“I’m not as passionate about how much money we’re making, much more passionate about, what did we create? Was it […]

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“I’m not as passionate about how much money we’re making, much more passionate about, what did we create? Was it good? Is customer service? How do our consultants and our contractors feel about the process? Are they happy? What do they have just what do they have to say to us? And that gets me out of bed in the morning. I really enjoy coming and working every day.” Paul Griffin III is the founder of Griffin Griffin Living in 2009. He has overseen all aspects of its growth from a regional developer in California to an award-winning nationally recognized firm with properties across the United States. He is a commercial real estate Hall of Famer with lots of knowledge and wisdom to share with and it goes multigenerational. He has overseen and developed a wide variety of projects including award-winning Senior Living residences, multi-family residential homes, apartment complexes, retail centers, and commercial office space. He has developed over 4.5 billion in assets over the course of his career and has been honored with numerous awards, including the habitat for humanity’s builder of the Year in 2000, and the building Industries Association builder of the year 1997 and has been recognized by the National Association of homebuilders and the Pacific Coast builders conference for excellence in design and community land planning, and so much more.

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Biggest Frustration With Capital Gains Tax Deferral With Paul Griffin III

Brett:

I’m excited about our next guest. He is the founder of Griffin Living. He founded it in 2009 and has since overseen all aspects of its growth from a regional developer in California to our award-winning nationally recognized firm with properties across the United States. He is what I call a commercial real estate Hall of Famer with lots of knowledge and wisdom to share with us and it goes multigenerational, which is gonna be really fun to dig into. But he has overseen and developed a wide variety of projects including award-winning Senior Living residences, multi-family residential homes, apartment complexes, retail centers, and commercial office space. In fact, he has developed over 4.5 billion in assets over the course of his career. And he has been honored with numerous awards, including the Habitat for Humanity’s Builder of the Year in 2000, and the Building Industry Association’s builder of the year 1997. And has been recognized by the National Association of Homebuilders and the Pacific Coast Builders Conference for excellence in design and community land planning, and so much more. Please welcome to the show, Paul Griffin. Hey, Paul, how you doing?

Paul:

Good. Thank you for having me. It’s just lovely to be here. As you’re talking about our awards around my management team, we know we have you want to turn with a wall full of awards right over there. Um, but my management team, that’s nice to be recognized. So I see all of those there. You know, we just have a ton of them. The kind of things sorry, we put up at our conference room, but our, our feeling router generally skosh you win a big award, does that mean the project actually made money or not? You know, the bottom line. So we appreciate being recognized. It says something that in terms of what our colleagues think about us, but it isn’t, it isn’t actually driving the business. We hope we don’t want to get focused on the wrong things.

Brett:

Absolutely. Stick to the fundamentals. And with that, would you give our listeners a little bit more about your story and your current focus?

Paul:

I am the fifth generation of my family to be in a real estate development here in California started in 1903. And we’ve developed his family through the generations in different entities. We’ve developed them something in the neighborhood of $12 billion worth of real estate and something in the neighborhood of we’ve got on the walls here and over there, picked photo foot area photographs, outlined where all of our projects are, have been through the years and something in the neighborhood of 40,000 houses. So you know, a fairly good size. I started working after Graduate School in 1980 and worked for my dad’s firm Hidden McKinsey company where their consultants are big debts company was doing about $350 million in sales per year. So it’s a pretty good-sized company. And McKinsey was no big no-nonsense. The consulting firm I learned a lot from their senior managers. I came in as a kid just learning underneath it all happy to be a fly on the wall and most of those meetings. I’m his board of directors. There’s a chairman of TRW. The founding mentor, but one of the largest tax accounting firms in the country, a founding member of one of the largest law firms, Cox Castle cook another senior partner Price Waterhouse people of that ilk and you know, love working and learning from them. When the business came up, I made a deal with my dad to buy him out of his company in 1992 and paid him off his equity that he loaned me to buy his company by 1996. And I paid him all of his profit share by 2000. So being managed it has nieces and nephews that are coming up behind me and looking to push me out of the way. And you know, I love it. There, they’re pretty serious as we were there, but Harvard and Stanford and Oxford, MIT, University of Chicago, bright kids, and, you know, I love it. They’re all we’re out working at different companies now getting experience, different points of view than I would have, and they’re welcome to come and knock me out of the saddle. So Griffins are happy the future, you know, looks good as real estate in California. We are branching out now that we’ve been developing in the Atlanta market. We’re up in Connecticut and trying to push into Brooklyn and Queens got a couple of projects working on and down in Boca Raton, Florida. So we’re trying to branch out more also, other parts of the country. We’re excited about the prospects,

