Episode 38: Understanding the Benefits of 1031 Exchange

Property owners who are starting their own investment portfolios need to identify new opportunities as the market changes. That's a good example of how 1031 can come into play, it could be someone who has a rental property, a single-family home, instead of paying the taxes and putting the money in the bank, they should consider whether they want to take advantage of a 1031 tax-deferred exchange. Joining us this week is Mr. CHRIS CUNNIFFE, Managing Broker at Engel and Volkers Real Estate here in Charleston. Whilst having been in and around real estate since 1996, and started his career in real estate as a real estate attorney for 8 years in New York City and in Charleston, he also handled both commercial and residential real estate transactions and offers his clients the additional depth of experience he has gained from being an active real estate investor and developer, that is to learn about the steps and process of successfully completing a 1031 exchange, giving them MORE than what they expect. So…Listen and discover helpful strategies and processes for investors to use in the acquisition of a real estate property whether rental or investment property, and learn in-depth about the 1031 tax exchange, how it works and how they could be of value to you. But most importantly, it guides you on your legacy building. What You’ll Learn From This Episode: Discover more about Chris and his expertise and strategies about how 1031 Exchange work and how they could be of value to you What you need to do to make sure you get good tax or accounting advice if you're going to pursue the 1031 exchange process Learn a strategy to help you offset taxation as you grow your investment portfolio The difference between Section 1031 and Section 121 is that you must know 10:22 What kind of properties qualify for the 1031 exchange 10:52 Is it possible to transfer an investment property to a residential one? Can someone sell a property and take some of the money or profit out and put it in their pocket? Learn the essential rules as well. Some of the basic requirements of a 1031 exchange 12:40 Two primary ways in identify a process for your potential replacement properties Phrase boot 19:36 What are the typical motivations that people have for a 1031 exchange Business reasons why someone might do 1031 Chris’ advice for buyers and sellers in this particular real estate market climate Connect with Corwyn @: Contact Number: 843-619-3005 Instagram: https://www.instagram.com/exitstrategiesradioshow/ FB Page: https://www.facebook.com/exitstrategiessc/ Youtube: https://www.youtube.com/channel/UCxoSuynJd5c4qQ_eDXLJaZA Website: https://www.exitstrategiesradioshow.com Linkedin: https://www.linkedin.com/in/cmelette/ Email @: [email protected] Connect with Chris @: Phone: 843-697-4014 Email: chris.cunniffe@evreal estate.com Website: https://chriscunniffe.evrealestate.com/ LinkedIn https://www.linkedin.com/in/chriscunniffe/