A 1031 Playbook - Q1 2014
Each quarter, along with our 1031 Exchange guide, we will show you a sample 1031 Exchange calendar with key milestones and goals month by month to give a clearer picture of how a typical exchange could progress under the deadline. Welcome to First Quarter...
Your 1031 Playbook for 2014-Q1: Now + January through March
NOW: Visit the IRS Fact Sheet at http://www.irs.gov/uac/Like-Kind-Exchanges-Under-IRC-Code-Section-1031
December: Take stock of your portfolio and determine which of your properties you would like to exchange. List out clear reasons why.
December/January: Team building - Call a qualified mobile home park broker for a fair market value property valuation. (This is complimentary from Marcus & Millichap and The McAnuff Group! Contact Stephanie at email@example.com.)
December/January: Team building - Call your accountant & tax attorney and inform them of your plans for 2014. If they don’t have 1031 Exchange experience, consider hiring an attorney and accountant who do. Make sure they get started on ensuring all financial statements showing income and expenses are up to date, accurate, organized, and supported with easily located documentation. Do this anyway even if you decide not to exchange in the end...it’s good for you!
January: List out all the reasons and ways you would like to take a similar property and make it more profitable, by how much, and by when. Then list why you can’t do that or don’t want to do that with your current property. This gives you criteria to look for weeding out properties.
January/February: Narrow your search to your most desired geographic area. (Contact Stephanie for a demographic analysis and know your reasons why that is the right area to invest in, right now.)
January/February: After identifying your criteria and goals, register your property through our website at the 1031 Exchange portal to gain access to the largest database of prospective ideal like-kind properties that fit your criteria. We can also help you if you have your eye on a property but don't know if the owner would be interested in selling.
February/March: Without worrying management, tighten up on safety, codes, cleanliness, and overall park rules. If management is disorganized, put them on a plan of action to get organized ASAP.
March: Make broker-contact with at least three replacement properties.
Visit again next quarter for the second round of the 1031 Playbook.