The exit strategy for most landlords has historically been, waiting until you pass away and then passing on your estate to your children or whomever you leave them to.
You started off with a few properties, but over time you have taken on more properties, potentially taking on 40-100+. What might have started off as something that was easy to manage, or maybe is easy for you to manage since you’ve done this for a long time, will likely not be as easy for your beneficiaries to manage.
If you wait to hand over those properties until the last second, or if you were to pass away unexpectedly, this can be very overwhelming and difficult for your beneficiaries to take over and manage.
The 1030 Exchange Can Help!
This process allows you to take the properties that you own and start selling off your real estate empire and 1031 exchange them over to a DST (Delaware Statutory Trust). This means you will no longer be managing the property, but you will still be collecting the income checks from your properties.
This helps to simplify the pass-over of your estate to your beneficiaries. Instead of talking about 100+ properties for your beneficiaries, you will then only be discussing 3-4 DSTs that will make this transition smooth and easy for you and your beneficiaries.
Getting Your Time Back & Spending Time with Loved Ones
The biggest benefit, if done sooner than later, is that instead of working for the rest of your life, you’ll get to enjoy the rest of your life. Whether that means spending time with family, traveling, or focusing on hobbies, you will get your time back for what’s most important to you!
Learn More and Get Started on Your Exit Strategy
If you are ready to learn more and take the necessary steps to getting your free time back and setting your beneficiaries up for success with your real estate empire, contact Kevin Walker at Great Lakes Properties and Investments today!