The Secret to Building Tax-Free Wealth with 1031 Exchanges!

Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
We used that over the course of 10 years togo from Colorado to Connecticut to Florida,
buy a 53 foot sailboat with tax free dollarsand live on it raising our children while we
made money off of our vacation rentals. Allbecause we didn't pay a penny in tax using

(00:20):
the temporary one.
Welcome to the Generations of Wealth podcast.I am your host Derek Dombeck and today's episode
is going to be a lot of fun because we're learningabout 1031 exchanges, except the best part

(00:46):
about this is we can get a little bit creativeand deviant, if you dare use that word, in
a legal way to shift our wealth and keep ourwealth and not give it to Uncle Sam. So when
I bring Dave Foster on This is going to be,for me, it was a lot of fun just because it

(01:06):
got my wheels turning on just my own futureand holdings with, with my, my family and everything
else, uh, before we do that though, again, toeverybody that follows us, you hear this on
every episode. Um, thank you. Everything youdo to help spread the message of the generations
of wealth. We appreciate it. If you're justfinding us, uh, you know, don't hesitate to

(01:30):
reach out if there's something that we can doto help you. Go to theg reach out there, go
to Facebook and join the Generations of WealthFacebook group. Shoot me an email, derrick
at globalgow.com. Anything I can do to helpyou. Don't hesitate. And again, we really appreciate
you being here. So with that said, let's justbring on Dave Foster and learn all about 1031

(01:54):
exchanges. And now the one, the only, the experton 1031s, Mr. Dave Foster. Dave, thank you
so much for joining us. Hey, it's great to behere. Although I got to tell you, my kids wish
there was one less than one and only. But that'skids for you. Yeah. You know, kids are needy

(02:16):
and annoying, aren't they? I think they go,legally, what was it? It was Mark Twain that
said he was amazed. at how much knowledge isthat God in between when he was 14 to 20. So
you and I getting smarter than coming out ofthere. That's, that could be, that could be,

(02:39):
well, Dave, why don't you tell the audiencea little bit about who you are, where you come
from? And then, man, we are going to dive intothe art of using 1031 exchanges. Well, you're
just kind of a teaser on that. I am. a Kansasfarm boy who married a Minneapolis city girl

(03:01):
and lived in Denver for 20 years. Now somewherein all of that picture, what you don't see
are oceans and water. But we decided that wewanted to go buy a sailboat and raise our children
on it. And that is actually how I discoveredthe 1031 exchange. more than 20 years ago.

(03:26):
And we used the 1031 exchange, and we'll probablytalk about what it is in just a moment. We
used that tool along with the primary residencerule, which lets you sell your primary residence
tax free. We used that over the course of 10years to go from Colorado to Connecticut to
Florida, buy a 53 foot sailboat with tax freedollars and live on it, raising our children.

(03:54):
while we made money off of our vacation rentals,all because we didn't pay a penny in tax using
the temporary loan exchange. Well, I know Ilove it and you and I were talking a little
bit before we started recording this episode,you know, about our backstories and, you know,
I'm not in a position where I'm wanting to exchangeanything right now, but I'm looking very forward

(04:19):
to that opportunity as it comes up in the future.But Let's start at the beginning, a little
bit at least. I mean, most of my audience isexperienced real estate investors and business
people, but talk a little bit about what theexchange is and the basics of it, and then

(04:39):
we'll get much deeper. Well, for how long it'sbeen around, it's incredibly unknown and hidden
because section 1031 has been part of the taxcode since 1920. But I mean, still today, so
many investors, accountants, real estate professionalsmay have heard the words, but it's still kind

(05:03):
of a voodoo for them. But what a 1031 exchangedoes is it allows you to sell a piece of investment
real estate. And by going through the process,you purchase new investment real estate. And
as long as you follow the timelines and purchaseat least as much as you sold, whether it's

(05:26):
one or several pieces of property, you get toindefinitely defer paying the tax that you
normally would have, both on gain and depreciationrecapture. So it's basically the IRS, the government,
letting you use the tax dollars for your benefit.Well, that's what Albert Einstein called the

