WS1963 What You Need to Know About BOI Reporting | Tzvi Weiser

Join guest host Alina Trigub as she dives deep into the world of LLCs with expert Tzvi Weiser from Riverside Filings on The Real Estate Syndication Show.

This episode explores the crucial new beneficial ownership filing requirements for LLCs, mandated by the Corporate Transparency Act (CTA). Tzvi, with his extensive experience and engaging personality, sheds light on these critical regulations and their implications for investors and business owners.

3 Key Takeaways:

• Avoid hefty penalties: Understand new beneficial ownership filing requirements for LLCs to avoid civil and criminal penalties.
• LLCs for real estate investors: Learn how LLCs offer limited liability protection and are a popular choice for real estate investors.
• Navigating the CTA and BOI: Gain insights into the Corporate Transparency Act and how it affects LLCs, including who needs to file, deadlines, and ongoing reporting obligations.

Don't miss Tzvi's valuable insights and expert advice! He shares his contact information throughout the episode for listeners seeking professional guidance on navigating LLC formation and ensuring compliance with the new BOI requirements.

Remember to like and subscribe to The Real Estate Syndication Show for more expert advice and insights into the world of real estate investing. If you have questions or topics you'd like us to explore, reach out at info@lifebridgecapital.com.

Stay informed and proactive in managing your LLCs to avoid penalties and ensure compliance. Tune in and stay savvy, investors!

VISIT OUR WEBSITE
https://lifebridgecapital.com/

Here are ways you can work with us here at Life Bridge Capital:
⚡️START INVESTING TODAY: If you think that real estate syndication may be right for you, contact us today to learn more about our current investment opportunities: https://lifebridgecapital.com/investwithlbc

⚡️Watch on YouTube: https://www.youtube.com/@TheRealEstateSyndicationShow

📝 JOIN THE DISCUSSION
https://www.facebook.com/groups/realestatesyndication

➡️ FOLLOW US
https://twitter.com/whitney_sewell
https://www.instagram.com/whitneysewell/
https://www.linkedin.com/in/whitney-sewell/

⭐ Be Our Guest!
We are continuously working hard to help our listeners with their journey to real estate syndication. If you think you can add value in any way to our listeners who are in commercial real estate, then we’d love to have you over.
Apply here: https://lifebridgecapital.com/join-our-podcast/

Transcript

Tzvi Weiser: But the penalties are very, very serious. It's $500 a day, civil penalties, and criminal penalties are $10,000, plus up to two years in jail. But there's a catch here.

SPEAKER_01: This is your daily real estate syndication show. I'm your host, Whitney Sewell. Thank you for listening to the show. My goal is for you to become a savvy investor by learning from some of the best operators and investors in the business. I'd like to hear from you. If you have questions you'd like us to ask on the show, or if you have someone you would like me to interview, please let us know by emailing info at lifebridgecapital.com. Please leave us a written rating and review. I would be grateful. Do not hesitate to let us know how we can best serve you at LifeBridge Capital. And now for another amazing interview with my friend Alina Trygub.

Alina Trigub: Hello and welcome to our daily real estate syndication show. I'm your host Alina Trygub and today we have an incredible guest. In addition to his extensive experience, which I'm going to tell you about, he also has an incredible sense of humor and I'm pretty sure you're going to experience that today. So Tzvi Weiser is our guest today. Tzvi currently does entity formation with Riverside Filings, which is part of Riverside Group that includes title work, 1031 exchange, cost segregation work, I'm in new york new jersey as a powerhouse three let the team for medicine ten thirty one at some point he's also a web interpreter he also ran a worldwide marketing affiliate of the us infomercial company. Tzvi was VP of marketing for a telecom equipment company at some point. He was also a CEO of a video ID software at one point and worked for an investment fund in the past. So as you can tell, Tzvi has a very extensive experience. He has two degrees. He's undergrads in law and his MBA is in accounting. Tzvi lives happily in Jerusalem with his wife and 11 children. We welcome to our show

Tzvi Weiser: Thank you, Alina. It's great to be here today.

Alina Trigub: We are thankful to have you with us. So let's dive right into your experience as what you do nowadays is very, very popular. And we hear a lot of news about this beneficial owner. And I think it's the topic that's on everybody's mind, so we should definitely touch upon this today. But first and foremost, let's dive into the world of LLCs. So why would someone need an LLC or a limited liability company?

