May 16, 2023
Key Takeaways
1031 exchanges can help preserve profits and accelerate wealth building.
Honesty and clear communication are essential in business and personal relationships.
Real estate can be a powerful investment tool, allowing for property growth and financial leverage.
As a bank-owned qualified intermediary, Northern 1031 Exchange provides a sense of security and safety.
1031 exchanges defer taxes but do not eliminate them, with the ultimate goal being a stepped-up basis for heirs upon inheritance.
Diversifying investments in different types of real estate can be more beneficial than cashing out and paying taxes.
Primary residences and personal property are excluded from 1031 exchanges but may qualify for tax exemptions.
The IRS recaptures depreciation taken at 25%, making a 1031 exchange a more favorable option to defer taxes.
Timeline
[00:45] Intro to Podcast
[03:00] Intro to episode guest
[04:17] One word that describes Michelle personally and professionally.
[05:30] How about a little background on yourself?
[08:12] You got your real estate license to do your own transactions. Did you sell any real estate?
[11:43] Michelle explains the terminology of a qualified intermediary.
[23:32] Do we know how much money goes through this process? How big is the Exchange industry?
[26:38] You used the word 1031 Exchange, is that the only type of exchange out there or is exchange used for in any other terminology?
[30:00] Can someone 1031 exchange into syndication?
[36:14] Best book you’ve ever read?
Contact
Email: mfitzpatrick@nbtc.com
Phone: 7815691852