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What Is A 1031 Tax Exchange?

A 1031 tax exchange is a legal way to defer paying capital gains when selling a property and then buying a “like-kind” property within the allowed period. The time limits allowed are 45 calendar days after the close of the sale of the first property to identify the like-kind property for acquisition and then close the purchase transaction to complete the 1031 exchange within 180 calendar days. Like-Kind Property The property’s broad characteristics determine if it is a like-kind property, not the quality of the asset. In real estate investing, there is a wide variety of things that qualify for like-kind exchanges. For example, vacant land is exchangeable for a commercial building, an industrial site, or a portfolio of residential rental properties. Since all these...

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What’s Ahead For Mortgage Rates This Week – July 22nd, 2019

Last week’s economic reporting included readings from the National Association of Home Builders Housing Market Index, Commerce Department reports on housing starts and building permits issued. The University of Michigan consumer sentiment index was also released. Weekly readings on mortgage rates and new jobless claims were also reported. NAHB: Builder Confidence Rises as Housing Starts Slip Home builder confidence in current market conditions rose one point to an index reading of 65 in June. Any reading over 50 means that most builders view housing markets conditions as positive, but July’s reading was lower year-over-year. Builders have long cited a shortage of buildable lots and labor, but also face new obstacles including strict local zoning laws and overall regulation. High demand for affordable homes coupled with...

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5 Important Benefits Of Downsizing Your Home

After the children are all grown and moved out, the family home often feels excessively large and empty. If you’re in this stage of life, you may be wondering if you should downsize like so many others, or stay put. Downsizing may be the best option, depending on your lifestyle. Here are five benefits of downsizing for you to consider. 1. Less Clutter When you move into a smaller home, you’ll have the opportunity to get rid of many possessions that you no longer need. Whether it’s sporting goods or knick knacks, you’ll be able to either sell the items, give them away to kids and grandkids or donate them to a charitable organization. Your new home won’t have as much space, so this decluttering...

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The Incredible Value Of A Business Mentor

If someone says that they are a “self-made” success who did it all completely by themselves with no help from anyone, they are probably stretching the truth. Success never usually happens in a vacuum. The definition of success is that something is recognized and respected by others.  Honest business people recognize and appreciate the help that they received from others. They know it was a big part of what made them able to achieve success. Clever people, when they are just starting out in something new, find a mentor. A mentor is a person who is willing to help a new person trying something for the first time. Why Would Someone Want To Be A Mentor? If you ask a mentor why are they a...

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