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Ep 25: Double Your Title Orders with 1031 Exchanges
Business Strategy

Ep 25: Double Your Title Orders with 1031 Exchanges

 

1031 exchanges provide real estate investors the opportunity to put more of their money into buying and fixing up a new investment property. The tax deferral program encourages more real estate transactions and creates a positive domino effect of economic growth for various industries including the title insurance industry. Despite the overall benefits, 1031 exchanges often come up on the political chopping block. Most recently, the Biden Administration has proposed eliminating the deferral on real estate profits of more than $500,000. In this episode, Amanda talks with Michelle Fitzpatrick who is the Vice President of Northern 1031 Exchange. She explains the basics of the 1031 exchange program, why it’s so important to real estate and title professionals, and what you can do to help save it. 

"Really have those conversations if you can within the first 45 days of your exchange because that's your identification period. Put a property on [the list] that you're in love with, but make sure you have backup properties that you'll be able to fall back on if there is an issue with the title or with the closing." Michele Fitzpatrick, VP of Northern 1031 Exchange

 

Key topics in this episode: 

  • 1031 Basics (3:28)
  • Who can act as a Qualified Intermediary? (7:00)
  • How title issues may impact a 1031 exchange (12:00)
  • Identifying a client who would benefit from a 1031 exchange (15:39)
  • Proposed changes to the 1031 exchange program (23:10)
  • Steps to take in anticipation of changes (30:50)


Resources and suggested reading: 


Get involved with the conversation! 

Follow us on Twitter @titletalks, and sign up to receive notifications when the next season launches! If you have an idea for a topic or know a guest speaker who would be perfect for the show, email us at title.talks@proplogix.com.

Guest: Michele Fitzpatrick of Northern Bank 1031 Exchange
Host: Amanda Farrell of PropLogix

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