Tzvi Weiser: So LLCs are the hottest and fastest growing type of entity in the US. It's created by the government in order to promote business. Traditionally, you had a corporation which didn't have any liability, and any private person would have liability, would have personal liability for any business he opened up, which meant that if people opened up a business and they didn't get sued, they were very happy, but they weren't about to go out and open up another business because you just exponentially increased your risk exposure. But the government at some point, or the state government in 1977 in Wyoming, they said, we're going to let you have it both ways. You don't have to have the complications of a corporation and the overhead and the compliance and all the bylaws and directors and officers. You can run your simple operation, yet still you can have your limited liability protection, which means that you can create an entity that's not you without having a very complicated entity. So you can really be a sole entrepreneur without any personal liability. This idea worked well. It caught on. And within 20 years, all 50 states had adopted This form of business and. Now today as you know one of the things because of the limited liability it's very big in real estate now it's big for every business but in real estate especially because there are people literally with hundreds of LLC's in the health care field same thing because you want to separate your businesses and not have. all your empire come down because of one bad business or one bad lawsuit, so people chop it up into little pieces. There are, I think, about 30 million LLCs out there today. It's beautiful. It's the American way, and it's given people the ability and the confidence to start businesses knowing that the risk involved is what they put in. I think it's probably the greatest thing that happened in the last half century for the American economy.

Alina Trigub: That's wonderful. But as we'll learn a little later, as we dive into more questions, not all LLCs are created equal and are safe. So we'll talk about that in a little bit. First things first. So let's say I'm at the point where I want to form an LLC. Do I need help or can I create LLC on my own?

Tzvi Weiser: It depends. Theoretically, you go to the state's website and you can form an LLC. People do it. Some states, as you say, not all states are created equal. Some states are easier to do it online. Some states are a little bit more complicated. But at the end of the day, I'm not a salesman. I just try to give people the best advice. I would not venture to form an LLC by myself. If you had advice and then want to actually take that advice and go online and try it yourself, that's okay to do. But it's trickier. You're going to be asked questions, and you'll say, OK, I'll take choice B. I'll take choice A. And these things make a difference, often a very big difference. So you probably want professional help from your accountant, your lawyer, or an LLC specialist before you actually go out and form the LLC. And really, the price for, I'm not plugging my own service, but the price in order to do it with a professional, if it's not your attorney, your attorney will be paying attorney fees, and your accountant, your accounting fees. But what an LLC specialist is really minimal and probably worth the price of getting the advice, the guidance, and actually having them do it for you. Because, as you mentioned, not only will you have a lot of tax and business consequences in the future if you don't do it right, but you could actually do it in a way that it's faulty. If it's faulty, then you don't really have the advantages of the LLC, so you really want to make sure that they The states let you do this, and they give you a great tool. But you have to follow the rules, and you have to follow the rules exactly. So you don't want to miss anything. You don't want to make any mistakes. And probably best to get a professional to help you do it. We're talking about, for professional help, we're talking about $150, $100 with ongoing fees for the year. But it doesn't make sense. If you believe in your business, you're going to invest in it, and you're going to do it the right way.

Alina Trigub: Completely agree, and this is a small fraction of attorney fees, so it's definitely worth it. So in terms of keeping LLCs safe and some of the examples that can make the LLCs faulty, so can you share with us a few examples that make the LLC faulty and then dive into what makes them safe?

Tzvi Weiser: Sure. Sure. I mean, the basics are There you have to file it and the two things that you have to do every year is pay annual. You have to have an annual report for the state, which you have to submit, which comes with a different fee in every state could be anywhere from, you know, $10 to, uh, three, $400, depending on the state or $800 in California, of course. And you have to have a registered agent. So if you don't do any of these things, then your LLC will not be in good standing. Now it seems simple, but for some reason it's one of those things that are simple, but people don't get right. Maybe it's because the way that the government sends out the bill, people are not aware of it or they don't pay them, but you need to be on top of it. We actually opened up a portal for our clients now. that even if we don't do the work for them, they have a portal that keeps them up to date. So we sort of hold their hand online and show them what to do to do it right. So when they get a bill, even if they ignore it, they'll get an email from the portal saying, did you pay your bill? And they'll say, oh, maybe that's what that was that I just threw in the garbage. But it's important to follow the directions. Some states like New York, Nebraska, and Arizona, you have to publish your LLC in order to have it in good standing, which means you have to put it It's like old obscure loris that are still on the books. You have to publish in a weekly newspaper and a daily newspaper for six weeks in order for your LLC to be in good standing. It's just these little things that are not on most people's minds. And you know, like the registered agent, like I'll give you an example. If you work with an attorney and he forms your LLC, so he'll hand it off to a registered agent. You don't know about it. He'll charge you and he'll pay the registered agent the first year. comes the second year, the lawyer long ago forgot about you. He hasn't told you that you have to continue paying your annual fees. He hasn't told you that the registered agent wants his money every year, and you'll get bills from people you never heard of and probably not pay it and say, nobody told me about this. I don't know what this is. This is probably a fake bill, which believe it or not, we get calls from our clients saying, I got this bill in the mail. Didn't you just pay the annual reports? And we'll say, yeah, it actually was fake. So it's so confusing today with what's going on and all the fraud going on that you really need somebody to help you out, somebody who is looking after your LLCs, not somebody who's looking after your taxes and not somebody who's looking after the aspects of your business.

