Hello, my friends, and welcome to another episode of Passive Real Estate Investing. And I am your host, Marco Santarelli. Thank you for joining me, and I hope you can pay attention to today’s episode. It’s about 30 minutes. It is about the 1031 exchange. It’s something I talk about frequently on the show, but I don’t go into a lot of detail. But it’s essentially known as a like kind exchange. It’s a tax deferred exchange. It allows you to take your equity from the sale of your assets and move that into other investments like kind investments, similar investments, similar assets without generating any tax impact. No tax liability, meaning you could do it tax free. And when you stop to understand the power of doing this, you’ll realize that you can keep everything you’ve gained, everything you’ve earned in those capital gains and compound them, turn them into additional gains by multiplying the effects of what you can invest in growing a larger portfolio, increasing your cashflow, increasing your gains, keeping the equity and using that to gain more equity through appreciation from increasing the size of your portfolio.
It’s not a difficult thing to do, it’s not a difficult concept. It’s actually quite easy to understand once you wrap your head around it. People do it all the time. Investors are doing this all the time to increase their portfolio size and maximize the wealth creation that happens. And when you really stop to think about the power of compounding what Einstein called the eighth wonder of the world, you’ll realize you can increase your wealth by four times or more in a similar time period than you would or could otherwise. So pay attention to today’s episode, and if it makes sense, talk to my team of investment counselors. We can help guide you on making this work on how to do this. It’s not difficult. Investors contact us all the time for help in executing this because it involves the sale of your existing property or properties, but then identifying the replacement properties within a certain timeframe.
So we’re gonna talk about all that today with my guests. So I hope you enjoy it. I hope you get a lot of good takeaways from this. And if it makes sense, just schedule a call with my investment counselor team. Also put a, a link in the show notes here that can connect you to some more information and the team that we work with on the 1031 exchange side. So enjoy today’s episode.
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It’s my pleasure to welcome Jeff Bemis to the show. Jeff was raised in Newport Beach, California, not too far from where I live right now. And he attended the University of Southern California. And after graduating from USC as a member of multiple honor societies, Jeff work at Ernst and Young. And he was a CPA there and he turned his career towards finance and attained his CPFA designation. He’s a very smart guy.
I’ve gotten to know him a little bit over the last few weeks. Jeff then worked as a consultant to small and mid-sized companies through a PE firm specializing in real estate and in the services based business. Then in 2006, Jeff joined Rim Rock Capital. Boy, I remember those guys. Rim Rock Capital Management, a California based absolute return hedge fund with $4 billion under management. Jeff has got a lot more in his bio here, but today Jeff is the co-founder and partner of 1031 Specialists. And it’s something that I’m taking a very, very close look at because I’ve been talking about 1031 exchanges on this show for a long time, and how you can tap into your existing equity in your properties and leverage that up into a larger portfolio, into increasing your cash flow, into increasing the appreciation potential gains that you can get. And so what we want to talk about today is two things, how to defer capital gains, and also how to compound your returns so you can create wealth exponentially faster. So exciting stuff with all that. Jeff, welcome to the show.
Thanks Marco. It’s a pleasure to be here. And yeah, thrilled to talk to your audience about 1031 exchanges for sure.
So tell us a little bit more about yourself. I kind of went through the bullet points, if you will, of your bio. And I know that you’re a very smart guy. You have a lot of great experience in finance. So tell us a little bit more about you.
Yeah, it’s been a, it’s been an interesting career so far. I, I started my career at Ernst and Young as a, as a CPA, so, you know, cut my teeth there. My, my father was a tax attorney and he himself did lots of 1031 exchanges. So been familiar with that world and a and a, an area that always codes that he has, you know on, on his, on his little bike locks and different things were 1031. So it always, the things you mentioned real briefly, always, you know, resonate with me. And so I started, he, he encouraged me to go into accounting. I did. So I stayed there for a number of years and, and then wanted to evolve into a more active finance related position. So I was working as an advisor to private equity firms, doing lots of purchases, buyouts. Interestingly, a lot of the focus of, of many of the buyouts that were getting done were really real estate heavy firms where they could leverage the real estate as part of those transactions and actually create a really interesting entry point and roll up opportunity.