(05:49):
8th wonder of the world, compound interest.I get to use the tax for myself. And the money
that I make off of that, I get to continue makingfor myself. And that goes all the way back
to 1996, when I made that first real estatetransaction. Unlike you, I sold it. And I thought

(06:10):
I made a lot of money, but my accountant remindedme that I had a silent partner. And Uncle Sam
wanted $30,000. Okay.
Nobody goes broke paying tax on profit. I didokay. But what if I would have been able to
keep that $30,000 over the course of 30 years?How many times could I have compounded that?

(06:39):
And what would I have now just from that onetransaction? But that's the impetus for what
the 1031 exchange could do for you. It capturestax dollars. and let you use them for your
spa. Well, I've got a thousand questions andwe don't have time for a thousand, but my first

(07:00):
one is, when you say, buy another piece of investmentreal estate, we need to clarify what does that
have to be? Because I know many people haveasked me over the years, you know, does it
have to be a house for a house? Can it be ahouse for an apartment complex? What does like
kind exchange mean in the code? Absolutely.So there's Two terms that the code uses, like-kind

(07:27):
and qualified use. Like-kind simply means thatit is real estate or it is something that has
come to be the same thing as real estate. Forinstance, long-term land leases, where the
lease is more than 30 years. That's real estate,even though it's a lease. Oil and natural gas

(07:50):
resources. In many states, boat docks, boatslips, billboards, build their view rights,
there are many things that can be consideredreal estate. But that's what like time means,
simply that it is real estate. Qualified usemeans that it's real estate that you purchase

(08:16):
with the intent of holding for productive use.in business trade or for investment, whether
it's the restaurant, that building that youown to run your restaurant in, whether it's
rental real estate, or whether it's real estatethat you purchased in the path of progress,

(08:38):
and you're waiting while it appreciates. Allof that qualifies for a 1031 exchange, and
that's what's so beautiful about this, becauseI can sell any type. of industrial real estate
anywhere in the country and go by any othertype anywhere in the country. So, if I've been

(09:02):
a fan of appreciation, so I've been buying outof Southern California and I'm just a little
jittery about Y-fires and all this other stuff,I can sell in California and go buy in Omaha.
Where appreciation isn't so great, but cashflow is. I made millions of dollars for a bunch

(09:22):
of clients who sold in San Francisco in themid-2015ish.
And they followed Elon down to this sleepy littletown called Austin. And boom, they went out.
So you could use the 1031 to find inequitiesin the market to change types of real estate.

(09:43):
If you're a doubly single family, you want togo into commercial, it all works. Isn't that
beautiful how wide that is? Well, absolutely.And, and I know I shouldn't say no, I believe
years ago you could buy notes, but you can'tdo that anymore. I think there was a change
in that. Can't do that anymore. Right? Notesand personal property, like jet planes and

(10:08):
all that kind of stuff. No longer qualify. However,for that type of equipment that goes along
with businesses and stuff. That's why at thesame time that was taken away from 1031, then
President Trump, when he first got around, gaveus bonus depreciation and cost segregation.

(10:31):
So now you can take some advancements rightoff to those things. But for now, it's all
real estate. Now, what it is not is real estatethat you purchased primarily to resell. It
has to be your intent to hold it. So the normalfix and glippers, and I know you've done a

(10:51):
bit of this, and I've got that same adrenalineneed myself, when it's our intent, primarily
to fix and sell a property, we cannot do tentativeexchanges. It's really designed for buying
old properties, or I keep using the word intent,properties that was your intent to hold.

(11:16):
You know, I have some deviant friends and, uh,you and I have one of, one of them we spoke
about before we started recording, which wewill not mention on this, but, um, intent is,
is the right word because I've had people say,well, I can't 10 31 exchange because I haven't
held it for fill in the blank with a periodof time. Well, if it was my intent to buy and

(11:42):
hold that property and you know, three monthsafter I started rehabbing it to keep it, somebody
walks up to me and says, we want to developthis area and your house is in the way and
we now want to give you X number of dollarsfor your house. Absolutely. I can exchange.
The deal you couldn't refuse from an unsolicitedbuyer. Yeah, that's the code standard. Right.

