#27 | Self Employed Bank Loans and The Bay Area Real Estate Boom feat. Mark Hanf & Michelle Baylog

Practical Tax with Steve Moskowitz

Mark Hanf, CEO of Pacific Private Money details the latest on transitional loans and Realtor Michelle Baylog answers the question; when did it get so expensive to live in the Bay Area and is there a bubble? Episode Transcript Intro: Welcome to the Practical Tax podcast, with tax attorney Steve Moskowitz. The Practical Tax podcast is brought to you by Moskowitz, LLP, a tax law firm. Disclaimer: The information contained in this podcast is based upon information available as of date of recording and will not be updated for changes in law regulation. Any information is not to be considered tax advice or legal advice and does not form an attorney/client relationship. Further, this podcast may be construed as attorney advertising. You should see professional consultation for your individual tax and legal situation. Steve Moskowitz: Welcome. This is Steve Moskowitz, and welcome to Practical Tax. I'd like to introduce you to my friend, colleague, and go host, Chip Franklin. Chip Franklin: Steve is recovering from COVID. It's good to see he's got some rose in his cheeks, which is nice to see as well, it's one of the byproducts of this. What's interesting Steve, I love talking with you, because of your passion for taxes. I was looking at when you were on some of these sports shows, and we'd bring up luxury taxes and stuff, and just how you get into it. At the end of the day, taxes are about people. We all have to deal with them. We all benefit from them. They can do wonderful things for our society. We all have criticisms and worries about that, too. Real quick, you came here with all your possessions in a box, to San Francisco. Steve Moskowitz: I moved to San Francisco many moons ago, with all my worldly possession in four cardboard boxes. I bought a one way ticket from New York city to San Francisco, and said, "Here I am. I'm going to get my fancy, advanced law degree, specialization in tax, and see what I'm going to do with it." I liked San Francisco, decided to stay, and that was many years ago. Chip Franklin: You've turned that this business from an accountant/attorney into an outreach for people that covers everything from cannabis, as we just heard last episode, to cryptocurrency. It fascinates me. There's other people here in San Francisco, that we've met, that have an interest, obviously, in people, and money, and helping them through periods like that. Joining us right now is a CEO for Pacific Private Money, and a good friend to both of ours, and we've been with before, and worked with before, and that would be Mark Hanf. He joins us here, on our Practical Tax podcast. Hello Mark, good to see you, my friend. Steve Moskowitz: Hi Mark. Mark Hanf: Gentlemen, how are you? Steve, sorry about your voice. Steve Moskowitz: I'm very much looking forward to getting it back, because why'd you say, who's that guest host you have on? What happened to Steve? Chip Franklin: I think the ladies think it's sexy. I think it's a male version of Brenda Vaccaro happening right there. Mark Hanf: A little bit of Rod Stewart going there. Steve Moskowitz: Thanks guys. Chip Franklin: Explain to us about your business. You guys have two parts of your business, and we'll talk about both of them, but tell us a little bit about what hard money is, and what you guys do. Mark Hanf: The term hard money is a little bit dated. Usually 20 years ago, the hard money guy was the guy that everyone knew in town, that if you were in a pinch, you can go to him for money. As long as he thought you had real estate worth enough capital, he'd lend you the money. I started Pacific Private Money 15 years ago, and even now, we prefer the term alternative real estate provider. Essentially, what we do is, we use private capital from investors, most of whom are right here in the bay area, and we make short-term bridge loans to people, to help them either buy their next home when they're trying to compete with ca...