All Forum Posts by: Ben Feder

I love this convo. The student loan debt is at $1.4 trillion. The debt service ion this is second only to home mortgage.

The average income for a college graduate is plus or minus $50,000.

So, clearly plenty of people are willing to spend like drunks for education. And said education produces very little $$.

Why would you not spend $$ on RE education which has much more of a chance of making you rich?

@Ben Feder To expand on @Lauren Hogan's response. A Qualified Intermediary, or QI, is a key component of a 1031 exchange transaction that falls within IRS safe harbors. 

I know that technical definition may just raise a whole new set of questions, so to preempt those...

When doing a "deferred 1031 exchange" in which you sell one property and only at later date acquire the replacement property, the taxpayer may not receive (or constructively receive) the proceeds of the initial sale. The QI's role is to hold the sales proceeds, pursuant to IRS regulations, so that they are not deemed received by the taxpayer. 

Of course, the role of the QI has evolved with some of them enhancing your 1031 exchange experience and outcome in infinite ways - as outlined by @Michael Skoczylas, @Bill Exeter, and @Dave Foster.

 Which bootcamp was it for? What company or expert?

@Ben Feder If you have an agent helping you, start making offers man.  There will never be a perfect time.  You don''t need an accountant to land your first rental.  You don't need hours logged rubbing shoulders with mortgage brokers to get one either.  As @Nat Rojas alluded to above, it's very likely your agent will have a lender they have worked with in the past he/she can refer you to if you don't have one yet.  It's free to prequalify and you can change if you find a better option while you are under contract (I've done it).  I'm sure your agent also knows a few contractors they can pass you info for.  Just start man 

I believe the answer to that would be no. The rules say up to 4 units.

@Ben Feder if it was Re Mentor run .....

I always reach out via phone or email to see how quickly and professionally they respond. You'll be shocked by how many people don't return a phone call or email. If they don't, that makes it easy. If they do withing a reasonable time frame, I ask if they'll meet me for coffee and answer some questions. If you can get them to meet you and patiently and respectfully answer your questions, go from there. 

For me, it's vital that the people I work with communicate efficiently with me and are willing to answer as many questions as I have. If they don't do those things, they certainly won't improve once we are working together. 

@Ben Feder

It might NOT be a scam but it is expensive for sure. I believe when you go to the boot camp, they will sell you some massive program in the range from $25K to $75K (may be) ; do NOT buy those luxurious program since there is no gurantee it will help you close deals ( it might help you but you do NOT have to pay that kind of money). I paid $600 for a three-day boot camp similar to this; the class was good until they brought in the sales pitch. However, it really depends on you; you can pay this amount to gain something valuable; just do NOT pay the expensive program they might upsell you in the upcoming 3-day bootcamp. Best of luck in your investments.