(12:08):
And this, like this feels like one of those,like you said, the kind of your DVM friends
will do. because they'll push the envelopes.But in fact, what this is a response to is
that over the decades, there's been three differentcourt rulings that talked about what inappropriate,
not the appropriate, but what inappropriatefull period would be. And the terms used were

(12:33):
two years, two tax years, and two calendar years.Well, it took about 30 seconds. for every attorney
in America to figure out. The fact that thecourts were saying an appropriate old period
is anything in between two days and 730 days.So what could the IRS do in order to control

(12:59):
it? They did not put in a statutory period andinstead said, well, it must be your intent.
Well, if that's the standard, then that's whereit is. Now, most people, everybody just about
feels comfortable, anything more than a year.But there can always be those situations, like

(13:20):
you and I have just now been talking about,unsolicited offers to buy, you realize that
you're spending too much on your rehab, youcan't generate the kind of rent. It doesn't
fit your business model, a better deal cameup, those kinds of things. Where was your intent
told, but now you're gonna change your intent?so a whole period of less than that might be

(13:43):
perfectly appropriate. You just want to be ableto have a lucid, demonstrable reason to demonstrate
why you're in Tickler's home, and now it's changing.Absolutely. So, okay, we've got our property,
we're ready to do the exchange, let's just walkus through the process and the dates and the

(14:05):
deadlines and all the stuff that goes with it.So first and foremost, the IRS requires what
you use with services of an unrelated thirdparty called the qualified intermediary. They
can have no other relationship with you otherthan doing your temporary exchange. So your
attorney, your accountant, your realtor, theycannot do your temporary exchange. That qualified

(14:31):
intermediary has to be in place prior to theclosing of your sale. because their big roles
are to document the closing, the 1031th closingof the sale, to hold the proceeds, because
the IRS doesn't trust you with your own money,and to document the purchase and send the money

(14:53):
in for the purchase of your replacement property.So that's the first and single most important.
That QI becomes your guide through the restof the administrative trivia. that all have
to be met. Because while the IRS lets you dothese, and they have to let you do these, they

(15:16):
don't have to make it easy. And so that's wheresome of this other little voodoo rules kind
of come into play. So your exchange starts withthe sale of your own property, qualified media
areas in place. You have from that date 45 daysto identify your potential replacement properties.
That doesn't feel very long. Now, what mostpeople find is that they're searching for their

(15:43):
new property before their old property closes.You can go under contract for your new property
before your old property closes. So you canturn 45 into 90 or 120 very easily. But at
the very worst, you've got 45 more days fromthe day that closes yourself to identify. You

(16:07):
have a total of 180 days to complete the process.That's not so bad. But the IRS gives you no
extensions personally. No benefit in the doubt.No, oops, I made a mistake, can I do it over?
So you gotta be very, very careful with thatpart. You're gonna need to take title as the

(16:32):
same taxpayer. So you're gonna have to lookat your tax returns and see. who's reporting
the activity of that property, because that'swho's gonna do the temporary exchange. And
like we said, it's gotta be real estate thatyou've helped for productive use. Now, the
biggest key is in the reinvestment requirements.Because if you want to do for all tax, you've

(16:56):
got to do two things. First, you have to purchaseat least as much real estate as you sell. Secondly,
you have to use all the proceeds to do it. Okay.So if there's debt, let's just say it's a half
million dollar property. There that had a basisof 250,000 when it was bought. So there's a

(17:22):
$250,000 gain. Um, but, you know, people refinanceall the time, right? They keep their properties
leveraged. So this half million dollar propertynow has an 80% loan. So it's got $400,000 of
debt on it. and they're going to sell it forhalf a million. How does that work with the

