If you’ve ever been hit with a big tax bill, you know the feeling of wishing you’d done more to protect your investment income. We had this experience somewhat recently when we chose not to do a 1031 Exchange - which we’re talking about today - and instead paid taxes on our capital gains from a big property. You can bet that we wished we’d pursued the 1031 Exchange route!

Greg Schowe is a 16 year real estate veteran versed in Commercial, Investment and Farm transactions. He’s a sought after speaker and trainer on the topic of 1031 Exchanges throughout the Midwest. He’s here today to share his expertise about 1031 Exchanges and why they can be such a powerful tool for building your real estate wealth.

Greg and I start off by defining 1031 Exchanges and talking about how to do this. We talk about the necessary participants in a 1031 exchange, why you need to have a trusted qualified intermediary, and some questions you should ask this player. Greg shares the rules of 1031 Exchanges, the numbers you need to remember, and why finding a replacement property in 45 days can be challenging.

Find complete show notes and more information at therichergeek.com/podcast.