Alina Trigub: Yeah, no, absolutely. I couldn't agree more. And staying on top of all the billing and all the reporting could be daunting, especially if you have a lot of LLC. And in our case, while a lot of our listeners are passive investors and may invest directly into syndications, some of them decide to invest through the LLC just for the additional layer of protection. So keeping track of all these LLC could be a challenge. So if you have someone who manages your LLCs for you and make sure that everything is filed on time and the structure works well for your personal protection is definitely a bonus.

Tzvi Weiser: I had one call just right before we got on the phone call about a half hour ago. Somebody called me up and he said that I have two LLCs that I need to file my BOIR, which we'll get into soon. One's in Georgia and one's in Alabama. I said, oh, you have properties in both states? He said, no, but I opened up an LLC in Georgia for a property that I bought in Alabama. Nobody told me that it has to be in Alabama. So I had to go ahead and form a new one in Alabama, which is where the property is. And I have this empty one sitting in Georgia. So do I have to file my BOII? That was his question. But just the really basics, the ABCs of LLCs, people don't know. They think that I can open up wherever I want. They don't know where they're opening up. And there's so many people that have dormant LLCs because they made mistakes when they formed it and they didn't really know what they were doing. And that causes a lot of… I don't know how many of those 30 million LLCs are real or how many were opened up by people because they didn't really know what they were doing and had to open up a new one.

Alina Trigub: I hear you. I'm sure the number of the dormant ones are pretty high. Well, since you mentioned the beneficial owner filing, I think it's prudent for us to talk about this since it's been in the news for a while and I'm pretty sure many people don't understand it and don't even follow the news and don't even know that they have this requirement that for many is due very soon and for others will be due at the end of 2024. Am I correct? Correct. Yeah. So let's start from the beginning. Why is the government now requiring to file this beneficial owner report? And what is the Corporate Transparency Act about?

Tzvi Weiser: So each state gets to make the rules about LLCs and it's state specific. A lot of states are competing and a lot of states just want the revenue from the filing fees since they don't have a lot of business going on in the state. And they make it very easy for people to form LLCs. So some states will let you form anonymously, which is really exciting for a lot of people. People don't want to be known. They don't want their name to be on record. So you have all kinds of LLCs. Now, even if I am working, even if I want to do business in a state like New Jersey, where it's not anonymous, it's very easy for me to be anonymous because I can form an LLC in Wyoming anonymously. Then the member of my New Jersey LLC will be my Wyoming LLC because one LLC is allowed to open up another one. My New Jersey LLC is not anonymous. New Jersey knows exactly who the owner is, the Wyoming LLC, but they still have no idea who's behind all this. You have a lot of terror groups, money laundering groups, drug groups that have taken advantage of this system in the U.S. and opened up shell companies where they funnel money all over the place without anybody being able to track it and know what's going on. So while the federal government can't control the state laws, because each state is entitled to control the commerce within its boundaries, they're allowed to control the security of the United States. So they came up with a great law. They said that we need to know every single person who is behind every LLC. And that has nothing to do with commerce. That has to do with state security, with U.S. security. So it's a federal law, and it covers any state filing any entity that's opened up through a state filing anywhere in the United States. So now, one misconception is that people lose their anonymity. They don't lose their anonymity. For the reasons that we all want anonymity for our LLCs, we still have it. It's not in public record. It's locked up in the federal database. But when you have something like 9-11, and they're trying to track the money trail, it becomes much easier for them because they know who's behind every LLC. And they can figure out the money flow very quickly and who's behind these monies. So that's why it's called the Corporate Transparency Act. Corporations were not transparent. Today, they're all transparent because the government knows who you are. This information is locked away in a database. And there's a special one part of the law is how you can get this information out. And there are only certain people that can get it out. It has to be for a government safety bureau or something like that. And they have to fill out the application in order to get it. So people should be really relaxed. This, their information is still private. Nobody could see it unless you're doing something that the government's trying to track. That's, that's where the problem starts. But we're not going to have too much pity on those people. So they're probably not listening to this podcast.

