Savvy Realtor Saves 1031 Exchange
A few weeks back on a Wednesday I received a frantic call from a gentleman who needed some help --- fast. He had a deadline in two days for naming a property for a 1031 Tax Deferred Exchange. If he missed the deadline and was unable to complete the exchange, he would have to pay taxes on investment property he had sold three months earlier. I jumped online and was able to locate a number of vacant lots for his consideration. He identified one that he liked, looked at it the the following day and he determined that he could name that property and meet his 1031 exchange requirement. By the following Monday, we had made a mutually-accepted offer on the property, which was a $140,000 residential lot in Samammish. I was very gratified when my investor informed the that I had provided him with more property ideas in one day that two other agents had done in three months!