{"version":"1.0.0","segments":[{"speaker":"Average Joe Finances","startTime":0.33,"endTime":3.33,"body":"This is"},{"speaker":"Average Joe Finances","startTime":0.33,"endTime":3.33,"body":"Average Joe Finances podcast"},{"speaker":"Average Joe Finances","startTime":3.33,"endTime":5.04,"body":"episode 62."},{"speaker":"Average Joe Finances","startTime":5.4,"endTime":8.16,"body":"If you're watching this on"},{"speaker":"Average Joe Finances","startTime":5.4,"endTime":8.16,"body":"YouTube, make sure you smash"},{"speaker":"Average Joe Finances","startTime":8.16,"endTime":11.04,"body":"that like button and click"},{"speaker":"Average Joe Finances","startTime":8.16,"endTime":11.04,"body":"subscribe. For those of you"},{"speaker":"Average Joe Finances","startTime":11.04,"endTime":14.7,"body":"listening on a podcast platform,"},{"speaker":"Average Joe Finances","startTime":11.04,"endTime":14.7,"body":"be sure to subscribe on whatever"},{"speaker":"Average Joe Finances","startTime":14.7,"endTime":18.36,"body":"platform that is, and leave us a"},{"speaker":"Average Joe Finances","startTime":14.7,"endTime":18.36,"body":"rating if you can. The more"},{"speaker":"Average Joe Finances","startTime":18.36,"endTime":21.3,"body":"likes ratings and subscriptions"},{"speaker":"Average Joe Finances","startTime":18.36,"endTime":21.3,"body":"that we get, the more we can"},{"speaker":"Average Joe Finances","startTime":21.3,"endTime":24.87,"body":"spread the message and grow our"},{"speaker":"Average Joe Finances","startTime":21.3,"endTime":24.87,"body":"community. So we also have a"},{"speaker":"Average Joe Finances","startTime":24.87,"endTime":28.5,"body":"free Facebook group. It's called"},{"speaker":"Average Joe Finances","startTime":24.87,"endTime":28.5,"body":"the Average Joe Finances"},{"speaker":"Average Joe Finances","startTime":28.5,"endTime":32.16,"body":"network. Check us out, join the"},{"speaker":"Average Joe Finances","startTime":28.5,"endTime":32.16,"body":"group, join the community ask"},{"speaker":"Average Joe Finances","startTime":32.16,"endTime":35.7,"body":"questions, and become a part of"},{"speaker":"Average Joe Finances","startTime":32.16,"endTime":35.7,"body":"the team. All of our other"},{"speaker":"Average Joe Finances","startTime":35.7,"endTime":38.82,"body":"social media accounts are listed"},{"speaker":"Average Joe Finances","startTime":35.7,"endTime":38.82,"body":"in our flow page. And we have"},{"speaker":"Average Joe Finances","startTime":38.82,"endTime":42.09,"body":"them in a video or podcast"},{"speaker":"Average Joe Finances","startTime":38.82,"endTime":42.09,"body":"description below."},{"speaker":"Dave Foster","startTime":42.45,"endTime":46.44,"body":"It really fits into"},{"speaker":"Dave Foster","startTime":42.45,"endTime":46.44,"body":"what I call the four DS of 1031"},{"speaker":"Dave Foster","startTime":46.44,"endTime":50.28,"body":"investing. That's right there."},{"speaker":"Dave Foster","startTime":46.44,"endTime":50.28,"body":"Ready we talked about that?"},{"speaker":"Dave Foster","startTime":50.28,"endTime":55.59,"body":"Yeah, weekend the four DS defer"},{"speaker":"Dave Foster","startTime":50.28,"endTime":55.59,"body":"defer? Let me know if I go too"},{"speaker":"Dave Foster","startTime":55.59,"endTime":60.51,"body":"fast. Oh, no, we're good. We're"},{"speaker":"Dave Foster","startTime":55.59,"endTime":60.51,"body":"gonna defer and die."},{"speaker":"Average Joe Finances","startTime":62.73,"endTime":65.31,"body":"Welcome to"},{"speaker":"Average Joe Finances","startTime":62.73,"endTime":65.31,"body":"the Average Joe Finances"},{"speaker":"Average Joe Finances","startTime":65.31,"endTime":69.81,"body":"podcast. Are you trying to get"},{"speaker":"Average Joe Finances","startTime":65.31,"endTime":69.81,"body":"out of debt, invest or just not"},{"speaker":"Average Joe Finances","startTime":69.81,"endTime":73.02,"body":"sure where to start? Then this"},{"speaker":"Average Joe Finances","startTime":69.81,"endTime":73.02,"body":"is the place for you. We"},{"speaker":"Average Joe Finances","startTime":73.02,"endTime":76.29,"body":"discussed different ways to get"},{"speaker":"Average Joe Finances","startTime":73.02,"endTime":76.29,"body":"out of the rat race and build"},{"speaker":"Average Joe Finances","startTime":76.29,"endTime":80.61,"body":"your wealth. Join us on this"},{"speaker":"Average Joe Finances","startTime":76.29,"endTime":80.61,"body":"wild ride to financial freedom."},{"speaker":"Average Joe Finances","startTime":81.96,"endTime":85.5,"body":"Hey, how's it going, everybody?"},{"speaker":"Average Joe Finances","startTime":81.96,"endTime":85.5,"body":"So today's guest is Dave Foster,"},{"speaker":"Average Joe Finances","startTime":85.5,"endTime":90.09,"body":"and he is the founder and CEO of"},{"speaker":"Average Joe Finances","startTime":85.5,"endTime":90.09,"body":"the 1031 investor. Dave is a"},{"speaker":"Average Joe Finances","startTime":90.09,"endTime":93.18,"body":"degreed accountant and serial"},{"speaker":"Average Joe Finances","startTime":90.09,"endTime":93.18,"body":"real estate investor who is a"},{"speaker":"Average Joe Finances","startTime":93.18,"endTime":96.42,"body":"Qualified Intermediary and a"},{"speaker":"Average Joe Finances","startTime":93.18,"endTime":96.42,"body":"consultant for tax saving"},{"speaker":"Average Joe Finances","startTime":96.42,"endTime":100.5,"body":"strategies such as the 1031"},{"speaker":"Average Joe Finances","startTime":96.42,"endTime":100.5,"body":"exchange, and the section 121."},{"speaker":"Average Joe Finances","startTime":100.5,"endTime":103.92,"body":"homestead exemption. Dave"},{"speaker":"Average Joe Finances","startTime":100.5,"endTime":103.92,"body":"started fixing flipping in the"},{"speaker":"Average Joe Finances","startTime":103.92,"endTime":108.0,"body":"mid 90s, and realized that about"},{"speaker":"Average Joe Finances","startTime":103.92,"endTime":108.0,"body":"40% of his profits were going"},{"speaker":"Average Joe Finances","startTime":108.0,"endTime":111.81,"body":"directly to the IRS, they will"},{"speaker":"Average Joe Finances","startTime":108.0,"endTime":111.81,"body":"tell us about the updated rules"},{"speaker":"Average Joe Finances","startTime":111.81,"endTime":115.2,"body":"and regulations around using the"},{"speaker":"Average Joe Finances","startTime":111.81,"endTime":115.2,"body":"1031 exchange to legally"},{"speaker":"Average Joe Finances","startTime":115.2,"endTime":119.43,"body":"compound your tax interest that"},{"speaker":"Average Joe Finances","startTime":115.2,"endTime":119.43,"body":"will stay with you. Instead of"},{"speaker":"Average Joe Finances","startTime":119.43,"endTime":122.31,"body":"going straight to the"},{"speaker":"Average Joe Finances","startTime":119.43,"endTime":122.31,"body":"government. Dave breaks down"},{"speaker":"Average Joe Finances","startTime":122.31,"endTime":125.76,"body":"exactly how to use the 1031"},{"speaker":"Average Joe Finances","startTime":122.31,"endTime":125.76,"body":"exchange in layman's terms. He"},{"speaker":"Average Joe Finances","startTime":125.76,"endTime":129.18,"body":"explains to us how he moved away"},{"speaker":"Average Joe Finances","startTime":125.76,"endTime":129.18,"body":"from Denver, Colorado, to Tampa,"},{"speaker":"Average Joe Finances","startTime":129.18,"endTime":133.05,"body":"Florida over 10 years ago, using"},{"speaker":"Average Joe Finances","startTime":129.18,"endTime":133.05,"body":"the section 121 homestead"},{"speaker":"Average Joe Finances","startTime":133.05,"endTime":136.26,"body":"exemption so that he and his"},{"speaker":"Average Joe Finances","startTime":133.05,"endTime":136.26,"body":"family can move on to a boat,"},{"speaker":"Average Joe Finances","startTime":136.38,"endTime":139.08,"body":"which was a huge dream of his"},{"speaker":"Average Joe Finances","startTime":136.38,"endTime":139.08,"body":"and also one of mine. Well, we"},{"speaker":"Average Joe Finances","startTime":139.08,"endTime":143.19,"body":"can talk about that too. So tune"},{"speaker":"Average Joe Finances","startTime":139.08,"endTime":143.19,"body":"in to listen to Dave, and we'll"},{"speaker":"Average Joe Finances","startTime":143.19,"endTime":146.22,"body":"talk about how he raised four"},{"speaker":"Average Joe Finances","startTime":143.19,"endTime":146.22,"body":"boys on his boat while investing"},{"speaker":"Average Joe Finances","startTime":146.22,"endTime":150.21,"body":"in properties with the 1031"},{"speaker":"Average Joe Finances","startTime":146.22,"endTime":150.21,"body":"exchange. So Dave, I'm really"},{"speaker":"Average Joe Finances","startTime":150.21,"endTime":154.38,"body":"excited to talk about this 1031"},{"speaker":"Average Joe Finances","startTime":150.21,"endTime":154.38,"body":"exchanges is definitely a useful"},{"speaker":"Average Joe Finances","startTime":154.38,"endTime":158.49,"body":"tool that any real estate"},{"speaker":"Average Joe Finances","startTime":154.38,"endTime":158.49,"body":"investor can use to better"},{"speaker":"Average Joe Finances","startTime":158.49,"endTime":161.01,"body":"leverage themselves when they're"},{"speaker":"Average Joe Finances","startTime":158.49,"endTime":161.01,"body":"when they're selling property."},{"speaker":"Average Joe Finances","startTime":161.01,"endTime":163.77,"body":"So really excited to have you on"},{"speaker":"Average Joe Finances","startTime":161.01,"endTime":163.77,"body":"thanks for joining me."},{"speaker":"Dave Foster","startTime":164.19,"endTime":166.53,"body":"Thank you, Mike."},{"speaker":"Dave Foster","startTime":164.19,"endTime":166.53,"body":"It's great to be here. And you"},{"speaker":"Dave Foster","startTime":166.53,"endTime":169.98,"body":"know what, speaking to a Navy"},{"speaker":"Dave Foster","startTime":166.53,"endTime":169.98,"body":"guy, I mean, we got the love of"},{"speaker":"Dave Foster","startTime":169.98,"endTime":173.61,"body":"the water in common. So"},{"speaker":"Dave Foster","startTime":169.98,"endTime":173.61,"body":"absolutely powerful driving"},{"speaker":"Dave Foster","startTime":173.61,"endTime":175.35,"body":"force. I gotta tell you,"},{"speaker":"Average Joe Finances","startTime":175.799,"endTime":177.749,"body":"Yeah, I"},{"speaker":"Average Joe Finances","startTime":175.799,"endTime":177.749,"body":"agree. I you know, I love being"},{"speaker":"Average Joe Finances","startTime":177.749,"endTime":180.659,"body":"on the water. As matter of fact,"},{"speaker":"Average Joe Finances","startTime":177.749,"endTime":180.659,"body":"when my wife and I, we moved out"},{"speaker":"Average Joe Finances","startTime":180.659,"endTime":183.899,"body":"here to Hawaii, instead of"},{"speaker":"Average Joe Finances","startTime":180.659,"endTime":183.899,"body":"buying a house, we were looking"},{"speaker":"Average Joe Finances","startTime":183.899,"endTime":188.369,"body":"at buying a 40 foot catamaran"},{"speaker":"Average Joe Finances","startTime":183.899,"endTime":188.369,"body":"sailing catamaran that we were"},{"speaker":"Average Joe Finances","startTime":188.369,"endTime":191.219,"body":"going to live on. We had"},{"speaker":"Average Joe Finances","startTime":188.369,"endTime":191.219,"body":"everything worked out, we were"},{"speaker":"Average Joe Finances","startTime":191.219,"endTime":195.179,"body":"looking at a boat that was down"},{"speaker":"Average Joe Finances","startTime":191.219,"endTime":195.179,"body":"in New Zealand, and I was going"},{"speaker":"Average Joe Finances","startTime":195.179,"endTime":198.299,"body":"to hire a crew to sell it up"},{"speaker":"Average Joe Finances","startTime":195.179,"endTime":198.299,"body":"here. But the funny thing about"},{"speaker":"Average Joe Finances","startTime":198.299,"endTime":201.629,"body":"boat loans versus a mortgage is"},{"speaker":"Average Joe Finances","startTime":198.299,"endTime":201.629,"body":"for a boat loan, you need to"},{"speaker":"Average Joe Finances","startTime":201.629,"endTime":206.219,"body":"have 50% of what you're trying"},{"speaker":"Average Joe Finances","startTime":201.629,"endTime":206.219,"body":"to borrow in the bank funds"},{"speaker":"Average Joe Finances","startTime":206.219,"endTime":209.099,"body":"available that you have to prove"},{"speaker":"Average Joe Finances","startTime":206.219,"endTime":209.099,"body":"that you have which was I"},{"speaker":"Average Joe Finances","startTime":209.099,"endTime":212.549,"body":"thought was absolutely insane."},{"speaker":"Average Joe Finances","startTime":209.099,"endTime":212.549,"body":"didn't have that. So I use my VA"},{"speaker":"Average Joe Finances","startTime":212.549,"endTime":217.949,"body":"loan and we bought a house. So"},{"speaker":"Average Joe Finances","startTime":212.549,"endTime":217.949,"body":"yeah, it's it's it's awesome to"},{"speaker":"Average Joe Finances","startTime":217.949,"endTime":221.549,"body":"talk to somebody that is living"},{"speaker":"Average Joe Finances","startTime":217.949,"endTime":221.549,"body":"the dream that that I eventually"},{"speaker":"Average Joe Finances","startTime":221.549,"endTime":224.819,"body":"would love to get to. Because I"},{"speaker":"Average Joe Finances","startTime":221.549,"endTime":224.819,"body":"would love to sail around the"},{"speaker":"Average Joe Finances","startTime":224.819,"endTime":228.509,"body":"world My wife wants to travel."},{"speaker":"Average Joe Finances","startTime":224.819,"endTime":228.509,"body":"It's kind of like a two birds"},{"speaker":"Average Joe Finances","startTime":228.509,"endTime":232.109,"body":"one stone type deal for us. I"},{"speaker":"Average Joe Finances","startTime":228.509,"endTime":232.109,"body":"love the water she wants to"},{"speaker":"Average Joe Finances","startTime":232.109,"endTime":235.289,"body":"travel. We can we can knock it"},{"speaker":"Average Joe Finances","startTime":232.109,"endTime":235.289,"body":"all out right there. Right?"},{"speaker":"Dave Foster","startTime":235.98,"endTime":239.37,"body":"here's, here's our"},{"speaker":"Dave Foster","startTime":235.98,"endTime":239.37,"body":"first tip of the day, you did it"},{"speaker":"Dave Foster","startTime":239.37,"endTime":243.81,"body":"in exactly the right order to"},{"speaker":"Dave Foster","startTime":239.37,"endTime":243.81,"body":"make it sustainable. Because you"},{"speaker":"Dave Foster","startTime":243.81,"endTime":247.53,"body":"took care of what's going to end"},{"speaker":"Dave Foster","startTime":243.81,"endTime":247.53,"body":"up being an income producing"},{"speaker":"Dave Foster","startTime":247.53,"endTime":254.04,"body":"property. So that now you can go"},{"speaker":"Dave Foster","startTime":247.53,"endTime":254.04,"body":"and buy the boat and travel"},{"speaker":"Dave Foster","startTime":254.04,"endTime":258.99,"body":"using proceeds from that as that"},{"speaker":"Dave Foster","startTime":254.04,"endTime":258.99,"body":"becomes a rental. That's Yeah,"},{"speaker":"Dave Foster","startTime":258.99,"endTime":261.3,"body":"that's exciting. Yeah, awesome."},{"speaker":"Average Joe Finances","startTime":261.779,"endTime":265.409,"body":"Thank you."},{"speaker":"Average Joe Finances","startTime":261.779,"endTime":265.409,"body":"Alright, so I shared a little"},{"speaker":"Average Joe Finances","startTime":265.409,"endTime":269.429,"body":"bit about your background, with"},{"speaker":"Average Joe Finances","startTime":265.409,"endTime":269.429,"body":"with your bio. Can you tell us a"},{"speaker":"Average Joe Finances","startTime":269.429,"endTime":271.919,"body":"little bit more about yourself"},{"speaker":"Average Joe Finances","startTime":269.429,"endTime":271.919,"body":"and share a little bit more"},{"speaker":"Average Joe Finances","startTime":271.919,"endTime":275.009,"body":"about your story? Like, how did"},{"speaker":"Average Joe Finances","startTime":271.919,"endTime":275.009,"body":"you get started on this"},{"speaker":"Average Joe Finances","startTime":275.009,"endTime":275.579,"body":"adventure?"},{"speaker":"Dave Foster","startTime":276.059,"endTime":278.459,"body":"Yeah, I mean,"},{"speaker":"Dave Foster","startTime":276.059,"endTime":278.459,"body":"that's kind of the whole thing."},{"speaker":"Dave Foster","startTime":278.459,"endTime":284.699,"body":"This is all our life, our story."},{"speaker":"Dave Foster","startTime":278.459,"endTime":284.699,"body":"My job. 1031 is all intertwined"},{"speaker":"Dave Foster","startTime":284.699,"endTime":289.139,"body":"in this amazing series of events"},{"speaker":"Dave Foster","startTime":284.699,"endTime":289.139,"body":"over 20 years. And it started"},{"speaker":"Dave Foster","startTime":289.139,"endTime":293.729,"body":"out in Denver, in the mid 90s."},{"speaker":"Dave Foster","startTime":289.139,"endTime":293.729,"body":"When my wife and I were both in"},{"speaker":"Dave Foster","startTime":293.729,"endTime":299.969,"body":"pretty high profile, high"},{"speaker":"Dave Foster","startTime":293.729,"endTime":299.969,"body":"pressure careers and this"},{"speaker":"Dave Foster","startTime":299.999,"endTime":305.039,"body":"Magical event happened. We had"},{"speaker":"Dave Foster","startTime":299.999,"endTime":305.039,"body":"our first child, and that we"},{"speaker":"Dave Foster","startTime":305.039,"endTime":307.949,"body":"didn't get a chance to talk"},{"speaker":"Dave Foster","startTime":305.039,"endTime":307.949,"body":"about the children, right? But I"},{"speaker":"Dave Foster","startTime":307.949,"endTime":310.679,"body":"gotta tell you, when you start"},{"speaker":"Dave Foster","startTime":307.949,"endTime":310.679,"body":"having children, your life"},{"speaker":"Dave Foster","startTime":310.679,"endTime":314.399,"body":"changes. First thing you do is"},{"speaker":"Dave Foster","startTime":310.679,"endTime":314.399,"body":"you throw away the TV, because"},{"speaker":"Dave Foster","startTime":314.399,"endTime":317.339,"body":"there's no need for a TV, you"},{"speaker":"Dave Foster","startTime":314.399,"endTime":317.339,"body":"just sit and watch these kids"},{"speaker":"Dave Foster","startTime":317.339,"endTime":321.809,"body":"forever, because you're just"},{"speaker":"Dave Foster","startTime":317.339,"endTime":321.809,"body":"fascinated. But we realized very"},{"speaker":"Dave Foster","startTime":321.839,"endTime":330.419,"body":"quickly, that the most valuable"},{"speaker":"Dave Foster","startTime":321.839,"endTime":330.419,"body":"commodity in our lives was not"},{"speaker":"Dave Foster","startTime":330.419,"endTime":334.769,"body":"money any longer. It was time."},{"speaker":"Dave Foster","startTime":330.419,"endTime":334.769,"body":"And it was going to be time,"},{"speaker":"Dave Foster","startTime":335.039,"endTime":338.789,"body":"that was not going to be forever"},{"speaker":"Dave Foster","startTime":335.039,"endTime":338.789,"body":"to watch your kids grow up and"},{"speaker":"Dave Foster","startTime":338.789,"endTime":344.579,"body":"be with them. So we changed from"},{"speaker":"Dave Foster","startTime":338.789,"endTime":344.579,"body":"building careers, and building"},{"speaker":"Dave Foster","startTime":344.639,"endTime":348.419,"body":"income and that sort of thing."},{"speaker":"Dave Foster","startTime":344.639,"endTime":348.419,"body":"To trying to find ways to build"},{"speaker":"Dave Foster","startTime":348.419,"endTime":353.699,"body":"margin, how can we create a life"},{"speaker":"Dave Foster","startTime":348.419,"endTime":353.699,"body":"that maximizes the time we get"},{"speaker":"Dave Foster","startTime":353.699,"endTime":357.389,"body":"to spend with our kids? So that"},{"speaker":"Dave Foster","startTime":353.699,"endTime":357.389,"body":"became Barnes and Noble date"},{"speaker":"Dave Foster","startTime":357.389,"endTime":360.959,"body":"night, right? What can we do?"},{"speaker":"Dave Foster","startTime":357.389,"endTime":360.959,"body":"What can we start, and we"},{"speaker":"Dave Foster","startTime":360.959,"endTime":366.089,"body":"decided the cheapest way to live"},{"speaker":"Dave Foster","startTime":360.959,"endTime":366.089,"body":"would be on a boat. Now, mind"},{"speaker":"Dave Foster","startTime":366.089,"endTime":370.889,"body":"you, I'm from Kansas, and my"},{"speaker":"Dave Foster","startTime":366.089,"endTime":370.889,"body":"wife is from Minnesota. And we"},{"speaker":"Dave Foster","startTime":370.889,"endTime":375.389,"body":"were living in Denver. Not"},{"speaker":"Dave Foster","startTime":370.889,"endTime":375.389,"body":"exactly three bustling seaports,"},{"speaker":"Dave Foster","startTime":376.019,"endTime":379.889,"body":"but right, that was what we"},{"speaker":"Dave Foster","startTime":376.019,"endTime":379.889,"body":"decided, sailing is going to be"},{"speaker":"Dave Foster","startTime":379.889,"endTime":384.089,"body":"the thing. We started going to"},{"speaker":"Dave Foster","startTime":379.889,"endTime":384.089,"body":"San Diego to take sailing"},{"speaker":"Dave Foster","startTime":384.089,"endTime":389.309,"body":"lessons, we became hooked. And"},{"speaker":"Dave Foster","startTime":384.089,"endTime":389.309,"body":"we realized that this was going"},{"speaker":"Dave Foster","startTime":389.309,"endTime":395.189,"body":"to be an affordable, sustainable"},{"speaker":"Dave Foster","startTime":389.309,"endTime":395.189,"body":"way to exercise freedom to build"},{"speaker":"Dave Foster","startTime":395.189,"endTime":398.579,"body":"something and our kids have self"},{"speaker":"Dave Foster","startTime":395.189,"endTime":398.579,"body":"sufficiency, and to make a cool"},{"speaker":"Dave Foster","startTime":398.579,"endTime":402.209,"body":"life for ourselves and have an"},{"speaker":"Dave Foster","startTime":398.579,"endTime":402.209,"body":"adventure. So now how to finance"},{"speaker":"Dave Foster","startTime":402.209,"endTime":407.279,"body":"that became the second question."