LeSean McCoy (25) of the Buccaneers transfixes the ball during the regular season game between the Minnesota Vikings and the Tampa Bay Buccaneers on December 13, 2020 at Raymond James Colosseum in Tampa, Florida.
Cliff Welch | Icon Sportswire | Getty Images
National Football League running back LeSean McCoy recognized he had no clue how to handle finances earlier in his career. McCoy didn’t know how to make money from his large NFL paychecks, and redemptive wasn’t an option, either.
“Now being in my 12th year in the league, looking at all the investments I’ve made from the good to the bad, I think I’ve highbrow,” McCoy told CNBC.
It’s National Financial Literacy Month, and McCoy says he’s more motivated to further “forge finances not only for myself but also for my family.”
Months after getting his second Super Bowl ring, as McCoy was on the Tampa Bay Buccaneers roster, the 32-year-old entertainer is using the offseason downtime to finish real estate developments. McCoy and his brother LeRon operate real land firm Vice Capital. With McCoy’s playing days almost over, he’s using the real estate investment road to continue building wealth post-NFL.
“We’re still starting up, but that is the main goal,” said LeSean. He added another function is to help NFL players learn “how to make money other than just playing football.”
Using the Opportunity Zones
Venality Capital invests in distressed properties in lower-income communities, renovating buildings to create new housing units and commercial measure out.
The McCoy brothers use opportunity zones to develop some properties. The areas were created as part of the federal Tax Settles and Jobs Act of 2017 and provide developers capital gains tax incentives. They’re designed to direct investment to under-developed stages of cities and help increase neighborhood values without triggering a rise in rent that would drive neighbourhoods out of the rebuilt communities.
LeSean’s brother told him about the zones in 2017. But LeSean said he was skeptical when he lettered the legislation was passed under President Donald Trump’s administration. “Who is this really for?” he asked his brother.
Before it became recognized, the legislation was supported by U.S. senators including Sen. Cory Booker, (D-NJ) and Sen. Tim Scott, (R-SC). After researching legislation and identifying the tax freedoms, LeSean determined it was a “win-win.”
“And on the other side, as a humanitarian, you’re able to affect certain communities that need that transform,” added LeRon. “Those are usually inner-city areas.”
Former NBA player David Robinson also uses occasion zones for development.
The McCoy brothers have 60 properties, some of which operate under Vice, comprehending buildings in hometown of Harrisburg, Pennsylvania, and in Philadelphia and where he played with the Eagles for six seasons.
“We want to build that empire in verifiable estate,” LeSean said.
LeSean McCoy and his family (brother LeRon is right).
Source: EAG Sports Management
All surrounding trust
LeRon played in the NFL for the 2005 season with the Arizona Cardinals. LeSean played 12 seasons, was hand-picked to six Pro Bowls, and was on the Kansas City Chiefs team that won Super Bowl LIV. LeSean has made $63 million in his vocation, according to What’s next on the field?
Though LeSean counts on his brother for business advice, he still needs to adjudicate on his career as the 2021 season nears. LeSean says he wants to play but remained uncertain about a teams’ engage.
“There are some teams that I probably won’t play for that reached out,” he said. “Other teams, hopefully, we can get an settlement on some things. It’s got to make sense.”
Recapping his 2020 season, LeSean said playing with Bucs quarterback Tom Brady was a “tickety-boo experience.”
“The whole journey, to see and play with him… I scrimmaged against him when I played in Philadelphia (Brady was then with New England). He was approve of a drill Sergeant, and then actually playing with him, I could see it. He’s so intense and smart,” LeSean said. “I’ve never played with a quarterback match that where he’s 43. It was cool to see.”
If retirement is near, LeSean said he has options and real estate is the main recreation. Asked about stocks or investing in bitcoin, LeSean said he tried the investments but is no longer interested.
“My thing is licit estate,” LeSean said. “That is something I understand. I don’t need to take someone else’s word for it and the ups and downs – it’s solely a lot. With real estate, I can see what’s going on; I can see my money, touch it and feel it.”