By Joseph E. Seagle, Esq.

👋 Happy Friday! Today is National 😎 Relaxation Day 🧘🏼‍♂️. Yep.

❗️Situation Awareness: September 4 from 6 to 8 pm, I’ll be presenting “Land Trusts 101” at the HER ROI Collective (InvestHER meetup) at the RDV Sportsplex Ice Den in Orlando—more details to follow.

1 big thing: 401(k)s open wider to private real estate, crypto

President Trump signed an executive order pushing the Labor Department to ease the path for private equity, real estate, crypto, and other alternatives inside 401(k)s — and told Labor and the SEC to clarify fiduciary rules within six months. The move aims to unlock a slice of roughly $12.5T in defined-contribution savings. 

Why it matters (Florida edition)

• Florida’s growth markets (Miami, Orlando, Tampa) could see more retirement dollars flowing into private real estate funds that buy or build locally, potentially greasing deal pipelines and recapitalizations.

• Sponsors, HR leaders, and plan advisors in your client base will start fielding pitches from alt managers. Expect demand for clear risk/fee disclosures — and for you to translate “illiquidity, valuations, and gates” into plain English for borrowers and investors.

How it works

• Policy direction: DOL must revisit guidance on alternatives in ERISA plans and spell out fiduciary expectations for target-date and asset-allocation funds that hold alts. The SEC is asked to facilitate access for participant-directed plans. 

• Backstory: A 2020 DOL nod to private equity in 401(k)s was narrowed under Biden; this order seeks a broader green light. Self-directed IRAs are also already able to hold these types of assets as investments.

• Crypto tie-in: The order tracks a wider pro-crypto agenda (stablecoin law, a proposed Strategic Bitcoin Reserve, and a White House AI/crypto czar), signaling digital assets may appear in retirement menus via professionally managed sleeves. 

By the numbers

• ~$12.5T: Assets in 401(k)s that alt managers covet. 

• 6 months: Deadline for agencies to deliver clarifying guidance. 

Between the lines

Plan sponsors have long avoided alts due to lawsuit risk, fees, and valuation/illiquidity headaches. Clearer rules could shift the default lineup toward multi-asset funds that tuck in private real estate — creating a steady bid for stabilized Sunbelt assets and development equity. 

Yes, but

These types of alternative investments are risky for novice investors and those who don’t have the time, education, or background to make such investments wisely, putting retirement funds at risk of complete loss.

What this means for dealmakers

• Developers/operators: Start relationship-building with recordkeepers and target-date providers now; qualifying vehicles (evergreen private RE funds, core-plus strategies, interval funds) will be first through the gate.

• Mortgage brokers: More equity at the asset level can revive take-outs and ground-up deals; bake slower capital call timing into your closing calendars.

• Realtors/investors: Watch for new plan-approved products marketed to mass-affluent clients; evaluate fees, redemption terms, and NAV policies before recommending.

• Title/closing teams: Expect institutional processes (Appraisal/NAV cycles, side letters) to lengthen timelines as sometimes happens when self-directed IRAs are acting as the buyer/seller or even lender in the transaction.

What we’re watching

• The exact DOL/SEC language on fiduciary duty and participant disclosures.

• How recordkeepers implement liquidity controls and valuation strikes for private real estate sleeves.

• Whether crypto exposure appears inside multi-asset funds versus as standalone options.

2. Trigger leads face a federal shutdown. Here’s what it means for your deals.

The big picture: Congress has passed the Homebuyers Privacy Protection Act (H.R. 2808), which clamps down on “trigger leads”—the flood of calls/texts buyers get after a mortgage credit pull. It’s headed to the president; once signed, the law kicks in after a 180-day runway.     

Why it matters: Borrower churn and confusion at the pre-approval stage should ease—good news for Realtors, loan officers, and title teams juggling timelines across Florida’s tight inventory and fast closings. MBA is cheering the bill as a “long-overdue” fix that will make homebuying more respectful and efficient. 

How the rule works (plain English): Credit bureaus would be barred from selling mortgage “trigger” data—except to a borrower’s own originator/servicer, their current bank/credit union, or a party with the consumer’s explicit consent (and only for a firm offer of credit). Translation: no more free-for-all dial-a-borrower lists. 

By the numbers: Consumers have reported getting 100+ contacts in a day after applying—often with misleading “we’re calling from your lender” scripts. Expect that to drop materially. Meanwhile, just 1.28M mortgages were originated in Q1’25—down ~70% from 2021—so fewer spam calls won’t meaningfully dampen competition.     

State of play (timing): The Senate adopted the House version; a GAO study on text-message trigger leads is due within 12 months of enactment, and the law becomes enforceable 6 months after signature. Budget your transition now; plaintiffs’ bars will be watching marketing practices closely, much as they did over the past years as they sued (or threatened to sue) Realtors and others who texted or called those on the do-not-call lists.