Brett:

I love all of that. I love the friendly family competition. And I love that all of the kids in the nephews and such are out there in the world, you know, and in a vast variety of educational, high education, and then different careers. So that and then the thought of, hey, I want to come back to the business and keep the family legacy going, which is just beautiful. I love that I love the 1903 beginnings $12 billion in asset value. It’s just It’s a beautiful American Dream story family story. So that being said, I want to take one step back. So I’m curious before your time off of running the company, right? And even when you may be giving your college days or high school days. I’m curious. You know, I believe we’ve all been given certain gifts in this life, and I believe their God-given gifts that are given to us to be able to be a blessing for others. So I’m curious, when we lose that gift, maybe some people might call it a superpower. What’s that one or two gifts that you believe you are given? Paul? And how does that help how you bless and help people today?

Paul:

Right, that’s no one ever asked a good question. That’s a great question. Um, I, you know, I think the most central gift in my life is I have a heart for the people around me. I actually like them, I come to work. The people that I work with, I really treasure through the years. Our contractors, our consultants, have been such friends and our customers, you know, I’ve always really had a passion about well, what is it? The person that either rents space from us, whether it’s one of our shopping center tenants or restaurant tenants, or if it’s a family that’s renting an apartment, could be a family that’s purchased a home from us? What are they? What do they think, sorry? What do they think? And how are we treating them? Is this a happy experience? Are we really meeting their needs? Could we do better? And you know, that I think they’re having that passion drive to really do all that I do. I’m somewhere mixed in, that is somewhere Nixon is just an entrepreneurial spirit. I don’t know if that runs into Griffins. And that’s why we’ve been in business all these years. The very first Griffin came to America as an indentured servant in 1634. His name was William. So he’s in debtors prison for some reason, he just dropped off at Virginia, escapes his master, and runs up to two hides out in the Dutch colony new at New Amsterdam. And the first real estate deal we have is William doing a real estate deal. We’ve got to win effectively as the grant deed from the 1630s from William doing a real estate deal. So I don’t know if it just seems to run genetically. I did my first project while I was in college as an undergrad at UCLA and I could either work you know if my dad did not like it if we weren’t working all the time. So I can either continue to work for my father and projects when Abby and I had the bug. I tied up all of the orchards here in the Los Angeles submarkets but 60 acres and subdivided into 64 single-family lots. Use the increase in the value by the subdivision to go over and get a loan from Bank of America needs to make loans with much better ratios back then about 80% loan to value and he could get up to 85% if I paid him a kicker so effectively the entire cost including paying for the land. So the family down in Newport Beach, there only Olive Grove, you know, I did all the engineering and the work and I’m hooked on, you know, songs and, and, and prayers with, with my consultants, my engineers and architects and everybody and paid the family off, paid all the consultants off and move forward into construction with the construction loan, built my first project as I finished college and it’s going into graduate school and, you know, that just really enjoyed being in business, that entrepreneurial spirit. So I don’t know somehow being an entrepreneur and I don’t. I’m not as passionate about how much money we’re making, much more passionate about, what did we create? Was it good? Is customer service? How do our consultants and our contractors feel about the process? Are they happy? What do they have just what do they have to say to us? And that gets me out of bed in the morning. I really enjoy coming and working every day.

