My guest today is someone who had a big dream (moving his family onto a sailboat and traveling the world for 10 years), worked very hard, executed a plan, and achieved that dream.
Dave Foster started by purchasing a duplex in his hometown of Denver, Co. He flipped this property and made a great profit. That was until the IRS took their share- 40% of the proceeds. He realized that this strategy would not allow he and his wife to realize their dream. Then, he learned about the 1031 exchange. He immediately changed his investing strategy.
Dave got to work building a portfolio in Denver. Then, he sold his entire portfolio, and using the 1031 exchange built a new portfolio in his new hometown in Connecticut. He was able to use a large amount of tax-deferred gains to significantly grow his portfolio. He also used the 121 Homestead Exemption when he sold his home so that he paid no taxes on the profit.
Dave repeated this process once more as he moved from Connecticut to Florid. Then... Dave moved his family onto a sailboat and lived out his dream for 10 sweet years with his young kids.
Dave's favorite quote: Twenty years from now you will be more disappointed by the things you didn't do than the ones you did. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover. -Mark Twain
Book Recommendation: Proverbs by Solomon, What Ever Happened to Penny Candy by Richard Maybury
Prayer Request: That we can all be the hands and feet of Jesus and love others.
Connect with Dave: Email: Website: Keep your tax dollars working for you with a 1031 Exchange (the1031investor.com)
Connect with Lee: Website: THREEFOLD - Real Estate Investing (threefoldrei.com), Email: firstname.lastname@example.org, Phone: 937-400-3044
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