Mm-Hmm, <affirmative>. And then from there, just through my network, had no real ideas of leaving a firm named Rim Rock Capital Management was being formed. And I decided to join them, which was a more broadly based investment management firm. I specialize a lot in real estate transactions, a lot of really esoteric transactions, real liquid things, looking to make sort of outside returns, trafficking in areas where banks and others wouldn’t be involved, but also did a lot of regular way things, a lot of turnarounds as well. So a lot of very active management elements to my career. And then about three years ago, I’ve been an entrepreneur at heart. I wanted to go out and do something on my own in different, and a friend of mine who’s been in a similar position and who has a background from Goldman Sachs and a firm called HIG and has been an operator himself.
We’ve been longtime friends and we were working on a project surrounding the entire ecosystem of 1031 exchanges that includes all the real estate opportunities that are available to investors but also how tech can interact and do something. There’s a really large project, and like many things in my career, some of my best ideas come out of working on things that are ancillary to what is something that I know is really exciting and a place where I can add a lot of value. And so the world of qualified intermediaries, which I’m sure we’ll talk about, the role in 1031 exchanges was something that was integral to this larger project that I was helping this venture capital firm on. And John and I just really felt like given the, the dynamics of that market, who’s participating and where we are in our lives and careers and ambition and, and desire, and quite frankly our backgrounds and our ability to execute, we decided that, you know, that was a, a marketplace. We spent about a year researching in Marco to are we really gonna do this and launch a qualified intermediary? Who are the players? How do they interact with customers? What are things that we can do that feel like they’re adding something that doesn’t exist? And yeah, we decided about a year ago that after doing that work for about a year that we were gonna launch our own business. And so we’ve done that and it’s 1031 Specialists. So, you know, we are a qualified intermediary to the 1031 exchange ecosystem.
So we, as in I talk about this, so-called 1031 and 1031 exchange on the show quite often. And, and I would imagine that a lot of the people, if not most of the people who listen to my show know what that is and what it means. But I always like to start with the basics. And for those that understand it, you know, let’s kind of clarify exactly what a 1031 is. And for those that are listening that don’t know what we’re talking about, let’s define this. I’ll tee it off by saying this, you know, when we talk about this fancy term, 1031, like what the heck is that? It simply refers to the section in the IRS tax code that ultimately is a gift, a great gift for tax for real estate investors. It is so powerful, and I really would love people to listen to the end of this episode to understand the power of the 1031 and the ability for you to be able to compound your gains so you can create wealth much faster and much larger than you could without it.
When this sinks in, when you finally get this, it’s gonna be pretty exciting. You’re gonna start to look at, at your investments in your portfolio in a different light. ’cause You’re now gonna be thinking about it in terms of how do I take advantage of the gains that I have been accumulating over the years to date? And there are people in particular that really need to listen to this. They’re the people in the expensive markets and the coastal markets like New Jersey, New York, California, Oregon, even the pockets of the Northeast or the Northwest, I jokingly refer to these people as equity rich and cashflow poor. They have a lot of equity in different properties, one or more, and they have no idea what they can do with it or how to tap into it. So Jeff, let’s begin with just defining what is a 1031 exchange?
Yeah, I mean, you, you had the proper lead in with where 1031 is referenced, you know, that’s sort of the term that gets lobbed around. I mean, effectively you can, and, and this is the beauty of this, is you can swap any property types. So that’s also where a lot of folks find a lot of value to, you know, where they are with their investment portfolio or things they inherited or things that are in, are, you know, owned by the family or they have a lot of land, right? Non cash flowing assets, or they own a lot of mineral rights, possibly if you’re in certain sections of the United States. So you can swap into any, so 1031 says that you must to get a tax deferral when you sell one property and buy another of which there’s rules around how you execute that, which we can talk about.
