Posted by Dee-Texas on January 09, 2001 at 19:43:47:
Hey Bill!!
Hope to see you in Atlanta!
Will your attorney help with anything or just give you the paper work?
Frankly, if he’s helping you. I would pay the $500.00 to cover your assets! It’s a small price to pay to have him do it the first time, then maybe you can do the rest.
My 2cents
Dee-Texas
1031, does it have to be done by an attourney - Posted by Bill Taylor
Posted by Bill Taylor on January 09, 2001 at 19:26:24:
I was told that if you were in the market to do a 1031 you had to have an attounrney to draw up the agreement. My attourney wants to charge me 500 bucks to draw up a 2 page agreement. It is a pretty simple agreement and would be easy to produce. We plan on doing quite a few this yr and 500 bucks seems a bit high for a computer print out.
NO, if you know how… - Posted by ken in sc
Posted by ken in sc on January 11, 2001 at 07:52:59:
I have a course by John Schaub that is just on 1031’s. It is extremely good and I have personally done 3 exchanges, all delayed, using his paperwork. I did not pay an attorney (although my closing attorney’s spouce is a CPA and looked over the closing statements). I did pay an accomadator, but rather than hire one for $1,000, I used a friend of a friend who had no experience. But since I had all the paperwork and knew how to do it, he did not need any experience. He was glad to make $500 for coming to 3 closings (I exchanged 1 property for 2) and opening a savings account.
I would say that the main reason to go this route is to learn. By the time I finished my first exchange, I was well versed in the rules and forms. In fact, I now market myself as an accomadator (since I know how easy it is) to other investors in my local club.
If you want info on John Schaub, email me for his web address. Nothing in it for me, but I have found his courses interesting and informative.
Good luck! Ken
Re: 1031, does it have to be done by an attourney - Posted by dewCO
Posted by dewCO on January 10, 2001 at 11:42:46:
No, but I would use a professional and experienced accomodator or intermediary. That’s the main thing. See my post above on this same topice.
Dump the attorney - Posted by Bud Branstetter
Posted by Bud Branstetter on January 09, 2001 at 20:43:57:
Go straight to an intermediary. If the attorney is just setting up the contract so that you can contract to do a 1031 then you are paying for his education. If you go to an intermediary they will tell you what verbage has to be in the contract. If the fee were for a straight title for title exchange it would be in line. If it is going to be a delayed exchange that does not take place at the same time and is not equal then you need one of the firms that specialize in 1031’s. The bad news is that it will cost you $1000-2000.
No Self-Service! - Posted by TRandle
Posted by TRandle on January 09, 2001 at 20:14:32:
Bill,
Long time no speak. First, I have not done one yet (hopefully this year). From everything I’ve read and intermediaries with whom I’ve spoken, this is one area that you do not want to go “cheap”. Research your area until you uncover the most reputable qualified intermediaries and use one.
Five hundred is darn cheap compared to the taxes you’re deferring - find someone who does 1031’s for a living and don’t even think twice about the “small” fee. There’s too many rules and regulations (and they recently changed by the way) to follow to even consider doing it yourself. My guess is a good intermediary will earn their fee. And that $500 won’t look so expensive if your exchange gets audited and rejected. That’s my 2 cents…