What we’re watching in Florida:

• Intake & consent: Update borrower LOAs and web/app funnels to capture clear, revocable consent if you still want to market off credit pulls (e.g., cross-sell from a depositor relationship).

• Vendor contracts: Add “no trigger-lead sourcing/selling” reps & warranties; audit lead vendors and sub-vendors.

• Dialing rules: Align scripts with FTSA/TCPA and Do-Not-Call; scrub lists and tighten “implied affiliation” language.

• Pipeline hygiene: Expect fewer mid-process poaches; tighten rate-lock and disclosure timelines to convert cleanly.

• Realtor messaging: Tell buyers: “After pre-approval, you shouldn’t get a barrage of calls anymore—if you do, flag it.”

Between the lines: Fewer cold-call ambushes should raise trust in the primary LO/Realtor team—and reduce rescissions and rescoped files that jam title schedules.

Bottom line: Prep now. In six months, “spray-and-pray” credit-pull marketing gives way to relationship + consent. Florida teams that button up consents, vendors, and scripts will win cleaner pipelines—and calmer clients.

This topic keeps burning up our phones and e-mails, so I’m again talking about HOA’s and land trusts on this weeks Trust This - Ask Joe Anything podcast.

 Listen in or watch on your favorite streaming platform.

3. 📍 Opportunity Zones 2.0: Florida’s New Race for Real Estate Tax Perks

The revamped federal Opportunity Zone (OZ) program slashes the number of qualifying census tracts by 26%—a move that sets the stage for fierce lobbying among Florida developers, city officials, and investors vying to land in one of the state’s limited new zones.

📉 By the numbers:

• The new criteria limit eligibility to tracts with:

  • Median household income ≤70% of area median (down from 80%)

  • Poverty rate above 20%

• “Contiguous” tracts—previously eligible by adjacency—are no longer allowed

• Max 25% of qualifying tracts can be designated by governors

• Nationwide, ~6,500 zones could be selected, down from 8,764 in the original program

🌴 Zoom in: Florida real estate pros take note: Governors must submit their final picks by July 1, 2026, with the new OZ program launching January 1, 2027. In the meantime, cities like Orlando, Tampa, and Miami are already sharpening their pitch decks. Rural counties? They’re lobbying hard for a bigger piece this time around.

📣 “Expect incentives on steroids,” says one investor. With fewer OZs, local leaders are expected to package incentives—like expedited permitting, tax abatements, or façade grants—to lure capital to tracts that appear less attractive on paper .

📈 Flashback: From 2018–2022, the original OZ program drove $89B in equity investments and 313,000 new housing units nationally. But some tracts sparked criticism for over-gentrification and subsidies in already-booming areas. Opportunity Zones 2.0 aims to course-correct.

🔎 What to watch in Florida:

• Urban hot spots like Orlando’s Parramore and Tampa’s Ybor City could see fierce competition

• Developers should track county lobbying efforts and be ready to align with city plans

• Real estate pros should identify tracts now and consider forming coalitions to support designations

💡 Our take: This isn’t just a second chance—it’s a smaller, leaner program with higher stakes. For Florida real estate entrepreneurs, now’s the time to scout locations, build local alliances, and draft your tract’s pitch. The clock is ticking.

4. Closing Thought: 📈 The Supercomputer in Your Pocket

In 1996, the Intel ASCI Red supercomputer — the fastest in the world — cost $55 million and performed 1.3 trillion operations per second. Fast forward to 2023: the iPhone 15 Pro, costing just $1,000, can execute 35 trillion operations per second — nearly 27x faster at 1/55,000th the cost.

Why it matters: This isn’t just a tech stat. It’s a wake-up call. Innovation isn’t linear — it’s exponential. And if you’re building a business today like it’s still 2015 (or even 2020), you’re already falling behind.

💡 The takeaway for entrepreneurs:

1. Speed is the new advantage.

Your competitor might not be better — just faster to adapt. In a world where computing power grows this fast, you can’t afford slow decision cycles, outdated tools, or resistance to change.

2. Technology is democratized.

What once required $55M and a government lab now fits in your pocket. AI, automation, analytics — all are accessible to small business owners willing to embrace them.

3. Reinvention is a habit, not a one-time event.

Markets shift. Tools evolve. Customer expectations leap. The winners will be those who build adaptability into their business DNA.

What to do next:

• Reevaluate your tech stack — what’s outdated, slow, or clunky?

• Embrace AI tools to streamline ops and client service.

• Invest in learning — not just for you, but for your whole team.

The bottom line:

The tools of the future are already here. What used to take a building now fits in your back pocket. Are you leveraging that power, or still acting like it’s 1996?

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