What is a 1031 Exchange?
June 27th, 2007An Article on 1031 Exchange & Relationships
A major part of any relationship is planning for the future. Many couples need another way of making money than just their pay checks. A side real estate activity like having a couple rental properties could make a big different in your life style. Early in your relationship you should spend time together educating yourselves on investment activities. An easy one to look at is real estate, to see how well you would work together in business (strengths & weaknesses) and if you both have common interests and goals in lifestyles and making money.
1031 Exchange is a tax free exchange of real property and very helpful to new real estate investors. There is a rule that has to do with the amount of time you have from the sell of the one property to the acquiring of the like kind or replacement property. There is some flexibility on these rules so it is very important to have an expert handling the Exchange who knows and understands these flexibilities.
The time you spend as a couple learning about 1031 exchanges, even if you never use it, will help you see what living and working together over the years to come will be like before you commit.
Full article at: What is a 1031 Exchange
