Episode 47: Building Generational Wealth Through 1031 Exchanges with Lauren Speidel
The term “1031 Exchange” is ubiquitous, but do you really know what it is or how to even engage in one? Lauren Speidel of Exeter1031 is a subject matter expert and breaks it down for you today. She’ll explain the different parties involved, what the criteria are and what you need to know before having the necessary conversations. Our hosts, Tom and Mark, have great FAQs for Lauren and she delves into a lot of content on one of our most informative episodes yet.
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Guest Intro 6:20
What is a 1031 exchange? 7:15
What is a “like property” and how do you define it? 9:25
What is an intermediary and what happens before and after a closing? 13:15
What are some questions you should ask an intermediary? 14:55
How does the purchase of a new property differ from a regular closing when in a 1031 exchange? 21:32
Can I wrap a whole portfolio into a single 1031? 22:45
How does househacking fit into a 1031 exchange? 24:20
What can you do with a vacation rental or second home when it comes to a 1031? 28:50
Do you have conversations with clients’ CPAs? 30:20
Is there a minimum dollar threshold you recommend clients have before it makes sense? 33:15
Can 1031 Exchanges work when an entity wants to split after a closing and put the proceeds in a new entity? 34:00
What are the time limits on seasoning and intent to hold? 37:00
What are the estate planning benefits to 1031 exchanges? 38:00
What is a reverse 1031 exchange? 40:45
Wrap Up Questions
What is your competitive advantage? 43:00
What advice would you give someone who is about to sell in Chicago? 44:00
What do you do for fun? 44:35
What is a good self development activity you’d recommend? 45:20
Is there any way we can provide value to you or learn more about you? 46:50
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