It must be of a like kind, but that’s a very broad term that describes any investment property or property used in business. So you can swap between, you know, a an office property into multifamily. You could have a, an investment property that’s a single family home, as long as it’s truly investment property and swap that into a, a multifamily opportunity. Or you could do it all the way to, you know, very different commercial self storage. All of that falls underneath a like kind exchange. And so this allows the opportunity given especially what’s happened in the last 50 years of the appreciation of real estate you have built in capital gains when you sell it. So the price that you sell it over, what your basis is, your tax basis, of which many are getting a double benefit by depreciating the property separately, which I’m sure a lot of your audience is utilizing. Your basis gets rolled over effectively and you defer all the capital gains. And so when you’re in a high tax bracket market, particularly California, New York as examples, that can be upwards of 30%, let alone any recapture you might have.
So that was a great answer and an in-depth answer.
<Laugh> maybe living a little too granular. Yeah,
It was very granular. Can I effectively dumb it down a little bit for some people just to give it, you know, the plain English like cocktail party answer to the question.
I could even give that too if you want, Marco. But yeah, please do. Yes. Yeah,
Yes. No, go for it. I wanna hear what you say.
When you have an investment property and whatever money you’ve made on that property on your equity, you will pay taxes on that if you sell it and don’t exchange it. So if you sell a property and you have a million dollars in gain, you will pay taxes on that million dollars of gain that you have with your property. And that basically is the amount that you make over what you owned it, bought it at, or you carried it over at from. So instead of paying taxes on that, if you wanted to modify your portfolio or have any reason to sell your real estate, and you have a gain, basically the amount of money you made over what you bought it for, you can use all the money to buy another piece of property instead of paying taxes. So you, you don’t pay any tax on any amount of money you made, unlike a stock transaction where you would pay capital gains on any of that appreciation. Yeah,
Exactly. And the wow factor for me in this is this, this is an oversimplified example, but this is what will really make it click for a lot of people. If you’re a real estate investor, and let’s just say you have a hundred thousand dollars of equity, usable equity in a property, and you can sell that property and move or roll over if you will, but move that a hundred thousand dollars into two properties where you’re putting, let’s say $50,000 into each of those properties from the 100,000. So you’re taking the a hundred thousand and turning it into not one but two properties, essentially splitting your equity. And you could do that tax deferred or tax free. Now you’ve effectively doubled the size of your portfolio. And if you do it right and investors do this all the time, you’re essentially increasing the size of your portfolio from one to two properties or maybe even three.
You still retain the equity. That’s the key thing to remember here. The equity doesn’t go anywhere. You’re moving it, you still have the equity, but now you have a larger portfolio. You stand to gain from the appreciation in the coming years, not in just one property, but from those two or three and done right, you can increase your monthly and annual cash flow, the income you’re making from those properties because you’re repositioning your portfolio, you’re choosing other properties, and often they’re in other markets, but in other markets where you have higher gains, higher yields, higher cash flows. So you have a lot of things to gain lot of upside with virtually no downside because all you’re doing is putting your equity into better use. You’re leveraging it, you’re using it to essentially trade up, if you will. How’s that for a description?
I think it’s great, and I think you made a great point that, you know, geography is not a limitation, you know, so inside of the United States, so you can move it around. That’s, there’s been a lot of success with folks moving into better yielding or better secular situations. Also, diversification is a huge dynamic. You and I, when we were chatting Marco, I was, I was mentioning my mom having, she inherited a property and when you look at her broad portfolio, it’s just, it’s in one submarket in one state, and it, and it’s way too high for her for where she’s positioned in her risk tolerance. She wanted to diversify that. And so she was able to rotate into a portfolio and diversify the geographies, you know, over a 20, 30 year period. Things definitely change, particularly the yield profiles for very specific reasons and that those are all really well utilized and huge profit making opportunities for investors across the board. So
Just to tie a loop on this, can you briefly explain the types of properties that are eligible and ineligible for a 1031 exchange? Because it, it covers a broad range, but it doesn’t mean it includes everything.
