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The most important thing to do is to create a solid marketing plan for yourself. There is no one thing that is going to bring you business. It's a compilation of branding and creating solid referral sources.

You need to have a website. Make sure your content is directed at all of your market. In your business networking is going to help you immensely. Reach out to professionals that will be able to refer their clients to you. Marketing to that group is going to create more business for you than to market directly to sellers or buyers. Join real estate groups. For example, in MA they have a group called REBA (Real Estate Bar Association) as a Qualified Intermediary for 1031 exchanges this was a perfect choice for us to join as an affiliate. We support them by sponsoring events or any other opportunities they provide and it generates connections with people who have a large client base who then send us all of that business. We also advertise in many real estate publications to back up our other marketing dollars.

Good luck to you and if you want to email me your information I would be happy to add you to our referral list. We have clients that come in from all over the country. I hope I can help you out some.

dom80e

There are a whole lot of TIC companies / Brokers / Sponsors out there. I work with many of the top 10 and the company you are speaking of has never crossed my path. If you are serious about buying into a tenant in common program and would like some choices from respectable and trustworthy people in the industry email me and I will get you in touch with someone who has a perfect reputation and has been in business fro over 20 years.

Be very careful about who you choose when purchasing TIC's as many deals are not what they seem. You want something with a cap rate of 9% or more with long term leases and solid tenants. You should be able to get out of the deal at any time that you choose and have financial reporting monthly.

I am a Certified Exchange Specialist with the Federation of Exchange Accomodators so if you have any questions on exchanging I would be happy to help there as well.

Before I started facilitating 1031 exchanges I worked for a long time in the hospitality industry. While I was there my goal was always to own hotels in the long run. The minute I started keeping the books for them I realized it wasn't as profitable as I thought. I have done accounting, auditing, management and always customer service. So, my interest changed from Hotels to other types of investment property.

Dustin07 exchanging can turn into a tax exclusion if done correctly with a good estate plan or tax advisor. It is only one of the tools available to you in your tax "tool belt".

I have to tell you that being in the industry I hear these comments a lot and then the same people end up calling in the middle of the exchange asking for advice because the people they hired for pennies can't answer their questions, messed something up pretty badly, or aren't answering their phones and no one knows where the money is. You get what you pay for in this industry. If you want a quick in and out, no questions, no documents, no phone calls, no service you can pay $400 but if you are looking for someone to be involved and actually know some tax law and accounting then you are going to pay for the experience. It's all in what you expect. You can have no security and no guarantees or you can have Total security, experience, service and guarantees.

I really believe with a good estate plan it is always worth it.

The power of the media is amazing.

Mr. Fred -

Exchanging is a process seamed with requirements. All of which can be handled by a proficient QI.

I see your other questions have been answered so I will jump into the closing cost issue. The short answer with out any of the back and forths is yes. As long as it is a true closing cost than you will be able to have it paid from your proceeds and it will not become taxable to you.

I am a certified exchange consultant with the Federation of Exchange Accommodators so if you have any questions I would be happy to help you. Good luck to you and make sure you are looking for that replacement property now.

You are a professional exchanger by now huh? Way to take advantage of your options - I am sure that $27K is working hard for you right now to help you build wealth.

I have never seen an exchange fee that low. Who did you use? Did you get interest?

I agree with you that you need to have tax attorneys involved in the QI you use. Along with bonding, E&O insurance, Individual dual signatory accounts and they should be members of the FEA and BBB.

We have gone over and over the 45 day rule and still can't find any purpose in it. It's seems like they just threw a headache in the middle.

How did you first find out about the 1031 exchange?

Good thinking! Make sure to check references. Make phone calls to people that are currently clients. I will look through my database and see if we have anyone good I can send you to in your area. Good luck hunting for a prefessional!

I agree that if you don't intend on staying in the RE market until death due you part then paying the tax now would be a good move. With a good estate plan though most get through without ever paying the tax and, like you, can take advantage of those dollars. Then they work for you instead of handing them over in tax and not having them at all.

I have to agree with you there are a lot of hack jobs out there. Always check references before starting anything. Make some phone calls. Its always best to speak with people that have tried the program first. Goos luck to you.

Do you have a CPA and a Estate planner? I am a proud cheerleader for professionals. They can always help you make sure that you don't miss anything that you may not have been thinking about tax wise.