},{"speaker":"Dave Foster","startTime":402.209,"endTime":407.279,"body":"And so like so many people"},{"speaker":"Dave Foster","startTime":407.279,"endTime":411.719,"body":"today, we looked around and"},{"speaker":"Dave Foster","startTime":407.279,"endTime":411.719,"body":"said, well, toward real estate,"},{"speaker":"Dave Foster","startTime":411.839,"endTime":414.179,"body":"it's got to be real estate,"},{"speaker":"Dave Foster","startTime":411.839,"endTime":414.179,"body":"there's a dozen ways to make"},{"speaker":"Dave Foster","startTime":414.179,"endTime":417.659,"body":"money. They're not making any"},{"speaker":"Dave Foster","startTime":414.179,"endTime":417.659,"body":"more. It can happen while we're"},{"speaker":"Dave Foster","startTime":417.659,"endTime":422.429,"body":"gone. Let's do it. Just like"},{"speaker":"Dave Foster","startTime":417.659,"endTime":422.429,"body":"your house. So I just dove in,"},{"speaker":"Dave Foster","startTime":422.429,"endTime":425.939,"body":"because that's who I am. I"},{"speaker":"Dave Foster","startTime":422.429,"endTime":425.939,"body":"bought a duplex in Denver, I"},{"speaker":"Dave Foster","startTime":425.969,"endTime":431.369,"body":"fixed it up. We sold it. It was"},{"speaker":"Dave Foster","startTime":425.969,"endTime":431.369,"body":"awesome. Until like my bio says"},{"speaker":"Dave Foster","startTime":431.369,"endTime":435.599,"body":"that winter, I went to see my"},{"speaker":"Dave Foster","startTime":431.369,"endTime":435.599,"body":"accountant, Drupal, Andy. And"},{"speaker":"Dave Foster","startTime":435.599,"endTime":440.459,"body":"Andy said, Dave, you're gonna"},{"speaker":"Dave Foster","startTime":435.599,"endTime":440.459,"body":"pay for tax this year. And I"},{"speaker":"Dave Foster","startTime":440.459,"endTime":444.599,"body":"just said timeout, I did not"},{"speaker":"Dave Foster","startTime":440.459,"endTime":444.599,"body":"know that I had a silent burger."},{"speaker":"Dave Foster","startTime":445.199,"endTime":450.119,"body":"And his name was Uncle Sam. And"},{"speaker":"Dave Foster","startTime":445.199,"endTime":450.119,"body":"I was going to spend almost as"},{"speaker":"Dave Foster","startTime":450.119,"endTime":454.769,"body":"much on him, as it was on me."},{"speaker":"Dave Foster","startTime":450.119,"endTime":454.769,"body":"Well, that put the brakes on the"},{"speaker":"Dave Foster","startTime":454.769,"endTime":458.489,"body":"plans, right? All of a sudden,"},{"speaker":"Dave Foster","startTime":454.769,"endTime":458.489,"body":"instead of a five or six or 10"},{"speaker":"Dave Foster","startTime":458.489,"endTime":462.089,"body":"year goal, he was going to take"},{"speaker":"Dave Foster","startTime":458.489,"endTime":462.089,"body":"his 21st kid was going to be"},{"speaker":"Dave Foster","startTime":462.089,"endTime":470.219,"body":"gone. So right at that moment,"},{"speaker":"Dave Foster","startTime":462.089,"endTime":470.219,"body":"this was 1996 1997 ish. There"},{"speaker":"Dave Foster","startTime":470.219,"endTime":475.469,"body":"had been a huge court case over"},{"speaker":"Dave Foster","startTime":470.219,"endTime":475.469,"body":"this thing called the 1031."},{"speaker":"Dave Foster","startTime":475.469,"endTime":481.529,"body":"Exchange. The 1031 exchange has"},{"speaker":"Dave Foster","startTime":475.469,"endTime":481.529,"body":"been a part of the tax code for"},{"speaker":"Dave Foster","startTime":481.559,"endTime":482.639,"body":"since 1920."},{"speaker":"Dave Foster","startTime":484.079,"endTime":488.609,"body":"But only at that moment, there"},{"speaker":"Dave Foster","startTime":484.079,"endTime":488.609,"body":"have been a huge loss where the"},{"speaker":"Dave Foster","startTime":488.639,"endTime":493.079,"body":"plaintiff had one against the"},{"speaker":"Dave Foster","startTime":488.639,"endTime":493.079,"body":"government. And at 1031"},{"speaker":"Dave Foster","startTime":493.079,"endTime":498.899,"body":"exchanges were now going to be"},{"speaker":"Dave Foster","startTime":493.079,"endTime":498.899,"body":"available and usable. For Joe,"},{"speaker":"Dave Foster","startTime":498.899,"endTime":506.489,"body":"average investor. You and me and"},{"speaker":"Dave Foster","startTime":498.899,"endTime":506.489,"body":"your listeners. And I had some"},{"speaker":"Dave Foster","startTime":506.489,"endTime":510.539,"body":"friends at that time. Who you"},{"speaker":"Dave Foster","startTime":506.489,"endTime":510.539,"body":"know, you're good. You know how"},{"speaker":"Dave Foster","startTime":510.539,"endTime":513.779,"body":"to tell your good friends like"},{"speaker":"Dave Foster","startTime":510.539,"endTime":513.779,"body":"they're the ones that mock you"},{"speaker":"Dave Foster","startTime":513.779,"endTime":518.099,"body":"mercilessly and always have your"},{"speaker":"Dave Foster","startTime":513.779,"endTime":518.099,"body":"back, right? Absolutely. They"},{"speaker":"Dave Foster","startTime":518.099,"endTime":520.949,"body":"have mocked me mercilessly over"},{"speaker":"Dave Foster","startTime":518.099,"endTime":520.949,"body":"what had happened, and said,"},{"speaker":"Dave Foster","startTime":520.949,"endTime":524.249,"body":"Hey, by the way, Dave, you're an"},{"speaker":"Dave Foster","startTime":520.949,"endTime":524.249,"body":"accountant. We're thinking of"},{"speaker":"Dave Foster","startTime":524.249,"endTime":527.519,"body":"starting a business to do these"},{"speaker":"Dave Foster","startTime":524.249,"endTime":527.519,"body":"for people you want in? And I"},{"speaker":"Dave Foster","startTime":527.519,"endTime":531.839,"body":"said, Oh, heck yeah. So right at"},{"speaker":"Dave Foster","startTime":527.519,"endTime":531.839,"body":"that moment, we started focusing"},{"speaker":"Dave Foster","startTime":531.839,"endTime":538.979,"body":"on creating a strategy of using"},{"speaker":"Dave Foster","startTime":531.839,"endTime":538.979,"body":"temporary ones first, and doing"},{"speaker":"Dave Foster","startTime":538.979,"endTime":542.639,"body":"them for others as a business."},{"speaker":"Dave Foster","startTime":538.979,"endTime":542.639,"body":"And we never looked back at that"},{"speaker":"Dave Foster","startTime":542.639,"endTime":547.019,"body":"point. Because then everything"},{"speaker":"Dave Foster","startTime":542.639,"endTime":547.019,"body":"we started doing for the next 10"},{"speaker":"Dave Foster","startTime":547.019,"endTime":553.049,"body":"years for ourselves involved,"},{"speaker":"Dave Foster","startTime":547.019,"endTime":553.049,"body":"never paid tax, and be able to"},{"speaker":"Dave Foster","startTime":553.049,"endTime":557.969,"body":"put that tax into new real"},{"speaker":"Dave Foster","startTime":553.049,"endTime":557.969,"body":"estate, and ultimately into the"},{"speaker":"Dave Foster","startTime":557.969,"endTime":563.339,"body":"boat. Because we would, we sold"},{"speaker":"Dave Foster","startTime":557.969,"endTime":563.339,"body":"our portfolio in Colorado, and"},{"speaker":"Dave Foster","startTime":563.339,"endTime":566.579,"body":"we repositioned it in"},{"speaker":"Dave Foster","startTime":563.339,"endTime":566.579,"body":"Connecticut, without paying a"},{"speaker":"Dave Foster","startTime":566.579,"endTime":570.839,"body":"penny of tax using 1031"},{"speaker":"Dave Foster","startTime":566.579,"endTime":570.839,"body":"exchanges. Along the way, we"},{"speaker":"Dave Foster","startTime":570.839,"endTime":575.969,"body":"would occasionally convert a"},{"speaker":"Dave Foster","startTime":570.839,"endTime":575.969,"body":"property from investment into"},{"speaker":"Dave Foster","startTime":575.969,"endTime":580.229,"body":"our primary residence. And at"},{"speaker":"Dave Foster","startTime":575.969,"endTime":580.229,"body":"that time when you did that, and"},{"speaker":"Dave Foster","startTime":580.229,"endTime":583.889,"body":"then lived in the property for"},{"speaker":"Dave Foster","startTime":580.229,"endTime":583.889,"body":"two years, all of the profit,"},{"speaker":"Dave Foster","startTime":583.919,"endTime":589.979,"body":"the $500,000 of profit was tax"},{"speaker":"Dave Foster","startTime":583.919,"endTime":589.979,"body":"free. And you could do that once"},{"speaker":"Dave Foster","startTime":589.979,"endTime":594.359,"body":"every two years. So every two"},{"speaker":"Dave Foster","startTime":589.979,"endTime":594.359,"body":"years, we would could vert a"},{"speaker":"Dave Foster","startTime":594.359,"endTime":597.689,"body":"property and to our primary"},{"speaker":"Dave Foster","startTime":594.359,"endTime":597.689,"body":"residence, live in it and then"},{"speaker":"Dave Foster","startTime":597.689,"endTime":601.109,"body":"take all of the profit tax free"},{"speaker":"Dave Foster","startTime":597.689,"endTime":601.109,"body":"and Put that into the boat fund."},{"speaker":"Dave Foster","startTime":601.919,"endTime":606.869,"body":"So we were continually 1031 tax"},{"speaker":"Dave Foster","startTime":601.919,"endTime":606.869,"body":"deferred, and converting decks"},{"speaker":"Dave Foster","startTime":606.869,"endTime":612.329,"body":"deferred into tax free. Until"},{"speaker":"Dave Foster","startTime":606.869,"endTime":612.329,"body":"ultimately, our entire portfolio"},{"speaker":"Dave Foster","startTime":612.329,"endTime":616.829,"body":"was in a portfolio of different"},{"speaker":"Dave Foster","startTime":612.329,"endTime":616.829,"body":"types of properties in the state"},{"speaker":"Dave Foster","startTime":616.829,"endTime":620.729,"body":"of Florida. And we had enough"},{"speaker":"Dave Foster","startTime":616.829,"endTime":620.729,"body":"money in our boat fund, that we"},{"speaker":"Dave Foster","startTime":620.729,"endTime":624.089,"body":"could buy the boat with cash."},{"speaker":"Dave Foster","startTime":620.729,"endTime":624.089,"body":"And then when the financial"},{"speaker":"Dave Foster","startTime":624.089,"endTime":629.099,"body":"crash hit, instead of throwing"},{"speaker":"Dave Foster","startTime":624.089,"endTime":629.099,"body":"up our hands, and go into work"},{"speaker":"Dave Foster","startTime":629.099,"endTime":634.439,"body":"at the Kroger store, we simply"},{"speaker":"Dave Foster","startTime":629.099,"endTime":634.439,"body":"cast off the dock lines. Because"},{"speaker":"Dave Foster","startTime":634.439,"endTime":637.199,"body":"we had the boat, and we had"},{"speaker":"Dave Foster","startTime":634.439,"endTime":637.199,"body":"enough real estate to make it"},{"speaker":"Dave Foster","startTime":637.199,"endTime":640.679,"body":"work. We lived and raised our"},{"speaker":"Dave Foster","startTime":637.199,"endTime":640.679,"body":"boys in the boat for 10 years."},{"speaker":"Average Joe Finances","startTime":640.98,"endTime":643.65,"body":"That's"},{"speaker":"Average Joe Finances","startTime":640.98,"endTime":643.65,"body":"amazing. I mean, that's being"},{"speaker":"Average Joe Finances","startTime":643.65,"endTime":647.7,"body":"able to take that money right?"},{"speaker":"Average Joe Finances","startTime":643.65,"endTime":647.7,"body":"From each property as you sold"},{"speaker":"Average Joe Finances","startTime":647.7,"endTime":650.61,"body":"it and you tend 31 debt, right?"},{"speaker":"Average Joe Finances","startTime":647.7,"endTime":650.61,"body":"So you tax deferred all this"},{"speaker":"Average Joe Finances","startTime":650.61,"endTime":654.93,"body":"money, and then putting it into"},{"speaker":"Average Joe Finances","startTime":650.61,"endTime":654.93,"body":"a residence that became your"},{"speaker":"Average Joe Finances","startTime":654.93,"endTime":658.53,"body":"primary residence, right, live"},{"speaker":"Average Joe Finances","startTime":654.93,"endTime":658.53,"body":"there for two years, and then"},{"speaker":"Average Joe Finances","startTime":658.53,"endTime":662.01,"body":"sell the property to get all"},{"speaker":"Average Joe Finances","startTime":658.53,"endTime":662.01,"body":"that money tax free. That's"},{"speaker":"Average Joe Finances","startTime":662.04,"endTime":666.18,"body":"absolutely amazing. What a great"},{"speaker":"Average Joe Finances","startTime":662.04,"endTime":666.18,"body":"strategy because"},{"speaker":"Dave Foster","startTime":666.209,"endTime":669.329,"body":"the IRS has built"},{"speaker":"Dave Foster","startTime":666.209,"endTime":669.329,"body":"the most powerful strategy out"},{"speaker":"Dave Foster","startTime":669.329,"endTime":672.119,"body":"there. Yeah, absolutely. Right"},{"speaker":"Dave Foster","startTime":669.329,"endTime":672.119,"body":"now, because it's still"},{"speaker":"Dave Foster","startTime":672.119,"endTime":676.559,"body":"available. Now they have tweaked"},{"speaker":"Dave Foster","startTime":672.119,"endTime":676.559,"body":"it, because the IRS I think, put"},{"speaker":"Dave Foster","startTime":676.559,"endTime":680.159,"body":"my poster my picture up in their"},{"speaker":"Dave Foster","startTime":676.559,"endTime":680.159,"body":"lunch room. Because prior to"},{"speaker":"Dave Foster","startTime":680.159,"endTime":684.719,"body":"2008, you could do this and you"},{"speaker":"Dave Foster","startTime":680.159,"endTime":684.719,"body":"would get 100% of the game, to"},{"speaker":"Dave Foster","startTime":684.719,"endTime":689.399,"body":"actually, you know, since 2008,"},{"speaker":"Dave Foster","startTime":684.719,"endTime":689.399,"body":"you have to if you're doing the"},{"speaker":"Dave Foster","startTime":689.399,"endTime":692.909,"body":"1031 conversion into primary,"},{"speaker":"Dave Foster","startTime":689.399,"endTime":692.909,"body":"you have to own the property for"},{"speaker":"Dave Foster","startTime":692.909,"endTime":696.749,"body":"five years, you have to live in"},{"speaker":"Dave Foster","startTime":692.909,"endTime":696.749,"body":"it for two years. And then when"},{"speaker":"Dave Foster","startTime":696.749,"endTime":700.739,"body":"you sell it, you're going to"},{"speaker":"Dave Foster","startTime":696.749,"endTime":700.739,"body":"prorate the game. Between the"},{"speaker":"Dave Foster","startTime":700.739,"endTime":703.829,"body":"years it was a rental, and the"},{"speaker":"Dave Foster","startTime":700.739,"endTime":703.829,"body":"years it was your primary"},{"speaker":"Dave Foster","startTime":703.829,"endTime":707.789,"body":"residence, which still is not"},{"speaker":"Dave Foster","startTime":703.829,"endTime":707.789,"body":"going to be too bad. I've got a"},{"speaker":"Dave Foster","startTime":707.789,"endTime":710.939,"body":"guy down here in St. Pete beach,"},{"speaker":"Dave Foster","startTime":707.789,"endTime":710.939,"body":"one of my clients who has three"},{"speaker":"Dave Foster","startTime":710.939,"endTime":716.309,"body":"identical condos and his"},{"speaker":"Dave Foster","startTime":710.939,"endTime":716.309,"body":"retirement plan. He's not gonna"},{"speaker":"Dave Foster","startTime":716.309,"endTime":720.689,"body":"have a part time job. It's his"},{"speaker":"Dave Foster","startTime":716.309,"endTime":720.689,"body":"retirement plan is he's gonna"},{"speaker":"Dave Foster","startTime":720.689,"endTime":723.749,"body":"move into one of those and"},{"speaker":"Dave Foster","startTime":720.689,"endTime":723.749,"body":"convert when he moves into it,"},{"speaker":"Dave Foster","startTime":724.049,"endTime":728.489,"body":"he will sell his former primary."},{"speaker":"Dave Foster","startTime":724.049,"endTime":728.489,"body":"So guess what, that's his first"},{"speaker":"Dave Foster","startTime":728.489,"endTime":732.809,"body":"couple years income right there."},{"speaker":"Dave Foster","startTime":728.489,"endTime":732.809,"body":"The profit from that sale, tax"},{"speaker":"Dave Foster","startTime":732.809,"endTime":738.539,"body":"free. Meanwhile, he's living in"},{"speaker":"Dave Foster","startTime":732.809,"endTime":738.539,"body":"that property. Now, I asked his"},{"speaker":"Dave Foster","startTime":738.539,"endTime":740.519,"body":"wife I we were going to know"},{"speaker":"Dave Foster","startTime":738.539,"endTime":740.519,"body":"when it was time to move,"},{"speaker":"Dave Foster","startTime":740.879,"endTime":744.419,"body":"because she said, Well, when"},{"speaker":"Dave Foster","startTime":740.879,"endTime":744.419,"body":"it's time to redecorate, we're"},{"speaker":"Dave Foster","startTime":744.419,"endTime":748.529,"body":"just going to move to the next"},{"speaker":"Dave Foster","startTime":744.419,"endTime":748.529,"body":"one. So we'll leave in that that"},{"speaker":"Dave Foster","startTime":748.529,"endTime":752.639,"body":"former investment property for a"},{"speaker":"Dave Foster","startTime":748.529,"endTime":752.639,"body":"few years, and then they will"},{"speaker":"Dave Foster","startTime":752.639,"endTime":757.439,"body":"sell it now. They'll take part"},{"speaker":"Dave Foster","startTime":752.639,"endTime":757.439,"body":"of the game tax free, they will"},{"speaker":"Dave Foster","startTime":757.439,"endTime":761.429,"body":"have to pay tax on part of the"},{"speaker":"Dave Foster","startTime":757.439,"endTime":761.429,"body":"game. But that still beats a"},{"speaker":"Dave Foster","startTime":761.429,"endTime":766.589,"body":"part time job at the convenience"},{"speaker":"Dave Foster","startTime":761.429,"endTime":766.589,"body":"store. And he's moving into the"},{"speaker":"Dave Foster","startTime":766.589,"endTime":772.169,"body":"next one. And they will simply"},{"speaker":"Dave Foster","startTime":766.589,"endTime":772.169,"body":"repeat that until a different"},{"speaker":"Dave Foster","startTime":772.169,"endTime":774.629,"body":"life strategy presents itself."},{"speaker":"Average Joe Finances","startTime":774.9,"endTime":777.72,"body":"Yeah, and"},{"speaker":"Average Joe Finances","startTime":774.9,"endTime":777.72,"body":"it still beats paying the full"},{"speaker":"Average Joe Finances","startTime":777.72,"endTime":781.17,"body":"tax on the property when you go"},{"speaker":"Average Joe Finances","startTime":777.72,"endTime":781.17,"body":"and sell it if you were just to"},{"speaker":"Average Joe Finances","startTime":781.17,"endTime":784.68,"body":"sell it as a rental property. So"},{"speaker":"Average Joe Finances","startTime":781.17,"endTime":784.68,"body":"Oh, absolutely. You're cutting a"},{"speaker":"Average Joe Finances","startTime":784.68,"endTime":787.11,"body":"lot of that out. You're cutting"},{"speaker":"Average Joe Finances","startTime":784.68,"endTime":787.11,"body":"Uncle Sam out of a lot of that"},{"speaker":"Average Joe Finances","startTime":787.11,"endTime":787.41,"body":"cut."},{"speaker":"Dave Foster","startTime":787.71,"endTime":791.43,"body":"So it really fits"},{"speaker":"Dave Foster","startTime":787.71,"endTime":791.43,"body":"into what I call the four DS of"},{"speaker":"Dave Foster","startTime":791.43,"endTime":794.01,"body":"1031. Investing. That's right"},{"speaker":"Dave Foster","startTime":791.43,"endTime":794.01,"body":"there."},{"speaker":"Average Joe Finances","startTime":794.669,"endTime":796.709,"body":"Ready? We"},{"speaker":"Average Joe Finances","startTime":794.669,"endTime":796.709,"body":"talked about that. Yeah, we can"},{"speaker":"Dave Foster","startTime":796.71,"endTime":801.12,"body":"the four DS defer"},{"speaker":"Dave Foster","startTime":796.71,"endTime":801.12,"body":"defer. Let me know if I go too"},{"speaker":"Dave Foster","startTime":801.12,"endTime":806.04,"body":"fast. Oh, no, we're good. We're"},{"speaker":"Dave Foster","startTime":801.12,"endTime":806.04,"body":"gonna defer and die"},{"speaker":"Average Joe Finances","startTime":807.56,"endTime":808.46,"body":"Defer and"},{"speaker":"Average Joe Finances","startTime":807.56,"endTime":808.46,"body":"die,"},{"speaker":"Dave Foster","startTime":808.83,"endTime":811.86,"body":"defer, defer, defer"},{"speaker":"Dave Foster","startTime":808.83,"endTime":811.86,"body":"and die. Here's what that means"},{"speaker":"Dave Foster","startTime":811.86,"endTime":815.1,"body":"in real life. When you've got"},{"speaker":"Dave Foster","startTime":811.86,"endTime":815.1,"body":"that first piece of investment"},{"speaker":"Dave Foster","startTime":815.1,"endTime":819.51,"body":"property, and it's appreciated,"},{"speaker":"Dave Foster","startTime":815.1,"endTime":819.51,"body":"you've done your value add,"},{"speaker":"Dave Foster","startTime":819.75,"endTime":823.02,"body":"you're gonna make money on it."