1031 Exchanges
Santa Barbara
Tax Deferred Exchanges, completed under the rules promulgated under section 1031 of the Internal Revenue Code, play a significant role in the real estate investment arena. Many commercial brokers have limited, or no experience or knowledge, with the complexities of 1031 exchanges. Understanding and complying with the rules is not only critical to a successful, tax compliant exchange, but in maximizing a buyer’s and seller’s choices and opportunities during the exchange. Non-compliance can be extremely costly.
Rick Longpre has extensive experience in exchange transactions (including reverse exchanges, multi-property exchanges and tenant-in-common transactions), advising investors and navigating the IRS rules. Successful exchanges have been completed for multi-tenant, as well as single tenant triple net properties, with credit tenants such as Starbucks, Federal Express, Walgreens, CVS Pharmacy and others. Rick’s intimate knowledge of the exchange process also led to the creation of a unique exchange platform, FlexTIC, allowing exchange buyers to exchange into fractional, tenant-in-common interests to complete their exchange.
Testimonials
"Your tenacity and professionalism made the successful end result possible. But more importantly Rick, I ended this process having acquired a good friend. Thanks so much. You are an asset to our community and to your profession."- Gregg Welsh, Oral Surgeon
