Well, we finally did it! We bought the beachfront property as an investment property! This was something that I had desired to do for many years. When the market turned into a buyer's market, we knew the time was right.
We used a 1031 Exchange to complete the deal and have found this type of transaction to be a fantastic way to buy and sell investment properties. But, to do these exchanges successfully, there are several important points to know:
- Understanding the real estate market in the area you are selling and in the area you are buying is critical. Location is still king when it comes to real estate. For investment properties, understanding the type of business, the area, and the property's visibility are all important considerations.
- It is crucial to understand how the 1031 Exchange works and which types of properties can be purchased. Working with a reputable 1031 Exchange company is very important. Vet all companies thoroughly.
- The timing of the transactions must be executed properly. Understanding the critical dates cannot be overlooked. Make sure you have the proper team to ensure these dates are adhered to and not missed.
If you are thinking of purchasing an investment property, I can help. As an investor, this market could be the perfect time to make that deal happen. Give me a call today.
And, if you are seeking a gorgeous vacation home, check out The Nest Beachside in Galveston, TX. This new construction directly on the beach boasts 6 en-suite bedrooms, 4 outside viewing decks, a hot tub, a massive living area and kitchen, an elevator, and all the bells and whistles you would expect. Beautifully decorated in a coastal, country French flair!
Come and see us in historic Galveston! There is much to do here! Even our winters are mild! You won't be disappointed!
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