},{"speaker":"Dave Foster","startTime":819.75,"endTime":823.02,"body":"If you sell it into a 1031"},{"speaker":"Dave Foster","startTime":823.02,"endTime":828.72,"body":"exchange, you will indefinitely"},{"speaker":"Dave Foster","startTime":823.02,"endTime":828.72,"body":"defer payment of the tax and"},{"speaker":"Dave Foster","startTime":828.72,"endTime":834.84,"body":"depreciation recapture. Any time"},{"speaker":"Dave Foster","startTime":828.72,"endTime":834.84,"body":"you sell that property, to move"},{"speaker":"Dave Foster","startTime":834.84,"endTime":839.1,"body":"it to another state, to another"},{"speaker":"Dave Foster","startTime":834.84,"endTime":839.1,"body":"type of investment property, to"},{"speaker":"Dave Foster","startTime":839.1,"endTime":843.0,"body":"different numbers of investment"},{"speaker":"Dave Foster","startTime":839.1,"endTime":843.0,"body":"properties, whether you're"},{"speaker":"Dave Foster","startTime":843.0,"endTime":848.1,"body":"trying to expand and get more"},{"speaker":"Dave Foster","startTime":843.0,"endTime":848.1,"body":"properties, or consolidate and"},{"speaker":"Dave Foster","startTime":848.1,"endTime":852.6,"body":"get fewer properties. If you do"},{"speaker":"Dave Foster","startTime":848.1,"endTime":852.6,"body":"a 1031 exchange, you'll never"},{"speaker":"Dave Foster","startTime":852.63,"endTime":858.54,"body":"pay the tax. If you put the"},{"speaker":"Dave Foster","startTime":852.63,"endTime":858.54,"body":"property into a vacation rental,"},{"speaker":"Dave Foster","startTime":859.26,"endTime":862.29,"body":"that you can enjoy the rest of"},{"speaker":"Dave Foster","startTime":859.26,"endTime":862.29,"body":"your life and that your family"},{"speaker":"Dave Foster","startTime":862.29,"endTime":867.63,"body":"can, you'll never pay the tax."},{"speaker":"Dave Foster","startTime":862.29,"endTime":867.63,"body":"If you turn it into a property"},{"speaker":"Dave Foster","startTime":867.63,"endTime":872.49,"body":"you later convert into your"},{"speaker":"Dave Foster","startTime":867.63,"endTime":872.49,"body":"primary residence. You'll never"},{"speaker":"Dave Foster","startTime":872.73,"endTime":879.12,"body":"pay the tax. If you 1031 into"},{"speaker":"Dave Foster","startTime":872.73,"endTime":879.12,"body":"passive investments, such as"},{"speaker":"Dave Foster","startTime":879.12,"endTime":883.59,"body":"Delaware statutory trusts, which"},{"speaker":"Dave Foster","startTime":879.12,"endTime":883.59,"body":"are a syndication type property,"},{"speaker":"Dave Foster","startTime":884.16,"endTime":888.66,"body":"you will never pay the tax. And"},{"speaker":"Dave Foster","startTime":884.16,"endTime":888.66,"body":"then the kicker is that under"},{"speaker":"Dave Foster","startTime":888.66,"endTime":894.6,"body":"current law, when you die, your"},{"speaker":"Dave Foster","startTime":888.66,"endTime":894.6,"body":"heirs get the property and what"},{"speaker":"Dave Foster","startTime":894.6,"endTime":899.52,"body":"is called a stepped up basis."},{"speaker":"Dave Foster","startTime":894.6,"endTime":899.52,"body":"Which means they inherit it as"},{"speaker":"Dave Foster","startTime":899.52,"endTime":903.33,"body":"if they paid market value for"},{"speaker":"Dave Foster","startTime":899.52,"endTime":903.33,"body":"them the day you die. So all of"},{"speaker":"Dave Foster","startTime":903.33,"endTime":910.59,"body":"the tax when you die goes away."},{"speaker":"Dave Foster","startTime":903.33,"endTime":910.59,"body":"So there is never a reason to"},{"speaker":"Dave Foster","startTime":910.59,"endTime":915.75,"body":"pay a penny, in real estate gain"},{"speaker":"Dave Foster","startTime":910.59,"endTime":915.75,"body":"tax the rest of your life. And"},{"speaker":"Dave Foster","startTime":915.75,"endTime":920.85,"body":"instead, you use that for"},{"speaker":"Dave Foster","startTime":915.75,"endTime":920.85,"body":"yourself. And that's what Albert"},{"speaker":"Dave Foster","startTime":920.85,"endTime":924.48,"body":"Einstein called compound"},{"speaker":"Dave Foster","startTime":920.85,"endTime":924.48,"body":"interest, right. And he called"},{"speaker":"Dave Foster","startTime":924.48,"endTime":928.32,"body":"compound interest, the eighth"},{"speaker":"Dave Foster","startTime":924.48,"endTime":928.32,"body":"wonder of the world, because"},{"speaker":"Dave Foster","startTime":928.32,"endTime":931.77,"body":"those who understand it will"},{"speaker":"Dave Foster","startTime":928.32,"endTime":931.77,"body":"benefit from it. Those who"},{"speaker":"Dave Foster","startTime":931.77,"endTime":937.14,"body":"don't, will pay for it, whether"},{"speaker":"Dave Foster","startTime":931.77,"endTime":937.14,"body":"you're using deeper DAX, to make"},{"speaker":"Dave Foster","startTime":937.14,"endTime":941.04,"body":"money and continue that cycle,"},{"speaker":"Dave Foster","startTime":937.14,"endTime":941.04,"body":"or whether you're paying"},{"speaker":"Dave Foster","startTime":941.04,"endTime":946.23,"body":"interest to somebody else, if"},{"speaker":"Dave Foster","startTime":941.04,"endTime":946.23,"body":"you understand you can benefit"},{"speaker":"Dave Foster","startTime":946.23,"endTime":950.49,"body":"from it. That's the four DS. And"},{"speaker":"Dave Foster","startTime":946.23,"endTime":950.49,"body":"that's what we have followed."},{"speaker":"Dave Foster","startTime":950.94,"endTime":954.69,"body":"And that's what tons of my"},{"speaker":"Dave Foster","startTime":950.94,"endTime":954.69,"body":"clients have. I am on my third"},{"speaker":"Dave Foster","startTime":954.69,"endTime":959.52,"body":"generation of a family in"},{"speaker":"Dave Foster","startTime":954.69,"endTime":959.52,"body":"Greenwich, Connecticut, for 16"},{"speaker":"Dave Foster","startTime":959.52,"endTime":964.05,"body":"years now, they started before I"},{"speaker":"Dave Foster","startTime":959.52,"endTime":964.05,"body":"was around, they have continued"},{"speaker":"Dave Foster","startTime":964.32,"endTime":967.92,"body":"to use 1030 ones. And we're now"},{"speaker":"Dave Foster","startTime":964.32,"endTime":967.92,"body":"on the third generation from"},{"speaker":"Dave Foster","startTime":967.92,"endTime":970.8,"body":"grandpa. And they've never paid"},{"speaker":"Dave Foster","startTime":967.92,"endTime":970.8,"body":"a penny in tax."},{"speaker":"Average Joe Finances","startTime":971.219,"endTime":972.749,"body":"That's"},{"speaker":"Average Joe Finances","startTime":971.219,"endTime":972.749,"body":"phenomenal. You know, how they"},{"speaker":"Average Joe Finances","startTime":972.749,"endTime":975.269,"body":"say, you know, there's two"},{"speaker":"Average Joe Finances","startTime":972.749,"endTime":975.269,"body":"things that are certain in life"},{"speaker":"Average Joe Finances","startTime":975.269,"endTime":978.329,"body":"and that's death and taxes,"},{"speaker":"Average Joe Finances","startTime":975.269,"endTime":978.329,"body":"right? So this is, this is one"},{"speaker":"Average Joe Finances","startTime":978.329,"endTime":981.269,"body":"way to cut one of those out, you"},{"speaker":"Average Joe Finances","startTime":978.329,"endTime":981.269,"body":"can take the taxes out."},{"speaker":"Average Joe Finances","startTime":982.919,"endTime":987.899,"body":"solidify, just death is the only"},{"speaker":"Average Joe Finances","startTime":982.919,"endTime":987.899,"body":"certainty in life as a 1031"},{"speaker":"Average Joe Finances","startTime":987.899,"endTime":993.269,"body":"exchange expert, that's for"},{"speaker":"Average Joe Finances","startTime":987.899,"endTime":993.269,"body":"sure. So, okay, so, um, that"},{"speaker":"Average Joe Finances","startTime":993.299,"endTime":995.339,"body":"that's absolutely amazing,"},{"speaker":"Average Joe Finances","startTime":993.299,"endTime":995.339,"body":"especially like you have this"},{"speaker":"Average Joe Finances","startTime":995.339,"endTime":998.369,"body":"one family that's on the third"},{"speaker":"Average Joe Finances","startTime":995.339,"endTime":998.369,"body":"generation. So that right there"},{"speaker":"Average Joe Finances","startTime":998.369,"endTime":1004.369,"body":"itself is living proof, how"},{"speaker":"Average Joe Finances","startTime":998.369,"endTime":1004.369,"body":"powerful this is. And so for my"},{"speaker":"Average Joe Finances","startTime":1004.369,"endTime":1006.739,"body":"listeners that that are"},{"speaker":"Average Joe Finances","startTime":1004.369,"endTime":1006.739,"body":"listening right now, you know,"},{"speaker":"Average Joe Finances","startTime":1006.859,"endTime":1010.519,"body":"the most important thing to"},{"speaker":"Average Joe Finances","startTime":1006.859,"endTime":1010.519,"body":"realize is that when, you know,"},{"speaker":"Average Joe Finances","startTime":1010.519,"endTime":1014.899,"body":"the the person who owned the"},{"speaker":"Average Joe Finances","startTime":1010.519,"endTime":1014.899,"body":"properties die, and it is passed"},{"speaker":"Average Joe Finances","startTime":1014.899,"endTime":1017.749,"body":"on to their heirs, they're"},{"speaker":"Average Joe Finances","startTime":1014.899,"endTime":1017.749,"body":"getting it at that market value"},{"speaker":"Average Joe Finances","startTime":1017.749,"endTime":1021.019,"body":"what it is today. So for"},{"speaker":"Average Joe Finances","startTime":1017.749,"endTime":1021.019,"body":"example, if somebody bought a"},{"speaker":"Average Joe Finances","startTime":1021.019,"endTime":1025.099,"body":"property for $20,000, you know,"},{"speaker":"Average Joe Finances","startTime":1021.019,"endTime":1025.099,"body":"40 years ago, and today it's"},{"speaker":"Average Joe Finances","startTime":1025.099,"endTime":1031.159,"body":"worth, you know, 250,000 or plus"},{"speaker":"Average Joe Finances","startTime":1025.099,"endTime":1031.159,"body":"minus whatever, right? when that"},{"speaker":"Average Joe Finances","startTime":1031.159,"endTime":1033.979,"body":"person passed away all that"},{"speaker":"Average Joe Finances","startTime":1031.159,"endTime":1033.979,"body":"appreciation, and then"},{"speaker":"Average Joe Finances","startTime":1033.979,"endTime":1036.769,"body":"depreciation that they claimed,"},{"speaker":"Average Joe Finances","startTime":1033.979,"endTime":1036.769,"body":"right, that goes on that"},{"speaker":"Average Joe Finances","startTime":1036.769,"endTime":1042.529,"body":"property, what you can get taxed"},{"speaker":"Average Joe Finances","startTime":1036.769,"endTime":1042.529,"body":"on will be gone. And it's it's"},{"speaker":"Average Joe Finances","startTime":1042.679,"endTime":1047.509,"body":"as if the child or the air"},{"speaker":"Average Joe Finances","startTime":1042.679,"endTime":1047.509,"body":"bought that property that day,"},{"speaker":"Average Joe Finances","startTime":1047.509,"endTime":1052.849,"body":"the day of death for that new"},{"speaker":"Average Joe Finances","startTime":1047.509,"endTime":1052.849,"body":"value of 250,000. So everything"},{"speaker":"Average Joe Finances","startTime":1052.849,"endTime":1055.249,"body":"starts over, it's like pushing"},{"speaker":"Average Joe Finances","startTime":1052.849,"endTime":1055.249,"body":"the reset button. So that's"},{"speaker":"Average Joe Finances","startTime":1055.759,"endTime":1056.929,"body":"absolutely amazing."},{"speaker":"Dave Foster","startTime":1057.77,"endTime":1060.65,"body":"A huge piece of"},{"speaker":"Dave Foster","startTime":1057.77,"endTime":1060.65,"body":"advice. Be careful about telling"},{"speaker":"Dave Foster","startTime":1060.65,"endTime":1062.78,"body":"your children about it too soon."},{"speaker":"Average Joe Finances","startTime":1063.02,"endTime":1065.27,"body":"Yes. You"},{"speaker":"Average Joe Finances","startTime":1063.02,"endTime":1065.27,"body":"don't want to all of a sudden,"},{"speaker":"Average Joe Finances","startTime":1065.81,"endTime":1068.51,"body":"you start seeing blood and stuff"},{"speaker":"Average Joe Finances","startTime":1065.81,"endTime":1068.51,"body":"and you realize you've been"},{"speaker":"Average Joe Finances","startTime":1068.54,"endTime":1070.01,"body":"being fed glass or poison, you"},{"speaker":"Dave Foster","startTime":1070.19,"endTime":1071.84,"body":"start to wonder why"},{"speaker":"Dave Foster","startTime":1070.19,"endTime":1071.84,"body":"they all of a sudden want to"},{"speaker":"Dave Foster","startTime":1071.84,"endTime":1077.24,"body":"become a doctor. I want to know"},{"speaker":"Dave Foster","startTime":1071.84,"endTime":1077.24,"body":"how the machines work? Well, you"},{"speaker":"Dave Foster","startTime":1077.24,"endTime":1079.46,"body":"know, it's interesting, I wish"},{"speaker":"Dave Foster","startTime":1077.24,"endTime":1079.46,"body":"that we had the ability for me"},{"speaker":"Dave Foster","startTime":1079.46,"endTime":1082.88,"body":"to put some Excel screens are"},{"speaker":"Dave Foster","startTime":1079.46,"endTime":1082.88,"body":"there for it, because we've got"},{"speaker":"Dave Foster","startTime":1082.88,"endTime":1088.25,"body":"a hugely powerful example, where"},{"speaker":"Dave Foster","startTime":1082.88,"endTime":1088.25,"body":"we take two investors and him 20"},{"speaker":"Dave Foster","startTime":1088.25,"endTime":1092.63,"body":"years over four transactions."},{"speaker":"Dave Foster","startTime":1088.25,"endTime":1092.63,"body":"The difference between the"},{"speaker":"Dave Foster","startTime":1092.63,"endTime":1098.57,"body":"investor who pays the tax on"},{"speaker":"Dave Foster","startTime":1092.63,"endTime":1098.57,"body":"each sale versus the investor,"},{"speaker":"Dave Foster","startTime":1098.84,"endTime":1103.43,"body":"who's simply does the 1031"},{"speaker":"Dave Foster","startTime":1098.84,"endTime":1103.43,"body":"exchanges, and invests the tax"},{"speaker":"Dave Foster","startTime":1104.18,"endTime":1109.79,"body":"ends up being over $8 million in"},{"speaker":"Dave Foster","startTime":1104.18,"endTime":1109.79,"body":"property that they control. If"},{"speaker":"Dave Foster","startTime":1109.79,"endTime":1112.79,"body":"you sold a property with"},{"speaker":"Dave Foster","startTime":1109.79,"endTime":1112.79,"body":"$100,000 gain, I mean, you could"},{"speaker":"Dave Foster","startTime":1112.79,"endTime":1115.22,"body":"just ballpark because different"},{"speaker":"Dave Foster","startTime":1112.79,"endTime":1115.22,"body":"states are different, but"},{"speaker":"Dave Foster","startTime":1115.22,"endTime":1119.96,"body":"ballpark your gain at your tax"},{"speaker":"Dave Foster","startTime":1115.22,"endTime":1119.96,"body":"at 20%. If you do a tickler"},{"speaker":"Dave Foster","startTime":1119.96,"endTime":1124.64,"body":"exchange and take that $20,000"},{"speaker":"Dave Foster","startTime":1119.96,"endTime":1124.64,"body":"and use it to buy more property,"},{"speaker":"Dave Foster","startTime":1125.21,"endTime":1130.34,"body":"then you've got $100,000 to put"},{"speaker":"Dave Foster","startTime":1125.21,"endTime":1130.34,"body":"down. So what can you buy a"},{"speaker":"Dave Foster","startTime":1130.34,"endTime":1135.71,"body":"$500,000 property. If you pay"},{"speaker":"Dave Foster","startTime":1130.34,"endTime":1135.71,"body":"the tax, you only have like"},{"speaker":"Dave Foster","startTime":1135.74,"endTime":1142.25,"body":"$80,000. So you can only buy"},{"speaker":"Dave Foster","startTime":1135.74,"endTime":1142.25,"body":"like $432,000 of property right?"},{"speaker":"Dave Foster","startTime":1142.97,"endTime":1147.44,"body":"So that's the first transaction"},{"speaker":"Dave Foster","startTime":1142.97,"endTime":1147.44,"body":"five years later, at a regular"},{"speaker":"Dave Foster","startTime":1147.44,"endTime":1153.35,"body":"5% appreciation, the difference"},{"speaker":"Dave Foster","startTime":1147.44,"endTime":1153.35,"body":"becomes a couple 100,000. At 10"},{"speaker":"Dave Foster","startTime":1153.35,"endTime":1159.71,"body":"years, it becomes a million and"},{"speaker":"Dave Foster","startTime":1153.35,"endTime":1159.71,"body":"a 20 years. The investor who has"},{"speaker":"Dave Foster","startTime":1159.71,"endTime":1165.56,"body":"done nothing but not pay taxes"},{"speaker":"Dave Foster","startTime":1159.71,"endTime":1165.56,"body":"will owe almost $500,000 in real"},{"speaker":"Dave Foster","startTime":1165.56,"endTime":1169.22,"body":"estate taxes. But they will loan"},{"speaker":"Dave Foster","startTime":1165.56,"endTime":1169.22,"body":"almost $12 million in real"},{"speaker":"Dave Foster","startTime":1169.22,"endTime":1173.24,"body":"estate. The other investor won't"},{"speaker":"Dave Foster","startTime":1169.22,"endTime":1173.24,"body":"owe anything in taxes. But"},{"speaker":"Dave Foster","startTime":1173.24,"endTime":1178.58,"body":"they'll only own about three and"},{"speaker":"Dave Foster","startTime":1173.24,"endTime":1178.58,"body":"a half billion in property. And"},{"speaker":"Dave Foster","startTime":1178.58,"endTime":1183.44,"body":"that's that compounding effect"},{"speaker":"Dave Foster","startTime":1178.58,"endTime":1183.44,"body":"that is just so huge, which like"},{"speaker":"Dave Foster","startTime":1183.44,"endTime":1187.64,"body":"you discovered that because you"},{"speaker":"Dave Foster","startTime":1183.44,"endTime":1187.64,"body":"bought the house first. The"},{"speaker":"Dave Foster","startTime":1187.64,"endTime":1192.65,"body":"compounding effect is going to"},{"speaker":"Dave Foster","startTime":1187.64,"endTime":1192.65,"body":"let you get a 44 foot boat. And"},{"speaker":"Dave Foster","startTime":1192.65,"endTime":1196.1,"body":"by the way, if you're looking"},{"speaker":"Dave Foster","startTime":1192.65,"endTime":1196.1,"body":"for a good cat, the 47 foot"},{"speaker":"Dave Foster","startTime":1196.1,"endTime":1199.4,"body":"leopards are going to be perfect"},{"speaker":"Dave Foster","startTime":1196.1,"endTime":1199.4,"body":"for you and you're gonna be able"},{"speaker":"Dave Foster","startTime":1199.4,"endTime":1199.58,"body":"to get"},{"speaker":"Average Joe Finances","startTime":1199.85,"endTime":1202.28,"body":"one The"},{"speaker":"Average Joe Finances","startTime":1199.85,"endTime":1202.28,"body":"boats that we're looking at, we"},{"speaker":"Average Joe Finances","startTime":1202.28,"endTime":1204.32,"body":"happen to really be fond of"},{"speaker":"Average Joe Finances","startTime":1202.28,"endTime":1204.32,"body":"leopards."},{"speaker":"Dave Foster","startTime":1204.44,"endTime":1206.24,"body":"Love the leopard."},{"speaker":"Dave Foster","startTime":1204.44,"endTime":1206.24,"body":"Yes, indeed."},{"speaker":"Average Joe Finances","startTime":1206.48,"endTime":1209.66,"body":"Oh, that's"},{"speaker":"Average Joe Finances","startTime":1206.48,"endTime":1209.66,"body":"awesome, man. That's awesome. So"},{"speaker":"Average Joe Finances","startTime":1210.83,"endTime":1214.49,"body":"I know one of the things that I"},{"speaker":"Average Joe Finances","startTime":1210.83,"endTime":1214.49,"body":"talked about before we hit"},{"speaker":"Average Joe Finances","startTime":1214.49,"endTime":1219.95,"body":"record. And maybe you touched a"},{"speaker":"Average Joe Finances","startTime":1214.49,"endTime":1219.95,"body":"little bit on it. But there is"},{"speaker":"Average Joe Finances","startTime":1220.52,"endTime":1225.47,"body":"six requirements of a 1031"},{"speaker":"Average Joe Finances","startTime":1220.52,"endTime":1225.47,"body":"exchange. Can we talk about"},{"speaker":"Average Joe Finances","startTime":1225.47,"endTime":1227.63,"body":"that? What what are these"},{"speaker":"Average Joe Finances","startTime":1225.47,"endTime":1227.63,"body":"requirements that you have to"},{"speaker":"Average Joe Finances","startTime":1227.63,"endTime":1230.51,"body":"meet, in order to be able to do"},{"speaker":"Average Joe Finances","startTime":1227.63,"endTime":1230.51,"body":"this?"},{"speaker":"Dave Foster","startTime":1230.6,"endTime":1233.33,"body":"Yeah, that's the"},{"speaker":"Dave Foster","startTime":1230.6,"endTime":1233.33,"body":"nuts and bolts, and where it all"},{"speaker":"Dave Foster","startTime":1233.33,"endTime":1238.28,"body":"comes down. Remember, the reason"},{"speaker":"Dave Foster","startTime":1233.33,"endTime":1238.28,"body":"why they're user friendly now is"},{"speaker":"Dave Foster","startTime":1238.28,"endTime":1242.69,"body":"because the IRS lost a lawsuit."},{"speaker":"Dave Foster","startTime":1238.28,"endTime":1242.69,"body":"And there's nothing more p owed"},{"speaker":"Dave Foster","startTime":1243.26,"endTime":1247.01,"body":"than a government agency that"},{"speaker":"Dave Foster","startTime":1243.26,"endTime":1247.01,"body":"loses a lawsuit. So they have to"},{"speaker":"Dave Foster","startTime":1247.01,"endTime":1250.82,"body":"let us do them. It's part of the"},{"speaker":"Dave Foster","startTime":1247.01,"endTime":1250.82,"body":"tax code. But they don't have to"},{"speaker":"Dave Foster","startTime":1250.82,"endTime":1253.85,"body":"make it easy. And that's where"},{"speaker":"Dave Foster","startTime":1250.82,"endTime":1253.85,"body":"the six requirements come in,"},{"speaker":"Dave Foster","startTime":1254.18,"endTime":1259.28,"body":"because they really want to keep"},{"speaker":"Dave Foster","startTime":1254.18,"endTime":1259.28,"body":"a close eye on it. Now, they all"},{"speaker":"Dave Foster","startTime":1259.28,"endTime":1262.91,"body":"hands off the first and most"},{"speaker":"Dave Foster","startTime":1259.28,"endTime":1262.91,"body":"important requirement, and that"},{"speaker":"Dave Foster","startTime":1262.91,"endTime":1267.5,"body":"is that you have to use, it's"},{"speaker":"Dave Foster","startTime":1262.91,"endTime":1267.5,"body":"not a DIY process, you have to"},{"speaker":"Dave Foster","startTime":1267.5,"endTime":1272.21,"body":"use the services of an unrelated"},{"speaker":"Dave Foster","startTime":1267.5,"endTime":1272.21,"body":"third party called the Qualified"},{"speaker":"Dave Foster","startTime":1272.21,"endTime":1275.6,"body":"Intermediary. These are the"},{"speaker":"Dave Foster","startTime":1272.21,"endTime":1275.6,"body":"people like us, that's all we"},{"speaker":"Dave Foster","startTime":1275.6,"endTime":1280.67,"body":"do. We can't do anything else."