I wanted to take a moment and let the rest of the Rainers know a success story brought about because of this wonderful network on ActiveRain. I posted a blog a while back about the basic rules of a 1031 Exchange. I tend to work with a lot of investors, and with my background in finance and law I have a little knowledge of the inner workings of the tax code and like-kind exchanges and simply decided to post a brief article that I and others could use as a quick reference in a 1031 Exchange.
Little did I know, however, the importance of this relatively minor article. S
everal weeks later I received an e-mail from my ActiveRain profile from an investor. The investor had simply done a search on 1031 Exchanges, found my article and profile, and wanted me to assist him on the identification and purchase end of a 1031 Exchange on his investment property. Ultimately once he sells his current properties and then we use the equity to purchase up to 200% of the value in exchanged properties in the North Dallas corridor, it will end up with between $1M and $2M in purchases of investments in multi-family and single family residences, including distressed properties like foreclosures and short sales.
I am sure that my story is one of many successes brought about by the ingenuity and tireless efforts of the people that created this wonderful network. Do not forget to do your part by participating and you will be well rewarded for the help and insights that you provide others. Who knows, maybe the Rain will hit your area next and you will be the one needing the umbrella...
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