Getting started on a 1031 Exchange is just like Thanksgiving. Yes, it’s just an old-fashioned process of planning. Think about how you and your family prepare for that November holiday. The details are important, but the timing is crucial.
Around our house, Thanksgiving planning usually begins by someone saying, “What are we doing for Thanksgiving this year?” That’s like asking, “Are we going to sell that property this year?”
Next, we have adult children with in-laws, so we’re not sure if they’re coming to our house or we’re going to theirs. So, we have to talk to the kids. In 1031 Exchange terms, you need to let everyone know what you’re planning to do. Talk to them. Call the real estate agent, the CPA, the title company escrow agent and the qualified intermediary. Of course, you could just make ONE phone call to Real Property 1031 Exchange and we’ll call everyone else. It’s what we do, professionally.
Then, we need to know how much food to buy if everyone is coming. We make our list before we go to the store. We consider food allergies, likes and dislikes, the number of pies and should we buy new sweatpants. The 1031 Exchange question you ask is, “What are we going to do with the money after we sell the property?” “Should we buy some land, another rent house, a DST or royalties?”
Thanksgiving Day is like real estate closing day. A bit hectic, but usually comes off without a hitch if you’ll do a little planning.
The day after your real estate closes is similar to the Friday after Thanksgiving. It’s more relaxed and you can spend some time shopping for that new property.
So, how do you get started on a 1031 Exchange? You already know how. Give us a call. Invite us to be a part of the festivities. We really love Thanksgiving.