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I had the opportunity to meet with Teresa Moss, Teresa.Moss@cdec1031.com of Chicago Deferred Exchange today. She discussed the 1031 Exchange rules and it was an excellent presentation for first time exchangers as well as seasoned veterans.

Highlights of her presentation included: Chicago Deferred Exchange separates themselves from the rest of the industry by establishing a separate Qualified Trust Agreement for each individual client. That means your exchange dollars are held by a Trustee with the client named as the beneficiary. Your exchange dollars are not lumped into a huge account with other exchange clients. THIS IS HUGE. The exchange industry is an unregulated industry- some unfortunate commercial real estate investors who chose a lesser Qualified Intermediary wound up losing their entire investment because their exchange company DECLARED BANKRUPTCY. These folks are now trying to salvage their exchange dollars via bankruptcy courts- ouch.

Teresa went on to highlight how investors are allowed to hold title, explained the definition of like kind properties and the 45/180 calendar day rule. I encourage you to direct all your 1031 Exchange questions to Teresa Moss. She can be emailed at the address above or call her at (877) 448-1031.

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