Herb's Financial Sandbox

Andy Wang - Money Isn't Complicated. The Industry Is

On the latest episode of The Financial Sandbox, Herb Alston sits down with financial advisor and Inspired Money podcast host Andy Wang for a refreshingly honest conversation about money, investing, and why so many people feel overwhelmed by their finances. Andy has spent more than 25 years helping people make smarter financial decisions, and his message is simple: personal finance does not have to be complicated. The key is to ignore the noise, focus on what matters, and make decisions based on your goals—not scary headlines. In This Episode, You'll Learn: The four expenses that make up most household budgets: housing, transportation, healthcare, and food Why tracking your spending matters more than creating a complicated budget How nonstop financial news can lead to bad decisions and unnecessary stress \ Why investing in yourself may be your most important financial strategy—especially in the age of AI How to think differently about retirement, purpose, and what really matters Why generosity, community, and relationships are just as important as money Herb and Andy also dive into everything from planning for college costs and caring for aging parents to avoiding emotional investing and building a life that gives you both freedom and purpose. If you have ever felt overwhelmed by headlines, confused by financial jargon, or worried you are behind, this episode is a reminder that the best financial plan starts with clarity—not complexity. Listen now to hear Herb and Andy unpack money, purpose, and the habits that really matter. About Andy Wang Andy Wang is a financial advisor, podcast host, and managing partner at Runnymede Capital Management, where he has spent more than 25 years helping individuals and business owners simplify their finances, grow their wealth, and plan for retirement. Named one of Investopedia Top 100 Financial Advisors, Andy is known for making money simple, practical, and purposeful. He is also the creator and host of the Inspired Money podcast, which has featured more than 370 conversations with investors, entrepreneurs, and thought leaders about using money as a force for good. His work has been featured by Forbes, Podcast Magazine, and Inside Podcasting. ## Because investor situations and objectives vary, this information is not intended to indicate suitability or a recommendation for any individual investor. This is for informational purposes only, does not constitute individual investment advice, and should not be relied upon as tax or legal advice. Please consult the appropriate professional regarding your individual circumstance. Securities offered through Concorde Investment Services, LLC (CIS), member FINRA/SIPC Insurance offered through Concorde Insurance Agency Inc. (CIA) THORNWOOD FINANCIAL is independent of El and CIA. CA Insurance Lic: OM21935 Check out Herb Alston at: herbalston-northerncalifornia.sites.cbmoxi.com linkedin.com/in/1031exchangeguru

Dave Haupt - Seller Carry, Balloons & Better Outcomes

In this Financial Sandbox episode, Herb sits down with Dave Haupt, our resident Super CPA, to unpack real-world mistakes owners make when selling a business or property and planning a 1031 exchange. What you'll learn Outcome first, tools second. Max cash today, legacy for family, or max deferral? Your goal dictates the structure. Seller-carry gotchas. Balloon payments years later can create unexpected tax events outside your exchange plan. Team sport. CPA + QI + advisor aligned early = fewer surprises, better results. Right pro, right role. Fractional CFO strategy ≠ bookkeeping cleanup—hire accordingly. Service that communicates. Fast, clear responses from a 34-person, five-office team built to keep deals moving. About David Haupt Dave Haupt is a seasoned tax professional with expertise in tax planning, consulting, and compliance. As a trusted advisor to individuals and businesses, Dave leverages his extensive knowledge of tax law and regulations to deliver strategic guidance and solutions. With a passion for staying at the forefront of tax industry developments, Dave is dedicated to helping his clients achieve their financial goals. Outside of the office, Dave's greatest joy is spending time with his loving wife and five children, and he's grateful for the opportunity to balance his professional pursuits with his love for family. ~~ 20250502 Dave Haupt Because investor situations and objectives vary this information is not intended to indicate that an investment is appropriate for or is being recommended to any individual investor. This is for informational purposes only and does not constitute an offer to purchase or sell securitized real estate investments. Such offers are only made through the sponsors Private Placement Memorandum (PPM) which is solely available to accredited investors and accredited entities. This material is not to be interpreted as tax or legal advice. Please consult your legal or tax professional regarding your individual situation. There are material risks associated with investing in real estate securities including the potential loss of the entire investment principal, illiquidity, tenant vacancies impacting income and revenue, general and real estate market conditions, lack of operating history, interest rate risks, competition, including the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and multifamily properties, short term leases associated with multi-family properties, financing risks, potential adverse tax consequences, general economic risks, development risks, long hold periods, and investors should read the PPM carefully before investing paying special attention to the risk section. Risks associated with 1031 exchange- A 1031 exchange has an identification period of 45 days from the sale of the relinquished property to identify a potential replacement property or properties depending on the value of the previous property. To defer all capital gains tax, you must reinvest the entire net proceeds from the sale of the relinquished property into the replacement property and acquire debt on the new property that is equal to or greater than the debt on the property that was just sold and relinquished. DST 1031 proper es are only available to accredited investors (typically defined as having a $1 million net worth excluding primary residence or $200,000 income individually/$300,000 jointly of the last two years) and accredited en es. Securities offered through Concorde Investment Services, LLC (CIS) Member FINRA/SIPC. Advisory Services offered through Concorde Asset Management (CAM), an SEC registered investment advisor. Insurance products offered through Concorde Insurance Agency, (CIA). Thornwood Financial is independent of CIS, CAM and CIA. Check out Herb Alston at: herbalston-northerncalifornia.sites.cbmoxi.com linkedin.com/in/1031exchangeguru

