Question: “I’d like to get a good deal on a rental property, like 20% under market. What do you recommend?” Answer: I recommend changing your goal! Having invested in real estate for 35 years, how many properties do you think I’ve bought 20% or more under market value? ZERO. I’m not saying it never happens.

Question: “Hi Gary. I’d like to sell our rental condo and buy another property. I’ve heard about tax deferred 1031 exchanges, but they sound difficult and complicated. What do you think?” Answer: You’re right, they sound difficult and complicated. But the good news is that they’re easy and simple! Here are the most common fears

Question: “Hi Gary. My wife and I want to sell our rental condo in Mission Valley and buy a triplex or fourplex in North Park. I know I can avoid taxes by doing a 1031 exchange, but I don’t know how they work. Can you enlighten me? “ Answer: Happy to… There are 3 common

Question: “I’m going to be selling my rental and buying another using a 1031 exchange. A realtor told me that because it’s not my home, the state of California will withhold money from the sale for taxes. Is that correct?” Answer: That agent gave you some incorrect advice. The state will require a 3 1/3%

Question: “I’m thinking about doing a 1031 exchange, how long does the whole process take?” Answer: It’s MUCH faster than you might think. In fact, it only takes a couple of days to set up. So it shouldn’t delay your transaction. That being said, never wait until the last minute to set up your exchange.

Question: “I co-own a rental property with my brother. Can I sell another rental I own and use the money to do a 1031 exchange to buy him out?” Answer: My 1031 rep said you cannot do an exchange on a property where you already own a partial interest: “Unfortunately, because of the vesting and

Question: “I’d like to sell my rental and buy another property. I have 45 days after I sell to buy the next one, correct?” Answer: Not exactly. You’re talking about what’s called a 1031 exchange, named after IRS Code Section 1031. Contrary to popular belief, 1031 exchanges are fairly simple, with just a few rules

Question: “I inherited a condo from my dad last year and want to sell it and buy a rental property here. Should I do a 1031 tax deferred exchange?” Answer: [A 1031 exchange allows someone to sell an investment property, reinvest the proceeds in a new property, and defer some or all tax on the