(17:43):
debt? Does the next property have to have acertain amount of debt as well? Great question,
because it's very misunderstood. Technicallyspeaking, debt has nothing to do with your
new property. There is no requirement to replacea certain amount of debt. What there is the

(18:03):
requirement that you purchase at least as muchas you sell. If you sell that property for
500. and you generate $100,000 in cash, youhave to purchase $500,000 in real estate using
$100,000 in cash. So you could take out newdebt, you could put in your own resources,

(18:28):
you could use owner financing. That doesn'tmatter at all, as long as you do the two things
of purchasing at least as much as you sell andusing all the proceeds. Most people will not
have their own resources to cover the debt.So they take out new debt. And that's why it's

(18:49):
kind of become confused over time. But, Hey,let me tweak that scenario a little bit and
you'll see some of the possibilities. Let'ssay that there was $200,000 in debt. So you
get 300,000 in proceeds that goes into yourexchange account. Now you would have liked
to take some cash out. But if you did, you'regoing to pay tax on it. And so what you do

(19:17):
is you buy two replacement properties. You take250,000 of your 300 and you go buy a property
free and clear. No debt. See, because debt doesn'tmatter. You now own a property free and clear
for 250. Take the other 50,000 and use thatas a down payment. on another $250,000.

(19:45):
So at the end of the day, did you buy 500,000dollars in a reason state? Sure did. Did you
use all 300,000 of your cash? Yep, you suredid. But you now have two properties and one
of them has got a mortgage on it, it's justoperating doing its thing. The other property,

(20:06):
you concentrated all of your equity. So whatcan you do now? Anytime you want. you can access
that cash through a refinance. Or a helo. Taxfree. Yeah. Tax free. Or you could sit on it
and wait till the next cool looking propertycomes along, then you refinance to get the

(20:32):
money to go buy that one. But meanwhile, it'snot costing you money in carrying costs with
a loan, because there is no loan. And if badthings happen. Maybe, well, you and I talked
about it, 2007 comes along again, maybe youlose one property, but you're never gonna lose

(20:53):
that other property because of mortgage risk.So that's how the 1031 exchange is used by
a lot of savvy investors to diversify and increasetheir old needs, but continue to concentrate
equity so they always have access to money forthe next right deal. Well, I love that. And

(21:14):
I love the creative side of any real estatedeal structures. So if I've got this hundred,
let's go back to the original scenario. I'vegot a hundred thousand dollars. I've got to
replace it with $500,000 worth of real estate.Um, I like to buy property subject to existing
financing. So I go and I contract. I'm in, I'min Wisconsin. We're in the upper Midwest. I

(21:41):
can still buy houses, you know, in the hundredto two hundred thousand dollar range. So I
go to I go contract three houses that are eachtwo hundred thousand dollars. That have existing
debt on them that I'm going to take over subjectto. And now I spread the hundred thousand dollars
across those three. There's nothing wrong withthat. Not technically speaking, there's not

(22:08):
because as far as the reinvestment goes, becauseyou're purchasing at least 500,000, you're
using all 100,000 of cash. That works. Now I'massuming that though that there is no change
of deed. because a change in deed would haveto trigger a pay off of the loan. Well, yeah,

(22:29):
we're not going to go into that discussion onthis episode, but there is a change of deed.
It gets deeded into a trust. Okay. So if there'sa change of deed and the deed is going to your,
to the entity that sold the old property, you'regolden. That's perfectly fine. Oh, that's the
reason why I brought that up. That's the part.There's also a way to do this. if there's no

(22:53):
deed change. Okay, well. Because there is adoctrine of law that says that if the risk
of loss has passed from the seller to the buyer,that is the same thing as a transfer of the
interest in the real estate. So like a landcontract, where you make payments until that's

(23:17):
paid off and then you get the deed. If all ofthe... burdens and benefits of ownership have
passed from the seller to you. Did that stillthe same thing? Are you buying that property?
And you can finish that with a 10% or exchange.Well, it'll work both ways. How about that?
I love that. I love that a lot. Going back tomy scenario then, because I would typically

