On the show today is Ted Lanzaro to talk about 1031 exchanges and how they can be used smartly for increasing your net worth! Ted gives a bunch of examples of how you can use this strategy in your real estate business and keep growing your assets, all the while avoiding large taxation.
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He discusses the role of market timing in this system and some of the key components to getting to grips with when approaching an exchange. Ted even offers a few tips and tricks around timelines and cost segregating for all of our listeners! The conversation covers the particulars of when this exchange is possible and when it is not, the idea of the reverse 1031 exchange and the role of an intermediary in the process. From there Ted gives us a bit of insight into his own practice, things he has changed recently in his business and his newfound love for social media! For a great chat with a fabulous guest, tune in today!
Key Points From This Episode:
- Deferring capital gain on a sale and increasing net worth through a 1031 exchange.
- The role of market timing in this exchange strategy.
- Basic concepts to understand when considering a 1031 exchange.
- Leveraging these timeframes in smart ways and giving yourself some extra runway.
- Cost segregating properties and how this fits into the 1031 model.
- When is too late to pursue a 1031 exchange during the sales process?
- What is a reverse 1031 exchange? Purchasing before a sale!
- Getting familiar with rules and respecting the seriousness of the procedures.
- Finding a qualified intermediary to lubricate the 1031 process.
- How re-marketing his business with social media improved things for Ted.
- How Ted learned the usefulness of social media; trial, error, and reading.
- The winning combination of CPA and investor qualifications!
- And much more!
[bctt tweet=”Any time, right up to the closing you can decide to do a 1031 exchange and being aware of those kinds of rules is really helpful. — @lanzarot” username=”Whitney_Sewell”]
Links Mentioned in Today’s Episode:
About Ted Lanzaro
Ted Lanzaro is a Certified Public Accountant and real estate investor with over 29 years of real estate consulting and investing experience. He is also the author of The Tax Smart Landlord, a book of tax strategies for real estate investors. Ted has helped thousands of investors nationally save millions of dollars in taxes in his career.
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