189 - 1031 exchange rental property

Send us Fan Mailhttps://ade1031.com/Woodstock - Shahla MacDonaldwww.soldbyshahla.comAthens - Lauren Denmarkhttps://www.broadandmainrealestate.com/agent-profile/lauren-denmark-123588773North GA - Glen Gruschowwww.homeswithglenn.comSummary:1031 Exchange Overview: The host explains the 1031 exchange, which is a tax code that allows the proceeds from the sale of a property to be reinvested into a new "like-kind" property without incurring capital gains taxes. This allows the host to avoid paying $80,000 in taxes on the $650,000 from the sale of his previous property.Selling Previous Property and Identifying New Investments: The host sold a large 5,000+ square foot house in the Woodlands for $700,000, netting $645,000 after fees. He then worked with a 1031 exchange company and a real estate agent in Athens to identify three condominium units totaling around 6,000 square feet as the replacement properties. This allowed him to downsize from the large house while increasing his monthly rental income.Importance of Rental Property Location and Management: The host emphasizes the importance of being able to easily manage and maintain rental properties, preferring to own properties within a 30-minute drive. He also discusses the pros and cons of using a property management company versus self-managing, based on the number of units owned.Advice on Building Wealth Through Real Estate: The host advises getting a high-earning degree, living below your means, and slowly building a portfolio of paid-off rental properties. He advocates against excessive debt leverage, instead favoring a more conservative approach to real estate investing.Personal Fitness and Health: The host notes that he and his family do not take any medications or have chronic health issues, which he attributes to their active lifestyle and healthy diet. He promotes the benefits of maintaining physical fitness.Additional Real Estate Resources: The host provides contact information for several real estate agents he has worked with in the Woodstock, Atlanta, and Athens areas, and offers to provide further guidance to listeners interested in real estate investing.On this podcast you will receive actionable tips on Building a Firm Foundation for Life in Fitness, Food, FinanceI believe in building a firm foundation for life through functional fitness, farm-fresh nutrition, and sound financial practices. Join us in creating a healthy and resilient future!We are happy, humble, helpful people that want to be healthy and fit now, as well as in their 90's. I talk about how to live that good life now and later with heavy slant towards fitness and nutrition. I will even get into mindset, goals, raising chickens, raising kids, bitcoin, rental property, entrepreneurialismCrossFit Garage (Woodstock GA)https://crossfitgarage.com/get-started/Garage Fitness Online - Landing pagehttps://www.garagefitness.online/As a podcasthttps://crossfitgarage.buzzsprout.comYouTube channel with other visually videos (long and shorts)https://www.youtube.com/@AndyMcCann42My Lightning NodePubkey03009791220fc72580bb0b9833b68fd487014be25238c782cae92146c875d26da6My Nostr Pubkeynpub1elc4f7ecllsgskukal7jmcu5zvx724hdpse0swvpmwp56rpw6ywsvr4mvy