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All Forum Posts by: Joe Vesey

Joe Vesey has started 0 posts and replied 65 times.

Quote from @Brian Capossela:

I own a few buildings in the socialist state of California.  What is the best 1031 options to go purely passive (from self manage --> what?)?  


Best,

Hi Brian, 

I specialize in helping 1031 exchange clients into passive investments.  Glad to have a discussion to answer questions.  Connect if you'd like to talk.  thanks

Joe

Post: Considering a 1031 Exchange into DSTs

Joe VeseyPosted
  • Financial Advisor
  • Posts 66
  • Votes 33

I specialize in this type of transaction and would be happy to have a conversation including why they may not be a fit for you.  Send me a DM if you'd like to connect. 

Best, 
Joe

Post: An alternative to Quest Trust Co, now known as Inspira?

Joe VeseyPosted
  • Financial Advisor
  • Posts 66
  • Votes 33

I use Advanta IRA and have been happy with the level of service that they provide.

Post: Options for cash only passive RE investments

Joe VeseyPosted
  • Financial Advisor
  • Posts 66
  • Votes 33

I have access to deals with no debt that provide monthly distributions.  Send me a note if you'd like to discuss.  

Post: 1031 Into Passive Investment Through TIC?

Joe VeseyPosted
  • Financial Advisor
  • Posts 66
  • Votes 33
Quote from @Paul V.:

1031 exchanges have been interesting to me, although, outside of a DST, they still require active management.

I received an invitation from a well regarded real estate developer to 1031 exchange into an acquisition they are doing. This is made possible by them setting up a Tenants In Common (TIC) structure.

Has anyone done this before? Looking forward to hearing your experience.


Yes, this is fairly common. There are some potential downsides to a TIC, but they can be an effective solution for the right situation. Send me a note if you'd like to discuss.

Post: Are two 1031 exchanges allowed in the same year?

Joe VeseyPosted
  • Financial Advisor
  • Posts 66
  • Votes 33
Quote from @Fabiola Noel:

Would I be able to use 1031 exchange to buy shares of a property as an investor as well?


 Depends on the structure of the deal.  If you are able to purchase as a "tenant in common" then that would work for a 1031.  Partnership interests are not considered like kind in a 1031 exchange. 

Post: Are two 1031 exchanges allowed in the same year?

Joe VeseyPosted
  • Financial Advisor
  • Posts 66
  • Votes 33

You can definitely have multiple 1031 exchanges in a single year (I am assuming these are on DIFFERENT investment properties).  Yes, you can use proceeds from multiple exchanges and buy into a single replacement property (WATCH the timing though - as as soon as you close on your first relinquished property then you are on the clock).  

Quote from @Srinivas Reddy:

Thanks Bill and Brad. Definitely something to chew on. Even annuities sound better than having to deal with real estate rentals. We are currently barely breaking even on the rental as it is an old building and needs a lot of maintenance. I was hoping to defer capital gains and somehow convert it into income!

We are set on LA (Glendale area) because of family. Getting a multi-family home with ADUs expansion capability is another option I was looking at to boost income. If we sell our current home where we live in and pay off the remaining mortgage on the rental we will have $2m in cash available only for rental though (because of 1031).


 You can definitely defer the taxes and convert the proceeds into income, but I am not aware of any that will return 8-9% cash on cash AND also work for an exchange.  Send me a note if you'd like to discuss.  

Post: Can you use different names on the titles using a 1031

Joe VeseyPosted
  • Financial Advisor
  • Posts 66
  • Votes 33

No, the taxpayer needs to remain consistent "how you sell is how you have to buy."