Brett:

That’s beautiful. I love the servant’s heart first and caring deeply for each individual less involved with the company and the projects and the actual tenants that you’re serving. That really shows through appreciate you sharing that when did you kind of become fascinated with investment real estate in particular senior housing because I know you have it you guys have a history of multifamily as well as you know, retail grocery centers, and then, of course, land development all those homes. But what’s kind of a narrow focus because I think that’s such a need right now, when it comes to just the aging population and the lack of care and facilities and housing. So give us that focus for a minute here.

Paul:

Right, it really came about after the 2008 recession, which is just, you know, a disaster for everybody’s capital, there was no capital to go beg to borrow or steal. I found its capital in the Import-Export Bank of China. And Chinese money was all there was around and it was very difficult to greet people and like the individuals, that’s dealing with really tough institutions to deal with but I got a major line of credit from them. We’ve got a major line of credit form and we started a demographic problem in China that’s just overwhelming due to their one-child policy. And families who seven had more children. So their birth or death ratio to young people is not a wind bottom pyramid. It’s kind of upside-down. We actually are facing that problem here in the United States a little less pronounced. It isn’t China but they really wanted us to use their lines of credit to see about senior housing for income. We said well certainly we can do that starting in 255 Plus, housing, apartment rental models, and we got into a lot of the activities we will always develop with a little bit more flair. It’s our passion. So you know, the outdoor areas were spas and cabanas and cools the indoor areas, you know, big, you know, activity rooms, state of the art, spas and exercise and all of that and lots of activities. So that was really received well by the 55 plus rental market. never remember, since about 2011 we’re filling up our first projects, a 204 unit project. Remember, our marketing manager head of speed dating for seniors fit well, that sounds like a waste management area. But that’s kind of clever. It backed traffic up all the way out to the major Boulevard beyond the site, the police had to come in, you know, a coordinate often, the evening news got excited about it. So we got a whole bunch of publicity and it was just a lot of fun. But we also started to realize the senior market is vital not 55 plus and active adults, they’re a little bit younger. So you’re talking about people in their 70s many of them still working, some of them going into partial retirement but they wanted a lifestyle. There was a lot of fun to work with and get to know those families. And you know, I really, really started enjoying it. And from there I started traveling around myself to say well what the future is and going into assisted living buildings, independent living buildings, memory care buildings, and I was struck. Some of them are really beautiful and you know, I would move into you know, tomorrow I could move in and interesting people, interesting people to have dinner with but a lot of them are really just dormitories and getting old and tired investors we’re leaving them as cash cows and letting the depreciation runs out and not putting more investment in so we get to be some of them are pretty dreary. In terms of a place to live, and, you know, as I, as I looked at it as a cache, we can do so much better than this. And it isn’t really more money. The new development costs more in terms of construction, but they always do anyway, the management is not significantly more expensive, but you do have to put a different focus on my thought going into it as a simply we’re going into it as an investment because we like the income, we like the income modeling investment of owning buildings that are have assisted living components, independent living components, 55 plus active adult components, and memory care components. So from the investment side, it’s really owning the income property, then it’s where we want to be in coastal infill somewhere where, you know, the constituents and neighbors really don’t want development. And we can shoehorn our way in and creates value, it also creates long term value for the asset as we manage it. So from the perspective of you know, as an investor, as a developer, you know, there’s more analysis that we do and it’s it really is you know, about supply and demand and being where other people can be from the perspective of my customer and what you know, I get excited about you to know, I talk to my management team, really just let’s don’t ever have a property where if we walk in, we see a line of our residents in their wheelchairs and walkers you know, really longing we look out they’re looking at the front door waiting for someone to come and pick them up. That’s a sad tired way to be and we can do better than that. Again, it’s not particularly part of the investment analysis, but it really is part of how I want to run a business who we want to be you know, so we walk in the door the better centers and walk in and there are activities there are people doing all kinds of things all around those centers and you know, the healthcare is gonna be excellent that’s a given the but the dining services we don’t want dormitory Dining Services, one animated evenings food, menus, you can go in any time of the day and order to treat people like they’re they’ve moved into one of these communities that this is a wonderful place to live. And you know, you have steak night I want to really see the chef outside with a big barbecue I want to see smoke coming all around and everybody thinking is barbecue night, you know, on a Sunday brunch, I want to see the carving stations, the omelets all of that I want families to come and see him and you know I want Sunday brunch to be Sunday brunch if it’s you know, taco Tuesdays you know, we have those in my house. We want to have taco Tuesdays. I want you to know, yes tonight I want everybody to be excited it’ll be just the animation food service.

