Social-Proof
Herman Dolce, in his interview discusses the importance of leveraging credit to make more money and why there's no limit to how much credit he can get. Dolce emphasizes how credit helps to leverage other people's money to make more money and never cap oneself so that his cash stays in his pocket. He also emphasizes the importance of having a CPA and a tax professional as they can help with tax-saving strategies. Dolce recommended going to credit unions for funding and good personal credit scores to fund LLCs and obtain business credit. Moreover, he advises on how to leverage business expenses and write-offs to minimize taxes and maximize profits. Lastly, Dolce explains the importance of separating business and personal finances to max out personal credit cards and dropping credit scores.
In this section, Herman Dolce discusses the importance of leveraging credit to make more money and why there's no limit to how much credit he can get. He talks about how having access to millions of dollars in credit allows him to buy a two million dollar building with just a hundred or two hundred thousand down. By leveraging the bank's money, he is able to cash out refi to two million dollars and use credit to fix it up, which turns it into five million dollars without any money coming out of his pocket. Dolce emphasizes that credit is crucial because it allows one to leverage other people's money to make more money and never cap oneself, so his cash stays in his pocket.
In this section, Herman Dolce explains the benefits of a conservation easement, which provides a big tax break that can take up to four times the amount of your investment off your tax burden. He emphasizes the importance of having a CPA and a tax professional as they can help with tax-saving strategies. One strategy involves investing in whole life insurance policies, where you can front load the money you make into an investment that you don't have to pay taxes on. The policy accrues interest over time, and you can even take out loans against it, allowing you to keep flipping the money over and over again.
In this section, the guest explains that keeping money flowing is essential because when money stops moving, it is either spent or taxed. He advises putting everything in a business name and establishing an LLC with an EIN. Once all the paperwork is ready, the LLC is given life by giving it a name, address, and phone number, making it look like a person. This process requires caution since companies with names that suggest high-risk industries like real estate may get lower funding. The guest has 22 active businesses and 50-60 LLCs waiting to be funded. To access capital, the LLCs must be given a purpose, after which they can successfully apply for lines of credit and access funds.
In this section, Herman Dolce talks about his strategy for building business credit without resorting to high-interest loans from sources like Shopify and Stripe. His approach involves obtaining 0% interest loans from banks over 12-month periods and paying them off after which he then repeats the process at another bank. Dolce also mentions how he personally guarantee loans but gets the debt in his business's name, allowing for the money to be used in ways that can help to grow his business. Lastly, he talks about the different banks he goes to obtain such loans and maximizes his use of credit by leveraging it to buy trucks.
In this section, Herman Dolce discusses his preferred investment strategies, which include real estate and trucking. He explains that he leans more heavily on trucking due to its nice cash flow, while real estate provides a long-term asset for wealth. Dolce then walks through a real scenario where he purchased a duplex property in Northeast Philly for $110,000 using a business credit card and a hard money lender, which is now cash flowing $2,500 per month. He also explains how he refinanced the property through a regular mortgage to pay back the hard money lender and his credit card debt. Additionally, Dolce discusses his use of LLCs and trusts in his investment ventures.
In this section, Herman Dolce discusses how he manages his trust, which he uses to separate himself from his businesses. He explains that he is the trustee of the trust and controls the assets, while his wife and children are the beneficiaries who gain control if something happens to him. Dolce also reveals that he has been audited three times, emphasizing the importance of having proper documentation and describing how he had to pay back $30,000 for the first audit. He also shares an interesting story about reducing his tax bill by utilizing an automatic tax credit for having a business while Trump was in office.
In this section, Herman Dolce discusses how to leverage business expenses and write-offs to minimize taxes and maximize profits. He explains that, by following the rules set by the IRS and working with a knowledgeable CPA, businesses can legally deduct expenses and use credits to cut tax bills. He also emphasizes the importance of building trustworthy partnerships and having a strong team to help navigate the complexities of tax planning and business credit acquisitions.
