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78. Introduction to 1031 Exchanges with Milissa Ormiston
- Oct 18 2023
- Durata: 28 min
- Podcast
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78. Introduction to 1031 Exchanges with Milissa Ormiston
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Riassunto
Sintesi dell'editore
Tune in today as Lance, Rob and Adrian are joined by Milissa Ormiston to discuss the basics to 1031 Exchanges. Links & Resources Mentioned: ROI Disclosures: https://tinyurl.com/48xfx2wu Adrian Schermer @ Directors Mortgage: https://www.directorsmortgage.com/loan-officer/adrian-schermer Rob Delavan @ Delavan Realty: https://delavan-realty.com Lance Johnson @ ROI Financial: https://roi-fa.com Milissa Ormiston: https://www.ipx1031.com/locations/name/milissa-ormiston/ Events: https://roi-fa.com/events Transcript Adrian Schermer (00:03.062) Hello future millionaires and welcome back to the get rich slow podcast. We are your hosts Rob Delevan, Lance Johnson, and I am Adrian Schermer Rob Delavan (00:09.193) Good morning. Lance J. Johnson (00:12.1) Hello there. Adrian Schermer (00:15.366) On today's episode, we are going to be exploring some new topics with our guest, Milissa Ormiston. Milissa, hi, how are you doing this morning? Milissa Ormiston (00:24.495) Good morning. I'm doing well. Thanks, Adrian. Just trying to stay dry in this drizzly Oregon morning. Lance J. Johnson (00:31.768) Summer is over. Adrian Schermer (00:31.844) Yeah, it feels like home again. Yeah. Milissa Ormiston (00:33.716) Yeah, officially I think so. Lance J. Johnson (00:38.976) It's funny because usually I always go to Cabo at this time to extend my summers and I didn't this year. And so yes, the rain is here early. Adrian Schermer (00:39.126) You can catch us online. Oh, go ahead. Rob Delavan (00:48.926) Hmm. Milissa Ormiston (00:51.215) Is it your fault then, Lance? I said, is it your fault that we now have rain? Yeah. Okay. Adrian Schermer (00:51.298) That last little bit. Rob Delavan (00:51.476) You're in. Lance J. Johnson (00:53.444) Excuse me. Lance J. Johnson (00:56.932) I think so. I think you could probably blame me. Adrian Schermer (01:00.214) Sounds good. You can catch us online, Apple podcasts, Spotify, Audible, Amazon Music, YouTube, if you'd like to see the video that accompanies this presentation along with some visuals and on Stitcher as well. In today's podcast, this is a precursor to our one hour tax seminar that we're holding live on the 19th of November. As a prep for this seminar, we're gonna cover a few of the basics within 1031 exchanges. We're defining and mapping out what a 1031 exchange is, including the qualifications, timeframes, address, address vacation home requirements and explore primary residence and combining residence exemption with 1031. Adrian Schermer (01:46.102) And let's start things off with a success story about this topic. Milissa, it sounded like you had something for us. Milissa Ormiston (01:52.699) Well, yeah, Rob was asking me, you know, did we have any of those last minute oo-oos and just had one a couple of weeks ago. Hate to see this type of thing. You know, the phone call I always hate to hear is I sold my property because that means it's too late, guys, if you sold your property and you don't have your exchange in place. So I was boarding a flight from Seattle to Portland. So just like a little quick flight here and late afternoon and a gentleman reached out to me to say, hey, my property is supposed to be closing today. I wanted to do an exchange. Well, that's not exactly something we like to hear. And so I asked him if the property had funded and recorded and he said, well, it was supposed to. And I said, well, it was late enough in the afternoon that I thought that was maybe a possibility that hadn't happened. So I said, well, if it hasn't funded and recorded, we can make it happen. Rob Delavan (02:32.656) Mm-mm. Milissa Ormiston (02:50.491) I got me some information, reached out to escrow as it turns out, fortunately for the seller, the buyer's funds had not shown up to escrow that day. And so we were able to, he was very lucky, had escrow send those things to one of my exchange officers as I'm getting into my seat, I'm calling an exchange officer saying, Hey, you're doing a last minute exchange. There's an email. Here's some information. Get this set up. Adrian Schermer (03:00.566) Lucky. Hey. Milissa Ormiston (03:18.899) Once I landed in Portland back on the phone and my port exchange officer is like, well, I have everything, but there's a seller carry note, which, you know, is a little bit of a challenge with doing a 1031 exchange, which is definitely something we'll talk about more on the 19th is how do you work with a seller carried and a 1031 exchange? Um, cause we're trying to get creative out there right now with interest rates and everything. We were able to work our way through that and successfully close the following day when the buyer's money showed up. So it was definitely a win for the guy and for us. So and my team being that pretty much most of the time I was on a plane. So I was glad we made it happen for him. Rob Delavan (03:53.469) Wow. Adrian Schermer (04:02.71) Ha ha Rob Delavan (04:02.841) Wow. Moral of the story. You guys are incredible. Also ...
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