Preview Mode Links will not work in preview mode

Sep 7, 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 fix 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.

 

In this episode, Dave talks about his educational website called The 1031 Investor, which provides resources for those planning to exchange properties. He tells listeners that before selling, they should consider strategies like depreciation recapture and stepping up in basis. He encourages listeners to check out his website for more information and other real estate planning strategies.

 

[00:01 - 02:34] Opening Segment

 

  • Dave discusses how a 1031 exchange can be used to strategize around your portfolio and wealth building
  • He explains that using the tax code to your advantage

 

 

[02:35 - 16:41] Strategize Around The 1031 Exchange To Build Your Legacy

  • Dave discusses how converting an investment property into a primary residence can result in tax-free gains
  • He discusses that before selling a property that you’ve converted using a 1031, you must have owned it for at least five years

 

[16:42 - 24:01] Closing Segment

  • Dave provides valuable information on how to invest in a 1031 exchange, at his website https://www.the1031investor.com/!
  • Dave shares where you can get in contact with him (links below)

 

Quote/s:

“When you die, your heir is inheriting your property at what is called a step up in basis. So, if I, 1031, 1031 all my life, and then I die, my sons are going to get my properties and they will not owe a penny in tax and that is the most powerful legacy building that I could imagine.” – Dave Foster



You can connect with Dave through his:
Website: https://www.the1031investor.com/

Twitter: Dave Foster

Facebook: Dave Foster
LinkedIn: Dave Foster

Instagram: Dave Foster

 

WANT TO LEARN MORE?

 

Connect with me through LinkedIn

 

Or send me an email at 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!