(23:44):
buy a property subject to have the seller deedit to. essentially a title holding trust, the
beneficiary of that trust is an entity. So inthe exchange, the property is deeded to the
trust, the beneficiary is the same entity thatjust sold the other property and is doing the

(24:09):
exchange. That's legit, we can do that? Yeah,now we're straight very far into the love relationship.
of you and your CPA. And every one of thosesituations is gonna be a little different.
But when the property is owned by a land trust,the beneficiary of that property is deemed

(24:33):
to own the real estate that is owned by thetrust. So yes, in theory, that works. Beautiful.
That's what I like to hear. You know, I toldyou before we started this episode, Dave, I
love these conversations when, um, I get toask all of my questions for everything that

(24:53):
goes through my crazy mind and stuff I wouldwant to do and, you know, everyone else just
gets to listen in, but, uh, yeah, these areall the little things that. We follow the rules.
We just have to know the rules and play withinthem, but there's plenty of things we can do
within the rules. Yeah, that's exactly right.And I am. You know, we teach CE classes for

(25:17):
real estate all over the country as well. Andone of the first hurdles you have to get people
over is the thought that this isn't some taxevasion scam that's going to get you just jail
cell nets to Wesley Snipes. This is actuallylegitimate use that has been codified not only

(25:37):
in the Irish regs, but in about 10,000 pagesof case law. It's one of those things where
I always tell people, don't ever do somethingjust because you can get away with it, just
because it won't be audited. But by the sametoken, don't ever not do something just because

(26:04):
you may have to explain it. Instead, make sureyour explanation fits the rules and then do
your temporary one exchange. Absolutely. Ourclients are overwhelmed and they are successful
doing that. So we've got the process down. Whatis the cost? When you come to an intermediary,

(26:27):
is it a percentage of the sale? Is it flat feebased? How does that work? Every intermediary
is going to be different. In general, for agarden variety exchange where those prices
say less than a million. You're gonna be ableto get an exchange between $900, $2,500. Usually

(26:52):
higher on the coasts, usually higher when theyare full practitioners who don't have economies
of scale, generally cheaper in the middle ofthe country than with companies like ours where
we have a national footprint, and that's allwe do. So we've got the economies of scale

(27:13):
and we know how to keep our people on the airscrew. Okay. So in general, even if you figure
the high side, $2,500 the w and this is whatI love. People are like, Oh, I'll just sell.
I'll just pay the taxes. Well, if you're goingto see, yeah, I got to pay $2,500 to save a

(27:36):
hundred thousand dollars. That's, that's a prettygood ROI. Right. Well, absolutely. And for
us, our fee's 9.50 if it's less than a million.So what I tell people is, imagine this. First,
two things. First of all, what if I told youI was selling lottery tickets? And this person's

(27:59):
gain is $100,000. So their tax is going to be,say, $30,000. I'm selling lottery tickets for
$950. But you have a 97%. chance of winning$30,000. How many of those lottery tickets
would you buy? Everyone. I could make, borrow,or steal. Absolutely. So that's the mindset

(28:23):
you got to have. But then secondly, you couldpay that $30,000 down, okay? But if you get
10% on your property, on your real estate investments,what does that $30,000 turn into in 7.2 years?
60,000. What does it turn into at 14 years?120,000. What does it turn into at 21 years?

(28:51):
240,000. So in 20 years, if you kept that 30,000,you'd have $240,000. Is that really a trade
you want to do now when you've got a 90% chanceof succeeding? Right. And that's kind of eye
opening when you look at it that way. Absolutely.So what do you think we've got? Um, well, we're

(29:18):
recording this a little early, but you know,President Trump has been, you know, put into
office at this point, what, what does your crystalball show for the real estate market as it
pertains to 10 31 exchanges and just in general,what do you think is going to happen?