It is an investment property that is held for investment or business use. And so those are the constraints. So for many, your primary house would not be a part of that. Vacation homes, if you use it any more than two weeks will drop out. And you need to have owned this property for two years is another one where, so you can’t be constantly flipping it. Also, if you’re in the business of real estate as a developer, it’s tricky, if not, not eligible as well. But for the average investor who, and, and for investor investors who are making big improvements as well, there’s lots of opportunity in that, you know, so it really allows for most commercial real estate to fall into it. And on the resi side, as long as it’s for investment purpose and not used as a primary or secondary home, it falls into it too.
So it, it really classifies everything and get a question a lot, does land come fall into it? Absolutely. Right. Like that’s a big common dynamic where there’s a lot of value and it’s a negative cash flow, right? You’re paying, unless it’s yielding some kind of business purpose. Land is generally something that is a negative cash flow, but has capital appreciation and that’s a, a very good opportunity, particularly folks who, you know, see a lot of where they get inherited land or the Midwest and, and other areas where folks have large plots and there’s alternative uses where people are going to develop those, they can rotate into cash flowing opportunities and makes all the sense in the world.
So 1031 exchanges have timelines attached to it. Talk about that because it’s important that investors understand that once they start going down the road of selling a property, they need to obviously start working with a qualified intermediary, someone who’s gonna handle the funds. So yeah, they don’t touch it, but there are three major milestones along the way that they need to be aware of. So let’s talk about that.
Well, I’d say number one just to, just to lay the foundation for a qualified intermediary, you know, as to qualify for a 1031 exchange, you can’t have constructive receipt of the funds. So when you sell the property, those funds go and sit in an escrow account, which if done right and working with a good qualified intermediary are done in a way that you can feel comfortable and protected that those are yours. And you can see it, touch it, feel it, but they cannot go to, you cannot have construction receipt of those funds. So that’s why a qualified intermediary exists is we aid in that process. So if you sell a property in a forward exchange, you sell it to us, which is the typical, you sell a property, money comes, it settles into an escrow account with us that has your name on it and we hold onto it.
And then when you buy the next property, we release those funds. As far as timeline goes, you have 45 really plan. One thing I would say is planning is paramount when it comes Mm-hmm. <Affirmative> to a 1031 exchange. There’s all kinds of things you can do to make these timelines feel very palatable if you are just thinking about it as a 1031 exchange and working with folks on the front end. So the first is there’s an identification period, which is the first 45 days from when you close. So again, that’s when you close. So there’s lots of things you can do when you’re selling your property to make sure that you’re in a position where you’re identifying replacement property, but you have 45 days to identify a replacement property for your exchange. So that’s the first really important timeline. And then the other massive one that is really, really important and ignores weekends as well. So you need to be very mindful when these dates come up is 180 days from the beginning of an exchange, you must close the exchange out. So if you are selling a property and buying another, you’ve identified the first three properties. There are certain rules if you want to go over three properties, but three properties you may wanna buy in the first period of 45 days, and then you must close the replacement property within 180. So those are like the two big ones I’d highlight that are paramount to this, this getting done.
When does the clock actually start with the 45 days and the 180 days?
Yeah, so it’s, it’s when you actually close on the property. So you can do contracts that extend things, you can work with options, you can do all kinds of things that offer you timelines that can make it so that you feel comfortable where you’re at. I will say there’s no requirement for you to disclose that you’re in a 1031 exchange. Right. And making sure that the transaction you don’t wanna, my experience is offering, making sure that you don’t provide leverage to parties who find out that you’re on certain clocks or otherwise. So that’s one thing I’d offer. But yeah, there’s a lot of ways to make sure that the timelines don’t start until it actually kicks off. But once they do get started, you know, you need to be very mindful and that’s part of the service that we like to provide is being really proactive and helpful to our customers of, you know, keeping them on track so that, ’cause obviously the tax ramifications for missing deadlines are dramatic, you know, depending on how much gain you have.
