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Buyer's Lament 

One of the most frustrating experiences in the real estate world is being ready to do a deal, indeed being under a 1031 exchange deadline, and not being able to find a deal that makes sense.  You see the same tired old shopworn listings, none of which makes an ounce of sense.

Let us show you how to turn this situation around by using a buyer's broker.  First, we look at any deals that may be on the market, including deals that aren't listed but are "hip pocket" listings of various brokers.  Then we go to targeted marketing from our extensive database of properties, trying to scare up some private, 1 to 1 transactions that never see the light of MLS or internet listings.

To do this right, you need to start looking for your replacement property as soon as possible, most often before you even put your first property on the market.  Failing that, you need to find a broker who'll put you at the top of his list and spend a lot of time on your account.  To do that, you need to convince us that you're real and not just a tire-kicker. 

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1031 Tax-Deferred Exchanges

 

Tax-deferred exchanges have changed a lot in the last few years.  Due to some changes in the tax code, they've become much less risky, taxwise.  There are now "Safe Harbor" provisions that provide definite guidelines for how exchanges are structured and recognized by the IRS.  What was once a crapshoot with the taxman is now a simple, straightforward transaction.

Selling causes two major tax events for the seller.  First is the capital gains that is due on sale.  With properties that have been aggressively depreciated and have seen significant increases in value, these capital gains taxes can amount to a lot of money.  Second is the recapture of depreciation taken by the seller.

A 1031 exchange can help the seller in both areas if the seller is intent upon acquiring additional real estate with his sales proceeds. A modern-day 1031 exchange gives you:

  • 45 days from closing on the relinquished property in which to identify potential properties to replace the one sold

  • 180 days from closing on the relinquished property to actually close on the new properties.

In addition, it is now possible to do:

  • reverse exchanges, in which you buy the new property before you sell the old one

  • improvement exchanges, in which the 1031 exchange includes the amount of improvements you plan to make on the new property

 


How our marketing program is different

 March 4, 2004

One of our most common new-client questions is, "How is your marketing different from everybody else's?"

The income property market is a very fragmented market.  Very little MLS activity.  Few centralized listings.  In order to research and locate properties that make sense, we utilize a sophisticated, in-house computer database of all multifamily properties in the area.  This database interfaces with our marketing and analysis software in such a way that it allows us to zero in on likely prospects.

 It goes a lot further than just sending out mailings to area property owners.  For example,  we're able to concentrate on property owners who own multiple smaller properties.  You can't do this with other people's databases because you only see one property at a time.  To do more sophisticated searching, you've got to have your own database system.

Joe "wrote the book" on computer database systems, so you shouldn't be surprised to find the most sophisticated data mining operation in the area at JP Lumbley & Associates, LLC.