Alina Trigub: Got it. Glad to hear that the anonymity remains and it's not impacted at all. But Tzvi, who is in general required to file these BOI reports, beneficial owner reports?

Tzvi Weiser: The official rule is that any entity that's formed with a state filing has to file the report. There are 23 exceptions. And it also excludes trusts and partnerships because those are not formed with a filing in a state. So LLCs, corporations, all entities that are formed with the filing in a state. Now, there are 23 exceptions. Now, while it sounds like a lot, there's really only a basic handful of exceptions. The first exception is, and this probably covers about 18 of the 23 exceptions, is a company that's already regulated by the federal government. Anybody that's registered with the SEC or the Commodities Trade Commission. Or any federal commission the government already knows about you insurance companies accounting companies investment firms anything that already they know they don't have to make you do this again because it's just it's redundant have more information than they ever need on your company. The second one is a large operating company. A large operating company again. They know who you are because you're big. And the basic idea of a large operating company is a company that has $5 million of US revenue and 20 full-time employees. So that's the second exemption. The third one, I think the general category, the big exemption, is any company that is outdated. It's inactive. The problem with the inactive is people, like I said, there are so many inactive LLCs that Like my friend who opened one up six months ago, he thinks his is inactive, but there are rules to inactive. And inactive, the first rule of inactive is has to have been formed before 2020. So if you open one up in 2021, you never did anything. It was a mistake and it's sitting there. You have to file.

Alina Trigub: And those, uh, a few examples you gave us, they cover all 23 exemptions essentially?

Tzvi Weiser: I don't off the top of my head. I don't think that there's another category of exemption. There's nothing outstanding that is either because you're regulated or because you're big or because you don't really exist.

Alina Trigub: That still leaves a pretty big pool of the entities from that 30,000 entities that we have left.

Tzvi Weiser: Right, which is why we talk mostly about LLCs, because corporations maybe not But LLCs, the vast majority, probably 90 plus percent of them fall into the category of reporting companies.

Alina Trigub: So let's dive a little bit deeper. Let's say the LLC has multiple owners, multiple partners. Who from the partners has to file? Is it the managing partner or all three, four, whatever, however many partners are in LLC?

Tzvi Weiser: So there's three categories of people that have to file. that have to be written on this beneficial ownership information report. Beneficial owner includes two type of people. That includes any decision makers, which means anybody who's a senior officer, anybody who's on the board of directors, anybody who has the right to hire or fire a senior officer, anybody who has the right to hire or fire a board member, to remove a board member. So these are people that are called decision makers. And that could be one, it could be five, you know, if there's a CFO, CEO, general counsel, all these people, the C-suite people, they're all considered decision makers. The second part is somebody who has a substantial ownership interest, which is called 25%. Now here it gets a little complicated because you can have different class of stocks and you have to figure out who actually owns 25% of the entire picture. But if it becomes too complicated to figure out, the government says, no problem. If you own 25% of any class of stock, then just put yourself down. Let's be safe about it. It also has to do with voting rights. If you have, if you control the company through voting rights, you also are considered a decision maker. Let's take one step back. If you want to add a layer of complexity to this whole story, assume that an LLC is owned by another LLC.

Alina Trigub: Oh my God. Okay.

Tzvi Weiser: Right. So let's say you have one LLC. It's owned by B LLC and C LLC. Each one's a 50% owner. LLCs are not reported. Only people are reported. So now we have to go into the B LLC and C LLC and see the ownership percentages of the people there and figure out if at the end of the day, they can have 25% ownership in the subsidiary LLC that's owned by the two of them.

Alina Trigub: So will the names of these people reported twice on the subsidiaries as well as on the parent LLC?