Maximize Your Real Estate Portfolio with 1031 Insights

Finances can feel overwhelming, but we're here to simplify the conversation with facts, a dash of wit, and a lot of expertise. This week, Herb Alston dives into the world of 1031 exchanges with expert James Callejas of IPX 1031 Exchange. If you're a property owner or investor curious about deferring taxes while maximizing real estate investments, this episode is your go-to guide. Breaking Down 1031 Exchanges with Ease James simplifies the complex process, covering essential steps like verifying property qualifications, understanding equity and debt transfer, and exploring both forward and reverse exchanges. Unlocking Real Estate Potential James shares how 1031 exchanges can transform real estate portfolios, turning stagnant assets into income-generating properties. His advice? Always consult an expert early to map out a clear timeline and avoid complications. Why You Should Care For real estate investors, a 1031 exchange opens doors to smarter investments without the burden of heavy taxes. But as James emphasizes, this is not a DIY project. Success requires proper advice and planning. Listen and Learn Whether you're a seasoned investor or just starting out, this episode delivers practical tips and clarity to help you maximize your investments. Herb's humor and James's expertise make complex topics approachable and even enjoyable. About James Callejas Vice President of National Accounts with Investment Property Exchange Services, Inc. His 25 years of expertise in the 1031 Exchange industry has come in the form of structuring, coordinating and procuring all types of exchanges, including: Delayed, Simultaneous, Reverse and Build-to-Suit Exchanges. James has conducted thousands of seminars on different topics related to real estate, tax, estate planning and personal property. He teaches Continuing Legal Education and Continuing Professional Education to Attorneys and CPAs. Additionally, James is often asked to speak at real estate forums for Commercial Brokers, Agents Wealth Managers, Principals and other assorted real estate professionals. James currently resides in Walnut Creek and received his B.A. from the University of California at Berkeley. ~~~ Because investor situations and objectives vary this information is not intended to indicate that an investment is appropriate for or is being recommended to any individual investor. This is for informational purposes only and does not constitute an offer to purchase or sell securitized real estate investments. Such offers are only made through the sponsors Private Placement Memorandum (PPM) which is solely available to accredited investors and accredited entities. This material is not to be interpreted as tax or legal advice. IRC Section 1031is a complex tax concept; therefore, you should consult your legal or tax professional regarding the specifics of your individual situation. There are material risks associated with investing in private placements, Delaware Statutory Trusts ("DSTs") and real estate securities including the potential loss of the entire investment principal, illiquidity, tenant vacancies impacting income and revenue, general and real estate market conditions, lack of operating history, interest rate risks, competition, including the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and multifamily properties, short term leases associated with multi-family properties, financing risks, potential adverse tax consequences, general economic risks, development risks, long hold periods, and investors should read the PPM carefully before investing paying special attention to the risk section. Risks associated with 1031 exchange- A 1031 exchange has an identification period of 45 days from the sale of the relinquished property to identify a potential replacement property or properties depending on the value of the previous property. To defer all capital gains tax, you must reinvest the entire net proceeds from the sale of the relinquished property into the replacement property and acquire debt on the new property that is equal to or greater than the debt on the property that was just sold and relinquished. Securities offered through Concorde Investment Services, LLC (CIS) Member FINRA/SIPC. Advisory Services offered through Concorde Asset Management (CAM), an SEC registered investment advisor. Insurance products offered through Concorde Insurance Agency, (CIA). Thornwood Financial is independent of CIS, CAM and CIA.