Yeah, that’s actually an interesting question. So what happens if, let’s call it a taxpayer, a taxpayer fails to identify or even close on a replacement property within that specified deadline?
Yeah, you’re gonna pay, you’re gonna pay tax on all the gain that you have on the sale of your property. So for many, I would say they’re also depreciating the property, which offers ’em other tax benefits because they’re actively involved in the real estate. And so you’ll pay tax on whatever that gain is and you know, likely somewhere between 30 and 50% if you have any recapture, so at, if you’re in California and New York as example where there’s state tax, so you’ll pay a lot of tax, I guess is the short of it on the gain, just whatever the gain is as though you just sold it outright and weren’t doing an exchange.
But the flip side is you don’t pay any tax whatsoever if you do the 1031 properly and you just do it within the time, you know, the timelines that are laid out for you.
Right. And I would say if you’re thinking about it ahead of time, you can comfortably operate in these timelines. I know it feel, it can feel tight. Yeah. But it, it’s really for the folks who haven’t thought about it, that it really catches up with them that they got a really, you know, a broker reached out, they’re really interested in the property they have, and then they sell it and they’re really excited about, you know, what they were able to sell it for. And then now they’re in this time clock not thinking about what they’re gonna do with the proceeds and now they’re trying to find what it would be that they would have as a replacement with a little planning. And it is not very far in advance, maybe a month in advance have your qualified intermediaries, your brokers, your other advisors that may be helpful in executing a transaction of which there’s a lot of different cool opportunities and layers of people who have things that I think can fit a lot of portfolios that they may be Mm-Hmm. <Affirmative> not aware of. This all becomes something that becomes very, very same dunk. There’s a lot of folks where it just happens next day. Right. You know, they get it so orchestrated the pieces are put together, particularly as the, you know, when the market’s not white hot, it, you know, people can, you can orchestrate it like, hey, sell one, buy the other, you know, done, you know, even the same day.
Yeah. And I don’t want anybody listening to this to think that this is a difficult task to achieve or sweat. No, it’s not. You know, the timeline, we work with investors all the time that are doing 1031 exchanges and it’s really just making sure that you contact us early enough before you sell your property so we can start identifying the markets and the properties that you’re gonna use as those replacement properties, the ones you’re identifying to put under contract as the replacement for the property that you’re selling now. So if you’ve got a property for sale and you’ve got equity coming out, where are you reinvesting that equity? It’s gonna be the 1, 2, 3, 4, 5 plus properties that you’re going into. And it could be like two in the Midwest and you know, two in Florida or whatever it may be. Like we, we will figure out how we mix and match that for you, so that way you do this effectively and you maximize your gains.
So I remember seeing a slide that your partner had at some point that showed that illustrated the compounding effect of deferring taxes from transaction one to transaction two to transaction three. And you know, there might be a few years between the first and the second transaction and then the, you know, the second to the third. But it was stunning. It was amazing how much more you kept, how much more equity and wealth you created by the time you got to that eighth, 10th transaction. Totally. Versus just doing a traditional sale where you sell, pay your capital gains tax and then reinvest what you have left over. This is why the 1031 is so incredibly powerful, it brings into the wealth creation formula compounding. So can you talk about that and what investors can expect to see or achieve as they go from transaction to transaction, reinvesting or compounding their gains?
I mean, like you said in the preamble, I mean, it’s a gift, right? I mean, what a special thing that tax code is offering in this particular subset that isn’t available to most other investment products. And you know, you see it all, you know, me being at the hedge fund days, there’s a lot of folks who spend a lot of time and effort who invest in alternative products, living in other jurisdictions, trying to figure out ways to create this compounding because of its power or in real estate, it’s just straightaway available to everybody who owns, again, an investment property. And so we put together an illustration. I mean, the other dynamic too is beyond the compounding is the wealth that’s attained and how it can, you know, pass down, you know, there’s, in many circumstances for a substantial amount of money, there will never be any tax paid on any of this property ever.
