Success and the 1031 exchange!
Yesterday we closed on our first (and only, so far) successful 1031 exchange! Because it did not involve financing, it took less than a month after identifying, making an offer, settling on their counter offer, and finalizing. Hurray!
Martin Fajardo, our Vegas realtor was instrumental in getting us a great price for a great property in a great neighborhood in Las Vegas. The exchanged property that we bought was $7,000 more than the one that we sold, so all is good.
In fact, better than good because just one day after closing, we have a tenant!
To tell you the truth, Aunty had serious doubts that this 1031 exchange would happen because Aunty didn’t pay attention to the very strict time frames, and it was down to the wire on our 45th day to identify 3 properties for potential purchase. Stress!! – though that is now water under the bridge, and we are done!!!
Want to learn more about how these 1031 exchanges work? Perfect timing, grasshopper!
The February HiREI (Hawaii Real Estate Investors) meeting TODAY, Thursday, 7:00 pm February 6 at the Japanese Chamber of Commerce (2454 S. Beretania Street) will present the dynamic and beautiful Julie Tambaga of OREXCO – the folks we used!!!
Come if you can and learn about this wonderful way to buy/sell investment real estate and save money on taxes. Parking is $5 with validation, entry fee is $15 unless you sign up for annual membership.
Hope to see you there!!