If you look at some of the wealthiest people in this country, you will notice that a lot of them are real estate owners. Picking up from where we left off, we finish laying down the seven powerful tools that these real estate tycoons have used to create and build legacy wealth. Still with Kirk Chisholm from Innovative Advisory Group, we talk about inflation and deflation and how you can take advantage of those, as well as debt reduction and the tax benefits of real estate. Learn more about these tools as you discover why real estate is considered as one of the best investments to be in. Combine what you have learned in this two-part series and create your own long-term strategy to start building wealth.

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This is part two of the Seven Powerful Tools to Create Legacy Wealth from Real Estate. On our previous episode, we were talking with Kirk Chisholm. We are going to pick up where we left off.

If you missed our last episode, be sure to listen to 7 Powerful Tools To Create Legacy Wealth From Real Estate.

Enjoy the show!

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7 Powerful Tools To Create Legacy Wealth From Real Estate (Part 2)
Inflation is very closely tied to virtually all these seven benefits that we're talking about, but it's very closely tied to everything about real estate. I was actually with Peter Schiff, hanging out with him and a few other people. He's always about doomsday. Everything's going to hell in a handbasket. He is very much in the camp that we have inflation. We're going to continue to have inflation and we could potentially even see hyperinflation. It may sound great if you're a real estate investor, but it has its other blowback and implications. The thing is, as far as I understand it, we live in this country, in this economy, in this world market that we have. We live in an inflationary environment.

Even the Federal Reserve has a stated mandate of having a 2% annual inflation rate. Real inflation is probably higher than 2%. It is probably closer to 4% to 5%, maybe more. If we have to have an inflationary environment in order to sustain the type of economy and economic structure that we have, I don't think there are a lot to worry about as a real estate investor when it comes to inflation. You listen to a guy like Harry Dent who is also very much of the mind that we will have a long-term inflationary environment. He's the type of person to believe that we're going to see a deflationary environment first. We're going to see deflation and then followed by a strong inflationary environment or hyperinflation. I'd like to ask you what you think. What are your long-term predictions for inflation? Do you think we're going to have a deflation before a continued inflationary environment? Do you have any opinion on that?

Harry Dent and Peter Schiff must be very smart and a lot smarter than me if they can predict the future because I can't. I could tell you this, I'd love to be hanging outside their offices selling caves because they're telling everybody to go live in a cave with their guns and their gold and protect themselves. That sells a lot of newspapers. I'm picking on them. It's not just them. A lot of people are out there saying it’s the end of the world. We're going to have hyperinflation or we're going to have deflation. It's going to destroy everything. The point is, it sells newsletters, it sells newspapers. The reality is usually much more nuanced than that. When 2008 happened, I predicted that we'd have higher unemployment than we did and ended up getting there.