(29:39):
Well, I can tell you this for sure. All of uswho live on the coast of the west side of Florida
are wondering if the value of our real estateis gonna go up because we now live on the coast
of the Gulf of America. I'm just wondering.I don't know. Could be, I don't know. You know

(30:02):
what? I left my crystal ball at home, but Ican't tell you this. The first time around,
President Trump did not mess with 1031 exchanges.He's obviously a fan. He is a real estate person.
We recognize the value of them in the market.So I am not worried about anything happening

(30:23):
to the 1031 exchange. What's going to reallykick these markets in gear is if we see it
continuing the lowering of the interest rate,because we've got a ton of 1031 when that bought
properties at two and a half, 3%. And if theysell, they're gonna have to replace that with

(30:47):
six or 7% real estate. You gotta really crunchthe numbers to make sure it's gonna worth your
while. So we've gotta see inflation continueto come down. We've gotta see continued appreciation
to offset the interest rates. And you know,President Trump swears that he's going to solve

(31:07):
inflation. So okay, we'll see. Yeah. Well, healso swears that he's taken over to Panama,
canal, Canada and Greenland. So or Iceland,which one was it? Doesn't scream it. Yeah,
I got a whole bunch of Canadian folks that arewaiting for that because they all want to do
temperate. It cannot be done by foreign nations.Right? They're all waiting. Yep. Yeah. Wouldn't

(31:34):
that be interesting? The, the influx of businessthat would all of a sudden bring in is, uh,
the Canadians being able to do real estate theway we do it. And I've been on, I want to say
probably six or seven Canadian podcasts as aguest over the years. And I've had a couple
of my own guests that, uh, were from Canada.And it's always fun talking back and forth

(31:59):
about the differences in, uh, in our real estatelaws. Um, they're very similar, but I like
ours better. Um, for sure. So, well, as we startto kind of wind this up, Dave, uh, what's one
question I should have asked you that I didn't.

(32:23):
Oh goodness, um... We hinted at it, but I thinkit bears reinforcing. Because you should say,
what's the biggest risk that people have indoing a 10-30-1 exchange? The biggest risk
you've got is really simply your exchange fee.Because there's no penalty for starting and

(32:45):
not completing that exchange. You'll pay thesame tax you would have at the same time you
wouldn't. But in that vein. The people thatI see fail, and it's only like two or 30%,
but the people that I see fail in their exchangesare those people who have not planned proactively,

(33:11):
started their search sooner, and zoomed in veryquickly on where and what they want. So you
can go under contract for your new propertybefore your old one closes. months ahead, you
should be looking. You should be talking toyour QI. Because the more planning you can

(33:32):
do, the better off you are. So that's probablythe biggest thing that I would say there's
repeating. The other question is, well, Dave,if it's only deferred, aren't they gonna have
to pay it sometime? Nope, not, you just die.Exactly. And then you get a step up in basis
for your errors. That's exactly right. That'spart of all. There's even a better one, you

(33:54):
wanna hear about it? it's possible to convertproperty from investment into your primary
residence. So let's say you live in Madisonand you want to retire in Florida. Buy a nice
beachfront vacation property, vacation rentalproperty down here, use it for a few years

(34:16):
for investment. When you're ready to retire,you sell your home in Madison. Now that money
is your primary residence. So that money afterthe first 500,000, the profit is tax free.
But instead of using that to buy a property,go have fun. It's a retirement for heaven's
sake. Move into that beachfront vacation.