Tzvi Weiser: Exactly. That's a great point. So with each LLC has to report by itself. So for the subsidiary whoever owns 25 percent of the subsidiary will have to their name will appear even though they're not a direct owner even if it's indirect and on the parent LLC That will be a different story because if there's three people each on thirty three percent and that lc owns fifty percent So of the child llc none of them are substantial owners because each one owns less than 25 But on the parent one all three of them will be listed Got it.

Alina Trigub: Got it. Well that and then you have the problem with trust sometimes trust on an llc Right does the same rule apply where the owners the actual owners would have to be listed?

Tzvi Weiser: So trust doesn't really have owners. There's no 25% ownership of a trust because they're only people that beneficiaries there's trustees. So if you're a trustee, that means you have a decision. You're a decision maker in the child LLC. If you're a beneficiary. So the rule is it's interesting. It doesn't make a difference if you're a 25% owner of through your beneficial interest in the child. only if you're the sole beneficiary of all the interest and principle in the trust. But you're getting the feeling how this gets complex. There's a lot of questions out there.

Alina Trigub: So to your point, do the trusts have to file BOI reports?

Tzvi Weiser: Trusts themselves are not filed with the state. They're not registered with the state. So they're an entity that doesn't have to report.

Alina Trigub: Got it. Okay. Let's get back to the original question that they asked you. When do these reports have to be filed? Is there a deadline?

Tzvi Weiser: Sure. There's three deadlines. The first deadline is let's look at it this way. If you file after January 1st, 2020, 24, if you formed an entity this year, we have 90 days. Originally the rule was 30 days, but the government realized that they're not equipped to handle this. Neither are the people. So they extended it. They gave a 90 day grace period. After you form LLCs, you have 90 days to file your BOI. Now, it's just so normal for LLCs. We'll form LLCs for people and we'll say, do you want to file your BOI? Should we file a BOI for you? And they'll say, no, no, we're good. We'll worry about it. And I'm like, do you understand? I mean, you're going to call me back in 45 days? What does that mean? We even had a debate. I told one of the guys I work with, I said, I don't know. If somebody called me up and wanted to form an LLC today, I would not form it unless he wants to do his BOI. Not because I care about the business, but he clearly doesn't understand what's going on, and we haven't done a good job educating him. You form your LLC. Part of the process today is just like you pay a fee to the state, and you file all the documents, and you have your filing document, and you answer all the questions. The BOI should be part of it. I mean, what are we waiting for? Just because you have 90 days, it just doesn't make sense. Makes sense. So that's the first case. The first case is from January 1st. The second case is old LLCs. Any LLC that was formed before January 1st, 2024 has until January 1st, 2025. So people sitting on hundreds of LLCs or tens of LLCs don't have to file it until January 1st, 2025. By then it has to be filed. And starting next year, any LLC formed after January 1st, 2025, it will be 30 days, which is the original intended idea.

Alina Trigub: Wow, that's a lot of rules and an extra filing to remember in addition to all the other ones, annual reports, tax returns, and so forth.

Tzvi Weiser: Yeah, it will become standard procedure. People this year are making a big deal about the BOI, but next year will just be another paper that you have to fill out when you form an LLC. One of the challenges about the BOI is that you have to update it, and people don't realize that. For example, one of the things you have to put on about each beneficial owner is his date of birth. That's not going to change his name. It's not going to change, but you also have to put on his residential address and his passport or driver's license. So if you change your passport and the number changes, you have 30 days to update your BOI. If you move homes and you have a new residential address, you have 30 days to update your BOI. So although you never have to change your BOI, it's not an annual filing. It's a one-time only. But there will be reasons to update the BOI. If somebody sells out a share and or they hire a new decision maker or he goes above the threshold or below the threshold, then you have to update your BOI.

Alina Trigub: That's an important factor to remember because unlike with annual reports, you get notifications that you have to file your report or that your registered agent's files aren't In this case, if you're moving or your business is moving, you will not get any notification. So how do you remember that you have to update your BOI report?

Tzvi Weiser: I love that question because I'm thinking, okay, so now moving houses, I'm all excited. I spent a lot of time, bought a house, renovated it, and now moving. And as the moving trucks are rolling in and I'm filling it up, I'm not thinking, wow, a BOI, I got to change that. Exactly, exactly. I have 100 entities, I'm on 100 entity, I got 100 LLCs, and now I have to update 100 LLCs on my new residential address.

Alina Trigub: That certainly doesn't help having to update that. So speaking of the report, and let's say someone forgot about this report altogether, are there penalties and what these penalties are? Are they federally based, state based, and how much are they?