Right. With a step up in basis that occurs. But to illustrate your point, we put together a table, and again, you could change these assumptions all you like, but what we were saying is 20 transactions, and again, we’re, we’re expecting a healthy return. We’re just saying if you made 50% on your money in a lifetime of 20 transactions on each transaction, and you did it where you for each of those transactions, you didn’t pay capital gains. And then for each of those transactions, you paid a 30% tax as if you were in a very high tax state, you would end up, if you had a hundred thousand invested, 20 transactions, 50% gain on each one, you would end up with 332 million if you deferred gains and 40 million if you didn’t. So it just shows how much money, and obviously if you get through 10 transactions, you’d have 6 million versus 2 million, right?
So if you did this six transactions over a 20 year period, you have triple the amount in your portfolio, and keep in mind you’re making yield on all of that incremental that would have been taxed, right? So how much rental income’s coming in, how much cash flow is coming into your pocket? All of that is triple because you deferred, you know, the tax. And again, once, if there is a succession event that occurs, which for many families, I mean it, it occurs at some point for all of us, of course there’s a substantial step up in basis for, you know, a huge component of that that’s offered as well. I mean, not if you make, if you make three 30 million, you won’t have it for all of that, but point being is for a lot, for a substantial amount for most folks, there is a massive and evergreen tax savings in a core product that offers great yields and a great way Mm-hmm. <Affirmative> to really build wealth. Again, it’s such a powerful tool at 1031 exchange. Yeah.
And you don’t even need to wait for 20 or even 10 transactions to see the compounding effect of this. It’s, you see it immediately even with your first transaction, because whatever you’ve saved in capital gains taxes is immediately deployable and investible as a down payment into your next property or properties. Yeah. The results are immediate, the results are instant. You see the impact right away. It’s what you save in taxes and it’s what you can apply towards more property because you’re going from one property to potentially two or three and it starts to mushroom, you know, one equals three, three equals nine, nine equals, you know, 27 totally. Whatever it is. It, it happens quickly.
It happens quickly and people have been using it for a long time. Right. So this isn’t a new idea, but it’s amazing. One thing I’d say, Marco, which I’m surprised by, and it’s not any fault of their own, but like just folks, as much as people are really sophisticated in real estate and the, like many aren’t as familiarized with what this opportunity is with 1031 exchanges, as you might think, you know, they’re mm-hmm. <Affirmative>, you know, it’s a, it’s, it’s surprising I guess I would say as we’ve been spending this last year really getting out and talking to a lot of folks, just trying to help people understand this power.
Yeah. What didn’t I ask you or what didn’t we talk about related to, you know, the tax savings and the compounding of 10 30 ones that I could have asked you or should have asked you? It’s not complicated, but I feel like it’s so simple maybe to us that, you know, people are, are wondering, well, is there more?
<Laugh> Honestly, it, there isn’t, I would say it really is about the planning. Okay. Because one of the things that, as an example, if there’s mortgage debt, you need to make sure that the next property you buy has, has equal or greater debt on the property. There’s certain nuances that I think people will want. That’s why planning is important. Just get in in front of it and understand all the, the nuances you might have around what creates the, you know, a deferral of the entirety. But it is very simple. I mean, it’s a very simple thing, right. And there’s lots of use cases for it. I mean, folks who are partners with others in real estate using the exchange, if if somebody’s ready to drop out and they wanna monetize, the other partners can still roll their piece over. There’s lots of different scenarios that play out. And so that’s where I would just say, if I were to emphasize one thing that makes it to where the transaction will go really smooth and the timelines are very comfortably long, it’s just the planning. So I just reiterate that point I think, versus anything we missed in particular. And then obviously if there’s little, there’s gonna be little nuances that, that they can educate themselves on as they embark on a transaction just to make sure that they get everything they need out of it.