 

Biggest Frustration With Capital Gains Tax Deferral With Paul Griffin III

Biggest Frustration With Capital Gains Tax Deferral With Paul Griffin III – “Today, it takes more brains and effort to make out the income-tax form than it does to make the income.” – Alfred E. Neuman

 

Brett:

Oh, I love it. I can’t help but love it. I can’t help but think about Paul. You know Walt Disney not too far from where you’re at in Calabasas. Right, and what the vision he had for creating something more than just an amusement park. Right. And I think that’s what every good leader is doing for whatever they’re serving they’re trying to make an experience in a product that is beyond just what you pay for. Right? It’s transformational. It’s not just transactional, right? It’s not just cash flow it’s no we’re gonna take that cash flow and we’re going to improve the property or improved or management improves our systems our services and make an inevitable is going to create more cash flow because you’re going to charge more and people are gonna be glad to pay it because they’re getting value for what they are paying. So what’s been the single best way for you with that thought in mind to win new deals because let’s face it, inventory can be challenging to find especially for good opportunities and good places. And I can’t imagine what I imagined because of your family and your history and your ability and your track record in treating folks the way they want to be treated. They’re probably going to bring you more deals so what walks us through how…

Paul:

Wait.. you’re saying that that deal I did when I was in college was really the guy the family Newport Beach that tight up there? They’re all over. It was really not because of my charm. Right? But because my dad is a monster family company, but the kid screws up, we’re still here.

Brett:

That’s a good point. Right? It wasn’t your SAT scores and your grades for sure.

Paul:

They really weren’t loading to my issue. Yes, exactly. Well, you’ve read we are in our business. In real estate development, always we go in like any other real estate developer, we’re looking for a property. Every day we’ve got a forward planning group here. They’re excellent, they’re triage in projects and opportunities all the time. Some of them that you know have high hopes for we bring in and we talk about and they don’t go anywhere either do the land seller you know won’t finally come to terms or get in into the setting the public, the city fathers public bodies, or the neighbor neighborhood constituents who can’t get the job done. Sometimes it’s an engineering problem. I had one tied up here in Calabasas that you know, it’s a property that is needed for the development of Calabasas, a very wealthy area and aging population, perfect for, you know, senior housing projects. There was a deep landslide underneath the ground, you can’t see we went in and studied it. I said, Well, it’s an engineering problem. We can solve that. $100,000 later in design and analysis, we can’t solve it can’t be done. But there’s another up in the city of 1000. Oaks are a subsection of Westlake Village where you have a project that’s currently under construction in which pre-sales do really well. Excellent property. did get you to know, attention and NHV national home builder group is a gold medalist for the project it’s been designed and coming out so beautiful on it. 1000 Oaks, you know, we were looking at a different property and the City Council city managers told us flat look, Griffin, you’ve developed 1000s of houses here in 1000 oaks since even before we were a city, you’re great. We love you. But um, no, we don’t have we’re not doing senior housing in 1000 Oaks, we don’t feel it’s and it’s a burden, not a help. And don’t come here with that kind of proposal. I’m just gonna keep going just to put it in, just to put an emphasis on it to other really excellent senior housing developers came in with proposals all the way through city council before we both turned down mean 1000 the city 1000 votes, and we are not kidding. Do not bring that stuff in the mayor, we’ve known for a long time and talk to him and convinced him that you know, really put us in a section of your city where you know, we’re not in your way, we’ll figure out the land but you’re really not we’re not bringing people from other cities to live in your in 1000. Oaks, we are really talking about residents of households who’ve bought homes and apartments from our years and years ago never really need senior housing. The city of 1000 oaks owes it to its population to see to you know, this need that you have. And I guess we caught him because later on, he said, Well, we’ve talked, you know, among ourselves and Okay, you could come in and propose one project, you know, just one. And you if you get the neighbors around the project, no upset? The answer’s no. So we found a property and, and brought it to the city manager and dealt with the neighbors around it, we got 100% support from the neighbors and the City Council. So one project is going into 1000 Oaks, of course, they need more, they will need more in the future. But anyway, this one’s going in and we’re happy to have it. We’ve got the neighbors just out of real estate development and we got the neighbor supportive of that property because they had a traffic problem. And so we designed a traffic circle, but they couldn’t get the traffic department to put a signal in or a stop sign in. And they had a neighborhood school inside their community and a lot of traffic in the mornings in the afternoons and stopped everything up with private traffic that we’re using the arterioles to get through to their offices when adding to the traffic circle was a good solution. It slows everybody down and allows traffic to flow through and you can come in and out of neighborhoods. Um, so we like to say that that’s a traffic circle that we got, we got approved by the neighbors and by the city of 1000 oaks and one of the conditions is we can throw up a senior housing project in with it.