(34:43):
Changing the use of a property does not createa taxable event. Once you have lived in it
for at least two years, and once you have ownedit for at least five years, then you can sell
it, and you would get to take a per ratio ofthe gain tax rate. So let's say you bought

(35:04):
it, rented it for two years, then you movedin and lived in it for three years. You could
sell it. You'd get 60% of the gain. tax free.So you don't even have to wait until you die
to get something in it. Nice. I'm not goingto ask you to deny or confirm this, since this

(35:25):
is evergreen in public, but some of my deviantfriends would advise me to also, when I'm identifying
property, right? And at 45 days, identify financialfriends, personal residence as a potential

(35:47):
purchase for me in the event that I have tobuy their house in which they're going to pay
me rent, conveniently exactly the same as whattheir current house payment is, allowing me
to have the intention of holding their propertylong-term while also shopping for a better

(36:10):
investment down the road. to not have to paytaxes, you know, if I run out of time. Again,
I'm not looking for you to confirm that that'sa good idea or not, but that is the way my
deviant friends think.
There's a bunch of levels there. So first ofall, you can name any property you want. Doesn't

(36:35):
matter if it's even up for sale. But you'reonly allowed those properties on your list
to complete your exchange. Secondly, there maybe an issue if that person is a related party.
Now that's different than just being a friend.But if it's a related party. The IRS is a little

(37:00):
more choosy about letting you do that. So thatrent would have to be market rent, those kinds
of things. Otherwise, you do run the risk ofit failing right now. There's not a statutory
prohibition against it, but I can just aboutguarantee you right now, if you were to do
that, and then give them a sweetheart deal onrent, that if that was ever on it, then the

(37:24):
IRS would. kind of take it away. But it's alsoa great strategy, if it's an unrelated party,
to go buy something. Here's one thing that alot of people will do. They'll sell their property
and go buy a primary residence for a familymember. So, and then they rent it to them.

(37:47):
And they rent it to them and market value. Andthen they use their annual gift limits to give
them back. the money at the end of the year.So, yes, there's all sorts of, without confirming
or denying any particular situation, there'sa whole bunch of legal ways to accomplish that.

(38:09):
Yeah. Perfect. Well, Dave, I love this topic.Anything that we can do to improve our generational
wealth and keep it. And, you know, I want topay Uncle Sam my fair share. I just want that
fair share to be... as little as I legally playwith. So appreciate all of your knowledge,

(38:31):
your experience. You do have a book, I believe,that you have available for people to get from
you. I did. Yeah, it was one of those, I needto put out a book this year that took me years
to do. It's one of those things, of course.It's called Lifetime, talking about generational

(38:52):
wealth, Lifetime Tax-Free Wealth. the real estateinvestors value to the 1031 exchange. I did
it specifically because the 1031 is not justthis process. The 1031 is something that has
power and applicability to you throughout yourentire life. And so that's how we wrote it.

(39:16):
How people can use this throughout their entirelife cycle as real estate investors. And since
I've been doing this for folks now for 25 years,we were able to put a truckload of case studies
in there. So it's not just how do it's moreof a blueprint, not so much about it, do it

(39:38):
different way, but how to use it strategically.And that's what we love. Cause that's where
I am. I am a code retriever with memory losswho loves every deal I look at. So to say me.
from investing too much in everything, I getto work with other folks as well. They help

(40:00):
them with theirs. Well, we'll have a link sopeople can get over to your site. Just go to
theg slash tax-free. That should link you overto get, you know, in touch with Dave and find
his stuff. Again, Dave, really appreciate you.And you know, if anybody has ever, and I try
to explain this to people, You know, these thingsare evergreen. So sometimes links don't work

(40:24):
and things change. If anybody's ever tryingto get ahold of Dave, you can always contact
me directly at theg or send me an email, derrickat globalgow.com. I can always get you connected
with Dave. If you need an intermediary, whatever,that's what this is all about. So, um, and
if I could say since we've been around for 25years, I think I got another 25 in me. So.

(40:50):
Perfect. Well, thank you so much, Dave. I again,appreciate your time and everybody else. Thanks
for being here. Our regular followers. We appreciateyou. Our new people that just found us welcome.
Do everything you can to help spread the messageof the generations of wealth. And until the
next show, go live your vision and love yourlife. See ya.

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.css-14f5ked{margin:0;word-break:break-word;display:-webkit-box;-webkit-box-orient:vertical;box-orient:vertical;-webkit-line-clamp:2;overflow:hidden;}The Secret to Building Tax-Free Wealth with 1031 Exchanges!