Mar 8, 2022
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 fixing 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.
Let’s dive into his story!
[00:01 - 04:36] Opening Segment
[04:37 - 13:56] How 1031 exchange works
[13:57 - 26:11] Generated income properties through 1031
[26:12 - 34:12] Closing Segment
Tweetable Quotes
"We realized that the greatest commodity we have is not a possession, it’s not a thing, it’s time.” - Dave Foster
"That’s what a 1031 does: you sell investment property, you buy investment property, and you definitely get to defer and pay the tax on it.” - Dave Foster
"You only have 45 days from the day of your closing of your sale to identify your potential replacements. The end of these 45 days is problematic.” - Dave Foster
"The hardest job is not going to be selling my property. I can do that in a heartbeat! The hardest job is finding a new property.” - Dave Foster
------------------------------------------------------------------------
Connect to Dave:
Follow their socials: Twitter, Instagram, Facebook, and LinkedIn
Find out how you can live your dream with the help of 1031 exchange with The 1031 Investor!
WANT TO LEARN MORE?
Connect with me through LinkedIn
Or send me an email sujata@luxe-cap.com
Visit my website www.luxe-cap.com or my YouTube channel
Thanks for tuning in!
If you liked my show, LEAVE A 5-STAR REVIEW, like, and subscribe!