Investments: 1031 Exchange
Working with investors using a 1031x can be challenging. You have 45 days to submit 3 properties you’re interested in and you have to purchase one of those 3 properties. You have 180 days after that to close on the property. If properties are only lasting a week on the market that pretty much means you have to be under contract within 45 days from the time you closed on the investment property selling. The money from the property you’re selling is moved to a new investment property without the tax hit that you’d see with regular transactions. That’s a quick explanation of the 1031x process. Disclosure: I do not work for a 1031x company. It’s best to contact a 1031x company for exact step by step details before you proceed.
Having said that, we were able to get under contract on York St competing against 8 other offers. We rewrote our contract 3 times within 24 hours. Trying to get my clients the lowest price while at the same time winning the bidding war to purchase the property. The Seller lives out of the country equaling a very different time zone. Aggressive negotiations and quick decisions had to be made. You have to be ready at 6 am to negotiate as well as midnight. A clear mind and dedication is needed at all times of the day. My buyers are very excited about their new purchase in the hot Denver market (University neighborhood). I couldn’t be happier for them. Cheers to making “wake up money”! Just wake up and you’re making money.
Have you ever wondered how people get so wealth? This is one way to do it. If you want to learn more about how to start your investment portfolio give me a call! Let’s start small and see your money grow, make you more money and eventually you could own an multi-unit building or several properties. Start your second stream of income today!
Liz McCormack (303) 907-5642