189 - 1031 exchange rental property

01/26/25 • 34 min

https://ade1031.com/
Woodstock - Shahla MacDonald
www.soldbyshahla.com
Athens - Lauren Denmark
https://www.broadandmainrealestate.com/agent-profile/lauren-denmark-123588773
North GA - Glen Gruschow
www.homeswithglenn.com
Summary:

1031 Exchange Overview: The host explains the 1031 exchange, which is a tax code that allows the proceeds from the sale of a property to be reinvested into a new "like-kind" property without incurring capital gains taxes. This allows the host to avoid paying $80,000 in taxes on the $650,000 from the sale of his previous property.
Selling Previous Property and Identifying New Investments: The host sold a large 5,000+ square foot house in the Woodlands for $700,000, netting $645,000 after fees. He then worked with a 1031 exchange company and a real estate agent in Athens to identify three condominium units totaling around 6,000 square feet as the replacement properties. This allowed him to downsize from the large house while increasing his monthly rental income.
Importance of Rental Property Location and Management: The host emphasizes the importance of being able to easily manage and maintain rental properties, preferring to own properties within a 30-minute drive. He also discusses the pros and cons of using a property management company versus self-managing, based on the number of units owned.
Advice on Building Wealth Through Real Estate: The host advises getting a high-earning degree, living below your means, and slowly building a portfolio of paid-off rental properties. He advocates against excessive debt leverage, instead favoring a more conservative approach to real estate investing.
Personal Fitness and Health: The host notes that he and his family do not take any medications or have chronic health issues, which he attributes to their active lifestyle and healthy diet. He promotes the benefits of maintaining physical fitness.
Additional Real Estate Resources: The host provides contact information for several real estate agents he has worked with in the Woodstock, Atlanta, and Athens areas, and offers to provide further guidance to listeners interested in real estate investing.

On this podcast you will receive actionable tips on Building a Firm Foundation for Life in Fitness, Food, Finance
I believe in building a firm foundation for life through functional fitness, farm-fresh nutrition, and sound financial practices. Join us in creating a healthy and resilient future!
We are happy, humble, helpful people that want to be healthy and fit now, as well as in their 90's. I talk about how to live that good life now and later with heavy slant towards fitness and nutrition. I will even get into mindset, goals, raising chickens, raising kids, bitcoin, rental property, entrepreneurialism
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Previous Episode

188 - PalmSet Pools (Dan Perilli) AI generated podcast Example

https://palmsetpools.com/
Summary:

Custom Concrete Pool Design and Construction: Palm Set Pools, a company based in Woodstock, Georgia, specializes in designing and building custom concrete swimming pools. They use precast concrete techniques that allow them to construct a fully custom pool in just 10-12 weeks, much faster than traditional methods.
Affordable Luxury: Despite being a custom pool, Palm Set emphasizes that they work within their clients' budgets to make dream pools more attainable. They focus on creative solutions to keep costs down without sacrificing quality or design.
Sustainable and Low-Maintenance Features: Palm Set incorporates energy-efficient pumps and solar heating in their designs, which can reduce energy use by up to 70% compared to older pool equipment. They also prioritize water conservation and eco-friendly materials to promote sustainability.
Versatile Designs for Any Yard: Palm Set designs custom pools for even the smallest backyards, including plunge pools and other geometric shapes that maximize the available space. They work to ensure the pool complements the existing landscape and home style.
Innovative Design Trends: Some of the key design trends Palm Set is incorporating include naturalistic designs that blend the pool into the surrounding landscape, smart home technology for pool automation, infinity edges, and tanning ledges for relaxation.
Personalized Design Process: Palm Set takes a highly collaborative approach, starting with an in-depth assessment of the client's space, needs, and desired uses for the pool. They then create detailed 3D renderings to bring the vision to life before construction begins.
Streamlined Construction and Support: Palm Set handles all the necessary permitting and paperwork, and their precast concrete techniques allow for a faster and more organized construction process. They also provide comprehensive support throughout the project and after the pool is completed.
Landscape Design and Outdoor Living: Palm Set recognizes that the pool is just one element of the overall backyard oasis. They work closely with clients on the landscaping, hardscaping, lighting, and other features to create a cohesive and functional outdoor living space.
Safety and Maintenance Considerations: Palm Set prioritizes safety with features like fencing, alarms, and safety covers. They also provide guidance on pool maintenance and recommend working with professional pool service providers to keep the pool in top condition.

Next Episode

190 - Embracing the empty nest phase

Summary:

• Connection is the most important key to living a happy, long life - having a network of close friends and family to share experiences with is crucial.
• The empty nest phase of life, when children move out, can be a challenging but also exciting transition - there is a sense of loss but also newfound freedom and opportunity to rediscover yourself.
• It's important to maintain an open mindset during this phase and not become selfish or lose your sense of purpose - find new hobbies, volunteer, and stay engaged with your community.
• Embrace the journey of life's different phases and don't be afraid of the changes - plan ahead, ask for help from others who have gone through it, and focus on your personal vision and values.
• Rediscover your passions and interests that may have been put on the back burner while raising a family - reconnect with old friends and make new ones who share your interests.
• Stay connected with your adult children in the ways that work best for them, whether that's texting, video calls, or occasional visits and outings together.
• Overall, the empty nest phase is an opportunity for growth, new experiences, and strengthening meaningful connections - approach it with an open and positive mindset.