant piece of land down the end of the street where the street kind of dead ends and there's you know 300 acres of land that would be an ideal location for a manufactured housing park. It's not the five houses before it say we don't want it. It's even the towns don't want it. It's like really a bizarre thing. So if you're an investor and you're investing in the space as I am did I just hear that right? There's a high barrier to entry. So no one's building new supply. So um while there's a housing crisis where we don't have enough supply of housing from an investor's perspective I don't see anybody building new parks. Matter of fact in the last 10 years there's been a net reduction in the number of pads of available manufactured housing park product in the United States because for many developers going completely horizontal doesn't yield as much profit on land as if you go more vertical. And unfortunately I talk with my hands so your audience can't see me going but but but that's uh that's the interesting thing. So um it's a often disregarded part of real estate investing uh it's not for everybody. There's a I've been in the real estate business for 40 years and it took me probably 18 months to get really smart on the asset class. But when I found it I said the and I'm in my mid-60s any future investing in real estate that I do will be in this sector. Because if you can find a sector that has tremendous demand in terms of people need homes and there's no new supply being created you buy an existing park that has been ignored by its owners and I'm gonna tell you another little nugget in a second that's been ignored by its owners then there's a huge opportunity to add value. And let me touch on this in the time remaining uh I would say and I'm not being overly dramatic about this 80% of the manufactured housing parks in this country are owned by literally moms and pops. They're owned by people who own five or fewer parks. All of the institutional players and there's a couple of big institutional players that own hundreds and hundreds of parks but the typical park that you may drive by somewhere in America the one you mentioned in New Hampshire, the one you mentioned in Naples is probably owned by a mom and pop. Moms and pops who've owned them for years are now feeding an entire family not just their kids but their kids may be grown and they're like there's multiple mouths that are getting fed. So what they don't do is they don't reinvest in those parks because they can't because they have to distribute all that cash flow. So when they do go to sell if you step in as an investor as we do and you're willing to put capital and dollars into the park, fixing the roads fixing the signage uh fixing the amenities if one exists taking out trees that that form that pose a risk in storms um changing the septic system to modernize it so that people have better utilities, bringing cable in, cable television doesn't exist like all kinds of things. You invest in those things, you add value to the people who live there. And by the way the typical person who lives in a park has been there for 13 years. So they welcome a new owner uh and then when a new owner tries to raise lot rents over time not all at once but lays raise lot rents over time uh people are willing to pay because they've gotten something in exchange right the tree that posed a risk to their home because it could fall over got taken out and now we want to charge you $50 more a month they'll say great you did something for me. So but in any event it's a great business it's um it's unique and uh so many people are scared about it for where you started the segment because people call them trailer parks and people are worried about them. And uh you know I I I love doing segments about it but then I don't want too many people to find out about it. Because because when we go to buy a park and bid on it, we love it when we're the only ones bidding but uh uh but it really is it's unique. And you know what in this day and age of uh people getting more and more creative about investments um it's an analog business let me tell you that you know it's not uh it's not high tech by any stretch of the imagination and if you do what I did I went to Louisville uh in January and went to the annual show where all the manufacturers of homes are there and I walked through some of the product yes $70,000 um four bedroom three and a half bath homes you wouldn't know that they were manufactured in a warehouse it's it's about as all American as you can get and it's no and and it's no surprise I'm a native New Yorker I've lived in Florida for five years I'm wearing a Daytona 500 hat um uh I like stopping at Bucky's when I'm driving uh through through the state uh uh I buy dog food at tractor supply like I I I understand I eat I eat in um um you know Waffle House uh you know I cracker barrel I understand the customers you know and uh I think that that's really important for operators of mobile home parks to really sort of empathize with the challenges that that folks who need a place to live uh face and by the way you know some people rent parks in homes in parks that we own uh but you know what we bought we bought three parks and we had a line of people who had been renting from the previous owner that approached us and said we'd like to buy our home and to me and we're talking about these are 15 year old homes that are selling for $15,000 um but to me nothing made me happier than knowing we had closings and people who wanted to buy a home had an opportunity to do so. So uh nothing more all American than that.