},{"speaker":"Dave Foster","startTime":1275.6,"endTime":1280.67,"body":"We can't be your realtor, we"},{"speaker":"Dave Foster","startTime":1280.67,"endTime":1284.54,"body":"can't be your accountant. All we"},{"speaker":"Dave Foster","startTime":1280.67,"endTime":1284.54,"body":"can do as a 1031 exchange. But"},{"speaker":"Dave Foster","startTime":1284.54,"endTime":1288.71,"body":"it's a hard job to be the guide"},{"speaker":"Dave Foster","startTime":1284.54,"endTime":1288.71,"body":"for you. So the tip 31 is"},{"speaker":"Dave Foster","startTime":1288.71,"endTime":1293.33,"body":"document it correctly. And all"},{"speaker":"Dave Foster","startTime":1288.71,"endTime":1293.33,"body":"the proceeds because you can't"},{"speaker":"Dave Foster","startTime":1293.36,"endTime":1296.99,"body":"touch the money. And that makes"},{"speaker":"Dave Foster","startTime":1293.36,"endTime":1296.99,"body":"the of the most important"},{"speaker":"Dave Foster","startTime":1297.35,"endTime":1302.06,"body":"criteria about that is if the"},{"speaker":"Dave Foster","startTime":1297.35,"endTime":1302.06,"body":"cue is to be involved, prior to"},{"speaker":"Dave Foster","startTime":1302.06,"endTime":1306.86,"body":"the closing of your sale. If you"},{"speaker":"Dave Foster","startTime":1302.06,"endTime":1306.86,"body":"close your sale, and then come"},{"speaker":"Dave Foster","startTime":1306.86,"endTime":1310.43,"body":"to us afterwards, you can't do a"},{"speaker":"Dave Foster","startTime":1306.86,"endTime":1310.43,"body":"temporary one, because it wasn't"},{"speaker":"Dave Foster","startTime":1310.43,"endTime":1314.78,"body":"documented correctly, and you"},{"speaker":"Dave Foster","startTime":1310.43,"endTime":1314.78,"body":"touch the money. So that's the"},{"speaker":"Dave Foster","startTime":1314.78,"endTime":1318.74,"body":"single most important criteria,"},{"speaker":"Dave Foster","startTime":1314.78,"endTime":1318.74,"body":"the other five are all going to"},{"speaker":"Dave Foster","startTime":1318.74,"endTime":1322.64,"body":"piggyback and springboard off of"},{"speaker":"Dave Foster","startTime":1318.74,"endTime":1322.64,"body":"that. But if you've got that one"},{"speaker":"Dave Foster","startTime":1322.64,"endTime":1326.93,"body":"taken care of, it's the cue eyes"},{"speaker":"Dave Foster","startTime":1322.64,"endTime":1326.93,"body":"job to guide you through the"},{"speaker":"Dave Foster","startTime":1326.93,"endTime":1330.44,"body":"other five. So we don't have to"},{"speaker":"Dave Foster","startTime":1326.93,"endTime":1330.44,"body":"spend a lot of time talking"},{"speaker":"Dave Foster","startTime":1330.44,"endTime":1331.16,"body":"about it. But"},{"speaker":"Dave Foster","startTime":1332.5,"endTime":1336.58,"body":"the first one is that it is only"},{"speaker":"Dave Foster","startTime":1332.5,"endTime":1336.58,"body":"involving investment, real"},{"speaker":"Dave Foster","startTime":1336.58,"endTime":1341.95,"body":"estate, real estate for real"},{"speaker":"Dave Foster","startTime":1336.58,"endTime":1341.95,"body":"estate. And this kind of speaks"},{"speaker":"Dave Foster","startTime":1341.95,"endTime":1345.43,"body":"to a little bit of the question"},{"speaker":"Dave Foster","startTime":1341.95,"endTime":1345.43,"body":"when I talk about syndications."},{"speaker":"Dave Foster","startTime":1346.33,"endTime":1350.5,"body":"A lot of syndications today will"},{"speaker":"Dave Foster","startTime":1346.33,"endTime":1350.5,"body":"not work. Because what you're"},{"speaker":"Dave Foster","startTime":1350.5,"endTime":1355.63,"body":"selling is real estate. But what"},{"speaker":"Dave Foster","startTime":1350.5,"endTime":1355.63,"body":"you're buying is a membership"},{"speaker":"Dave Foster","startTime":1355.63,"endTime":1359.77,"body":"interest in an entity that owns"},{"speaker":"Dave Foster","startTime":1355.63,"endTime":1359.77,"body":"real estate. And that won't"},{"speaker":"Dave Foster","startTime":1359.77,"endTime":1363.85,"body":"qualify for temporary one, you"},{"speaker":"Dave Foster","startTime":1359.77,"endTime":1363.85,"body":"actually have to purchase real"},{"speaker":"Dave Foster","startTime":1363.85,"endTime":1367.9,"body":"estate itself. So it's real"},{"speaker":"Dave Foster","startTime":1363.85,"endTime":1367.9,"body":"estate for real estate. And it's"},{"speaker":"Dave Foster","startTime":1367.9,"endTime":1371.41,"body":"investment, real estate for"},{"speaker":"Dave Foster","startTime":1367.9,"endTime":1371.41,"body":"investment, real estate. Now"},{"speaker":"Dave Foster","startTime":1371.41,"endTime":1373.36,"body":"along with that, because they"},{"speaker":"Dave Foster","startTime":1371.41,"endTime":1373.36,"body":"don't want to drag it on"},{"speaker":"Dave Foster","startTime":1373.36,"endTime":1377.05,"body":"forever. There's a couple of"},{"speaker":"Dave Foster","startTime":1373.36,"endTime":1377.05,"body":"timing requirements, you only"},{"speaker":"Dave Foster","startTime":1377.05,"endTime":1380.56,"body":"have 45 days to identify your"},{"speaker":"Dave Foster","startTime":1377.05,"endTime":1380.56,"body":"potential replacements. And you"},{"speaker":"Dave Foster","startTime":1380.56,"endTime":1385.96,"body":"have 180 days to close for all"},{"speaker":"Dave Foster","startTime":1380.56,"endTime":1385.96,"body":"teed off the closing of your"},{"speaker":"Dave Foster","startTime":1385.96,"endTime":1390.82,"body":"sale. Now, you know seller's"},{"speaker":"Dave Foster","startTime":1385.96,"endTime":1390.82,"body":"market like this are really"},{"speaker":"Dave Foster","startTime":1390.82,"endTime":1394.39,"body":"handy strategy. Because you want"},{"speaker":"Dave Foster","startTime":1390.82,"endTime":1394.39,"body":"to be shopping The hardest thing"},{"speaker":"Dave Foster","startTime":1394.84,"endTime":1397.99,"body":"is not going to be selling your"},{"speaker":"Dave Foster","startTime":1394.84,"endTime":1397.99,"body":"property, the hardest thing is"},{"speaker":"Dave Foster","startTime":1397.99,"endTime":1402.55,"body":"going to be buying your new one."},{"speaker":"Dave Foster","startTime":1397.99,"endTime":1402.55,"body":"So before you close your sale,"},{"speaker":"Dave Foster","startTime":1403.06,"endTime":1406.39,"body":"try to find your replacement"},{"speaker":"Dave Foster","startTime":1403.06,"endTime":1406.39,"body":"property, even get it under"},{"speaker":"Dave Foster","startTime":1406.39,"endTime":1410.2,"body":"contract if you can. So that"},{"speaker":"Dave Foster","startTime":1406.39,"endTime":1410.2,"body":"it's under contract that people"},{"speaker":"Dave Foster","startTime":1410.2,"endTime":1413.62,"body":"doing this now, all over the"},{"speaker":"Dave Foster","startTime":1410.2,"endTime":1413.62,"body":"place. They're not even listing"},{"speaker":"Dave Foster","startTime":1413.62,"endTime":1416.17,"body":"their properties for sale."},{"speaker":"Dave Foster","startTime":1413.62,"endTime":1416.17,"body":"They're trying to find a"},{"speaker":"Dave Foster","startTime":1416.17,"endTime":1419.29,"body":"property getting under contract."},{"speaker":"Dave Foster","startTime":1416.17,"endTime":1419.29,"body":"And then they're listing their"},{"speaker":"Dave Foster","startTime":1419.29,"endTime":1422.86,"body":"property for sale, getting a"},{"speaker":"Dave Foster","startTime":1419.29,"endTime":1422.86,"body":"contract on it in a day. So"},{"speaker":"Dave Foster","startTime":1422.86,"endTime":1425.8,"body":"that's best to get that contract"},{"speaker":"Dave Foster","startTime":1422.86,"endTime":1425.8,"body":"before you close your sale. But"},{"speaker":"Dave Foster","startTime":1425.8,"endTime":1429.46,"body":"you've got 45 more days if you"},{"speaker":"Dave Foster","startTime":1425.8,"endTime":1429.46,"body":"want and a total of 180 to"},{"speaker":"Dave Foster","startTime":1429.46,"endTime":1434.11,"body":"close, you're going to have to"},{"speaker":"Dave Foster","startTime":1429.46,"endTime":1434.11,"body":"make sure that the taxpayer or"},{"speaker":"Dave Foster","startTime":1434.11,"endTime":1438.43,"body":"the title holder is consistent"},{"speaker":"Dave Foster","startTime":1434.11,"endTime":1438.43,"body":"from the old property to the new"},{"speaker":"Dave Foster","startTime":1438.43,"endTime":1444.34,"body":"property, it's got to be the"},{"speaker":"Dave Foster","startTime":1438.43,"endTime":1444.34,"body":"same entity. And lastly, you"},{"speaker":"Dave Foster","startTime":1444.37,"endTime":1449.68,"body":"have if you want to defer all"},{"speaker":"Dave Foster","startTime":1444.37,"endTime":1449.68,"body":"tax, you have to purchase at"},{"speaker":"Dave Foster","startTime":1449.68,"endTime":1455.35,"body":"least as much as you sell your"},{"speaker":"Dave Foster","startTime":1449.68,"endTime":1455.35,"body":"net sale. And you have to use"},{"speaker":"Dave Foster","startTime":1455.35,"endTime":1460.12,"body":"all of the proceeds to do that."},{"speaker":"Dave Foster","startTime":1455.35,"endTime":1460.12,"body":"So if you sell a property for"},{"speaker":"Dave Foster","startTime":1460.12,"endTime":1465.19,"body":"320,000, and there's $20,000 in"},{"speaker":"Dave Foster","startTime":1460.12,"endTime":1465.19,"body":"closing costs and commissions,"},{"speaker":"Dave Foster","startTime":1465.31,"endTime":1470.77,"body":"your net sale then would be"},{"speaker":"Dave Foster","startTime":1465.31,"endTime":1470.77,"body":"$300,000. You need to purchase"},{"speaker":"Dave Foster","startTime":1471.07,"endTime":1476.2,"body":"at least that much real estate."},{"speaker":"Dave Foster","startTime":1471.07,"endTime":1476.2,"body":"to defer all tax doesn't have to"},{"speaker":"Dave Foster","startTime":1476.2,"endTime":1480.01,"body":"be one property. But in total at"},{"speaker":"Dave Foster","startTime":1476.2,"endTime":1480.01,"body":"least that much. If there was"},{"speaker":"Dave Foster","startTime":1480.04,"endTime":1485.68,"body":"$100,000 mortgage on it, you"},{"speaker":"Dave Foster","startTime":1480.04,"endTime":1485.68,"body":"would have to use all $200,000"},{"speaker":"Dave Foster","startTime":1485.68,"endTime":1491.92,"body":"of proceeds to purchase $300,000"},{"speaker":"Dave Foster","startTime":1485.68,"endTime":1491.92,"body":"in real estate. And I say it's"},{"speaker":"Dave Foster","startTime":1491.92,"endTime":1495.07,"body":"as simple as that. Obviously the"},{"speaker":"Dave Foster","startTime":1491.92,"endTime":1495.07,"body":"application is a little bit more"},{"speaker":"Dave Foster","startTime":1495.07,"endTime":1499.96,"body":"difficult. But those are the six"},{"speaker":"Dave Foster","startTime":1495.07,"endTime":1499.96,"body":"that are there. And within those"},{"speaker":"Dave Foster","startTime":1500.44,"endTime":1504.04,"body":"Like I started to allude to,"},{"speaker":"Dave Foster","startTime":1500.44,"endTime":1504.04,"body":"there's all sorts of different"},{"speaker":"Dave Foster","startTime":1504.07,"endTime":1507.7,"body":"opportunities to create"},{"speaker":"Dave Foster","startTime":1504.07,"endTime":1507.7,"body":"strategies that can help you"},{"speaker":"Dave Foster","startTime":1507.7,"endTime":1511.45,"body":"out. For instance, three"},{"speaker":"Dave Foster","startTime":1507.7,"endTime":1511.45,"body":"investment requirement. If you"},{"speaker":"Dave Foster","startTime":1511.45,"endTime":1515.5,"body":"think that appreciation has"},{"speaker":"Dave Foster","startTime":1511.45,"endTime":1515.5,"body":"taught me now, you're worried"},{"speaker":"Dave Foster","startTime":1515.5,"endTime":1520.69,"body":"about us going to a downturn,"},{"speaker":"Dave Foster","startTime":1515.5,"endTime":1520.69,"body":"maybe you take 150,000 of those"},{"speaker":"Dave Foster","startTime":1520.69,"endTime":1524.56,"body":"proceeds, and go buy one"},{"speaker":"Dave Foster","startTime":1520.69,"endTime":1524.56,"body":"property for cash so that it"},{"speaker":"Dave Foster","startTime":1524.56,"endTime":1528.13,"body":"doesn't have any debt risk at"},{"speaker":"Dave Foster","startTime":1524.56,"endTime":1528.13,"body":"all. And then use the other"},{"speaker":"Dave Foster","startTime":1528.13,"endTime":1535.09,"body":"50,000 as a downpayment. On"},{"speaker":"Dave Foster","startTime":1528.13,"endTime":1535.09,"body":"another property for 250. Did"},{"speaker":"Dave Foster","startTime":1535.09,"endTime":1539.08,"body":"you purchase at least 300,000?"},{"speaker":"Dave Foster","startTime":1535.09,"endTime":1539.08,"body":"You sure did. Did you use all"},{"speaker":"Dave Foster","startTime":1539.08,"endTime":1544.12,"body":"your proceeds? You sure did?"},{"speaker":"Dave Foster","startTime":1539.08,"endTime":1544.12,"body":"Well, what did you do, you now"},{"speaker":"Dave Foster","startTime":1544.12,"endTime":1547.48,"body":"have a property that's"},{"speaker":"Dave Foster","startTime":1544.12,"endTime":1547.48,"body":"protected. All you got to do is"},{"speaker":"Dave Foster","startTime":1547.48,"endTime":1551.86,"body":"adjust rents to keep the lights"},{"speaker":"Dave Foster","startTime":1547.48,"endTime":1551.86,"body":"on. And on the other side"},{"speaker":"Average Joe Finances","startTime":1551.86,"endTime":1554.23,"body":"you can"},{"speaker":"Average Joe Finances","startTime":1551.86,"endTime":1554.23,"body":"purchase more than one property"},{"speaker":"Average Joe Finances","startTime":1554.44,"endTime":1555.91,"body":"when you're doing a 1031."},{"speaker":"Average Joe Finances","startTime":1554.44,"endTime":1555.91,"body":"Exchange? Absolutely."},{"speaker":"Dave Foster","startTime":1557.03,"endTime":1559.7,"body":"And that's called a"},{"speaker":"Dave Foster","startTime":1557.03,"endTime":1559.7,"body":"diversification exchange, sell a"},{"speaker":"Dave Foster","startTime":1559.7,"endTime":1563.3,"body":"property and use it to buy two"},{"speaker":"Dave Foster","startTime":1559.7,"endTime":1563.3,"body":"smaller properties, or that kind"},{"speaker":"Dave Foster","startTime":1563.3,"endTime":1566.96,"body":"of thing. Yeah. In our example,"},{"speaker":"Dave Foster","startTime":1563.3,"endTime":1566.96,"body":"you're buying one for cash, and"},{"speaker":"Dave Foster","startTime":1566.96,"endTime":1570.41,"body":"one with the maximum leverage."},{"speaker":"Dave Foster","startTime":1566.96,"endTime":1570.41,"body":"So if everything goes bad,"},{"speaker":"Dave Foster","startTime":1571.07,"endTime":1574.58,"body":"you've only got one property of"},{"speaker":"Dave Foster","startTime":1571.07,"endTime":1574.58,"body":"risk. So awesome strategy."},{"speaker":"Average Joe Finances","startTime":1574.69,"endTime":1576.61,"body":"Yeah,"},{"speaker":"Average Joe Finances","startTime":1574.69,"endTime":1576.61,"body":"that's fantastic. I, I didn't"},{"speaker":"Average Joe Finances","startTime":1576.61,"endTime":1578.59,"body":"know you could do that. I"},{"speaker":"Average Joe Finances","startTime":1576.61,"endTime":1578.59,"body":"thought it was you know, it was"},{"speaker":"Average Joe Finances","startTime":1578.59,"endTime":1582.28,"body":"a one for one type deal. You"},{"speaker":"Average Joe Finances","startTime":1578.59,"endTime":1582.28,"body":"know, you, you do the 1031. If"},{"speaker":"Average Joe Finances","startTime":1582.28,"endTime":1585.19,"body":"you you know, if you're"},{"speaker":"Average Joe Finances","startTime":1582.28,"endTime":1585.19,"body":"exchanging $300,000, then Hey,"},{"speaker":"Average Joe Finances","startTime":1585.19,"endTime":1588.34,"body":"you got to go put it into"},{"speaker":"Average Joe Finances","startTime":1585.19,"endTime":1588.34,"body":"something that was worth more"},{"speaker":"Average Joe Finances","startTime":1588.34,"endTime":1591.31,"body":"than the old property. And"},{"speaker":"Average Joe Finances","startTime":1588.34,"endTime":1591.31,"body":"that's it can put, you're done,"},{"speaker":"Average Joe Finances","startTime":1591.34,"endTime":1593.53,"body":"you're just rolling that money"},{"speaker":"Average Joe Finances","startTime":1591.34,"endTime":1593.53,"body":"into something bigger and"},{"speaker":"Average Joe Finances","startTime":1593.53,"endTime":1593.86,"body":"better."},{"speaker":"Average Joe Finances","startTime":1593.95,"endTime":1597.19,"body":"Let's take a brief moment to"},{"speaker":"Average Joe Finances","startTime":1593.95,"endTime":1597.19,"body":"hear from our show sponsors."},{"speaker":"Average Joe Finances","startTime":1597.61,"endTime":1599.98,"body":"Hey, what's going on everybody,"},{"speaker":"Average Joe Finances","startTime":1597.61,"endTime":1599.98,"body":"it's Mike Cav from Average Joe"},{"speaker":"Average Joe Finances","startTime":1599.98,"endTime":1603.49,"body":"Finances. Just want to talk to"},{"speaker":"Average Joe Finances","startTime":1599.98,"endTime":1603.49,"body":"you today about Prep Agent. If"},{"speaker":"Average Joe Finances","startTime":1603.49,"endTime":1606.31,"body":"you're interested in learning"},{"speaker":"Average Joe Finances","startTime":1603.49,"endTime":1606.31,"body":"how to become a real estate"},{"speaker":"Average Joe Finances","startTime":1606.31,"endTime":1609.31,"body":"agent, and being able to pass"},{"speaker":"Average Joe Finances","startTime":1606.31,"endTime":1609.31,"body":"the test on your first try,"},{"speaker":"Average Joe Finances","startTime":1609.61,"endTime":1613.12,"body":"check out Prep Agent, check out"},{"speaker":"Average Joe Finances","startTime":1609.61,"endTime":1613.12,"body":"the link below in the show notes"},{"speaker":"Average Joe Finances","startTime":1613.18,"endTime":1615.82,"body":"or in the video description."},{"speaker":"Average Joe Finances","startTime":1613.18,"endTime":1615.82,"body":"What's going on everybody? So"},{"speaker":"Average Joe Finances","startTime":1615.82,"endTime":1618.82,"body":"today I want to talk about the"},{"speaker":"Average Joe Finances","startTime":1615.82,"endTime":1618.82,"body":"podcast editing service that we"},{"speaker":"Average Joe Finances","startTime":1618.82,"endTime":1623.68,"body":"use for the Average Joe Finances"},{"speaker":"Average Joe Finances","startTime":1618.82,"endTime":1623.68,"body":"podcast that is EditPods.com."},{"speaker":"Average Joe Finances","startTime":1623.71,"endTime":1626.56,"body":"And what I really like about"},{"speaker":"Average Joe Finances","startTime":1623.71,"endTime":1626.56,"body":"them is it's a subscription"},{"speaker":"Average Joe Finances","startTime":1626.56,"endTime":1630.61,"body":"based service. So the prices are"},{"speaker":"Average Joe Finances","startTime":1626.56,"endTime":1630.61,"body":"fantastic. And not only do they"},{"speaker":"Average Joe Finances","startTime":1630.61,"endTime":1634.42,"body":"do the podcast episodes for us,"},{"speaker":"Average Joe Finances","startTime":1630.61,"endTime":1634.42,"body":"but they also make us videos,"},{"speaker":"Average Joe Finances","startTime":1634.48,"endTime":1638.41,"body":"audiograms, social media caption"},{"speaker":"Average Joe Finances","startTime":1634.48,"endTime":1638.41,"body":"videos, they do our show notes,"},{"speaker":"Average Joe Finances","startTime":1638.44,"endTime":1642.64,"body":"thumbnails, it's just fantastic"},{"speaker":"Average Joe Finances","startTime":1638.44,"endTime":1642.64,"body":"products. Go check them out at"},{"speaker":"Average Joe Finances","startTime":1642.7,"endTime":1646.78,"body":"EditPods.com. Let's get back to"},{"speaker":"Average Joe Finances","startTime":1642.7,"endTime":1646.78,"body":"today's episode."},{"speaker":"Average Joe Finances","startTime":1648.16,"endTime":1652.3,"body":"You're listening to the Average"},{"speaker":"Average Joe Finances","startTime":1648.16,"endTime":1652.3,"body":"Joe Finances podcast, whether"},{"speaker":"Average Joe Finances","startTime":1652.3,"endTime":1656.59,"body":"it's single or multifamily real"},{"speaker":"Average Joe Finances","startTime":1652.3,"endTime":1656.59,"body":"estate, the stock market or side"},{"speaker":"Average Joe Finances","startTime":1656.59,"endTime":1660.91,"body":"hustles, we discuss it all strap"},{"speaker":"Average Joe Finances","startTime":1656.59,"endTime":1660.91,"body":"in and enjoy the ride."