All Forum Posts by: Andrew Sampson
Andrew Sampson has started 1 posts and replied 3 times.
A 1031 exchange requires an “exchange” of property, meaning you must acquire new real property. Unfortunately, paying debt on another property is not an exchange because you already own the other property. You could set up 2 entities and have Entity 2 with old properties acquire an interest in the real property in Entity 1 in exchange for money from the sale of other real property; however, there would still be taxable gain to Entity 1 because Entity 1 sold an interest (not to mention issues relating to “related parties”). In the end, it’s the same result and the tax man must be paid.
Thanks! It's nice to meet you.
Hi everyone!
My name is Andrew, and I'm just getting into real estate investing. Right now, I'm trying to learn as much as possible, while looking out for deals and getting a feel for analyzing them. Meanwhile, I'm trying to save as much as possible from my main job.
By day, I'm an attorney who focuses on transactional law. A lot of trusts, estates, corporations, private party financing agreements, and other business related agreements. While I'm still learning the investing side, if anyone has a question on the legal side, feel free to ask.
My goal over the next month is to read at least 4 books on real estate investing (right now most of the way through David Greene's BRRRR book and I've had it less than a week); and to find at least and analyze at least 5 properties that would be good deals.
If anyone here is in the Santa Rosa/Sonoma area and would like to grab a coffee or beer sometime, hit me up.
It's great to meet everyone!
-Andrew