Investor
Did you know that you can invest funds sitting in your IRA into Real Estate and other tangible assets? Let me show you some excellent investment opportunities and get you hooked up with an expert in Self-Directed IRA's. I know Real Estate, and I know investment opportunities when I see them. I do it. So can you. Learn more here:
Investors, Are You Using a 1031 Like-Kind Exchange?
Section 1031 of the Internal Revenue Code allows investment property owners to sell an investment property and defer tax payments by reinvesting the proceeds into a "like-kind" investment property (or properties). There are many ins and outs to the rules that govern the use of a 1031 exchange, but all real estate investors should understand the basics. As always, I would defer any tax-related questions to a qualified accountant, but I'm certainly here to help guide you through this possible route.
A 1031 exchange is a great way to defer capital gains AND depreciation recapture taxes that are owed to the IRS.
1. Your new acquisition (property) must be of equal or greater value (or there will be current tax consequences).
2. In order to defer currect taxes, you must invest all equity from your old investment property into the new property.
3. You must use an intermediary to handle the 1031 exchange. Any direct funds gained from the sale will be taxed otherwise.
4. Prior to closing on your currrent property, you must prove your intentions for the 1031 exchange and then have 45 days to identify the new property.
5. Then, you must close within 180 days of your original property close date. In cases 4 and 5, there are absolutely no extentions.
6. You may also be able to use a Reverse 1031 Exchange if you have found a new property, but have not sold your original yet.
7. Though a residence cannot be used in a 1031 Exchange, you may be able to use your future investment after a certain time period as your personal residence.
8. These are just some key points as of December, 2011...as always consult your accountant for more specifics.
9. Lastly, I can help you find that like kind investment property. Just give me a call.
10. This is a nice resource of information online. Click here.
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Community Updates
"The Tressle"
"The Tressle" bridge used to carry the old railroad that traversed the area. Now the tressle is home to some of the areas best fishing. Served as a hot spot for fisherman, and a trail for walkers and bikers, the tressle is a classic structure of the Okobojis. We spent days jumping off of the tressle doing cannonballs, preachers, flips and the like. I know in my life my friends and I have caught literally tens of thousands of crappie and blue gill off the tressle bridge.
Haywards Bay
Haywards Bay on West Lake Okoboji boasts low approaches and one of the few areas on West Lake to offer sand beaches. Renowned for the "bay of the flags", you will know you are in Haywards bay because of the all the American flags on the end of the docks. Fishing is great in Haywards Bay and the sunsets are one in a million. To get to Haywards Bay by car, one would drive the east side of the lake on Lakeshore Dr.
Arnolds Park Amusement Park
Having lived in Okoboji all my life, there are a wealth of memories of Arnolds Park. I, like many of the locals, miss the nostalgia of the old Roof Garden, the fun house, the water slide and much, much more. With time comes change, and the amusement park continues to reinvent itself. Currently with over 20 rides to choose from, the family is sure to have a good time. The main attraction, The Legend Roller Coaster, is the 7th oldest coaster in the United States and apparently the 13th oldest in the world. Reaching speeds of up to 50 mph, the roller coaster has undergone substantial renovations in the last year. In front of the amusement park on West Lake is the Queen II excursion boat, and Pirate Jacks Bar. The sunsets here are unparalleled. If you have a chance to visit, make sure to check out the tipsy house, the three sons, and all of the shops. Just to the east is the green space, which provides great entertainment and in 2013 OAR came to play, which is a pretty big name for Okoboji.