},{"speaker":"Dave Foster","startTime":1661.78,"endTime":1664.84,"body":"Oh, heavens, no,"},{"speaker":"Dave Foster","startTime":1661.78,"endTime":1664.84,"body":"you can change location to some"},{"speaker":"Dave Foster","startTime":1664.84,"endTime":1668.17,"body":"new stuff here anywhere in the"},{"speaker":"Dave Foster","startTime":1664.84,"endTime":1668.17,"body":"United States, obviously. So if"},{"speaker":"Dave Foster","startTime":1668.17,"endTime":1671.41,"body":"you want to sell and save an"},{"speaker":"Dave Foster","startTime":1668.17,"endTime":1671.41,"body":"appreciation of a state like"},{"speaker":"Dave Foster","startTime":1671.41,"endTime":1676.48,"body":"California, or New York, or cash"},{"speaker":"Dave Foster","startTime":1671.41,"endTime":1676.48,"body":"flow sucks. And they go to the"},{"speaker":"Dave Foster","startTime":1676.48,"endTime":1680.47,"body":"Midwest, where there's not a lot"},{"speaker":"Dave Foster","startTime":1676.48,"endTime":1680.47,"body":"of appreciation. But there's"},{"speaker":"Dave Foster","startTime":1680.47,"endTime":1684.85,"body":"great cash flow, you can do"},{"speaker":"Dave Foster","startTime":1680.47,"endTime":1684.85,"body":"that. You can change sectors of"},{"speaker":"Dave Foster","startTime":1684.85,"endTime":1689.5,"body":"real estate. So you can go from"},{"speaker":"Dave Foster","startTime":1684.85,"endTime":1689.5,"body":"residential, to commercial,"},{"speaker":"Dave Foster","startTime":1690.22,"endTime":1695.35,"body":"industrial to raw land, you can"},{"speaker":"Dave Foster","startTime":1690.22,"endTime":1695.35,"body":"also change the numbers of"},{"speaker":"Dave Foster","startTime":1695.35,"endTime":1698.59,"body":"property as well. And I love"},{"speaker":"Dave Foster","startTime":1695.35,"endTime":1698.59,"body":"this because all of these things"},{"speaker":"Dave Foster","startTime":1698.95,"endTime":1703.12,"body":"are what I call the ebb and"},{"speaker":"Dave Foster","startTime":1698.95,"endTime":1703.12,"body":"flow. You let the market speak"},{"speaker":"Dave Foster","startTime":1703.12,"endTime":1707.47,"body":"to you. And maybe it's time to"},{"speaker":"Dave Foster","startTime":1703.12,"endTime":1707.47,"body":"expand. So you're selling"},{"speaker":"Dave Foster","startTime":1707.47,"endTime":1711.37,"body":"properties, and then buying"},{"speaker":"Dave Foster","startTime":1707.47,"endTime":1711.37,"body":"multiple properties to take"},{"speaker":"Dave Foster","startTime":1711.37,"endTime":1714.13,"body":"advantage of the growth phase."},{"speaker":"Dave Foster","startTime":1711.37,"endTime":1714.13,"body":"But then there comes a time"},{"speaker":"Dave Foster","startTime":1714.13,"endTime":1717.19,"body":"where you wake up one day and"},{"speaker":"Dave Foster","startTime":1714.13,"endTime":1717.19,"body":"you're tired. Why am I so tired?"},{"speaker":"Dave Foster","startTime":1717.67,"endTime":1720.73,"body":"Well, it's because you got 25"},{"speaker":"Dave Foster","startTime":1717.67,"endTime":1720.73,"body":"single family homes, and you're"},{"speaker":"Dave Foster","startTime":1720.73,"endTime":1723.76,"body":"on your fourth plumbing call the"},{"speaker":"Dave Foster","startTime":1720.73,"endTime":1723.76,"body":"day, the activities you got to"},{"speaker":"Dave Foster","startTime":1723.76,"endTime":1728.86,"body":"clean and all that. So maybe you"},{"speaker":"Dave Foster","startTime":1723.76,"endTime":1728.86,"body":"take those and start to sell"},{"speaker":"Dave Foster","startTime":1728.86,"endTime":1735.49,"body":"them to combine into larger,"},{"speaker":"Dave Foster","startTime":1728.86,"endTime":1735.49,"body":"more efficient properties, a"},{"speaker":"Dave Foster","startTime":1735.49,"endTime":1739.0,"body":"large multifamily or something"},{"speaker":"Dave Foster","startTime":1735.49,"endTime":1739.0,"body":"or maybe it's time to move into"},{"speaker":"Dave Foster","startTime":1739.0,"endTime":1743.14,"body":"commercial, triple net"},{"speaker":"Dave Foster","startTime":1739.0,"endTime":1743.14,"body":"properties. So that you don't"},{"speaker":"Dave Foster","startTime":1743.14,"endTime":1747.13,"body":"have to worry about multiple"},{"speaker":"Dave Foster","startTime":1743.14,"endTime":1747.13,"body":"tenants and management while"},{"speaker":"Dave Foster","startTime":1747.13,"endTime":1750.7,"body":"you're sailing. That's the type"},{"speaker":"Dave Foster","startTime":1747.13,"endTime":1750.7,"body":"of thing and you can do that all"},{"speaker":"Dave Foster","startTime":1751.09,"endTime":1754.24,"body":"with the 1031 exchange"},{"speaker":"Dave Foster","startTime":1751.09,"endTime":1754.24,"body":"throughout your life as an"},{"speaker":"Dave Foster","startTime":1754.24,"endTime":1754.66,"body":"investor."},{"speaker":"Average Joe Finances","startTime":1755.11,"endTime":1756.7,"body":"That's"},{"speaker":"Average Joe Finances","startTime":1755.11,"endTime":1756.7,"body":"awesome. That's absolutely"},{"speaker":"Average Joe Finances","startTime":1756.7,"endTime":1760.93,"body":"amazing. So I have to ask you,"},{"speaker":"Average Joe Finances","startTime":1756.7,"endTime":1760.93,"body":"since I know that you you've"},{"speaker":"Average Joe Finances","startTime":1760.93,"endTime":1764.08,"body":"been on a boat for the past 10"},{"speaker":"Average Joe Finances","startTime":1760.93,"endTime":1764.08,"body":"years, where are you actually at"},{"speaker":"Average Joe Finances","startTime":1764.08,"endTime":1766.06,"body":"right now as we're shooting this"},{"speaker":"Average Joe Finances","startTime":1764.08,"endTime":1766.06,"body":"episode?"},{"speaker":"Dave Foster","startTime":1766.12,"endTime":1769.06,"body":"Well, we swallowed"},{"speaker":"Dave Foster","startTime":1766.12,"endTime":1769.06,"body":"the anchor my friend and I are"},{"speaker":"Dave Foster","startTime":1769.06,"endTime":1772.18,"body":"living in St. Petersburg,"},{"speaker":"Dave Foster","startTime":1769.06,"endTime":1772.18,"body":"Florida, but I have 200 yards"},{"speaker":"Dave Foster","startTime":1772.18,"endTime":1775.09,"body":"for the beach. So I have to stay"},{"speaker":"Dave Foster","startTime":1772.18,"endTime":1775.09,"body":"close like it still smells"},{"speaker":"Average Joe Finances","startTime":1777.05,"endTime":1778.7,"body":"quite like"},{"speaker":"Average Joe Finances","startTime":1777.05,"endTime":1778.7,"body":"a leopard."},{"speaker":"Dave Foster","startTime":1780.1,"endTime":1782.68,"body":"I know. You know"},{"speaker":"Dave Foster","startTime":1780.1,"endTime":1782.68,"body":"something happens it you know"},{"speaker":"Dave Foster","startTime":1782.68,"endTime":1785.65,"body":"there's like there's there's"},{"speaker":"Dave Foster","startTime":1782.68,"endTime":1785.65,"body":"times in life. There's cycles"},{"speaker":"Dave Foster","startTime":1785.65,"endTime":1790.81,"body":"and seasons of life. And yes,"},{"speaker":"Dave Foster","startTime":1785.65,"endTime":1790.81,"body":"why tell people? There's a Mark"},{"speaker":"Dave Foster","startTime":1790.81,"endTime":1796.36,"body":"Twain quote that I think is just"},{"speaker":"Dave Foster","startTime":1790.81,"endTime":1796.36,"body":"so appropriate. Mark Twain said"},{"speaker":"Dave Foster","startTime":1796.93,"endTime":1802.0,"body":"20 years from now. You will not"},{"speaker":"Dave Foster","startTime":1796.93,"endTime":1802.0,"body":"regret The things that you did,"},{"speaker":"Dave Foster","startTime":1802.78,"endTime":1807.22,"body":"you will only regret the things"},{"speaker":"Dave Foster","startTime":1802.78,"endTime":1807.22,"body":"you did do. And that he says"},{"speaker":"Dave Foster","startTime":1807.22,"endTime":1812.47,"body":"this. So get cast off the"},{"speaker":"Dave Foster","startTime":1807.22,"endTime":1812.47,"body":"lights, get out of the Safe"},{"speaker":"Dave Foster","startTime":1812.47,"endTime":1817.81,"body":"Harbor, and go explore. We took"},{"speaker":"Dave Foster","startTime":1812.47,"endTime":1817.81,"body":"advantage of living on a boat."},{"speaker":"Dave Foster","startTime":1818.32,"endTime":1821.65,"body":"When our kids are young, I just"},{"speaker":"Dave Foster","startTime":1818.32,"endTime":1821.65,"body":"six, five, my wife is six feet."},{"speaker":"Dave Foster","startTime":1822.04,"endTime":1826.27,"body":"Even a 53 foot sailboat was"},{"speaker":"Dave Foster","startTime":1822.04,"endTime":1826.27,"body":"starting to get small with four"},{"speaker":"Dave Foster","startTime":1826.27,"endTime":1832.27,"body":"boys. We got 10 good years, and"},{"speaker":"Dave Foster","startTime":1826.27,"endTime":1832.27,"body":"then the seasons changed to my"},{"speaker":"Dave Foster","startTime":1832.27,"endTime":1835.57,"body":"boys were looking at college."},{"speaker":"Dave Foster","startTime":1832.27,"endTime":1835.57,"body":"And we still wanted to be in"},{"speaker":"Dave Foster","startTime":1835.57,"endTime":1840.28,"body":"their lives. It was like yeah,"},{"speaker":"Dave Foster","startTime":1835.57,"endTime":1840.28,"body":"you know, boats, kids small."},{"speaker":"Dave Foster","startTime":1841.09,"endTime":1844.6,"body":"Let's get rid of it. Now let's"},{"speaker":"Dave Foster","startTime":1841.09,"endTime":1844.6,"body":"go into another season. Because"},{"speaker":"Dave Foster","startTime":1844.6,"endTime":1848.44,"body":"a 47 leopard is always just"},{"speaker":"Dave Foster","startTime":1844.6,"endTime":1848.44,"body":"around the corner. whatever we"},{"speaker":"Dave Foster","startTime":1848.44,"endTime":1851.08,"body":"want, and they can be rigged for"},{"speaker":"Dave Foster","startTime":1848.44,"endTime":1851.08,"body":"double handling."},{"speaker":"Average Joe Finances","startTime":1851.14,"endTime":1852.88,"body":"Yeah,"},{"speaker":"Average Joe Finances","startTime":1851.14,"endTime":1852.88,"body":"yeah, I know. I know. They're"},{"speaker":"Average Joe Finances","startTime":1852.88,"endTime":1856.81,"body":"absolutely amazing. That's"},{"speaker":"Average Joe Finances","startTime":1852.88,"endTime":1856.81,"body":"awesome. Um, okay. Yeah, I was"},{"speaker":"Average Joe Finances","startTime":1856.81,"endTime":1860.62,"body":"just curious, because let's say"},{"speaker":"Average Joe Finances","startTime":1856.81,"endTime":1860.62,"body":"like a definitely interesting"},{"speaker":"Average Joe Finances","startTime":1861.13,"endTime":1865.27,"body":"background. If you were on the"},{"speaker":"Average Joe Finances","startTime":1861.13,"endTime":1865.27,"body":"boat, and it must be you must"},{"speaker":"Average Joe Finances","startTime":1865.27,"endTime":1866.98,"body":"have a really good Wi Fi"},{"speaker":"Average Joe Finances","startTime":1865.27,"endTime":1866.98,"body":"connection."},{"speaker":"Dave Foster","startTime":1867.16,"endTime":1870.31,"body":"So yeah. Well, we"},{"speaker":"Dave Foster","startTime":1867.16,"endTime":1870.31,"body":"did run the 1031 business for"},{"speaker":"Dave Foster","startTime":1870.31,"endTime":1874.54,"body":"years off of it. Yeah. He just"},{"speaker":"Dave Foster","startTime":1870.31,"endTime":1874.54,"body":"stay there. Believe me, the Wi"},{"speaker":"Dave Foster","startTime":1874.54,"endTime":1878.5,"body":"Fi out there now. is amazing, no"},{"speaker":"Dave Foster","startTime":1874.54,"endTime":1878.5,"body":"matter where you're at? Oh,"},{"speaker":"Dave Foster","startTime":1878.5,"endTime":1878.71,"body":"yeah,"},{"speaker":"Average Joe Finances","startTime":1878.71,"endTime":1880.48,"body":"with like"},{"speaker":"Average Joe Finances","startTime":1878.71,"endTime":1880.48,"body":"the repeaters and stuff that"},{"speaker":"Average Joe Finances","startTime":1880.48,"endTime":1882.73,"body":"they make that you could put"},{"speaker":"Average Joe Finances","startTime":1880.48,"endTime":1882.73,"body":"install. I mean, you can sit"},{"speaker":"Average Joe Finances","startTime":1882.73,"endTime":1886.99,"body":"there and be, you know, 100 feet"},{"speaker":"Average Joe Finances","startTime":1882.73,"endTime":1886.99,"body":"anchored off shore and get a"},{"speaker":"Average Joe Finances","startTime":1886.99,"endTime":1890.5,"body":"great signal. I know other"},{"speaker":"Average Joe Finances","startTime":1886.99,"endTime":1890.5,"body":"boaters that you know they do."},{"speaker":"Average Joe Finances","startTime":1890.77,"endTime":1893.35,"body":"You know, they use Google five"},{"speaker":"Average Joe Finances","startTime":1890.77,"endTime":1893.35,"body":"for their phone service now and"},{"speaker":"Average Joe Finances","startTime":1893.35,"endTime":1897.34,"body":"they can use it all over the"},{"speaker":"Average Joe Finances","startTime":1893.35,"endTime":1897.34,"body":"world. Absolutely amazing. Some"},{"speaker":"Average Joe Finances","startTime":1897.34,"endTime":1901.27,"body":"of the things you could do I"},{"speaker":"Average Joe Finances","startTime":1897.34,"endTime":1901.27,"body":"watch all those sailing channels"},{"speaker":"Average Joe Finances","startTime":1901.27,"endTime":1905.23,"body":"on YouTube and stuff. My wife"},{"speaker":"Average Joe Finances","startTime":1901.27,"endTime":1905.23,"body":"and I are hooked. It's kind of"},{"speaker":"Average Joe Finances","startTime":1905.23,"endTime":1907.21,"body":"like part of our weekend"},{"speaker":"Average Joe Finances","startTime":1905.23,"endTime":1907.21,"body":"routine. When we're sitting"},{"speaker":"Average Joe Finances","startTime":1907.21,"endTime":1911.32,"body":"down. We look at our expenses"},{"speaker":"Average Joe Finances","startTime":1907.21,"endTime":1911.32,"body":"and budget. And then we talk"},{"speaker":"Average Joe Finances","startTime":1911.32,"endTime":1914.59,"body":"about sailing. And we're looking"},{"speaker":"Average Joe Finances","startTime":1911.32,"endTime":1914.59,"body":"at we're watching videos on"},{"speaker":"Average Joe Finances","startTime":1914.59,"endTime":1917.68,"body":"sailing and going overseas and"},{"speaker":"Average Joe Finances","startTime":1914.59,"endTime":1917.68,"body":"all that other stuff. So you're"},{"speaker":"Average Joe Finances","startTime":1917.68,"endTime":1921.37,"body":"getting me to travel a bunch"},{"speaker":"Average Joe Finances","startTime":1917.68,"endTime":1921.37,"body":"once I retired from the Navy. So"},{"speaker":"Dave Foster","startTime":1921.4,"endTime":1923.14,"body":"yeah, you're"},{"speaker":"Dave Foster","startTime":1921.4,"endTime":1923.14,"body":"kidding me hungry? again. This"},{"speaker":"Dave Foster","startTime":1923.14,"endTime":1926.23,"body":"is a it's a dangerous drug."},{"speaker":"Average Joe Finances","startTime":1926.35,"endTime":1929.65,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1926.35,"endTime":1929.65,"body":"Yeah. So you know, this, this is"},{"speaker":"Average Joe Finances","startTime":1929.65,"endTime":1933.01,"body":"a curious question for me. And"},{"speaker":"Average Joe Finances","startTime":1929.65,"endTime":1933.01,"body":"I'm sure a lot of my listeners"},{"speaker":"Average Joe Finances","startTime":1933.01,"endTime":1936.64,"body":"would be curious about this as"},{"speaker":"Average Joe Finances","startTime":1933.01,"endTime":1936.64,"body":"well. You know, when you moved"},{"speaker":"Average Joe Finances","startTime":1936.67,"endTime":1940.27,"body":"from your you were living in"},{"speaker":"Average Joe Finances","startTime":1936.67,"endTime":1940.27,"body":"Denver, right? You said, correct"},{"speaker":"Average Joe Finances","startTime":1940.36,"endTime":1943.78,"body":"right. And you move from there"},{"speaker":"Average Joe Finances","startTime":1940.36,"endTime":1943.78,"body":"to Florida to move on to the"},{"speaker":"Average Joe Finances","startTime":1943.78,"endTime":1947.62,"body":"boat. How did you? How did you"},{"speaker":"Average Joe Finances","startTime":1943.78,"endTime":1947.62,"body":"do that? It was is that? Is that"},{"speaker":"Average Joe Finances","startTime":1947.62,"endTime":1950.92,"body":"something to do with the 121?"},{"speaker":"Average Joe Finances","startTime":1947.62,"endTime":1950.92,"body":"homestead exemption? No, that's"},{"speaker":"Average Joe Finances","startTime":1950.92,"endTime":1952.57,"body":"what you did to move to Florida,"},{"speaker":"Average Joe Finances","startTime":1950.92,"endTime":1952.57,"body":"right?"},{"speaker":"Dave Foster","startTime":1952.78,"endTime":1954.4,"body":"Yeah, that's"},{"speaker":"Dave Foster","startTime":1952.78,"endTime":1954.4,"body":"exactly Well, to me, you have to"},{"speaker":"Dave Foster","startTime":1954.4,"endTime":1957.1,"body":"move to Connecticut and into"},{"speaker":"Dave Foster","startTime":1954.4,"endTime":1957.1,"body":"Florida. So we started our"},{"speaker":"Dave Foster","startTime":1957.1,"endTime":1960.31,"body":"careers in Florida. And we built"},{"speaker":"Dave Foster","startTime":1957.1,"endTime":1960.31,"body":"up some rental properties there."},{"speaker":"Dave Foster","startTime":1960.85,"endTime":1965.23,"body":"And then during that time twice,"},{"speaker":"Dave Foster","startTime":1960.85,"endTime":1965.23,"body":"we sold our primary residences,"},{"speaker":"Dave Foster","startTime":1965.83,"endTime":1969.91,"body":"and moved into new properties."},{"speaker":"Dave Foster","startTime":1965.83,"endTime":1969.91,"body":"We just bought new ones at that"},{"speaker":"Dave Foster","startTime":1969.91,"endTime":1975.61,"body":"time. So we did that twice. Now,"},{"speaker":"Dave Foster","startTime":1969.91,"endTime":1975.61,"body":"we knew that we needed to get to"},{"speaker":"Dave Foster","startTime":1975.61,"endTime":1979.21,"body":"some kind of real water. And"},{"speaker":"Dave Foster","startTime":1975.61,"endTime":1979.21,"body":"there was an opportunity that"},{"speaker":"Dave Foster","startTime":1979.24,"endTime":1983.11,"body":"arose for us in Stamford,"},{"speaker":"Dave Foster","startTime":1979.24,"endTime":1983.11,"body":"Connecticut. So we moved there."},{"speaker":"Dave Foster","startTime":1983.11,"endTime":1987.43,"body":"But ahead of that, we sold our"},{"speaker":"Dave Foster","startTime":1983.11,"endTime":1987.43,"body":"investment portfolio in Denver."},{"speaker":"Dave Foster","startTime":1988.12,"endTime":1991.36,"body":"And we started purchasing"},{"speaker":"Dave Foster","startTime":1988.12,"endTime":1991.36,"body":"properties in Stanford. And then"},{"speaker":"Dave Foster","startTime":1991.36,"endTime":1997.21,"body":"when we finally moved, we sold"},{"speaker":"Dave Foster","startTime":1991.36,"endTime":1997.21,"body":"our last house in Denver, that"},{"speaker":"Dave Foster","startTime":1997.21,"endTime":2001.23,"body":"was our primary residence. So"},{"speaker":"Dave Foster","startTime":1997.21,"endTime":2001.23,"body":"that was tax free, and moved"},{"speaker":"Dave Foster","startTime":2001.23,"endTime":2006.21,"body":"into one of the former rental"},{"speaker":"Dave Foster","startTime":2001.23,"endTime":2006.21,"body":"properties in Stanford. So now"},{"speaker":"Dave Foster","startTime":2006.21,"endTime":2009.36,"body":"we add a new primary residence,"},{"speaker":"Dave Foster","startTime":2006.21,"endTime":2009.36,"body":"and some rental properties in"},{"speaker":"Dave Foster","startTime":2009.36,"endTime":2014.04,"body":"Stanford. And we kept building"},{"speaker":"Dave Foster","startTime":2009.36,"endTime":2014.04,"body":"that. And we weren't there very"},{"speaker":"Dave Foster","startTime":2014.04,"endTime":2019.74,"body":"long at all. Before we realized"},{"speaker":"Dave Foster","startTime":2014.04,"endTime":2019.74,"body":"that when we asked God to let us"},{"speaker":"Dave Foster","startTime":2019.74,"endTime":2024.12,"body":"move to sailboat water, we"},{"speaker":"Dave Foster","startTime":2019.74,"endTime":2024.12,"body":"forgot to ask for warm sailboat"},{"speaker":"Dave Foster","startTime":2024.12,"endTime":2029.7,"body":"water. Analog is that exactly"},{"speaker":"Dave Foster","startTime":2024.12,"endTime":2029.7,"body":"qualifies, you know. So that's"},{"speaker":"Dave Foster","startTime":2029.7,"endTime":2033.03,"body":"when Florida became on the radar"},{"speaker":"Dave Foster","startTime":2029.7,"endTime":2033.03,"body":"screen. And so we did the same"},{"speaker":"Dave Foster","startTime":2033.03,"endTime":2037.26,"body":"thing. We started to slowly"},{"speaker":"Dave Foster","startTime":2033.03,"endTime":2037.26,"body":"transition our portfolio of"},{"speaker":"Dave Foster","startTime":2037.26,"endTime":2041.46,"body":"investment properties from"},{"speaker":"Dave Foster","startTime":2037.26,"endTime":2041.46,"body":"Connecticut to Florida. And then"},{"speaker":"Dave Foster","startTime":2041.46,"endTime":2047.07,"body":"we sold our last, we converted"},{"speaker":"Dave Foster","startTime":2041.46,"endTime":2047.07,"body":"her last house to investment in"},{"speaker":"Dave Foster","startTime":2047.07,"endTime":2050.61,"body":"Connecticut. By the way, it was"},{"speaker":"Dave Foster","startTime":2047.07,"endTime":2050.61,"body":"something that I had, that I"},{"speaker":"Dave Foster","startTime":2050.61,"endTime":2054.63,"body":"turned into what eventually"},{"speaker":"Dave Foster","startTime":2050.61,"endTime":2054.63,"body":"became a movie set for a major"},{"speaker":"Dave Foster","startTime":2054.63,"endTime":2057.99,"body":"motion picture. And we lived"},{"speaker":"Dave Foster","startTime":2054.63,"endTime":2057.99,"body":"there long enough to get 121 and"},{"speaker":"Dave Foster","startTime":2057.99,"endTime":2061.62,"body":"then sold it. And then the movie"},{"speaker":"Dave Foster","startTime":2057.99,"endTime":2061.62,"body":"company, took it afterwards and"},{"speaker":"Dave Foster","startTime":2062.04,"endTime":2066.3,"body":"turned it into a movie set was"},{"speaker":"Dave Foster","startTime":2062.04,"endTime":2066.3,"body":"kind of fun. And we moved to"},{"speaker":"Dave Foster","startTime":2066.3,"endTime":2070.95,"body":"Florida. And then we have our"},{"speaker":"Dave Foster","startTime":2066.3,"endTime":2070.95,"body":"portfolio in Florida, along with"},{"speaker":"Dave Foster","startTime":2070.95,"endTime":2074.79,"body":"a fleet of vacation rentals. And"},{"speaker":"Dave Foster","startTime":2070.95,"endTime":2074.79,"body":"when we lived on a boat, it was"},{"speaker":"Dave Foster","startTime":2074.79,"endTime":2078.03,"body":"awesome. Because even when we"},{"speaker":"Dave Foster","startTime":2074.79,"endTime":2078.03,"body":"lived on a boat, if there was"},{"speaker":"Dave Foster","startTime":2078.03,"endTime":2081.75,"body":"going to be a major repair"},{"speaker":"Dave Foster","startTime":2078.03,"endTime":2081.75,"body":"project, or something like that,"},{"speaker":"Dave Foster","startTime":2082.5,"endTime":2085.71,"body":"instead of making my family"},{"speaker":"Dave Foster","startTime":2082.5,"endTime":2085.71,"body":"suffer through it, because you"},{"speaker":"Dave Foster","startTime":2085.71,"endTime":2089.43,"body":"got to keep mama happy. We would"},{"speaker":"Dave Foster","startTime":2085.71,"endTime":2089.43,"body":"move into one of the vacation"},{"speaker":"Dave Foster","startTime":2089.43,"endTime":2093.24,"body":"rentals that wasn't been"},{"speaker":"Dave Foster","startTime":2089.43,"endTime":2093.24,"body":"occupied. So the family always"},{"speaker":"Dave Foster","startTime":2093.24,"endTime":2096.9,"body":"take comfortable and we'd work"},{"speaker":"Dave Foster","startTime":2093.24,"endTime":2096.9,"body":"on the boat. And that was how we"},{"speaker":"Dave Foster","startTime":2096.9,"endTime":2101.49,"body":"transition that way. So it was"},{"speaker":"Dave Foster","startTime":2096.9,"endTime":2101.49,"body":"always a combination of 1031."