In this section, Herman Dolce shares his advice on how to fund LLCs and get business credit. He recommends going to credit unions for funding as their underwriting guidelines tend to be less strict compared to larger banks. To obtain business credit, a good personal credit score is required. A minimum credit score of 680 with at least two credit cards on the credit report that are over two years old and a limit of about $2,500 are suggested. As the business grows and generates more revenue, personal guarantee will no longer be necessary for credit applications.
In this section, the conversation revolves around the importance of having a good tax professional to help with the tax burden when investing in property and businesses. Herman Dolce also shares his personal experience of maxing out his personal credit cards and dropping his credit scores before learning the importance of separating business and personal finances, which changed his life. Dolce talks about his early experience with credit and how he learned to improve credit scores by writing letters, and he shares his professional background as a social worker before finding success in business.
In this section, Herman Dolce discusses how he got started in his entrepreneurial journey. He shares the story of how he and his wife went on a baby moon to Italy. After the trip, Herman realized that he wanted to have the freedom to travel whenever he wanted, which inspired him to start his own business. With the encouragement of his brother, he began offering credit services to his friends and eventually started charging them $200 per service. This led to an influx of clients and he expanded his services to include business credit and funding. Herman now offers mentorship to help others navigate the process of building business credit and partnerships.
In this section of the video, Herman Dolce emphasizes the importance of structuring a business correctly to build relationships with banks and obtain business credit. He shares his involvement in multiple businesses and talks about his assistant who helps him with logistics and organization. He plans to eventually step down from his current position and focus more on speaking engagements, as he found passion in teaching and mentoring. The conversation then shifts to the topic of credit cards, with Dolce mentioning the benefits of a platinum card and dismissing the allure of owning a black card.
In this section, Herman Dolce explains the importance of leveraging business credit for building partnerships and increasing revenue. Dolce emphasized that having credit enables a business owner to take advantage of opportunities to acquire assets without using their own cash reserves. For instance, having access to a million dollars in credit could enable them to 10x their investments and grow their business faster. Dolce advises against paying off property immediately as there's an opportunity cost associated with cashing the property out.
In this section, Herman Dolce advises against paying off cheap debt. He explains that an interest rate of three to four percent is considered cheap and can be better leveraged in making money elsewhere. Dolce provides examples such as investing in more real estate or buying a truck that can generate returns of more than what is being paid in interest. Instead of just paying off cheap debt, Dolce advises investing the money in locations that can give higher returns. He believes that the money will make more money elsewhere, and that is more beneficial than paying off cheap debt.
In this section, Herman Dolce and Dave discuss the best option for refinancing a property they are considering. Herman suggests paying off the property before refinancing it, while Dave suggests refinancing it right away to take advantage of a lower interest rate. After doing the math, they agree that refinancing without paying off the property is the best option. They also discuss using the money gained from the property for investing in real estate or trucking, and Herman shares his experience starting his own podcast. Finally, Dave shares the benefits of joining the Morning Meetup community.
In this section, Herman Dolce emphasizes the importance of building relationships with successful people in order to become successful yourself. Dolce believes that success is contagious and that being around successful people will force you to push the envelope and achieve more. He also shares his goal of funding one billion dollars in five years and encourages listeners to follow him on social media and enroll in his mentorship program. He offers a discount code for his mentorship program and even provides three free ebooks for those who text him the word social proof. Dolce concludes by sharing his personal story of taking care of his father and the blessings he has received from being in a position to do so.
In this section, Herman Dolce shares how his father, who worked for Donald Trump's father, limited his dreams and aspirations because of his limited perspective. He emphasizes the importance of auditing one's circle and taking advice only from people who have been successful in what they are advising or those who have failed and learned from their mistakes. He encourages viewers to follow him and get funding for their businesses while also building social proof and sharing their success to help others in their community.
No videos found.
No related videos found.
No music found.