Brett:

There it is, it’s a people business, right? You got to find a way to solve problems. Yes, all problems. He’ll love that. So thank you for sharing that. So now let’s shift a little bit into capital gains tax. Right. So when you, your history, and all the deals you’ve done, what’s kind of been the biggest, you know, frustration or challenge that you found when it comes to capital gains tax deferral.

Paul:

Well, he did for one that Roy’s reacting to the laws as they change and the way it’s been for quite a while now is we have ordinary losses in our business, just as we manage it. Because our business really at the core is we’re developing you know assets, and then holding we sell some of the assets hopefully for profit But we try to hold assets, if we can’t put them out of the development company and into, into coming into holding companies or companies that are owned by family members and keep them for long term assets in the management team who have you. It is not a smooth transition from our no tax losses that we would have against ordinary income in our business, we have to have those losses sit on the side. And I can use those losses when we take a depreciated asset, income asset and sell it or in some way move it and recognize gain. And which would generate a tax bill that I can shelter the tax bill at that point against our operating losses. So just means I’ve got operating losses through the years that are substantial last tax loss carryforwards if you will, that are substantial. And you know, we can’t get them and you know, yet, what’s going to happen is the last generation of parents and aunts and uncles will pass and pass before us and they won’t have used all of their tax loss carryforwards we won’t have been able to use them and the assets that they are involved in, in with without just selling all them all of those assets. And that, you know, the net, the math is better for us to sell some of them and keep some of me from that generation. You know, I see that same problem coming in my generation, my brothers and sisters and everybody, we won’t likely be able to use all of the tax loss carryforwards in the income properties that we have. This depends on how long we live, maybe we all live a long time and figure that out. But I’m just so dead smooth. The other problem. So we better be clear, your clarity, I think all of your listeners already know what we’re doing is a permanent asset. You know, when we hold it at its basis, we depreciate the value from its bases, until we run out of depreciation that we can use that depreciation against ordinary income as it as we depreciate, which is something I’m sure our listeners are well aware of, then we take the asset, either we have to reinvest in that asset to restrike or reset some depreciation or we have to sell the asset and purchase another one that maybe we can put some money in and create value, add kind of a situation and restart the depreciation clause. 

Brett:

So on that, are you doing? Are you doing 1030 ones when you’re doing that or walk us you know,

Paul:

We certainly have done that sometimes we sell us tax losses for the gains and still purchase other assets with the actual cash coming out 1030 ones nice in but we also don’t want to get tied up and not make the right decision on which asset value asset we’re going to purchase.