},{"speaker":"Dave Foster","startTime":2101.88,"endTime":2102.51,"body":"And one point,"},{"speaker":"Average Joe Finances","startTime":2102.97,"endTime":2105.25,"body":"that's"},{"speaker":"Average Joe Finances","startTime":2102.97,"endTime":2105.25,"body":"absolutely amazing. You know,"},{"speaker":"Average Joe Finances","startTime":2105.25,"endTime":2109.69,"body":"it's almost like, I picture you"},{"speaker":"Average Joe Finances","startTime":2105.25,"endTime":2109.69,"body":"moving from Cleveland to"},{"speaker":"Average Joe Finances","startTime":2109.69,"endTime":2114.07,"body":"Connecticut, and then down to"},{"speaker":"Average Joe Finances","startTime":2109.69,"endTime":2114.07,"body":"Florida, it's like, I don't know"},{"speaker":"Average Joe Finances","startTime":2114.07,"endTime":2116.38,"body":"if like the right way to"},{"speaker":"Average Joe Finances","startTime":2114.07,"endTime":2116.38,"body":"describe it is like the snake"},{"speaker":"Average Joe Finances","startTime":2116.38,"endTime":2119.23,"body":"game. But like, you know, it's"},{"speaker":"Average Joe Finances","startTime":2116.38,"endTime":2119.23,"body":"like moving over just moving all"},{"speaker":"Average Joe Finances","startTime":2119.23,"endTime":2121.6,"body":"the bricks over here and then"},{"speaker":"Average Joe Finances","startTime":2119.23,"endTime":2121.6,"body":"moving all the bricks down"},{"speaker":"Average Joe Finances","startTime":2121.6,"endTime":2124.93,"body":"south, and you move them all"},{"speaker":"Average Joe Finances","startTime":2121.6,"endTime":2124.93,"body":"down, then you start popping"},{"speaker":"Average Joe Finances","startTime":2124.93,"endTime":2127.09,"body":"them off and popping them off"},{"speaker":"Average Joe Finances","startTime":2124.93,"endTime":2127.09,"body":"and popping them off. And then"},{"speaker":"Average Joe Finances","startTime":2127.09,"endTime":2130.6,"body":"you're taking all that money in"},{"speaker":"Average Joe Finances","startTime":2127.09,"endTime":2130.6,"body":"the end and buying your boat. So"},{"speaker":"Average Joe Finances","startTime":2130.87,"endTime":2133.36,"body":"but you didn't sell all the"},{"speaker":"Average Joe Finances","startTime":2130.87,"endTime":2133.36,"body":"properties in Florida, right? So"},{"speaker":"Average Joe Finances","startTime":2133.45,"endTime":2136.15,"body":"like you said, You kept the that"},{"speaker":"Average Joe Finances","startTime":2133.45,"endTime":2136.15,"body":"fleet of rental properties. So"},{"speaker":"Average Joe Finances","startTime":2136.15,"endTime":2140.98,"body":"you guys had a good passive"},{"speaker":"Average Joe Finances","startTime":2136.15,"endTime":2140.98,"body":"income flow, while you also had"},{"speaker":"Average Joe Finances","startTime":2140.98,"endTime":2143.32,"body":"the cash to go buy this boat and"},{"speaker":"Average Joe Finances","startTime":2140.98,"endTime":2143.32,"body":"you bought the boat, you said"},{"speaker":"Average Joe Finances","startTime":2143.32,"endTime":2147.46,"body":"100% cash, right? Right. Yeah,"},{"speaker":"Average Joe Finances","startTime":2143.32,"endTime":2147.46,"body":"we're the best way to buy a"},{"speaker":"Average Joe Finances","startTime":2147.46,"endTime":2152.17,"body":"boat. Because, you know, like I"},{"speaker":"Average Joe Finances","startTime":2147.46,"endTime":2152.17,"body":"explained a little bit earlier"},{"speaker":"Average Joe Finances","startTime":2152.17,"endTime":2154.45,"body":"how you know, the complexity of"},{"speaker":"Average Joe Finances","startTime":2152.17,"endTime":2154.45,"body":"a boat loan is kind of"},{"speaker":"Average Joe Finances","startTime":2154.45,"endTime":2158.68,"body":"ridiculous. Yeah, buying it."},{"speaker":"Average Joe Finances","startTime":2154.45,"endTime":2158.68,"body":"Cash is probably the better"},{"speaker":"Average Joe Finances","startTime":2158.68,"endTime":2159.31,"body":"route to go,"},{"speaker":"Dave Foster","startTime":2159.34,"endTime":2161.17,"body":"right? Oh, yeah."},{"speaker":"Dave Foster","startTime":2159.34,"endTime":2161.17,"body":"And again, it's one of those"},{"speaker":"Dave Foster","startTime":2161.17,"endTime":2164.68,"body":"lifestyle things, too. Yeah, the"},{"speaker":"Dave Foster","startTime":2161.17,"endTime":2164.68,"body":"last thing you want to worry"},{"speaker":"Dave Foster","startTime":2164.68,"endTime":2170.29,"body":"about, is making payments when"},{"speaker":"Dave Foster","startTime":2164.68,"endTime":2170.29,"body":"you go. It's your woman, our"},{"speaker":"Dave Foster","startTime":2170.29,"endTime":2173.83,"body":"friends, and the people that we"},{"speaker":"Dave Foster","startTime":2170.29,"endTime":2173.83,"body":"ran into the ones that were the"},{"speaker":"Dave Foster","startTime":2173.83,"endTime":2177.58,"body":"happiest, were the ones who"},{"speaker":"Dave Foster","startTime":2173.83,"endTime":2177.58,"body":"lived the most simply because"},{"speaker":"Dave Foster","startTime":2177.58,"endTime":2181.21,"body":"coupled with that simplicity."},{"speaker":"Dave Foster","startTime":2177.58,"endTime":2181.21,"body":"They didn't have debt to worry"},{"speaker":"Dave Foster","startTime":2181.21,"endTime":2184.63,"body":"about what a lot of friends that"},{"speaker":"Dave Foster","startTime":2181.21,"endTime":2184.63,"body":"had a lot of fun. But they were"},{"speaker":"Dave Foster","startTime":2184.63,"endTime":2189.97,"body":"continually happy to monitor and"},{"speaker":"Dave Foster","startTime":2184.63,"endTime":2189.97,"body":"manage businesses and pay debts."},{"speaker":"Dave Foster","startTime":2190.36,"endTime":2195.55,"body":"And when everything went south,"},{"speaker":"Dave Foster","startTime":2190.36,"endTime":2195.55,"body":"in 2018, there were a lot of"},{"speaker":"Dave Foster","startTime":2195.55,"endTime":2198.46,"body":"people that had to get off the"},{"speaker":"Dave Foster","startTime":2195.55,"endTime":2198.46,"body":"water, because they couldn't"},{"speaker":"Dave Foster","startTime":2198.46,"endTime":2203.05,"body":"sustain it. You know, we all"},{"speaker":"Dave Foster","startTime":2198.46,"endTime":2203.05,"body":"sustain hurt. We all got hurt"},{"speaker":"Dave Foster","startTime":2203.05,"endTime":2207.67,"body":"back during that. But because we"},{"speaker":"Dave Foster","startTime":2203.05,"endTime":2207.67,"body":"had the debt, and a few other"},{"speaker":"Dave Foster","startTime":2207.67,"endTime":2212.38,"body":"things that were cash that were"},{"speaker":"Dave Foster","startTime":2207.67,"endTime":2212.38,"body":"blown free, were able to stay on"},{"speaker":"Dave Foster","startTime":2212.38,"endTime":2216.22,"body":"the water. And instead of losing"},{"speaker":"Dave Foster","startTime":2212.38,"endTime":2216.22,"body":"that, we just cast off the dock"},{"speaker":"Dave Foster","startTime":2216.22,"endTime":2219.19,"body":"lines and said, well, let's go"},{"speaker":"Dave Foster","startTime":2216.22,"endTime":2219.19,"body":"find someplace else to live"},{"speaker":"Dave Foster","startTime":2219.19,"endTime":2219.88,"body":"cheap. Let's go."},{"speaker":"Average Joe Finances","startTime":2219.91,"endTime":2222.58,"body":"Yeah, that"},{"speaker":"Average Joe Finances","startTime":2219.91,"endTime":2222.58,"body":"I mean, that's that's, like said"},{"speaker":"Average Joe Finances","startTime":2222.58,"endTime":2225.43,"body":"live in the dream. Right? So and"},{"speaker":"Average Joe Finances","startTime":2222.58,"endTime":2225.43,"body":"you did that for 10 years."},{"speaker":"Average Joe Finances","startTime":2225.43,"endTime":2229.48,"body":"That's that's absolutely"},{"speaker":"Average Joe Finances","startTime":2225.43,"endTime":2229.48,"body":"awesome. So speaking of, you"},{"speaker":"Average Joe Finances","startTime":2229.48,"endTime":2233.08,"body":"know, 2008 and everything that"},{"speaker":"Average Joe Finances","startTime":2229.48,"endTime":2233.08,"body":"happened with you know, a lot of"},{"speaker":"Average Joe Finances","startTime":2233.08,"endTime":2236.68,"body":"people lost pretty much"},{"speaker":"Average Joe Finances","startTime":2233.08,"endTime":2236.68,"body":"everything right? But now when"},{"speaker":"Average Joe Finances","startTime":2236.68,"endTime":2241.21,"body":"it comes to 1031 exchanges, you"},{"speaker":"Average Joe Finances","startTime":2236.68,"endTime":2241.21,"body":"know, since we're talking about,"},{"speaker":"Average Joe Finances","startTime":2241.36,"endTime":2244.96,"body":"you know, losing, and just, you"},{"speaker":"Average Joe Finances","startTime":2241.36,"endTime":2244.96,"body":"know, things like that, what are"},{"speaker":"Average Joe Finances","startTime":2244.96,"endTime":2248.56,"body":"some of the, I guess, more"},{"speaker":"Average Joe Finances","startTime":2244.96,"endTime":2248.56,"body":"common issues you see people"},{"speaker":"Average Joe Finances","startTime":2248.56,"endTime":2251.29,"body":"have with 1031 exchanges,"},{"speaker":"Average Joe Finances","startTime":2248.56,"endTime":2251.29,"body":"especially, you know, with you"},{"speaker":"Average Joe Finances","startTime":2251.29,"endTime":2254.17,"body":"as a queue, I like you're,"},{"speaker":"Average Joe Finances","startTime":2251.29,"endTime":2254.17,"body":"you're seeing a lot of these"},{"speaker":"Average Joe Finances","startTime":2254.17,"endTime":2257.02,"body":"right, you see them all the"},{"speaker":"Average Joe Finances","startTime":2254.17,"endTime":2257.02,"body":"time. So what are some of the"},{"speaker":"Average Joe Finances","startTime":2257.02,"endTime":2259.9,"body":"biggest problems or roadblocks"},{"speaker":"Average Joe Finances","startTime":2257.02,"endTime":2259.9,"body":"people run into?"},{"speaker":"Dave Foster","startTime":2260.08,"endTime":2263.59,"body":"Yeah, I would say"},{"speaker":"Dave Foster","startTime":2260.08,"endTime":2263.59,"body":"the, the single biggest issue"},{"speaker":"Dave Foster","startTime":2264.34,"endTime":2266.71,"body":"that people have trouble with"},{"speaker":"Dave Foster","startTime":2264.34,"endTime":2266.71,"body":"when they're trying to do a 1031"},{"speaker":"Dave Foster","startTime":2266.71,"endTime":2271.99,"body":"exchange is lack of focus."},{"speaker":"Dave Foster","startTime":2266.71,"endTime":2271.99,"body":"You've only got that 45 day"},{"speaker":"Dave Foster","startTime":2271.99,"endTime":2276.46,"body":"period. And you can name several"},{"speaker":"Dave Foster","startTime":2271.99,"endTime":2276.46,"body":"properties on that 45 day list."},{"speaker":"Dave Foster","startTime":2276.82,"endTime":2280.54,"body":"But honestly, the chances of the"},{"speaker":"Dave Foster","startTime":2276.82,"endTime":2280.54,"body":"rest of those properties being"},{"speaker":"Dave Foster","startTime":2280.54,"endTime":2285.25,"body":"there, while you negotiate for"},{"speaker":"Dave Foster","startTime":2280.54,"endTime":2285.25,"body":"one, and then have it fall apart"},{"speaker":"Dave Foster","startTime":2285.79,"endTime":2288.82,"body":"is slim to none. It's it's"},{"speaker":"Dave Foster","startTime":2285.79,"endTime":2288.82,"body":"really, it's smoke and mirrors,"},{"speaker":"Dave Foster","startTime":2289.21,"endTime":2292.48,"body":"you're going to name three or"},{"speaker":"Dave Foster","startTime":2289.21,"endTime":2292.48,"body":"four properties, and none of"},{"speaker":"Dave Foster","startTime":2292.48,"endTime":2295.75,"body":"them are going to be available"},{"speaker":"Dave Foster","startTime":2292.48,"endTime":2295.75,"body":"in two weeks. So you've got to"},{"speaker":"Dave Foster","startTime":2295.75,"endTime":2301.42,"body":"be so so focused ahead of time."},{"speaker":"Dave Foster","startTime":2295.75,"endTime":2301.42,"body":"Now we find that a lot of people"},{"speaker":"Dave Foster","startTime":2301.42,"endTime":2305.32,"body":"say, well, aren't these Arctic"},{"speaker":"Dave Foster","startTime":2301.42,"endTime":2305.32,"body":"complete, we do periodic audits"},{"speaker":"Dave Foster","startTime":2305.32,"endTime":2309.61,"body":"internally. And they're, they're"},{"speaker":"Dave Foster","startTime":2305.32,"endTime":2309.61,"body":"informal, I get it. But what we"},{"speaker":"Dave Foster","startTime":2309.61,"endTime":2314.38,"body":"found over the years is that"},{"speaker":"Dave Foster","startTime":2309.61,"endTime":2314.38,"body":"less than 10%, of 1031 exchanges"},{"speaker":"Dave Foster","startTime":2314.38,"endTime":2318.52,"body":"started, don't complete. Now,"},{"speaker":"Dave Foster","startTime":2314.38,"endTime":2318.52,"body":"there's no penalty for not"},{"speaker":"Dave Foster","startTime":2318.52,"endTime":2322.78,"body":"completing, you simply pay the"},{"speaker":"Dave Foster","startTime":2318.52,"endTime":2322.78,"body":"tax. but less than 10% of the"},{"speaker":"Dave Foster","startTime":2322.78,"endTime":2327.37,"body":"people out there are unable to"},{"speaker":"Dave Foster","startTime":2322.78,"endTime":2327.37,"body":"find good replacement properties"},{"speaker":"Dave Foster","startTime":2327.7,"endTime":2332.08,"body":"to keep going. So it's not an"},{"speaker":"Dave Foster","startTime":2327.7,"endTime":2332.08,"body":"issue so much that you can't"},{"speaker":"Dave Foster","startTime":2332.08,"endTime":2335.38,"body":"complete it. The ones that"},{"speaker":"Dave Foster","startTime":2332.08,"endTime":2335.38,"body":"don't, though, are those that"},{"speaker":"Dave Foster","startTime":2335.38,"endTime":2338.8,"body":"aren't sure where they want to"},{"speaker":"Dave Foster","startTime":2335.38,"endTime":2338.8,"body":"go, or what they want to buy,"},{"speaker":"Dave Foster","startTime":2339.16,"endTime":2343.24,"body":"and aren't super focused on what"},{"speaker":"Dave Foster","startTime":2339.16,"endTime":2343.24,"body":"they're looking for. So be laser"},{"speaker":"Dave Foster","startTime":2343.24,"endTime":2346.9,"body":"focused on your target. And"},{"speaker":"Dave Foster","startTime":2343.24,"endTime":2346.9,"body":"being already ahead of the game"},{"speaker":"Dave Foster","startTime":2347.53,"endTime":2352.3,"body":"is so key there. I would say"},{"speaker":"Dave Foster","startTime":2347.53,"endTime":2352.3,"body":"over historically, if we're"},{"speaker":"Dave Foster","startTime":2352.3,"endTime":2357.7,"body":"talking about 2008. And now, I"},{"speaker":"Dave Foster","startTime":2352.3,"endTime":2357.7,"body":"would say the biggest fear that"},{"speaker":"Dave Foster","startTime":2357.7,"endTime":2362.32,"body":"I have for people is that the"},{"speaker":"Dave Foster","startTime":2357.7,"endTime":2362.32,"body":"only thing that's going to hurt"},{"speaker":"Dave Foster","startTime":2362.32,"endTime":2367.15,"body":"you in a 1031 exchange. if the"},{"speaker":"Dave Foster","startTime":2362.32,"endTime":2367.15,"body":"market goes south, is carrying"},{"speaker":"Dave Foster","startTime":2367.15,"endTime":2370.24,"body":"too much debt. It's temptation"},{"speaker":"Dave Foster","startTime":2367.15,"endTime":2370.24,"body":"because you can always right,"},{"speaker":"Dave Foster","startTime":2370.54,"endTime":2375.16,"body":"sell one and buy to sell those"},{"speaker":"Dave Foster","startTime":2370.54,"endTime":2375.16,"body":"to buy for and keep growing and"},{"speaker":"Dave Foster","startTime":2375.16,"endTime":2378.49,"body":"keep adding to the debt. And so"},{"speaker":"Dave Foster","startTime":2375.16,"endTime":2378.49,"body":"you keep taking out the maximum"},{"speaker":"Dave Foster","startTime":2378.49,"endTime":2381.34,"body":"debt. And there's a lot of"},{"speaker":"Dave Foster","startTime":2378.49,"endTime":2381.34,"body":"people who love to house and buy"},{"speaker":"Dave Foster","startTime":2381.34,"endTime":2384.28,"body":"properties using an FHA loan,"},{"speaker":"Dave Foster","startTime":2381.34,"endTime":2384.28,"body":"which is three and a half"},{"speaker":"Dave Foster","startTime":2384.28,"endTime":2388.45,"body":"percent down and if they live in"},{"speaker":"Dave Foster","startTime":2384.28,"endTime":2388.45,"body":"that quad or duplex for a year,"},{"speaker":"Dave Foster","startTime":2388.54,"endTime":2390.76,"body":"and then they move out do it"},{"speaker":"Dave Foster","startTime":2388.54,"endTime":2390.76,"body":"again. Well remember those"},{"speaker":"Dave Foster","startTime":2390.76,"endTime":2395.71,"body":"people are 96% leveraged. What"},{"speaker":"Dave Foster","startTime":2390.76,"endTime":2395.71,"body":"happens if you can't rip that"},{"speaker":"Dave Foster","startTime":2395.71,"endTime":2399.31,"body":"property for six months or a"},{"speaker":"Dave Foster","startTime":2395.71,"endTime":2399.31,"body":"year like happened in 2008 what"},{"speaker":"Dave Foster","startTime":2399.31,"endTime":2401.8,"body":"happens if you lose Your income,"},{"speaker":"Dave Foster","startTime":2399.31,"endTime":2401.8,"body":"you're going to be in a world of"},{"speaker":"Dave Foster","startTime":2401.8,"endTime":2408.43,"body":"hurt. I had a lot of clients who"},{"speaker":"Dave Foster","startTime":2401.8,"endTime":2408.43,"body":"lost on paper, multiple,"},{"speaker":"Dave Foster","startTime":2408.43,"endTime":2414.34,"body":"multiple, multiple millions of"},{"speaker":"Dave Foster","startTime":2408.43,"endTime":2414.34,"body":"dollars. I was living, we were"},{"speaker":"Dave Foster","startTime":2414.34,"endTime":2418.33,"body":"in Fort Myers area, homes in"},{"speaker":"Dave Foster","startTime":2414.34,"endTime":2418.33,"body":"that area was the 80% of their"},{"speaker":"Dave Foster","startTime":2418.33,"endTime":2422.08,"body":"value. And I had investors with"},{"speaker":"Dave Foster","startTime":2418.33,"endTime":2422.08,"body":"billions of dollars. But I had a"},{"speaker":"Dave Foster","startTime":2422.08,"endTime":2427.27,"body":"whole bunch of those people that"},{"speaker":"Dave Foster","startTime":2422.08,"endTime":2427.27,"body":"never lost a penny, because they"},{"speaker":"Dave Foster","startTime":2427.27,"endTime":2431.62,"body":"never had to sell. So it didn't"},{"speaker":"Dave Foster","startTime":2427.27,"endTime":2431.62,"body":"matter to them what the property"},{"speaker":"Dave Foster","startTime":2431.62,"endTime":2436.48,"body":"was worth, they just kept"},{"speaker":"Dave Foster","startTime":2431.62,"endTime":2436.48,"body":"renting it. And the reps may"},{"speaker":"Dave Foster","startTime":2436.48,"endTime":2439.78,"body":"have adjusted a little bit. But"},{"speaker":"Dave Foster","startTime":2436.48,"endTime":2439.78,"body":"they did very long, they always"},{"speaker":"Dave Foster","startTime":2439.78,"endTime":2443.14,"body":"went back up. So I would say"},{"speaker":"Dave Foster","startTime":2439.78,"endTime":2443.14,"body":"those are the to be focused,"},{"speaker":"Dave Foster","startTime":2443.5,"endTime":2448.12,"body":"ever really concentrate on"},{"speaker":"Dave Foster","startTime":2443.5,"endTime":2448.12,"body":"keeping the debt manageable, and"},{"speaker":"Dave Foster","startTime":2448.12,"endTime":2450.94,"body":"being able to sustain a four to"},{"speaker":"Dave Foster","startTime":2448.12,"endTime":2450.94,"body":"six month correction."