Jane Lee

Every landlord should know - most updated information on what to do if your tenants are not paying rents due to Covid-19!

Unfortunately, many landlords are experiencing difficulties with rent collection during this challenging period. Please reach out for help if you are one of them

To my real estate investor/realtor friends who are currently undergoing a 1031 exchange - here are some best practices to follow: - Stick with established Qualified Intermediary (QI) firms that are most likely to maintain needed resources to ensure successful 1031 exchanges. If your selected QI is unable to help you in a timely manner, switching QIs is problematic. Larger QI firms like First American Exchange, IPX1031, etc are more likely to have the resources to ensure opera...tions through these times. - Anticipate greater challenges in finding replacement properties due to shrinking inventory, conducting due diligence, travel restrictions, difficulties with inspections, appraisals, etc. - Regarding the 45 day identification and 180 day replacement property closing period for 1031 exchanges: There is an extension procedure for Presidentially declared disasters, but not national emergencies. They tend to be focused on regional disasters like earthquakes and hurricanes. Our experts in the 1031 exchange field believe that the FEA is trying to get the IRS to apply the 120 day extension to 1031 exchanges- but in the meantime, people should send in their ID's by the 45th day. - Do your best to remain emotionally calm and make financial/investment decisions based upon logic and facts instead of fear and giving into emotions. Be wary of the social media influences from gloom and doom theories and self-styled experts. Fact check! All past pandemics came to an end in less than a year and created tremendous buying opportunities for astute investors. If you are currently in a 1031 Exchange, please get in contact with me and we can provide a list of possible replacement properties.