The Real Estate Locker Room with John Carney
The Real Estate Life You Want.
Had the chance to chat with John Carney in The Real Estate Locker Room a few weeks back about how to increase your wealth with 1031 exchanges.
Tune into our conversation here iTunes - Stitcher - Google Play
Key Points:
- 1031 Exchange: In the statue of the IRS tax code, there are provisions that allow you to sell/purchase investment real estate, use a QI, and indefinitely defer paying tax on capital game. Investors may use that tax deferment to purchase more real estate and increase their wealth.
- Not limited to “buy and hold”. You may use the 1031 Exchange for any kind of real estate as long as it is for investment.
- 1031’s are not easy. Your QI is your investment guru.
- Timing requirements: You only have 45 days to identify a new property after the sale of the existing property. Your QI needs to be in place before the sale of the initial property.
- Advice to consider: Research your market. Focus on the big picture. Start early and be strategic. Ready, fire, aim does not work. Work with an expert.
Favorite Sport:
- Basketball & Volleyball
Favorite Books:
- Whatever Happened to Penny Candy
- The Clipper Ship Strategy.
Pro tip:
- Follow your passion and follow it now.
- Only do what your passion is and don’t do anything else. Otherwise, you are going to suck at it and burn out.
Comments