WBP - Pros & Cons of 1031 Exchange with Dave Foster

Jake & Gino: Real Estate Investing & Multifamily

Jake & Gino

Smartinvesting, Buyingrealestate, Investing, Multifamilyrealestateinvesting, Business, Investingsmart, Apartmentinvesting, Management, Makingmoney, Realestateinvesting, Cashflow, Jakeandgino, Realestateinvestment, Commercialrealestateinvesting, Buyingapartmentbuildings, Entrepreneurship

4.9 • 842 Ratings

🗓️ 1 October 2020

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

Pros & Cons of 1031 Exchange with Dave Foster Dave Foster, Founder and CEO of The 1031 Investor. Dave is a degreed accountant and serial real estate investor who is a qualified intermediary and consultant for tax saving strategies such as the 1031 exchange and the section 121 homestead exemption. Dave started fix and flipping in the 90s and realized that about 40% of his profits were going directly to the IRS. Dave tells us about the updated rules and regulations around using the1031 exchange to legally compound your tax interest that will stay with you instead of going straight to the government. Dave breaks down exactly how to use the 1031 exchange in layman’s terms. He explains to us how he moved his way from Denver, CO to Tampa, FL over 10 years using the section 121 homestead exemption, so that he and his family could move onto a boat (which was a huge dream of his). Tune in to listen to how Dave raised 4 boys on his boat while investing in properties with the 1031 exchange. He speaks with us about Uncle Sam, Section 121 and boat life. the1031investor.com The Rundown Florida Weather The Juice Serial RE Investing Deal Junkies Real Estate Investing What’s New 1031 Corporate Train Uncle Sams Cut Attorneys Learn As You Go Forced Savings Long Game IRS Time Constraints BRRR Capital Expense Qualified Intermediary Risk Losing The Bid Associated Costs Section 121 Granite Countertops Habits For Success 2020-2021 Hurrications Book Recommendations Appreciation Check out our Upcoming Live Events! Subscribe to our Youtube Channel for lots of great content! Buy our new book The Honey Bee! Audio Book Available Now!

Transcript

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0:00.0	two years later sold the money sold the property tax free moved to an investment property we
0:07.3	had 1031 did too was there ever talking divorce what's that I said was there ever talk a divorce
0:12.6	I'm just wondering no but she would think that's tough man she's when she got too frustrated she'd pick up a
0:17.5	hammer French, pick up a hammer.
0:25.9	Hello, everybody's, it's Jake Stenzano.
0:28.9	I host to the wheelbarrow props podcast with my co-hosts, a multifamily mentor,
0:32.4	the coach, a chef, father, six, and best-sellinging author, the G-Daddy.
0:33.6	Gino-Barbo, how's it going?
0:36.3	Mr. Stenziano, I think I'm doing better than you right now.
0:37.5	I ain't digging any retention ponds out in Florida. The weather is beautiful down here. Going to the beach a little later.
0:42.9	We had flash floods last night and I'm kicking down doors, man, still making it happen.
0:49.0	Today's guest is Dave Foster. He is the founder and CEO of the 1031 investor. Dave is an accountant and serial
0:57.1	real estate investor who is qualified intermediary and consultant for tax savings strategies such as
1:03.4	1031 exchange and section 121 homestead exemption. Interested to hear more about that today.
1:10.5	Dave left Denver, Colorado for sunny Tampa, Florida.
1:14.3	He wanted to be neighbors with the G-DED, so that he, his wife, and their four boys could live on a boat.
1:19.9	So without further ado, Dave, welcome to the show.
1:22.5	Hey, thank you.
1:24.0	It's great to be here with you guys today.
1:26.1	Yeah, I don't know what you, but hey, Gino,
1:31.4	let's walk out after this podcast. We'll look around and see if we can find a cloud.
1:37.7	It's, the weather here has been amazing. 90s hot. I came off the beach this morning with my daughter and she didn't want to go for a walk. I'm like Ronica. Come on. And by the time she was back she's like that thanks thanks for taking me for the it's always worth it once you get him outdoors yeah it is awesome so yeah go ahead i got i
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