1031 Exchange Property to Preserve Wealth
1031 Exchange Property to Preserve Wealth
Challenges
Action
A family partnership had been dissolved. Both partners were looking to do a separate 1031 tax deferred exchange with their proceeds from the sale of the property.
With the aid of the children from one of the partners, we searched through the available retail and industrial inventory to find a property that had little to no management needs, long term leases, and net income that was equal to or better than what the partner was receiving from the sold property. In addition, in state lawyers and inspectors were retained based on the property’s location.
Challenges
Action
A family partnership had been dissolved. Both partners were looking to do a separate 1031 tax deferred exchange with their proceeds from the sale of the property.
With the aid of the children from one of the partners, we searched through the available retail and industrial inventory to find a property that had little to no management needs, long term leases, and net income that was equal to or better than what the partner was receiving from the sold property. In addition, in state lawyers and inspectors were retained based on the property’s location.
RESULT
After an extensive 45 day period search, Marc achieved the following results:
- Identified 2 qualified properties that met the owner’s criteria
- Negotiated a 5.97% discount to asking price
- Closed the transaction in 60 days
- Aided owner in determining which of the qualified properties was a better investment
- Made sure all documents from the Seller were provided per the Purchase and Sale Agreement
"Marc worked diligently with the aid of my children to locate properties that met my expectations and made sure we received all the required documents and information for us to make the most informed decision possible. He reviewed the leases, and provided rent and sold comparables. I look forward to working with Marc on future transactions."
- B. Gordon
RESULT
After an extensive 45 day period search, Marc achieved the following results:
- Identified 2 qualified properties that met the owner’s criteria
- Negotiated a 5.97% discount to asking price
- Closed the transaction in 60 days
- Aided owner in determining which of the qualified properties was a better investment
- Made sure all documents from the Seller were provided per the Purchase and Sale Agreement
"Marc worked diligently with the aid of my children to locate properties that met my expectations and made sure we received all the required documents and information for us to make the most informed decision possible. He reviewed the leases, and provided rent and sold comparables. I look forward to working with Marc on future transactions."
- B. Gordon
