The 1031 exchange is a tool that everyone needs to have in their arsenal or in their toolbox. Welcome back to another episode of the Real Estate Syndication Show! Today our guest is Greg Lehrmann. Greg is a double board-certified real estate attorney, who has devoted his last 26 years to helping commercial real estate investors and brokers complete 1031 exchanges. He is here to show us the most positive surprises about 1031 exchanges. The information Greg provides is absolutely critical to everyone in the commercial real estate world and we are thrilled to have him on the show.
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Tune in today for all things 1031 — Greg shares how he got into 1031s, the history behind the, we hear about the three words to know when we talk about 1031s, the three-property rule, and what questions to have in your arsenal when working with brokers. We also talk about the future and what might be expected in 2021 in both the 1031 aspect and the real estate market. Stay tuned for all this and more!
Key Points From This Episode:
- Greg dives into his background of helping commercial real estate investors and his specialty.
- Secrets we need to know about 1031’s right off the bat.
- Greg shares the history of 1031’s.
- He dives deeper into the concept of “like-kind” and what that means tax-wise.
- We talk about the second word — exchange and what it means in a 1031 context.
- Greg explains the “three-property rule” in your 45 days to list after closing.
- Qualified Intermediary: The good news and the bad news and how it is defined.
- Questions to ask so that you can discern if you are working with a reputable qualified intermediary.
- How Greg views the outlook of 1031s for 2021.
- Greg’s advice to passive investors and operators with regards to 1031s.
- Greg’s predictions for the real estate market for the next 6-12 months.
- Daily habits that inspire discipline helped Greg achieve success.
- How Greg likes to give back.
[bctt tweet=”The three-property rule allows you to list three properties. And you can switch those out during the first 45 days, but not after that. But if you listed three properties, and you got past day 45, then your number one choice fell through at least you have two more on your list. But you can’t go grab another one somewhere else. But you can just go down your list and then close within 180. — @GLehrmann” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
Greg Lehrmann Cellphone —+1 (866) 266-1031
About Greg Lehrmann
Greg Lehrmann, Esq., is a Division Manager/SVP with Asset Preservation, Inc. Asset Preservation, a subsidiary of Stewart Title Company, is a leading national IRC §1031 “Qualified Intermediary” and is efficiently handling exchanges in every state. Combining a national title company as a partner has proven to be the approach of choice by astute investors. Asset Preservation is one of the most respected national Qualified Intermediaries in the United States and has successfully completed over 180,000 §1031 exchanges throughout the nation.
Mr. Lehrmann has 38 years’ experience in commercial and residential real estate law. He dedicates a significant portion of his time speaking to attorneys, CPAs, escrow officers, real estate agents/ brokers and investors on the many ways to improve investment returns through IRC Section 1031. His presentations feature many real-life exchange scenarios to illustrate a wide range of investment and tax strategies. A sample of his numerous articles are:
- “1031 Tax-Deferred Exchanges: Evolving Rules, Greater Opportunities” (July 2002 Tierra Grande)
- “Using Advanced §1031 Exchange Strategies to Improve Client Investment Returns”, (Spring 2005 Professional Report – national publication of Society of Industrial and Office REALTORS®)
- “Keeping Uncle Sam Out of The Oil Patch”, (January/February 2008 – Landman national magazine)
- “Safe Harbor” (July 2008 Texas Realtor article on vacation-home exchanges.)
Mr. Lehrmann and his wife, Texas Supreme Court Justice Debra Lehrmann, have two sons: Jonathan is an attorney with Wright, Close & Barger in Houston and Gregory is an attorney with The Knight Law Group in Los Angeles.
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