Dave Foster of The 1031 Investor is joining us for today. He’s been using 1031 exchanges for nearly 20 years. He decided to get into real estate investing right after his first son was born. He wanted to generate passive real estate income before his son turned 10, so that he would have more years to explore and go on adventures with his son before he eventually grows up.
[00:01] – [02:55] Opening Segment
- Let’s get to know Dave Foster
- Dave gives a high level overview of a 1031
[02:56] – [22:03] Diving Deeper into 1031
- Dave talks about common pitfalls of a 1031
- Identification period
- 45 to find and 180 to close
- The key strengths of a 1031
- The Role of debt in a 1031
- Dave talks about the mantra in the 1031 industry
- The 4 D’s (Differ, Differ, Differ, and Die)
- Dave’s tips when it comes to partial exchange
- The best time to get a hold of Dave and The 1031 Investor
- Reverse exchange
[22:04] – [24:52] Closing Segment
- Dave’s advice to aspiring investors in terms of 1031
- Be patient
- How He stays on top of his game
- His way to make the world a better place
- How to reach out to Dave – links below
- Final words
Tweetable Quotes:
“Be patient. What’s gonna kill you, is not the deal you missed out on. Nobody ever went bankrupt missing out on a deal. What’s gonna kill you is the deal you get that you shouldn’t have.” – Dave Foster
“In essence, what a 1031 allows you to do is to sell real estate, that you either have a lot of gain in, or that you depreciated out over a number of years. Sell that and buy new real estate to be used in investment.” – Dave Foster
“In essence, you’ll be allowed to use the government’s dollars for your investment purposes. That’s the essence of a 1031.” – Dave Foster
“There’s no penalty for starting and completing a 1031.” – Dave Foster
“One of the key strengths of a 1031, it’s the ability to shape your portfolio into any type of investment real estate, anywhere in the US, of any number as you go through your life.” – Dave Foster
“As long as you own the property you 1031 into, you will never pay the tax.” – Dave Foster
Resources Mentioned:
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Connect with Dave, visit https://www.the1031investor.com/
Connect with me:
I love helping others place money outside of traditional investments that both diversify strategy and provide solid predictable returns.
Call: 901-500-6191
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Email me --> sam@brickeninvestmentgroup.com
