Welcome to Episode 66 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today, we’re going to learn how to pay no taxes! Craig Procter of Starker 1031 Exchange Services explains to Jefferson and Brad how you can structure things (legally) on your real estate and save some money. Keep in mind that this interview is part one of a two-part episode. Tune in next week to hear more from your hosts and Craig!
Key Takeaways:
[2:45] Who is Craig and how did he get started in real estate?
[8:10] Technically, when you’re doing a 1031 exchange on your property, what you’re doing is deferring your taxes, but you’re not avoiding them. However, you can defer your taxes indefinitely.
[10:20] This applies to all types of properties, not just mobile home parks.
[15:15] What is the purpose of doing a 1031 exchange?
[17:45] Can people exchange/buy property that’s less in value than their original property value?
[21:45] What happens when you’re trading your mobile home park for another mobile home park a couple of years later? What kind of filings would you have to do?
[26:00] If Jefferson wants to work with Craig’s firm (or similar companies) what are some of the steps he needs to take to begin the process?
[31:15] Want to know more? Tune in next week for the second part of this interview!
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net