Listen to this episode as Taylor Loht discusses how to wipe out capital gains taxes with Scott Krone.
Mr. Krone is a Chicago native whose career in architecture began in 1991 by pursuing his Masters of Architecture from the Illinois Institute of Technology. While obtaining his degree, he also worked as a Project Manager for Optima, Inc. During his time at Optima, Krone’s responsibilities included such notable projects as the 400 unit Cormandel in Deerfield, IL, the 40 unit HedgeRow in Winnetka, IL, and the 51 unit Optima Center Wilmette in Wilmette, IL.
In 2012, Mr. Krone founded Coda Management Group – a firm who specializes in managing real estate assets. Since its inception, Coda has manages a wide range of real estate including single and multi-family homes, retail, commercial warehouse and self-storage and multi-use flex athletic spaces. Currently, the platform of investments is in excess of $55 million.
In 1998, Mr. Krone founded Coda, an award winning Design + Build | Sustainability | Consulting firm. Since its inception, Coda has won numerous design/build awards including the international Green GOOD Design Award in 2010, Best of Houzz 2014 and 2015, and Design Evanston Award. Their work has been featured in notable publications as Dream Homes - Chicago, Midwest Luxury Homes, Crate & Barrel 2010 Best Catalogs, NBC TV Show Taste, and national ACE Hardware Commercials.
In addition, Mr. Krone has authored High Performance Homes – Navigating the Green Road to Your Dream Home, a book for homeowner’s seeking to incorporate green technology into their home.
Scott resides in Wilmette, IL, with his wife and three children.
Key Points From This Episode:
- A new way that investors can wipe out their Capital Gains tax burden on multiple investments
- Increase your earnings by investing in quality real estate assets
- How to simultaneously eliminate capital gains taxes
- Scott's strategy today of investing in a variety of assets
- Details about Scott's Opportunity zone Fund
- PACE Funding: the federal program that looks to reduce a building’s carbon footprints.
- What motivated Scott to pursue his niche.
- How the market is not the biggest hurdle in self-storage.
- The two biggest self-storage mistakes: not knowing your competition or your market.
- Creative ways of increasing investor returns: historic tax credit, opportunity zones, and PACE.
- The markets Scott is looking at buying in and how he locates properties.
- Challenges in Scott’s journey with real estate: getting people to believe in him.
- How Scott has used the Enneagram to improve his business recently.
- Why Scott understands investors well: he does the design, development, and the build.
Please note that this is **not** personal financial, investment, or tax advice. You should always work with appropriate licensed professionals such as your CPA to evaluate whether a particular investment or strategy is right for you.
Listen to the full interview and read the complete show notes here!