Yeah. Well, possibly my last question, are there any changes that you see coming up or updates to the 1031 exchange code or rules that, you know, investors should be aware of?
As of right now, no. There was a big modification that happened under Trump where a lot of assets that used to be inside of a 1030 aircraft as an example, different operating equipment used to be all very part of the 1031 exchange. But I think investors should feel good and comfortable that while they look at the issue and we’re considering if other assets should fall under it, they very specifically kept all investment property available. And there’s nothing on the horizon that I’m at least currently aware of that there’s a lot of noise. And certainly there has been noise in the past of folks who want to talk about this and, and think that this is something that should be considered. But as of right now, I don’t see that on the horizon. And, and particularly since it was something very talked about, maybe five, it was about six years ago that that happened. You know, I think it’s nothing on the horizon at the moment.
Okay. Sounds good. Any final comments or takeaways before we wrap up today?
You know, the infrastructure, while we’re a small company, the people inside of it, we’ve done well over a thousand exchanges in our respective backgrounds and our very seasoned and ready to help. You know, we’re specifically and importantly about making sure you get the tax deferral that you’re entitled to and, and you will be dealing with our five person team. Like when you call us, you’ll be calling me or you’ll be talking to John, Megan, you know, and the or or anyone else on the team. So for us it’s about the people. Sometimes I just real quick get the question of like, oh, there’s large businesses that do this. You know, when I say is that those can absolutely handle your qualified intermediary work as well. Having said that, generally speaking, it’s about the person you get. So, you know, that’s where we feel like we’re really going to be leaning into is that service is just, we are your qualified intermediary and we are going to be myopically focused on making sure you achieve your investment goals and tax savings.
Awesome. Well Jeff, I appreciate you taking the time today. So our company and your company, Norada, will be working closely with IRA specialists and you know, helping investors navigate through the 1031 and leveraging up their existing portfolios into larger, more productive, higher yielding portfolios. So what I recommend is, if you’re listening to this, you want more information or you’re thinking about a 1031 exchange contact, you know, your investment counselor here, you know, we’ve got six investment counselors available to you. If you don’t have one already, reach out to us. Call us or fill out the form on our website and you’ll be assigned to an investment counselor. They can definitely be the frontline. They’re your one point of contact, they’re like the hub of a wheel and everybody, all your service providers, including 1031 Specialists are on one of those spokes. So we can answer a lot of the questions upfront and make sure that everything integrates together from the property to the financing, to the 1031 exchange, to the title company and everything else in between.
Like we’re just gonna be the glue for you. And then we’ll put you in touch with Jeff and his team so that way you can talk to them when the time is right and make sure that you are not missing a step or missing a beat and, and taking care of the 1031 early enough so you don’t run into problems with these timelines. So we’re all working together. It’s like one big great team. And I’ll also make sure my team puts links in the show notes in the podcast episode and on our website and everywhere else that we can put it. So you can reach out to Jeff and his team directly as well. And that is pretty much it for today. Jeff, did I miss anything?
I don’t think so. Mark, it was a pleasure. Always a pleasure talking with you, and I appreciate the time. Great.
Well, thanks for coming on and I’m sure we’ll be talking a lot here in the next few days, weeks and months. In the meantime, thank you for listening today. Get your free strategy session with my team. Just go to the website or give us a call. If you have questions about real estate, shoot ’em over to me. Ask Marco at passiverealestateinvesting.com. And remember to subscribe. It takes you three seconds. If you haven’t done so already, shame on you, but just subscribe so you never miss a weekly episode. Help us spread the word. Visit us on iTunes or wherever you’re listening to this. Leave us a rating and review. Yes, I read every single one of them, and I appreciate all the great reviews you’ve been giving us. Thank you for listening. We will see you all on our next episode.
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