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I am just interested in finding out if there is anyone in this group that was involved in the 1031 Tax Group debacle with Ed Okun?

There have been a few new developments and I wanted to know from your side how things are going.

:D You are welcome. Just wanted to comment on the interest topic as well. I didn't feel it was as important to talk about the first time around because I was focused on security issues. We match any competitors rates and that includes interest. On a regular basis we will pay 3% or more depending on the amount of funds that are being held.

We normally charge a flat fee of $1000 but we have implemented some competitor matching to reach out and prove just how good we are.

Also our company is different in that we are an independant intermediary. All we do all day is 1031 exchanges. I am not concerned with getting you to buy into 5 other companies products that are affiliated. We simply will do your exchange and do it right.

Losing your money is a real risk as we have seen a few times in the last year or so. There we companies out there that felt that reinvesting exchange funds into their other interests or companies that they owned was ok, when they really violated many peoples trust. Protect yourself by making sure you go with a company that has individual qualified escrow accounts that require YOUR signature to release funds, check references, look for longevity, Find out who the owners are, Is the company a member of the FEA, BBB, Do they have certified Exchange Specialists on staff, Do you get a real person when you call?, Are they bonded & carry E&O insurance in the name of the actual exchange company? Can you access your account information from the bank at any time?
These are all important things to look for. Not a lot of companies out there would steal your money just make sure to ask questions and make sure you are comfortable with the one you have chosen.

Good luck to you.

The initial question had a concern for getting cash out with out being taxed. I have to apologize I didn't have the time to spell everything out right then so I offered some personal contact. How that makes me look bad - who knows? I do not believe so at all.

There are ways. Refinancing after the purchase of the replacement property is one.

I apologize for assuming that was directed at me - as John has clearly said you should consult an experienced professional of your choice.

I would like to stand behind William as well as he is one of the founding members of the FEA and has numerous years of experience and undoubtedly knows exactly what he is talking about. He is highly respected in the industry and very smart. :superman:

WHOA - I feel as if I am being attacked here.

John I never said William was wrong. William is a very smart guy and I am sure he is very experienced and professional. I simply stated there were other ways. He is right by all means but that doesn't mean that this person should have to give up his tax money. No one should. With proper tax planning you can exchange through life, die and NEVER pay tax. It all depends on what your long term goals are.

I understand that William has been on this site longer than I and you have some kind of relationship built but I assumed that here everyone would be receptive as you all are real estate investors and can appreciate that everyone has some knowledge to share. I am just here sharing my knowledge like everyone else.

I had such a huge respect for you. You seem to be one of the most experienced on here. Do you really feel that was warranted? That you should devalue me? How could you possibly judge who is more experienced? Come on now.

I'm not sure what you mean by "pass the 1031 to your kids" - I am assuming you mean "Excercising the Death Option". If you are talking about them inheriting the property when you pass on then they would automatically receive a step up in basis and they would not be responsible for the gain that you have carried over through your exchanging.

If you have personal transaction questions. I would be happy to help as well.

Melanie Brienza, CES
Executive Vice President
All States 1031

You have a lot going on. If your parents are exchanging then they need to purchase replacement property that is going to be held for use in trade or business. If they purchase a property that they intend to use as their primary residence then their exchange would be disqualified if challenged.

Like everyone else, I suggest getting some help from a knowledgeable tax attorney and while you are at it, some estate planning. I know that many people don't want to pay what they feel is a lot of money on things like this but in many instances it is well worth it and saves you many times more money than you spend. Attorneys have priceless knowledge, take advantage of that. Check references on whomever you choose.

Good Luck! :wink:

Grinder,

There are many things you can do alternatively to fix this situation. PM or email me and I will explain.

Trying2Close

Welcome! I am Melanie. This is a very helpful sight. The people here are wonderful and very knowledgeable. This is one of the most beneficial sites I have joined. Everyone brings something to the table.