Brett:

Yeah, I call that the forced marriage, I call it the 45-day engagement and the shotgun way.

Paul:

You know your name 10 sites, you know, we got all of that sometimes they work out and sometimes paid to that point,

Brett:

Though, is bringing it up because the depreciation schedule travels, right? So if you fully depreciate and you do 1031, guess what, it’s the old depreciation schedule, right? So it doesn’t necessarily get you out of that. So the intent is…

Paul:

But what you’re after, either way, whether I’m putting cash back into a property that we’ve depreciated, and saying, well, we’re gonna add more value to it. So theory think if you think about it, the asset that you’re talking about the maybes depreciate it, if we put more money into it, which actually, I’ve got a shopping center right now through it a shopping center, we move the long term grocer out involving markets in there, you know, better state of the art community, CVS, a whole bunch of small restaurants, shoes, doors, die, doctors, all of that kind of thing. We looked at that essence. And we still like the location, we like all these new key tenants will hold things writing notes, 40 years old, ready to remodel it. So we put money into the remodel which of course, we can depreciate that new money. But the other thing we do for tax purposes, it’s the money that we put in plus whatever was left in the shopping center. In terms of the value, the reason to do it is that our analysis is by putting that money into that shopping center, we create more value than just the original shopping center or the cash that we put in we Reese reposition the entire asset to better use where it is so we have a larger market value than otherwise. 

Brett:

It makes sense. Yes. Yeah. Makes sense. And so the other thing I was curious about is the estate tax. We’re working with some ultra-high net worth families and individuals. So what’s been your big best strategy as it pertains to us? You know, because the stepped-up basis does not account for the estate tax. Right? It’s separate from the capital gains tax. And so yeah,

Paul:

I was in the middle of closing out my deals with the Import-Export Bank of China. And there was a, there was a state tax, I forgot how much it was the time I think it was, it was 10 million or something. I can’t exactly remember, but there was a number you could transfer over that year. So I had to go to Beijing and talk to him. And, you know, Look, guys, we’re gonna, you know, the borrowing entities in the guaranteeing entities and all that we’re going to do, they’re going to shift around for state tax purposes, because in America, we can share from one generation to another, have this amount of money, but it has to be this year, I’m so sorry, I should have the,

Brett:

You know, no, but the biggest thing is the challenge. Another store like that, I think it was the Red Sox, or the Yankees or somebody and I think it was the Yankees, maybe he, I think was Steinbrenner, I don’t know, I don’t want the names wrong. But he died in a year where there is no estate tax. It was the one year that was kind of a gap between the legislation. And his estate was tax-free, right. But then next year, someone else you know, died, who was an owner of this, you know,

Paul:

Don’t go you go give him my nieces and nephews, any ideas, don’t just pick that year and nail me seriously. Right?

Brett:

So but the point is, what are the strategies, you know, we, we, we have with the deferred sales, trust, the ability to sell in one single day, move it all outside of the taxable estate, any given asset as you sell, versus a lot of folks that will before they meet us, they do family, limited partnerships, they do gifting they but they can’t get it out fast enough, right? It takes only so much per year and so much you can do. And so they come to us, they’re like we’ve you know, we’re worth 225 million, and we’ve got 25 out but the rest of it’s still in there, and we still own all these assets, and they’re fully depreciated. And we don’t want to 1031 and you know, and so what have you been the best strategy that you’ve used to get it outside the taxable state, because let’s face it, 40%, not anything above right now 22 million married 11 million single, is we need to hit with a 40% debt tax upon six months upon the passing of the estate. And it’s set in 2025 to drop back down probably to 12 million married and about 6 million single. So what’s been the biggest strategy you’ve used to try to get it to try to legally move it outside of taxable estate?

Paul:

A couple of different approaches who had an eye and obviously this goes through tax accountants and attorneys that are good at this law, there’s a..