Tzvi Weiser: So I have good news. I probably shouldn't repeat it publicly, but the penalties are very, very serious. It's $500 a day. Civil penalties and criminal penalties at $10,000 plus up to two years in jail. But, but there's a catch here, which again, people overlook the little details on the nuances. It has to be willful intent. So it's, it's probably very hard for the government to prove willful intent. I mean, if you're a terrorist and they catch you, so they understand this willful intent, but if you moved and you have a hundred entities that are no longer updated, you have to, and government will hound you. But it's pretty easy to say, you know, I didn't have willful intent. I just, you know, business was good. I moved into a nicer house, you know, let's take it easy guys, you know? So it's, I'm curious, everybody's curious what the enforcement is going to look like.

Alina Trigub: I see. Yeah, it would be difficult to prove the willful intent, but does it apply to all of the penalties, to the daily one and so forth?

Tzvi Weiser: Yes, they're all willful intent.

Alina Trigub: Very, very interesting. Yeah, that's going to be something to watch out for, I guess, next year when they see people not filing. But how do you even track someone who hasn't filed on time?

Tzvi Weiser: I mean, my guess, and again, it's not something that should be said loud, The government is using this as when they have somebody that they're after, then they'll nail them for all the little details, all the dotted I's and cross T's. But I don't think the government is really looking to make people's lives more difficult. Um, obviously they want you to comply with the law and they will insist that you, they will insist that you comply with the law, but I don't think anybody's going in jail because you know, he forgot to update his BOI.

Alina Trigub: Yeah, no, I tend to agree with you. I don't think that's going to happen. Tzvi, this has been very educational and thank you for sharing with us the new CTA rules and the fact that people now have to file the beneficial owner report. Let our audience learn a little bit about Tzvi as a person. So can you share with us some daily habits that you're disciplined to use to achieve your success and things that helped you to produce the best returns?

Tzvi Weiser: Well, I would say it starts with education and education is, it comes from a few places. First of all, I continue to read. I got the big law journals. That's actually propping up my desktop and my laptop as we're speaking comes in handy in a few different ways. I like to stay up to date on the laws, not only on the LLC, but in the broader picture of real estate and the broader picture of taxes and all the things that implies, because it just lets me help my clients more. Um, another big part of education is I spend a lot of my day educating other people, but that's a two way street. They're very, I never have a conversation with somebody where I don't learn something in return. So you learn about people's businesses, you learn from the field, a different perspective. So that's, I would say a huge, a huge part of my education. That's really education, just getting smarter and smarter. What we sell is knowledge and expertise and experience. Every day that goes by, we're definitely more experienced and hopefully we're more knowledgeable as well.

Alina Trigub: Absolutely. I love it. That's great. How do you like to give back?

Tzvi Weiser: By talking to people. My favorite way to give back is a client calls me to do something and I tell him he doesn't have to do anything. That's the ultimate give back.

Alina Trigub: That's a great feeling to know that you don't have to do anything. Yeah, that's that's amazing. Thank you for sharing. For anyone looking to get in touch with you, what are the best ways to connect with you?

Tzvi Weiser: Email, telephone, pretty active on LinkedIn, as you know.

Alina Trigub: Yes. And do you want to spell your email for our audience that's looking?

Tzvi Weiser: Sure. Sure. Absolutely. It's T as in Tom, W E as in Edward, I S as in Sam, E R T Weiser at R S as in Riverside, rsfilings.com. And the phone number is 732-769-4232. My phone is off right now, but as soon as the podcast is over, I'll be back online for all the people that want to call.

Alina Trigub: Sounds good. And thank you for keeping your phone off for our show.

Tzvi Weiser: I really wanted to sound like a busy executive where the phone doesn't stop ringing, but I did it as a favor for you.

Alina Trigub: I'm sure you are a very busy executive and we thank you for the interview. You shared a lot of knowledge with our audience. I'm sure people will be running to file their VOI reports as we speak.

Tzvi Weiser: I hope so.

Alina Trigub: Thank you so much and have a great day. And for our audience, I'll see you guys tomorrow. Bye.

Tzvi Weiser: Thank you, Alina. Thank you for having me. It was great to be here. Great to see you again.

SPEAKER_01: Thank you for being with us again today. I hope that you have learned a lot from the show. Don't forget to like and subscribe. I hope you're telling your friends about the Real Estate Syndication Show and how they can also build wealth in real estate. You can also go to lifebridgecapital.com and start investing today.