Let’s walk through the step by step process for carrying out a 1031 exchange. Be aware that the following is just a general outline, so specific deals will likely vary slightly from this process.
The 10-Step Process to Perform a 1031 Exchange
1. Decide to sell and do a 1031 exchange. Not every purchase is worth doing a 1031 exchange. After all, with all the requirements, costs, and countdown timers, simply paying the tax and moving on may be advantageous. That is definitely a discussion for you to have with your accountant.
2. List your property for sale. You then list your property for sale, as you ordinarily would. Your agent will likely include language in the listing paperwork regarding your desire to do a 1031 exchange and the buyer’s
Nevada and Las Vegas are great places to own and operate a small business.
Highlights of this year’s survey include:
More than 81 percent of those surveyed believe Nevada’s economy is headed in the right direction. That was roughly 10 percent more than those who said the same about the national economy.
The top concerns for businesses continue to be healthcare costs, government regulation and business taxes—while their biggest challenge is hiring and retaining quality employees.
Nearly 3 in 5 respondents believe Nevada’s business environment has gotten better over the past year. In addition, more than half (53.5 percent) of small business respondents saw increases in their business revenues or sales over the past 12 months.
Wonderful 4 bedroom Las Vegas home in Mountains Edge. No houses behind or on the side. Lots of great upgrades. Putting Green and Pond in the backyard. Large secondary bedrooms in the upstairs area. Laundry is located upstairs. Master bedroom has a large walk-in closet.
I had a VA client who was told by their lender that they did not have to pay closing costs. One of the things I do for all my clients is to explain the buying process and with a VA loan, I explain they may qualify for no money down but there are still closing costs. I asked my client to check with their lender what they would be and they were still left with the impression there were no closing costs. We ended up finding a home rather quickly and now my client they had 10,000 in closing costs that were due. One of the things I pride myself on is my negotiation skills. In this situation to help them attain their toll brothers dream home, I was able to negotiate with the seller to pay half their closing costs and we would add 5k to the offer we had made.
One of my first Las Vegas Real Estate clients was a wonderful couple looking for their future retirement home. They were getting calls left and right from agents since they visited so many sites online. I assured them that I had no intentions of bombarding them with calls or emails. However, what I did let them know that I was there to find them a home, and if that was their goal I would work honestly and diligently with “THEIR” timeline. I let them know I was licensed in CA, as well as NV; which in turn was truly beneficial to them coming from there. I educated them on both markets and what their buying power truly was. They appreciated that I actually listened to every detail, and welcomed any feedback “negative or positive.” They decided to move
The very first appointment I had was with an extremely difficult client who was convinced his condo was just going to continue to be a money pit for him and his family. He admitted that most of the time he hung up on or cussed out every agent that called him because he truly didn't think anyone was actually out to help him. Despite that, he was excited by the things I said and could tell I was different, so not only did he not cuss at me, he invited me for an appointment. We were able to get him an offer that was much higher than expected and would have gotten him out from under his loan. With the newfound hope in agents though, he decided instead of selling, he wanted to turn a profit and rent. We can't win every transaction, BUT we can win people, and
We live in California and became interested in purchasing our future home in Las Vegas. We had the pleasure of working with Kimberly. As a longtime resident, she is very knowledgeable about the area. We were interested in new development and Kimberly knew exactly where to take us. We weren’t too familiar with the town other than the strip so having Kimberly showing us around was great. For any out of towners, she’s a great relocation specialist. It made purchasing a home a great experience, she’s very personable and kept us in the loop through the whole buying process and nothing was a mystery. The loan process was a breeze, she works with some great partners in the loan industry and had provided us some great creative finance options.
Typically my clients are relocations and many have never actually been in their home until the day of move in. That can create a unique situation such as timing for arrivals of delivery trucks, buyers not being in the city at the time of close, pet-friendly hotels, etc… I provide information necessary to assist and make the transition as smooth as possible.
I create a trust with my buyers and most importantly follow through. Once we close I hold on to their keys for them until they arrive and when the big day is here and that van pulls up they are the happiest people moving into their new home and new city. The next questions are where are the nearest grocery stores, pet hospital, hospital, church, jazz clubs, etc.