},{"speaker":"Average Joe Finances","startTime":2451.03,"endTime":2452.35,"body":"Yeah, I"},{"speaker":"Average Joe Finances","startTime":2451.03,"endTime":2452.35,"body":"think that's, that's super"},{"speaker":"Average Joe Finances","startTime":2452.35,"endTime":2454.9,"body":"important to like, when you're"},{"speaker":"Average Joe Finances","startTime":2452.35,"endTime":2454.9,"body":"leveraging your debt that you"},{"speaker":"Average Joe Finances","startTime":2454.9,"endTime":2457.87,"body":"don't over leveraged yourself,"},{"speaker":"Average Joe Finances","startTime":2454.9,"endTime":2457.87,"body":"right? Because if a situation"},{"speaker":"Average Joe Finances","startTime":2457.87,"endTime":2462.07,"body":"like that, arises, again, which"},{"speaker":"Average Joe Finances","startTime":2457.87,"endTime":2462.07,"body":"it could very well happen in the"},{"speaker":"Average Joe Finances","startTime":2462.07,"endTime":2464.44,"body":"next few years with the way"},{"speaker":"Average Joe Finances","startTime":2462.07,"endTime":2464.44,"body":"things are currently going"},{"speaker":"Average Joe Finances","startTime":2464.44,"endTime":2468.01,"body":"right, or we can keep going, you"},{"speaker":"Average Joe Finances","startTime":2464.44,"endTime":2468.01,"body":"know, the way we're going with"},{"speaker":"Average Joe Finances","startTime":2468.01,"endTime":2471.01,"body":"this housing shortage, but I"},{"speaker":"Average Joe Finances","startTime":2468.01,"endTime":2471.01,"body":"think we're gonna start to see"},{"speaker":"Average Joe Finances","startTime":2471.01,"endTime":2476.38,"body":"as as some of these deferments"},{"speaker":"Average Joe Finances","startTime":2471.01,"endTime":2476.38,"body":"and forbearance starts going"},{"speaker":"Average Joe Finances","startTime":2476.38,"endTime":2479.77,"body":"away, as things start to"},{"speaker":"Average Joe Finances","startTime":2476.38,"endTime":2479.77,"body":"normalize. Again, we might run"},{"speaker":"Average Joe Finances","startTime":2479.77,"endTime":2482.08,"body":"into some issues here in the"},{"speaker":"Average Joe Finances","startTime":2479.77,"endTime":2482.08,"body":"future where we'll have an"},{"speaker":"Average Joe Finances","startTime":2482.08,"endTime":2485.71,"body":"oversaturation of the market."},{"speaker":"Average Joe Finances","startTime":2482.08,"endTime":2485.71,"body":"And, you know, a lot of these"},{"speaker":"Average Joe Finances","startTime":2486.49,"endTime":2491.68,"body":"home values that we've been"},{"speaker":"Average Joe Finances","startTime":2486.49,"endTime":2491.68,"body":"enjoying will not be what they"},{"speaker":"Average Joe Finances","startTime":2491.68,"endTime":2495.46,"body":"are right now. I can't predict"},{"speaker":"Average Joe Finances","startTime":2491.68,"endTime":2495.46,"body":"the future. But you know, you"},{"speaker":"Average Joe Finances","startTime":2495.46,"endTime":2497.56,"body":"can sit here and look at these"},{"speaker":"Average Joe Finances","startTime":2495.46,"endTime":2497.56,"body":"indicators and make a good"},{"speaker":"Average Joe Finances","startTime":2497.56,"endTime":2501.94,"body":"assumption, right? One of the"},{"speaker":"Average Joe Finances","startTime":2497.56,"endTime":2501.94,"body":"things is, you know, if having"},{"speaker":"Average Joe Finances","startTime":2501.94,"endTime":2504.82,"body":"multiple exit strategies, right,"},{"speaker":"Average Joe Finances","startTime":2501.94,"endTime":2504.82,"body":"so if if you're going to"},{"speaker":"Average Joe Finances","startTime":2504.85,"endTime":2509.5,"body":"leverage your money, or leverage"},{"speaker":"Average Joe Finances","startTime":2504.85,"endTime":2509.5,"body":"your debt, and buy a property"},{"speaker":"Average Joe Finances","startTime":2509.5,"endTime":2513.22,"body":"that, you know, if you bought"},{"speaker":"Average Joe Finances","startTime":2509.5,"endTime":2513.22,"body":"multiple properties with a 1031"},{"speaker":"Average Joe Finances","startTime":2513.22,"endTime":2517.87,"body":"exchange, and you you know,"},{"speaker":"Average Joe Finances","startTime":2513.22,"endTime":2517.87,"body":"bought one, or you sold one"},{"speaker":"Average Joe Finances","startTime":2517.87,"endTime":2523.72,"body":"bought two bought two, sold two"},{"speaker":"Average Joe Finances","startTime":2517.87,"endTime":2523.72,"body":"bought four, ideal, are you"},{"speaker":"Average Joe Finances","startTime":2523.72,"endTime":2529.6,"body":"buying properties that will"},{"speaker":"Average Joe Finances","startTime":2523.72,"endTime":2529.6,"body":"rent, even in a environment"},{"speaker":"Average Joe Finances","startTime":2529.6,"endTime":2534.28,"body":"where the market gets saturated"},{"speaker":"Average Joe Finances","startTime":2529.6,"endTime":2534.28,"body":"with homes to buy. So it's, it's"},{"speaker":"Average Joe Finances","startTime":2534.28,"endTime":2537.04,"body":"just a matter of, you know,"},{"speaker":"Average Joe Finances","startTime":2534.28,"endTime":2537.04,"body":"doing your research on the"},{"speaker":"Average Joe Finances","startTime":2537.04,"endTime":2540.46,"body":"market in your area as well,"},{"speaker":"Average Joe Finances","startTime":2537.04,"endTime":2540.46,"body":"right, because if, if the market"},{"speaker":"Average Joe Finances","startTime":2540.46,"endTime":2544.27,"body":"does tank, and you're upside"},{"speaker":"Average Joe Finances","startTime":2540.46,"endTime":2544.27,"body":"down on some of your loans, but"},{"speaker":"Average Joe Finances","startTime":2544.27,"endTime":2547.51,"body":"you're still cash flowing,"},{"speaker":"Average Joe Finances","startTime":2544.27,"endTime":2547.51,"body":"you're still in a pretty decent"},{"speaker":"Average Joe Finances","startTime":2547.51,"endTime":2549.91,"body":"spot, because you're not having"},{"speaker":"Average Joe Finances","startTime":2547.51,"endTime":2549.91,"body":"to sell. And one of the ways"},{"speaker":"Average Joe Finances","startTime":2549.91,"endTime":2552.4,"body":"that you're gonna be able to"},{"speaker":"Average Joe Finances","startTime":2549.91,"endTime":2552.4,"body":"cash flow to is if you put a"},{"speaker":"Average Joe Finances","startTime":2552.4,"endTime":2557.17,"body":"larger down payment, like you"},{"speaker":"Average Joe Finances","startTime":2552.4,"endTime":2557.17,"body":"were talking about before, you"},{"speaker":"Average Joe Finances","startTime":2557.17,"endTime":2560.29,"body":"know, in that one scenario where"},{"speaker":"Average Joe Finances","startTime":2557.17,"endTime":2560.29,"body":"somebody buys the one property,"},{"speaker":"Average Joe Finances","startTime":2560.29,"endTime":2563.56,"body":"cash, and then takes the other"},{"speaker":"Average Joe Finances","startTime":2560.29,"endTime":2563.56,"body":"50,000, and buys that other,"},{"speaker":"Average Joe Finances","startTime":2563.59,"endTime":2567.55,"body":"that other asset, with the"},{"speaker":"Average Joe Finances","startTime":2563.59,"endTime":2567.55,"body":"50,000, to put the down payment,"},{"speaker":"Average Joe Finances","startTime":2568.24,"endTime":2571.6,"body":"yeah, you might be upside down"},{"speaker":"Average Joe Finances","startTime":2568.24,"endTime":2571.6,"body":"on that $250,000 property that"},{"speaker":"Average Joe Finances","startTime":2571.6,"endTime":2575.41,"body":"you bought, or the $250,000 loan"},{"speaker":"Average Joe Finances","startTime":2571.6,"endTime":2575.41,"body":"that you have. But if it's cash"},{"speaker":"Average Joe Finances","startTime":2575.41,"endTime":2577.72,"body":"flowing, and your other"},{"speaker":"Average Joe Finances","startTime":2575.41,"endTime":2577.72,"body":"properties, cash flowing, or"},{"speaker":"Average Joe Finances","startTime":2577.72,"endTime":2580.36,"body":"even covering it down to that to"},{"speaker":"Average Joe Finances","startTime":2577.72,"endTime":2580.36,"body":"the point where you can hold it,"},{"speaker":"Average Joe Finances","startTime":2580.69,"endTime":2584.92,"body":"and not have to sell it if if"},{"speaker":"Average Joe Finances","startTime":2580.69,"endTime":2584.92,"body":"crap hits the fan, then you're"},{"speaker":"Average Joe Finances","startTime":2584.92,"endTime":2588.16,"body":"in a better place. So it's just"},{"speaker":"Average Joe Finances","startTime":2584.92,"endTime":2588.16,"body":"it's all things that, you know,"},{"speaker":"Average Joe Finances","startTime":2588.16,"endTime":2591.43,"body":"it's it's the risk mitigation"},{"speaker":"Average Joe Finances","startTime":2588.16,"endTime":2591.43,"body":"and the risk management that the"},{"speaker":"Average Joe Finances","startTime":2591.43,"endTime":2594.31,"body":"investor themselves have to take"},{"speaker":"Average Joe Finances","startTime":2591.43,"endTime":2594.31,"body":"into account when they're when"},{"speaker":"Average Joe Finances","startTime":2594.31,"endTime":2595.57,"body":"they're doing these things,"},{"speaker":"Average Joe Finances","startTime":2594.31,"endTime":2595.57,"body":"right."},{"speaker":"Dave Foster","startTime":2596.35,"endTime":2598.81,"body":"Yeah, that's"},{"speaker":"Dave Foster","startTime":2596.35,"endTime":2598.81,"body":"exactly right. And of course,"},{"speaker":"Dave Foster","startTime":2599.38,"endTime":2602.05,"body":"one thing, it's very tempting"},{"speaker":"Dave Foster","startTime":2599.38,"endTime":2602.05,"body":"now, and it's very wise strategy"},{"speaker":"Dave Foster","startTime":2602.05,"endTime":2607.6,"body":"right now is to actually take on"},{"speaker":"Dave Foster","startTime":2602.05,"endTime":2607.6,"body":"more debt. Because long term"},{"speaker":"Dave Foster","startTime":2607.6,"endTime":2612.7,"body":"fixed interest, leverage, or"},{"speaker":"Dave Foster","startTime":2607.6,"endTime":2612.7,"body":"debt is the best mitigator"},{"speaker":"Dave Foster","startTime":2612.7,"endTime":2617.62,"body":"against inflation yet. So buying"},{"speaker":"Dave Foster","startTime":2612.7,"endTime":2617.62,"body":"properties is a huge mitigate"},{"speaker":"Dave Foster","startTime":2617.62,"endTime":2622.54,"body":"year, inflation edge. And every"},{"speaker":"Dave Foster","startTime":2617.62,"endTime":2622.54,"body":"low interest fixed debt is the"},{"speaker":"Dave Foster","startTime":2622.54,"endTime":2626.65,"body":"best way to go. You just got to"},{"speaker":"Dave Foster","startTime":2622.54,"endTime":2626.65,"body":"balance that. And make sure that"},{"speaker":"Dave Foster","startTime":2626.65,"endTime":2629.8,"body":"you're leaving yourself, you"},{"speaker":"Dave Foster","startTime":2626.65,"endTime":2629.8,"body":"know, you sometimes it's right"},{"speaker":"Dave Foster","startTime":2629.8,"endTime":2632.44,"body":"to swing for the fence. And"},{"speaker":"Dave Foster","startTime":2629.8,"endTime":2632.44,"body":"sometimes you just need a few"},{"speaker":"Dave Foster","startTime":2632.44,"endTime":2632.98,"body":"signals."},{"speaker":"Average Joe Finances","startTime":2633.009,"endTime":2634.659,"body":"Yeah,"},{"speaker":"Average Joe Finances","startTime":2633.009,"endTime":2634.659,"body":"absolutely. And that's why I"},{"speaker":"Average Joe Finances","startTime":2634.659,"endTime":2637.149,"body":"like the way I look at it, too,"},{"speaker":"Average Joe Finances","startTime":2634.659,"endTime":2637.149,"body":"is like my primary residence, I,"},{"speaker":"Average Joe Finances","startTime":2637.149,"endTime":2640.779,"body":"you know, I got a 2.25% interest"},{"speaker":"Average Joe Finances","startTime":2637.149,"endTime":2640.779,"body":"rate. And the way I look at it"},{"speaker":"Average Joe Finances","startTime":2640.779,"endTime":2643.989,"body":"is I don't want to pay anything"},{"speaker":"Average Joe Finances","startTime":2640.779,"endTime":2643.989,"body":"extra or try to pay it off"},{"speaker":"Average Joe Finances","startTime":2644.019,"endTime":2647.259,"body":"early. Because, you know, 20"},{"speaker":"Average Joe Finances","startTime":2644.019,"endTime":2647.259,"body":"years from now, when I'm still"},{"speaker":"Average Joe Finances","startTime":2647.259,"endTime":2650.109,"body":"making this mortgage payment on"},{"speaker":"Average Joe Finances","startTime":2647.259,"endTime":2650.109,"body":"this house, that's probably"},{"speaker":"Average Joe Finances","startTime":2650.109,"endTime":2653.949,"body":"tripled in value by then. I'm"},{"speaker":"Average Joe Finances","startTime":2650.109,"endTime":2653.949,"body":"still paying with yesterday's"},{"speaker":"Average Joe Finances","startTime":2653.949,"endTime":2659.979,"body":"dollars. So on today's market,"},{"speaker":"Average Joe Finances","startTime":2653.949,"endTime":2659.979,"body":"so that's, that's one of the"},{"speaker":"Average Joe Finances","startTime":2659.979,"endTime":2662.829,"body":"things I love about, you know,"},{"speaker":"Average Joe Finances","startTime":2659.979,"endTime":2662.829,"body":"having these these lower fixed"},{"speaker":"Average Joe Finances","startTime":2662.829,"endTime":2666.009,"body":"interest rates. And, you know,"},{"speaker":"Average Joe Finances","startTime":2662.829,"endTime":2666.009,"body":"you don't see like a lot of"},{"speaker":"Average Joe Finances","startTime":2666.009,"endTime":2668.619,"body":"people like thinking that way."},{"speaker":"Average Joe Finances","startTime":2666.009,"endTime":2668.619,"body":"They just think, Oh, well, I"},{"speaker":"Average Joe Finances","startTime":2668.619,"endTime":2671.259,"body":"don't want to be paying for it"},{"speaker":"Average Joe Finances","startTime":2668.619,"endTime":2671.259,"body":"for 30 years, and look at how"},{"speaker":"Average Joe Finances","startTime":2671.259,"endTime":2674.799,"body":"much I'm paying in the long run."},{"speaker":"Average Joe Finances","startTime":2671.259,"endTime":2674.799,"body":"But realistically, all that"},{"speaker":"Average Joe Finances","startTime":2674.799,"endTime":2677.409,"body":"extra money that you would have"},{"speaker":"Average Joe Finances","startTime":2674.799,"endTime":2677.409,"body":"put into your primary residence,"},{"speaker":"Average Joe Finances","startTime":2677.619,"endTime":2680.499,"body":"if you would have invested"},{"speaker":"Average Joe Finances","startTime":2677.619,"endTime":2680.499,"body":"elsewhere, how much more would"},{"speaker":"Average Joe Finances","startTime":2680.499,"endTime":2683.439,"body":"you have made versus how much"},{"speaker":"Average Joe Finances","startTime":2680.499,"endTime":2683.439,"body":"more you're paying over the 30"},{"speaker":"Average Joe Finances","startTime":2683.439,"endTime":2686.079,"body":"year period, right? And that"},{"speaker":"Average Joe Finances","startTime":2683.439,"endTime":2686.079,"body":"goes back to what you were"},{"speaker":"Average Joe Finances","startTime":2686.079,"endTime":2689.079,"body":"talking about with Albert"},{"speaker":"Average Joe Finances","startTime":2686.079,"endTime":2689.079,"body":"Einstein, talking about compound"},{"speaker":"Average Joe Finances","startTime":2689.079,"endTime":2692.079,"body":"interest being the eighth wonder"},{"speaker":"Average Joe Finances","startTime":2689.079,"endTime":2692.079,"body":"of the world. And that's one of"},{"speaker":"Average Joe Finances","startTime":2692.079,"endTime":2694.419,"body":"the reasons why it's the eighth"},{"speaker":"Average Joe Finances","startTime":2692.079,"endTime":2694.419,"body":"wonder of the world"},{"speaker":"Dave Foster","startTime":2694.9,"endTime":2697.0,"body":"when that's"},{"speaker":"Dave Foster","startTime":2694.9,"endTime":2697.0,"body":"yourself on the back, right?"},{"speaker":"Dave Foster","startTime":2697.36,"endTime":2702.28,"body":"Because they're projecting"},{"speaker":"Dave Foster","startTime":2697.36,"endTime":2702.28,"body":"inflation is going to Almost 4%"},{"speaker":"Dave Foster","startTime":2702.31,"endTime":2707.23,"body":"like slightly after, for this"},{"speaker":"Dave Foster","startTime":2702.31,"endTime":2707.23,"body":"year, and you're paying 2.5,"},{"speaker":"Dave Foster","startTime":2707.92,"endTime":2713.89,"body":"which means two point your life"},{"speaker":"Dave Foster","startTime":2707.92,"endTime":2713.89,"body":"2.25 you're actually making on"},{"speaker":"Dave Foster","startTime":2713.89,"endTime":2719.77,"body":"that loan 1.75% on your money."},{"speaker":"Dave Foster","startTime":2713.89,"endTime":2719.77,"body":"That's an investment for you,"},{"speaker":"Dave Foster","startTime":2719.77,"endTime":2723.28,"body":"you're making that much money,"},{"speaker":"Dave Foster","startTime":2719.77,"endTime":2723.28,"body":"because you're paying it back in"},{"speaker":"Dave Foster","startTime":2723.28,"endTime":2724.21,"body":"cheaper dollars."},{"speaker":"Average Joe Finances","startTime":2724.75,"endTime":2726.85,"body":"That's"},{"speaker":"Average Joe Finances","startTime":2724.75,"endTime":2726.85,"body":"huge. Yeah. So I mean, it's,"},{"speaker":"Average Joe Finances","startTime":2726.85,"endTime":2729.85,"body":"it's all about, it's a certain"},{"speaker":"Average Joe Finances","startTime":2726.85,"endTime":2729.85,"body":"type of mentality you have to"},{"speaker":"Average Joe Finances","startTime":2729.85,"endTime":2732.91,"body":"have when you're, you know, not"},{"speaker":"Average Joe Finances","startTime":2729.85,"endTime":2732.91,"body":"only for your primary residence,"},{"speaker":"Average Joe Finances","startTime":2732.91,"endTime":2734.86,"body":"but any investment properties"},{"speaker":"Average Joe Finances","startTime":2732.91,"endTime":2734.86,"body":"that you're buying, you need to"},{"speaker":"Average Joe Finances","startTime":2734.86,"endTime":2738.94,"body":"look at, for those of you that"},{"speaker":"Average Joe Finances","startTime":2734.86,"endTime":2738.94,"body":"have like a, I got my duplex"},{"speaker":"Average Joe Finances","startTime":2738.94,"endTime":2742.93,"body":"back in Virginia was at a, you"},{"speaker":"Average Joe Finances","startTime":2738.94,"endTime":2742.93,"body":"know, 3.75% interest rate,"},{"speaker":"Average Joe Finances","startTime":2742.93,"endTime":2745.0,"body":"that's still gonna be under the"},{"speaker":"Average Joe Finances","startTime":2742.93,"endTime":2745.0,"body":"inflation rate. So I'm still"},{"speaker":"Average Joe Finances","startTime":2745.0,"endTime":2747.88,"body":"making a small amount of money"},{"speaker":"Average Joe Finances","startTime":2745.0,"endTime":2747.88,"body":"on that, you know, so it's just"},{"speaker":"Average Joe Finances","startTime":2747.88,"endTime":2750.73,"body":"about how you look at these"},{"speaker":"Average Joe Finances","startTime":2747.88,"endTime":2750.73,"body":"things. But this has been"},{"speaker":"Average Joe Finances","startTime":2750.73,"endTime":2753.37,"body":"seriously awesome. I have one"},{"speaker":"Average Joe Finances","startTime":2750.73,"endTime":2753.37,"body":"more thing I want to ask you"},{"speaker":"Average Joe Finances","startTime":2753.37,"endTime":2756.91,"body":"about the 1031 exchange, because"},{"speaker":"Average Joe Finances","startTime":2753.37,"endTime":2756.91,"body":"we kind of touched on it a"},{"speaker":"Average Joe Finances","startTime":2756.91,"endTime":2761.14,"body":"little bit earlier. And that is,"},{"speaker":"Average Joe Finances","startTime":2756.91,"endTime":2761.14,"body":"you know, if somebody wants to"},{"speaker":"Average Joe Finances","startTime":2761.14,"endTime":2765.97,"body":"transition from their active"},{"speaker":"Average Joe Finances","startTime":2761.14,"endTime":2765.97,"body":"investing into passive investing"},{"speaker":"Average Joe Finances","startTime":2765.97,"endTime":2769.15,"body":"using a 1031 exchange, how would"},{"speaker":"Average Joe Finances","startTime":2765.97,"endTime":2769.15,"body":"they do that? Because I know you"},{"speaker":"Average Joe Finances","startTime":2769.15,"endTime":2773.59,"body":"mentioned that you can't go like"},{"speaker":"Average Joe Finances","startTime":2769.15,"endTime":2773.59,"body":"directly into syndication,"},{"speaker":"Average Joe Finances","startTime":2773.59,"endTime":2776.8,"body":"because you're purchasing"},{"speaker":"Average Joe Finances","startTime":2773.59,"endTime":2776.8,"body":"interest in that real estate"},{"speaker":"Average Joe Finances","startTime":2776.8,"endTime":2779.14,"body":"instead of the real estate"},{"speaker":"Average Joe Finances","startTime":2776.8,"endTime":2779.14,"body":"itself. But I know there's"},{"speaker":"Average Joe Finances","startTime":2779.14,"endTime":2781.75,"body":"certain ways you can get into a"},{"speaker":"Average Joe Finances","startTime":2779.14,"endTime":2781.75,"body":"syndication where you're"},{"speaker":"Average Joe Finances","startTime":2781.75,"endTime":2786.13,"body":"actually purchasing a percentage"},{"speaker":"Average Joe Finances","startTime":2781.75,"endTime":2786.13,"body":"of the property. And would that"},{"speaker":"Average Joe Finances","startTime":2786.13,"endTime":2786.43,"body":"work,"},{"speaker":"Dave Foster","startTime":2786.45,"endTime":2789.6,"body":"right, you have as"},{"speaker":"Dave Foster","startTime":2786.45,"endTime":2789.6,"body":"sherkin. So there, there's kind"},{"speaker":"Dave Foster","startTime":2789.6,"endTime":2794.28,"body":"of a hierarchy of opportunities"},{"speaker":"Dave Foster","startTime":2789.6,"endTime":2794.28,"body":"to move from active to passive."