A short real-estate advice clip by Catherine Bell advising listeners to work with people who have survived market cycles and describing how 1031 exchanges can build generational wealth. The speaker cites a personal family example: selling an underperforming property in "the Valley" and rolling proceeds into a positively cash-flowing property in Washington.
Work with, and Catherine's included in that, you want to work with people who have been through those cycles. So if anybody tells you they haven't been through the ups and the downs, you want to run as fast as you possibly can away from them. So, you know, but the 1031 is a brilliant vehicle for creating and building generational wealth, which I have done, my family has done. And, you know, we were able to take for example, a property here in the Valley that, you know, just got to a point where it wasn't making financial sense. We were throwing good money after bad and we sold it, which created the opportunity for somebody to own a home. And we took those proceeds and rolled it into a property up in Washington which has been positive cash flowing in a way that the previous property wasn't. So that's another opportunity of a 1031 to be able to, you know, take build that, build that and build that, roll and roll and roll it.
