Friday, July 5, 2013

This Weeks Special Guest Speaker Is Robert Young On 1031 Exchanges And Other Tax Advantage Exchanges.

This week we have REI member and good friend Robert Young, owner of Robert Young's Towing. These guys take the jobs that no one else has the equipment or training to do. See the picture above of his wrecker taking away that plane that crashed in Roanoke.

Robert is also a real estate investor and a very successful one at that. Residential rental, commercial rental, land, etc. Robert has experience in all of these. Robert has taught me a number of things and has given me some great ideas and advice. And I can attribute his help to an extra 3K cash money in my pocket on a negotiation that I was involved with.

Robert will be at our meeting to tell us what he knows about 1031 Exchanges as he has done these and a number of other types of tax deferred or non taxable transactions. He is not a lawyer, just one investor giving another their experience with these exchanges and how they work.

1031 Exchanges are a great way to sell property and trade it for another property of equal or greater value without having to pay capital gains taxes at the point of sale. We have tried to get someone a number of times in the past to come and talk to the group about them which has been unsuccessful. One guy hoodwinked me a couple years ago and said he was going to talk about the exchanges and the next thing I knew they were in our meeting talking about buying stock from them. And not a word about 1031 Exchanges.

I hope that Robert will also fill us in on some of the creative deals that he has done in the past. For those of you who don't know Robert, he's a nice guy who is an out of the box thinker and a valued member of our group.


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