Loading...

I'll ask you about that. I'm thinking about making a move as well, but how does that process work? Does it work in each one or is it one that's fraught with anxiety? Actually, it's really very easy. You need to engage with an exchange company. I have one that I like. They have issues involved, but they're hiding reasonable from all standpoints. The bottom line is when you sell the property, the money goes to the exchange company and it sits there. When you identify your purchased property, your deposits and everything can go direct from the exchange company to the title company handling the sale of the property you're buying and then the other's paperwork to sign. But other than that, you might end up throwing some extra money in to complete the purchase. We haven't done any where we put money out. We've always thrown extra money in. In this case, we're getting rid of an HOA property in Florida and exchanging it for two others. This is repeater state. Are you looking to tax heavily if you take it out? All-star note 6222. Located in Shelton, Washington. If you take the money out, you're going to have to take half of your gains. If you leave the money in, it's a tax-free exchange. The objective is to leave it in. What we were able to do is a week ago Friday, we closed last Saturday. We flew to Florida. Sunday, we looked at houses. Sunday night, we wrote offers. Monday, everything was all wrapped up. Did the inspections on Wednesday. She'd been home on Thursday and now we're in the closing process. We're just waiting for the title companies to get their people together because we're all set to go. Okay, that does sound relatively easy, although it sounds like your machine, you've got this all figured out. There is quite a bit of homework involved. Before we closed on the sale, we actually had a list of properties identified that we thought were best choices. The market right now in Florida is not good for sellers. Because we were trying to get an HOA, we took it in the shorts on the sale. But the benefit is on the flip side, it's a great game of time to buy down there. We got what we feel are some new good properties. We got the right things wrong with them, a few things to fix up. All that is fixed and hopefully we'll be closed here in the next couple of days. So we're going to be talking to K6YMM from Florida for the next couple of weeks or so. We still live here. Our personal residence is not fault. For your personal residence, you don't do a 1031 exchange. Hopefully you can take advantage of the next benefits of keeping some of your gains. This is just for investment properties. I'm sorry, I was trying to make it funny there. Was K6YMM going to travel to Florida and fix up the right problems in Florida or is he staying home? One of the objectives of this was I am getting out of the fixing business, which is one of the benefits of having a property managed a long way from home. You don't get involved in going to look at everything that falls over, every garbage disposal that gets clogged and stuff like that. We have a great property manager and she has a great team of contractors. Any of us available, whatever needs fixing. Hey, I'm with you as well. Except turnovers, we tend to get a little too involved with the turnovers. But anyway, I'm glad to hear everything is going well. I'm glad to hear the 1031 went smoothly. We'll look forward to hearing you on the clock. You're breaking in the future. K6YMM, AI6JB, 73. K6YMM, 73, is there anybody out there? Go ahead and have a blast today. It's a great day outside.