Straight Talk on REITs, DSTs, and What Investors Miss - Debra Froling

Melissa Croll of Attlee Realty, LLC— journalist at heart, entrepreneur by instinct. From oil & gas to car wash deals, her path proves that curiosity and grit make powerful business tools. In this episode, we cover: * How Melissa carved out a niche brokering car wash businesses nationwide * What makes selling a business wildly different from selling a house (hello, P&Ls and DSCRs) * Why mentorship matters—and how women are winning in male-dominated spaces * The reality of today's market: multiples, SBA loans, and what "bankable" really means * Car wash types (self-serve, in-bay, express tunnel, full-service) and who they're right for * Subscriptions, tech, and the next wave in wash ops. If you've ever wondered how a neighborhood wash can be a serious investment—or you're eyeing your first acquisition—this podcast is for you! On this podcast, Deborah Froling—a seasoned attorney in real estate and capital markets—breaks down the building blocks behind REITs and the structures investors ask about most today. Deborah shares how she "fell into" the REIT world at the SEC in the early 1990s, right as the REIT market was taking off, and why understanding the why behind a structure matters more than chasing what's trendy. Herb and Deborah break down real-world topics like REITs and Delaware Statutory Trusts (DSTs), and explain a common path many investors consider—from a 1031 exchange into a DST, and then into a 721 UPREIT. They also highlight an important trade-off: once you convert into a partnership through a 721 exchange, you can no longer use future 1031 exchanges. The conversation also highlights Deborah's candid leadership perspective on navigating a male-dominated industry, the importance of mentors, allies, and sponsors, and why the next generation needs to be welcomed into the space—then guided with real opportunities. Listen in on the full conversation with Herb Alston for a smart, straightforward episode packed with insights you can actually use. About Deborah Froling Deborah Froling is an attorney with deep experience across REITs, securities, and alternative investments, spanning public and private transactions—from major IPOs to private placements. Known for her direct, practical approach, she helps sponsors and issuers align the right structure with the right audience, with a focus on clarity, compliance, and long-term durability. ## Because investor situations and objectives vary this information is not intended to indicate that an investment is appropriate for or is being recommended to any individual investor. This is for informational purposes only and does not constitute an offer to purchase or sell securitized real estate investments. Such offers are only made through the sponsors Private Placement Memorandum (PPM) which is solely available to accredited investors and accredited entities. This material is not to be interpreted as tax or legal advice. Please consult your legal or tax professional regarding your individual situation. There are material risks associated with investing in private placements, Delaware Statutory Trusts ("DSTs") and real estate securities including the potential loss of the entire investment principal, illiquidity, tenant vacancies impacting income and revenue, general and real estate market conditions, lack of operating history, interest rate risks, competition, including the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and multifamily properties, short term leases associated with multi-family properties, financing risks, potential adverse tax consequences, general economic risks, development risks, long hold periods, and investors should read the PPM carefully before investing paying special attention to the risk section. Securities offered through Concorde Investment Services, LLC (CIS) Member FINRA/SIPC. Advisory Services offered through Concorde Asset Management (CAM), an SEC registered investment advisor. Insurance products offered through Concorde Insurance Agency, (CIA). Thornwood Financial is independent of CIS, CAM and CIA. Check out Herb Alston at: herbalston-northerncalifornia.sites.cbmoxi.com linkedin.com/in/1031exchangeguru

From Storytelling to Deal-Making: The Road to Car Wash M&A - Melissa Croll

Melissa Croll of Attlee Realty, LLC— journalist at heart, entrepreneur by instinct. From oil & gas to car wash deals, her path proves that curiosity and grit make powerful business tools. In this episode we cover: How Melissa carved out a niche brokering car wash businesses nationwide What makes selling a business wildly different from selling a house (hello, P&Ls and DSCRs) Why mentorship matters—and how women are winning in male-dominated spaces The reality of today's market: multiples, SBA loans, and what "bankable" really means Car wash types (self-serve, in-bay, express tunnel, full-service) and who they're right for Subscriptions, tech, and the next wave in wash ops If you've ever wondered how a neighborhood wash can be a serious investment—or you're eyeing your first acquisition—this podcast is for you! Melissa Croll brokers car wash, oil-and-lube, and land-development deals. She handles comps/valuations, negotiations, and contracts across residential and commercial transactions, and drives growth with targeted marketing (including an HGTV appearance). Honors include Dave Perry-Miller Intown Top 10 Realtor and two-time Million-Dollar Month Club (2010). ~~ Because investor situations and objectives vary this information is not intended to indicate suitability or a recommendation for any individual investor. The information herein has been prepared for educational purposes only and does not constitute an offer to purchase or sell investments. This material is not to be interpreted as tax or legal advice. Please speak with your own tax and legal advisors for advice/guidance regarding your particular situation. The views expressed here are solely those of the author and do not necessarily reflect the opinions of Thornwood Financial, Concorde Investment Services or any other affiliated entity. Securities offered through Concorde Investment Services, LLC (CIS), member FINRA/SIPC. Insurance offered through Concorde Insurance Agency Inc. (CIA). Thornwood Financial is independent of CIA and CIA. Check out Herb Alston at: herbalston-northerncalifornia.sites.cbmoxi.com linkedin.com/in/1031exchangeguru