On April 28, 2021 President Biden proposed the removal of the 1031 Exchange on properties with a profit of $500,000 or above. The 1031 Exchange allows real estate investors to purchase new properties with proceeds from other real estate sales without immediately paying taxes. If executed, this proposal could cause an even bigger surge of demand for smaller properties making it even harder for new investors and homeowners to find homes within their budgets.
Chandler David Smith has been investing in real estate for the last eight years. He now owns 122 units of rental real estate, eight of which he just purchased because of sending out mailers. In this video, Chandler shows you how if passed, the abolishment of the 1031 exchange would affect his real estate portfolio, strategy, and purchasing behaviors.
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