JC 089: The 1031 Exchange with Dave Foster
Dave Foster is a Qualified Intermediary (QI) investment professional that understands that real estate is really an investment in your future. As a multi-industry visionary, Dave has 20 years of experience working across all phases of real estate investing and facilitating 1031 Exchanges for investors. From commercial to residential real estate, Dave brings his clients a fresh perspective and clear vision for strategic development. As an investor himself, he views each investment no matter the asset class as a unique opportunity for investors to maximize their returns.
Dave built his reputation on being a driven, results-oriented QI who works relentlessly to optimize value for the real estate investors with whom he works. He is inspired by a genuine desire to help real estate investors excel and Dave continuously strives to create win-win situations. Dave successfully worked toward the life he wanted and was able to do it by facilitating 1031 exchanges.
Dave Foster joins John Carney today in The Real Estate Locker Room to explain how to increase your wealth with 1031 exchanges.
- 1031 Exchange: In the statue of the IRS tax code, there are provisions that allow you to sell/purchase investment real estate, use a QI, and indefinitely defer paying tax on capital game. Investors may use that tax deferment to purchase more real estate and increase their wealth.
- Not limited to “buy and hold”. You may use the 1031 Exchange for any kind of real estate as long as it is for investment.
- 1031’s are not easy. Your QI is your investment guru.
- Timing requirements: You only have 45 days to identify a new property after the sale of the existing property. Your QI needs to be in place before the sale of the initial property.
- Advice to consider: Research your market. Focus on the big picture. Start early and be strategic. Ready, fire, aim does not work. Work with an expert.
- Basketball & Volleyball
- Follow your passion and follow it now.
- Only do what your passion is and don’t do anything else. Otherwise, you are going to suck at it and burn out.
Reach Out to Dave Foster
Thank you, Dave, for taking the time to explain the 1031 Exchanges and how they work with the audience.
Listen to all the episodes of The Real Estate Locker Room Show and sign up for my FREE monthly newsletter at www.johncarneyonline.com
© John Carney 2020
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