1031 exchanges allow investors to continue investing in other properties without losing their investment equity to taxes, and today’s guest on The Real Estate Mindset Podcast can help you do just that! Nathan Webb is a 1031 Exchange Accommodator. He and his team are the qualified intermediaries required to perform your 1031 exchange, leveraging their Exchange Software and FinTech to make your exchange 100 percent electronic, seamless, and secure. In this episode, Nathan starts with the basics; what is a 1031 exchange, and how can real estate investors use it to their advantage? We also get into the nitty-gritty of timelines, taxes, and titles, and Nathan shares how he has shifted his mindset, citing the importance of listening to podcasts, communicating with people, and finding a good mentor. Tune in today to learn more!
Key Points From This Episode:
- An introduction to today’s guest, Nathan Webb, his colorful entrepreneurial background, and how he got into 1031 exchanges.
- What a 1031 is, why it’s helpful, and why real estate investors should know about it.
- Learn more about what is called a reverse 1031 exchange.
- The importance of contacting your exchange accommodator before you close.
- Find out what the timelines look like between identifying a property and purchasing it.
- Nathan explains what he means by the 95 percent rule and the 200 percent rule.
- Hear about the three T’s of a 1031 exchange: taxes, title, and time.
- How long you have to own a property before you can sell and 1031; “a period of time.”
- How the tax code is impacted by the recent change in administration.
- What Nathan’s morning routine looks like with four children; seeking calm before the chaos.
- The influence that Rich Dad Poor Dad, podcasts, and living in the Middle East had for him.
- Why Nathan says that you can’t out a price on a good coach.
- He speaks candidly about a difficult time he went through when a friends died and what it taught him about partnership.
- Nathan’s mindset tip: you have one life, what are you going to do with it?
- He tells a story about one of his favorite 1031 exchanges and what it teaches us about the nuances of a 1031 and what is possible.
- Hear his definition of success and how he gauges his own success through his family.
Links Mentioned in Today’s Episode:
Federation of Exchange Accommodators