SPEAKER_04 32:30

If people would like to buy what your company is owning and and investing in and uh how can they get in touch with you?

SPEAKER_03 32:44

If you follow me on social media follow me on formerly Twitter uh now known as X my handle is uh Mitch underscore Rochelle and Rochelle is spelt R-O-S like Sam C-H-E-L-L-E. Uh follow me send me a direct message um I promise I will get back to the person and I'm happy to have a conversation with somebody about how they could invest in the sector how they could uh invest in what we're doing directly or indirectly uh but I'm I'm a big advocate for manufactured housing and uh I'm always happy to talk to people about it like yourself Patty.

SPEAKER_04 33:26

Thank you so much I really appreciate thanks for your time take care of the one from the break wasn't that an interesting segment with uh Mitch Rochelle I really appreciated him making the time for us and this is my coaching corner where I like to discuss you know the issues and tips and strategies around uh taxes and tax resolution or tax problems that we need to resolve these issues that I'm going to mention can cause right now an electronically filed tax return to be rejected or uh if you're working with information please double check that the W2 is correct you can compare it to the last pay stub of the year if the last pay sub of the year 2025 because I recently consulted with uh a potential client on his wife's form W-2 which was wrong in many ways and what how to handle that also claiming a refund the 2022 and I'll start with this tax year there is a statute of limitations of three years on claiming a refund and I currently have a client who's uh a non-filer of some uh back tax years and the one I really want to get done by April 15th is tax year 2022 and that is because the IRS the will you can claim a refund three years from the date you filed your federal income tax return or two years from the date you paid the tax and you put in a claim for refund on another type of form. But when you're filing your Form 1040 and in his case he's currently a non-filer but we're changing that and putting him in filing compliance that tax year 2022 he hasn't filed yet the legal due date that return was April 15th of 2023 April 15th of 2026 now three years later uh the due date of the return this is his deadline date to get that return in and be able to claim a refund because luckily he has paid estimated taxes in and you don't want to leave any money on the table. Now he's self-employed so that's why he pays estimated taxes in but if you're a W-2 wage earner maybe you had federal income taxes withheld that you're going to get some of that back and you claim that refund and you don't want to lose that refund and leave that money on the table. So make sure that you meet that deadline if you're someone who needs to file your 2022 Form 1040 and also the same statute uh three year statute of limitations is there is one on amending a tax return. And if you need to amend a 2022 tax return and you filed that on or before April 15th of 2023 you have until April 15th of 2026 to actually amend that tax return and correct it and maybe get a refund as well. So please make sure you're up on that deadline. Another issue that uh happens often unfortunately is where there are special rules for uh children dependent child when there are separated parents divorced parents or biological parents who um are not separated or divorced or not married and please make sure there is a form 8332 which is a release or a revocation of release of a claim to exemption for child by the custodial parent and what what does that really mean that's the title of the form but go to irs.gov form 833232 and when a dependent child has been claimed on one of the biological parents returns and the other parent claims them as well your return if you're the parent that's claimed after the fact you will have your electronically filed return rejected because the error message will be that the social security number of that dependent child has been claimed on a previously filed return. So make sure the form 8332 is actually addressed and the custodial parent is the one who fills this out and signs it and the noncustodial parent is the one who needs to attach it to their return. Please look that up and make sure that that goes in with your return going into next weekend though I want to mention that our guest next weekend is attorney Larry Heinkel and we we had him on our show in October it was actually our fourth show October 11th of 25 and I told Larry I would have him back on the show when he launched his book and his book is Discharging Taxes and Bankruptcy. Actually let me read that title correctly it's Eliminate Tax Debt with bankruptcy and I definitely want you to listen to that next week because that is so powerful to know the rules of how to do that. Everybody right now hears about offers and compromise and Larry can talk to you about eliminating the tax debt with bankruptcy as well as other forms of debt to really get a fresh start in your life. So feel free to text us with any tax questions 6032040104. Call my phone number 1-800-880-8388 and I have a 247 uh you United States answering service so there will be someone on the phone answering your call 247 and go to my website newenglandtaxrelief.com and schedule for a free telephone consultation with me and I look forward to bringing this show to you again next week and in the meantime please take care