During this discussion, Spencer will be sharing strategies around TICs and 1031 Exchanges.
.......A TIC (tenant in common) is a legal way of owning real estate.
1031 Exchange, from a 30,000 foot view:
When you sell a property used for business or investment purposes (like a rental), and with those proceeds buy another property used for business or investment purposes (like a farm) you can defer all taxes.
Rule 1: Identify properties with in a 45 day window.
Rule 2: Close within 180 days.
Rule 3: All properties must use same entity for selling and buying
Let’s talk about how to use 1031 exchanges as a way to increase acquisitions.
Spencer grew up in Littleton, CO. He attended Utah State and studied Economics and Political Science and sold pest control during the summers in San Diego, where he met his wife, Allyse. They ski in the winter and golf in the summer. Spencer and Allyse now live in South Jordan and are expecting their 7th (2 boys, 5 girls).
Spencer is a co-founder at Millcreek Commercial, which offers debt free TICs to clients looking to satisfy a 1031 exchange or investors looking for passive monthly income through high quality commercial real estate. Spencer helps the sales team and works closely with their marketing department. Millcreek Commercial has helped hundreds of 1031 and cash buyers enjoy the benefits of owning commercial real estate.