Who likes paying taxes? No one! With real estate investing, many investors have utilized the 1031 Exchange as a vehicle to defer their capital gains tax exposure to a later date. Now, Opportunity Zones have created another tax deferral strategy that’s becoming very popular. In this podcast, Lance Growth from Growth 1031, a nationwide 1031 qualified intermediary, talks about the similarities and differences between the two – and why every investor’s mantra should be “defer, defer, and defer”.
Growth 1031, Inc. is a 1031 Exchange accommodator headquartered in San Diego, California, facilitating 1031 transactions and representing clients nationwide. A 1031 Exchange allows investors to defer capital gains tax on the selling of a qualifying asset that are “like kind” – however the process involves many restrictions, mostly from a time-constraint perspective. Enter Opportunity Zones, which also have their time-constraint issues, but may make a good option should a 1031 exchange fail (which sometimes happens), or if you have capital gains taxes on non real estate related assets. Both strategies have pros and cons, so understanding which tax deferral strategy to utilize is of utmost importance. Employing these strategies correctly should help you defer taxes and build wealth. Listening to this podcast will explain how Mr. Growth and his company can help you with that. He can be reached by email or you can contact him direct by phone at 619-991-1031. To get more information on 1031 Exchanges, visit his website here at www.growth1031.com.
ABOUT OUR GUEST: Lance Growth
Lance Growth is the Chief Executive Officer and co-founder of Growth 1031. Lance found his passion for the legal mechanics behind property and contract law while attending Thomas Jefferson School of Law in San Diego, CA. He quickly realized that his ability to identify the legal and financial liabilities involved in the conveyance of a property was more than a skill, it was a passion. While attending Thomas Jefferson School of Law, Lance worked as a Community Representative for former City Council President, Myrtle Cole where he gained perspective on the relationship between government and real estate.
Following law school, Lance’s entire professional career has been in the field of 1031 Exchanges, working as an Exchange Accommodator, a Business Development Director, and now the CEO of Growth 1031.
Lance is also Chief Executive Officer and co-founder of The Collective Access, a nonprofit that teaches local youth the importance of networking and the value of building relationships. His understanding of 1031 Exchanges, commitment to bettering his community, and experience in government give him a unique lens on the laws that govern real estate transactions and the communities that are impacted by those transactions.
All information provided is for informational purposes only. This information is not intended as legal or investment advice for anyone to make an investment in any one particular company and is not intended for any companies to rely on this information to form an opinion to go public or not to go public or to do any type of offering of securities. You must check with a securities attorney to find out if an offering is for you, or if you are going to be in the business of selling any type of securities, you need to make sure you are following your state and federal legislative law so you do not get into any troubles. Do not use the opinions as stated on this show as any way to form an opinion as what is wrong or right or what could be done for your business or as an investor.