Brett:

A brain surgeon is what we call them

Paul:

I just can’t say enough, make sure you get excellent advice, because it is you know, there are technicalities that are particular so absolutely are from a layman’s viewpoint, which is you know, when you’re getting into accounting and tax law for states, I’m a layman in interested like a bit of a layman. Um, we’ve used a couple of procedures about one, to transfer some of the assets into families trust the US tax laws at the time to slowly transfer at it on a basis that we started with the transfer and transfer each year more and more of the asset from one generation to another. Then there still would be when they when that asset gets we don’t when they when the transfer is completed. If the recipients together, say, well, let’s go sell that asset, we’d like to cash out or do something else with the money. Um, of course, the markup from the basis that would transfer that we did miss paying the estate tax, but we still have to pay the ordinary income tax on the increase in the basis. So you know, the issue is and ..

I just can't say enough, make sure you get excellent advice - Paul Griffin III Click To Tweet

 

Brett:

It’s kind of rock and a hard place, right? You can either have one or the other. But you can’t have both. exactly that. Yeah. How do you do that? And that’s the and by the way, we’re running out of time and maybe find another time to go through this even more detail. And it’s been it’s, you know, it’s kind of like part one, we will have Part Two with Paul on here. But the answer is the deferred sales trust you can actually do you can actually do both. But you can’t get the stepped-up basis upon death. But you can maintain the tax deferral and your kids can keep going. And for our listeners who want to learn more about that and go to capital gains taxes, calm, but Paul, for those who want to get in touch with you, we’re running out of time, what’s the best place for them to find you?

Paul:

Media@Griffinliving.com. And you can also look up, you know, always on our website, Griffinliving.com. If somebody has questions or thoughts. You know, we want to know if you got a better idea than I do want to know. Please do reach out to us. We’ll respond.

Brett:

Excellent and Thanks, everyone. Listen to another show. As always, Paul Thank you first of all for sharing your time, your energy, your part of your story, and your wisdom with us. It’s been an inspiration. I want to encourage you to keep using the gifts you’ve been given to help people create and preserve more wealth and create housing especially for seniors right for folks who need it the most and an amazing experience. I personally invest in senior living assisted living facilities, multi-family mobile home parks in the next one I’m focused on and so it means a lot my mom actually was in a she was an LVM nurse and a and a assisted living facilities and senior housing growing up so when I was young Oh after junior high I would go in and I talked with the folks and you know and be with her as she’s ending her shift and so I have a heart for that part of it because it’s kind of been a part when I grew up. So anyway, all that being said, Thank you for being on the show. Reach out to Paul and connect with him. And anyone if we can help you out goes to capital gains tax solutions.com. We appreciate him for hosting the show. Take care, everybody. Bye now.

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Biggest Frustration With Capital Gains Tax Deferral With Paul Griffin III

About Paul Griffin III

Paul E. Griffin III is the founder, Chief Executive Officer, and President of Griffin Living. A fifth-generation builder with forty years of expertise in real estate development, Paul was inducted into the Forbes Real Estate Council in 2020.

Prior to founding Griffin Living, Paul has overseen the development of projects, including residential homes, apartment complexes, retail centers, and commercial office space. He has created over $4.5 billion in value.

Paul’s career has been marked with numerous awards and honors, including Habitat for Humanity’s Builder of the Year (Hammer of Hope) and the Building Industry Association’s Builder of the Year. Additionally, he has won awards from the National Association of Home Builders and the Pacific Coast Builders Conference for design and community land plans as well as for establishing quality programs for volume builders.

Beyond his work as a developer, Paul is a patron of numerous arts, education, and community organizations, volunteering both time and resources. These institutions include Carnegie Observatories, Children’s Hospital of Los Angeles, Koegel Autism Center, Los Angeles Philharmonic, Thomas Aquinas College, Patrons of the Arts in the Vatican Museum, the Wounded Warriors Project, the YMCA, the Young Presidents Organization, and the Ziman Center for Real Estate at the University of California, Los Angeles.

Paul holds a BA in Business Administration and Management from UCLA.

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