},{"speaker":"Dave Foster","startTime":2794.7,"endTime":2797.76,"body":"And that's part of that episode"},{"speaker":"Dave Foster","startTime":2794.7,"endTime":2797.76,"body":"we talked about. So the first"},{"speaker":"Dave Foster","startTime":2797.76,"endTime":2802.5,"body":"level is to get bigger, single"},{"speaker":"Dave Foster","startTime":2797.76,"endTime":2802.5,"body":"properties, like larger"},{"speaker":"Dave Foster","startTime":2802.5,"endTime":2806.19,"body":"multifamily where you can have"},{"speaker":"Dave Foster","startTime":2802.5,"endTime":2806.19,"body":"on site management, I mean, you"},{"speaker":"Dave Foster","startTime":2806.19,"endTime":2810.27,"body":"don't want to ignore that as a"},{"speaker":"Dave Foster","startTime":2806.19,"endTime":2810.27,"body":"strategy for going from active"},{"speaker":"Dave Foster","startTime":2810.27,"endTime":2814.62,"body":"to passive, certainly, the"},{"speaker":"Dave Foster","startTime":2810.27,"endTime":2814.62,"body":"movement into commercial and"},{"speaker":"Dave Foster","startTime":2814.62,"endTime":2818.28,"body":"what are called triple net"},{"speaker":"Dave Foster","startTime":2814.62,"endTime":2818.28,"body":"properties. triple net simply"},{"speaker":"Dave Foster","startTime":2818.28,"endTime":2826.5,"body":"stands for the lease, where the"},{"speaker":"Dave Foster","startTime":2818.28,"endTime":2826.5,"body":"tenant pays for the taxes, the"},{"speaker":"Dave Foster","startTime":2826.5,"endTime":2830.88,"body":"insurance have a maintenance, so"},{"speaker":"Dave Foster","startTime":2826.5,"endTime":2830.88,"body":"you do nothing except collect"},{"speaker":"Dave Foster","startTime":2830.88,"endTime":2835.5,"body":"the check. And usually these are"},{"speaker":"Dave Foster","startTime":2830.88,"endTime":2835.5,"body":"long term corporate guaranteed"},{"speaker":"Dave Foster","startTime":2835.5,"endTime":2839.94,"body":"leases, with large corporations."},{"speaker":"Dave Foster","startTime":2835.5,"endTime":2839.94,"body":"So that's very, very passive."},{"speaker":"Dave Foster","startTime":2840.9,"endTime":2843.51,"body":"Below that, then you get into"},{"speaker":"Dave Foster","startTime":2840.9,"endTime":2843.51,"body":"these, what are called"},{"speaker":"Dave Foster","startTime":2843.51,"endTime":2849.45,"body":"fractional opportunities, like a"},{"speaker":"Dave Foster","startTime":2843.51,"endTime":2849.45,"body":"syndication. Now, what you're"},{"speaker":"Dave Foster","startTime":2849.45,"endTime":2853.29,"body":"talking about that qualifies the"},{"speaker":"Dave Foster","startTime":2849.45,"endTime":2853.29,"body":"syndication, that qualifies"},{"speaker":"Dave Foster","startTime":2853.83,"endTime":2858.39,"body":"would be a syndication, where"},{"speaker":"Dave Foster","startTime":2853.83,"endTime":2858.39,"body":"you are able, or the syndication"},{"speaker":"Dave Foster","startTime":2858.39,"endTime":2862.95,"body":"is able to sell to you. And"},{"speaker":"Dave Foster","startTime":2858.39,"endTime":2862.95,"body":"actual percentage of the"},{"speaker":"Dave Foster","startTime":2862.95,"endTime":2867.39,"body":"property has a tenant in common."},{"speaker":"Dave Foster","startTime":2862.95,"endTime":2867.39,"body":"So it might be a $5 million"},{"speaker":"Dave Foster","startTime":2867.54,"endTime":2870.66,"body":"property. And if the"},{"speaker":"Dave Foster","startTime":2867.54,"endTime":2870.66,"body":"syndications financing will"},{"speaker":"Dave Foster","startTime":2870.66,"endTime":2875.13,"body":"allow it, then you could have"},{"speaker":"Dave Foster","startTime":2870.66,"endTime":2875.13,"body":"usually it's a $500,000,"},{"speaker":"Dave Foster","startTime":2875.13,"endTime":2877.41,"body":"minimum, that kind of thing,"},{"speaker":"Dave Foster","startTime":2875.13,"endTime":2877.41,"body":"because it takes some hoops to"},{"speaker":"Dave Foster","startTime":2877.41,"endTime":2882.03,"body":"jump through, but they could"},{"speaker":"Dave Foster","startTime":2877.41,"endTime":2882.03,"body":"sell you 10% of the actual"},{"speaker":"Dave Foster","startTime":2882.03,"endTime":2888.72,"body":"property itself. So you own 10%"},{"speaker":"Dave Foster","startTime":2882.03,"endTime":2888.72,"body":"of the property, the syndication"},{"speaker":"Dave Foster","startTime":2888.72,"endTime":2892.71,"body":"owns 10% of the property. And"},{"speaker":"Dave Foster","startTime":2888.72,"endTime":2892.71,"body":"then they're combined with your"},{"speaker":"Dave Foster","startTime":2892.71,"endTime":2896.82,"body":"management agreement. And those"},{"speaker":"Dave Foster","startTime":2892.71,"endTime":2896.82,"body":"can be absolutely passive. Now,"},{"speaker":"Dave Foster","startTime":2897.0,"endTime":2900.0,"body":"if you don't have that kind of"},{"speaker":"Dave Foster","startTime":2897.0,"endTime":2900.0,"body":"stroke, to get into something"},{"speaker":"Dave Foster","startTime":2900.0,"endTime":2903.69,"body":"like that, there's another one"},{"speaker":"Dave Foster","startTime":2900.0,"endTime":2903.69,"body":"that's a level down, called a"},{"speaker":"Dave Foster","startTime":2903.69,"endTime":2908.85,"body":"Delaware statutory trust, that"},{"speaker":"Dave Foster","startTime":2903.69,"endTime":2908.85,"body":"typically requires accredited or"},{"speaker":"Dave Foster","startTime":2908.85,"endTime":2912.93,"body":"savvy investors to get out the"},{"speaker":"Dave Foster","startTime":2908.85,"endTime":2912.93,"body":"offering. And it also is a"},{"speaker":"Dave Foster","startTime":2912.93,"endTime":2918.15,"body":"fractional ownership of a piece"},{"speaker":"Dave Foster","startTime":2912.93,"endTime":2918.15,"body":"of real estate, through the"},{"speaker":"Dave Foster","startTime":2918.15,"endTime":2922.35,"body":"vehicle of a certain type of"},{"speaker":"Dave Foster","startTime":2918.15,"endTime":2922.35,"body":"trust that the IRS has"},{"speaker":"Dave Foster","startTime":2922.35,"endTime":2927.03,"body":"officially blessed. And that"},{"speaker":"Dave Foster","startTime":2922.35,"endTime":2927.03,"body":"too, is absolutely passing. Your"},{"speaker":"Dave Foster","startTime":2927.03,"endTime":2931.8,"body":"money goes in, you simply get a"},{"speaker":"Dave Foster","startTime":2927.03,"endTime":2931.8,"body":"check every month. And so all of"},{"speaker":"Dave Foster","startTime":2931.8,"endTime":2934.47,"body":"those things, the vacation"},{"speaker":"Dave Foster","startTime":2931.8,"endTime":2934.47,"body":"rentals on another opportunity,"},{"speaker":"Dave Foster","startTime":2935.16,"endTime":2937.5,"body":"whether they're vacation"},{"speaker":"Dave Foster","startTime":2935.16,"endTime":2937.5,"body":"rentals, whether you where you"},{"speaker":"Dave Foster","startTime":2937.5,"endTime":2941.01,"body":"hire management, or whether you"},{"speaker":"Dave Foster","startTime":2937.5,"endTime":2941.01,"body":"have central residents, excuse"},{"speaker":"Dave Foster","startTime":2941.01,"endTime":2946.68,"body":"me, central reservations, like"},{"speaker":"Dave Foster","startTime":2941.01,"endTime":2946.68,"body":"at a ski area, or a beach area,"},{"speaker":"Dave Foster","startTime":2947.16,"endTime":2950.07,"body":"have the entire building is all"},{"speaker":"Dave Foster","startTime":2947.16,"endTime":2950.07,"body":"rentals. And there are what are"},{"speaker":"Dave Foster","startTime":2950.07,"endTime":2954.12,"body":"called condo hotels and ditches"},{"speaker":"Dave Foster","startTime":2950.07,"endTime":2954.12,"body":"makes money and you do nothing"},{"speaker":"Dave Foster","startTime":2954.87,"endTime":2959.1,"body":"except make sure the fees are"},{"speaker":"Dave Foster","startTime":2954.87,"endTime":2959.1,"body":"paid and collect your check. So"},{"speaker":"Dave Foster","startTime":2959.1,"endTime":2962.61,"body":"there's a bunch of different"},{"speaker":"Dave Foster","startTime":2959.1,"endTime":2962.61,"body":"ways to skin that cat passivly."},{"speaker":"Average Joe Finances","startTime":2962.85,"endTime":2966.39,"body":"Awesome."},{"speaker":"Average Joe Finances","startTime":2962.85,"endTime":2966.39,"body":"Awesome. Definitely more than"},{"speaker":"Average Joe Finances","startTime":2966.39,"endTime":2969.0,"body":"what I was thinking that the"},{"speaker":"Average Joe Finances","startTime":2966.39,"endTime":2969.0,"body":"tenants in common was where I"},{"speaker":"Average Joe Finances","startTime":2969.0,"endTime":2972.93,"body":"was going with the with that"},{"speaker":"Average Joe Finances","startTime":2969.0,"endTime":2972.93,"body":"with with syndication. So"},{"speaker":"Average Joe Finances","startTime":2973.74,"endTime":2976.98,"body":"definitely love talking about"},{"speaker":"Average Joe Finances","startTime":2973.74,"endTime":2976.98,"body":"all the other stuff too. So"},{"speaker":"Average Joe Finances","startTime":2977.01,"endTime":2980.49,"body":"Delaware statutory trusts I've"},{"speaker":"Average Joe Finances","startTime":2977.01,"endTime":2980.49,"body":"heard about those as well and"},{"speaker":"Average Joe Finances","startTime":2980.49,"endTime":2985.14,"body":"people 1031ing into those. Now"},{"speaker":"Average Joe Finances","startTime":2980.49,"endTime":2985.14,"body":"that has a fixed rate, does it"},{"speaker":"Average Joe Finances","startTime":2985.14,"endTime":2987.9,"body":"not on your return or does it"},{"speaker":"Average Joe Finances","startTime":2985.14,"endTime":2987.9,"body":"vary?"},{"speaker":"Dave Foster","startTime":2988.29,"endTime":2993.33,"body":"Well each project"},{"speaker":"Dave Foster","startTime":2988.29,"endTime":2993.33,"body":"has its own performance. So each"},{"speaker":"Dave Foster","startTime":2993.36,"endTime":2997.74,"body":"individual offering is going to"},{"speaker":"Dave Foster","startTime":2993.36,"endTime":2997.74,"body":"have a a rate that their"},{"speaker":"Dave Foster","startTime":2997.74,"endTime":3001.88,"body":"advertising they are not stuck"},{"speaker":"Dave Foster","startTime":2997.74,"endTime":3001.88,"body":"With that, but they have to"},{"speaker":"Dave Foster","startTime":3001.88,"endTime":3005.57,"body":"produce that as part of their"},{"speaker":"Dave Foster","startTime":3001.88,"endTime":3005.57,"body":"sec compliance. So it could"},{"speaker":"Dave Foster","startTime":3005.57,"endTime":3011.9,"body":"adjust. But when you get that,"},{"speaker":"Dave Foster","startTime":3005.57,"endTime":3011.9,"body":"you're also getting your share"},{"speaker":"Dave Foster","startTime":3011.9,"endTime":3017.45,"body":"of the appreciation and your"},{"speaker":"Dave Foster","startTime":3011.9,"endTime":3017.45,"body":"share of the depreciation. So"},{"speaker":"Dave Foster","startTime":3017.45,"endTime":3021.47,"body":"there are some variables that"},{"speaker":"Dave Foster","startTime":3017.45,"endTime":3021.47,"body":"are in there. Typically, they're"},{"speaker":"Dave Foster","startTime":3021.47,"endTime":3025.79,"body":"very, because the returns are"},{"speaker":"Dave Foster","startTime":3021.47,"endTime":3025.79,"body":"really conservative. The"},{"speaker":"Dave Foster","startTime":3025.79,"endTime":3029.39,"body":"projects are very conservative,"},{"speaker":"Dave Foster","startTime":3025.79,"endTime":3029.39,"body":"and what they advertise yet,"},{"speaker":"Average Joe Finances","startTime":3029.57,"endTime":3031.31,"body":"okay,"},{"speaker":"Average Joe Finances","startTime":3029.57,"endTime":3031.31,"body":"yeah, sounds good. Sounds good."},{"speaker":"Average Joe Finances","startTime":3031.82,"endTime":3036.29,"body":"All right. So this has been"},{"speaker":"Average Joe Finances","startTime":3031.82,"endTime":3036.29,"body":"absolutely awesome. Not not only"},{"speaker":"Average Joe Finances","startTime":3036.29,"endTime":3038.69,"body":"talking about the 1031"},{"speaker":"Average Joe Finances","startTime":3036.29,"endTime":3038.69,"body":"exchanges, but also talking"},{"speaker":"Average Joe Finances","startTime":3038.69,"endTime":3043.43,"body":"about boats and everything. And"},{"speaker":"Average Joe Finances","startTime":3038.69,"endTime":3043.43,"body":"I really had a blast talking"},{"speaker":"Average Joe Finances","startTime":3043.43,"endTime":3047.21,"body":"with you. And, Dave, I wanted to"},{"speaker":"Average Joe Finances","startTime":3043.43,"endTime":3047.21,"body":"ask you, if you had any last"},{"speaker":"Average Joe Finances","startTime":3047.21,"endTime":3049.73,"body":"tips or tricks that you would"},{"speaker":"Average Joe Finances","startTime":3047.21,"endTime":3049.73,"body":"recommend for somebody who's"},{"speaker":"Average Joe Finances","startTime":3050.03,"endTime":3052.55,"body":"getting ready to sell an"},{"speaker":"Average Joe Finances","startTime":3050.03,"endTime":3052.55,"body":"investment property, and they're"},{"speaker":"Average Joe Finances","startTime":3052.58,"endTime":3054.38,"body":"considering 1031 exchanging it?"},{"speaker":"Dave Foster","startTime":3054.65,"endTime":3058.01,"body":"Well give us a call"},{"speaker":"Dave Foster","startTime":3054.65,"endTime":3058.01,"body":"sooner rather than later. And"},{"speaker":"Dave Foster","startTime":3058.01,"endTime":3060.98,"body":"we're at the1031Investor.com."},{"speaker":"Dave Foster","startTime":3058.01,"endTime":3060.98,"body":"And you"},{"speaker":"Average Joe Finances","startTime":3060.98,"endTime":3063.38,"body":"can say"},{"speaker":"Average Joe Finances","startTime":3060.98,"endTime":3063.38,"body":"that so where can people find"},{"speaker":"Average Joe Finances","startTime":3063.38,"endTime":3064.19,"body":"more about you then?"},{"speaker":"Dave Foster","startTime":3064.67,"endTime":3068.57,"body":"Yeah,"},{"speaker":"Dave Foster","startTime":3064.67,"endTime":3068.57,"body":"the1031Investor.com get your"},{"speaker":"Dave Foster","startTime":3068.57,"endTime":3072.59,"body":"writer education portal, we have"},{"speaker":"Dave Foster","startTime":3068.57,"endTime":3072.59,"body":"probably 40 different videos"},{"speaker":"Dave Foster","startTime":3073.01,"endTime":3076.43,"body":"that are all short snippets of"},{"speaker":"Dave Foster","startTime":3073.01,"endTime":3076.43,"body":"this. We actually for those of"},{"speaker":"Dave Foster","startTime":3076.43,"endTime":3081.02,"body":"you who have insomnia, I just"},{"speaker":"Dave Foster","startTime":3076.43,"endTime":3081.02,"body":"uploaded a three hours CE class"},{"speaker":"Dave Foster","startTime":3081.5,"endTime":3086.93,"body":"for realtors that are interested"},{"speaker":"Dave Foster","startTime":3081.5,"endTime":3086.93,"body":"in taking a deep dive in how to"},{"speaker":"Dave Foster","startTime":3086.93,"endTime":3090.92,"body":"use these are the tips and"},{"speaker":"Dave Foster","startTime":3086.93,"endTime":3090.92,"body":"tricks. But you know, I guess I"},{"speaker":"Dave Foster","startTime":3090.92,"endTime":3094.43,"body":"just leave you with Mark Twain"},{"speaker":"Dave Foster","startTime":3090.92,"endTime":3094.43,"body":"man. If you want to get"},{"speaker":"Dave Foster","startTime":3094.43,"endTime":3098.99,"body":"somewhere, Real Estate's the way"},{"speaker":"Dave Foster","startTime":3094.43,"endTime":3098.99,"body":"to do it. Don't wait to buy real"},{"speaker":"Dave Foster","startTime":3098.99,"endTime":3103.13,"body":"estate, buy real estate and"},{"speaker":"Dave Foster","startTime":3098.99,"endTime":3103.13,"body":"wait. And if it's anything else"},{"speaker":"Dave Foster","startTime":3103.13,"endTime":3107.42,"body":"that you want to do, don't wait."},{"speaker":"Dave Foster","startTime":3103.13,"endTime":3107.42,"body":"Do it now. Seize the moment."},{"speaker":"Average Joe Finances","startTime":3107.63,"endTime":3111.35,"body":"Absolutely."},{"speaker":"Average Joe Finances","startTime":3107.63,"endTime":3111.35,"body":"Love it. Absolutely love it. So"},{"speaker":"Average Joe Finances","startTime":3111.35,"endTime":3114.05,"body":"do you have any social media by"},{"speaker":"Average Joe Finances","startTime":3111.35,"endTime":3114.05,"body":"the way that people can follow"},{"speaker":"Average Joe Finances","startTime":3114.05,"endTime":3114.53,"body":"you on?"},{"speaker":"Dave Foster","startTime":3114.84,"endTime":3119.58,"body":"We do check out and"},{"speaker":"Dave Foster","startTime":3114.84,"endTime":3119.58,"body":"I am the lead of the mix. So I"},{"speaker":"Dave Foster","startTime":3119.58,"endTime":3123.48,"body":"tell you what we'll do in your"},{"speaker":"Dave Foster","startTime":3119.58,"endTime":3123.48,"body":"post production notes. My staff"},{"speaker":"Dave Foster","startTime":3123.48,"endTime":3126.75,"body":"will give that to you to try to"},{"speaker":"Dave Foster","startTime":3123.48,"endTime":3126.75,"body":"figure out and navigate with the"},{"speaker":"Dave Foster","startTime":3126.75,"endTime":3127.47,"body":"GPS"},{"speaker":"Average Joe Finances","startTime":3127.59,"endTime":3129.78,"body":"awesome."},{"speaker":"Average Joe Finances","startTime":3127.59,"endTime":3129.78,"body":"So hey, I'll make sure I have"},{"speaker":"Average Joe Finances","startTime":3129.78,"endTime":3133.17,"body":"your website, your social media"},{"speaker":"Average Joe Finances","startTime":3129.78,"endTime":3133.17,"body":"where everybody can find you."},{"speaker":"Average Joe Finances","startTime":3133.47,"endTime":3136.17,"body":"You know and for those that want"},{"speaker":"Average Joe Finances","startTime":3133.47,"endTime":3136.17,"body":"to learn more and take some of"},{"speaker":"Average Joe Finances","startTime":3136.17,"endTime":3138.6,"body":"those classes that's that's"},{"speaker":"Average Joe Finances","startTime":3136.17,"endTime":3138.6,"body":"fantastic. Because you said the"},{"speaker":"Average Joe Finances","startTime":3138.6,"endTime":3141.15,"body":"website will take you right to"},{"speaker":"Average Joe Finances","startTime":3138.6,"endTime":3141.15,"body":"the education portal, I'm"},{"speaker":"Average Joe Finances","startTime":3141.15,"endTime":3143.94,"body":"probably going to take that C E"},{"speaker":"Average Joe Finances","startTime":3141.15,"endTime":3143.94,"body":"Class if I can get some c"},{"speaker":"Average Joe Finances","startTime":3143.94,"endTime":3148.05,"body":"credits for my for my realtor"},{"speaker":"Average Joe Finances","startTime":3143.94,"endTime":3148.05,"body":"license as well. So that's"},{"speaker":"Average Joe Finances","startTime":3148.05,"endTime":3152.67,"body":"awesome. And you know, I felt"},{"speaker":"Average Joe Finances","startTime":3148.05,"endTime":3152.67,"body":"like just in this short time"},{"speaker":"Average Joe Finances","startTime":3152.67,"endTime":3155.64,"body":"talking with you, I've learned"},{"speaker":"Average Joe Finances","startTime":3152.67,"endTime":3155.64,"body":"more about 1031 exchanges than"},{"speaker":"Average Joe Finances","startTime":3155.64,"endTime":3159.54,"body":"I've ever known before. which is"},{"speaker":"Average Joe Finances","startTime":3155.64,"endTime":3159.54,"body":"again we're only hitting wave"},{"speaker":"Average Joe Finances","startTime":3159.54,"endTime":3161.85,"body":"top stuff I mean we got a little"},{"speaker":"Average Joe Finances","startTime":3159.54,"endTime":3161.85,"body":"detailed but we're still hitting"},{"speaker":"Average Joe Finances","startTime":3161.85,"endTime":3165.12,"body":"wave tops, there's still so much"},{"speaker":"Average Joe Finances","startTime":3161.85,"endTime":3165.12,"body":"more to it. So for those of you"},{"speaker":"Average Joe Finances","startTime":3165.12,"endTime":3168.45,"body":"listening, go check out Dave's"},{"speaker":"Average Joe Finances","startTime":3165.12,"endTime":3168.45,"body":"site. Go see what they're all"},{"speaker":"Average Joe Finances","startTime":3168.45,"endTime":3170.52,"body":"about. See what they're doing"},{"speaker":"Average Joe Finances","startTime":3168.45,"endTime":3170.52,"body":"with 1031 exchanges and if"},{"speaker":"Average Joe Finances","startTime":3170.52,"endTime":3173.73,"body":"you're if you're coming up on"},{"speaker":"Average Joe Finances","startTime":3170.52,"endTime":3173.73,"body":"one you got a good QA right here"},{"speaker":"Average Joe Finances","startTime":3173.73,"endTime":3177.06,"body":"that can that can help you out."},{"speaker":"Average Joe Finances","startTime":3173.73,"endTime":3177.06,"body":"Dave, absolute pleasure. Thank"},{"speaker":"Average Joe Finances","startTime":3177.06,"endTime":3179.88,"body":"you so much for taking the time"},{"speaker":"Average Joe Finances","startTime":3177.06,"endTime":3179.88,"body":"to talk with me today. Send me"},{"speaker":"Average Joe Finances","startTime":3179.88,"endTime":3183.93,"body":"some pictures that a leopard"},{"speaker":"Average Joe Finances","startTime":3179.88,"endTime":3183.93,"body":"when you get it will do will do"},{"speaker":"Average Joe Finances","startTime":3183.93,"endTime":3188.46,"body":"for sure."},{"speaker":"Average Joe Finances","startTime":3185.91,"endTime":3190.399,"body":"Thanks for listening to the"},{"speaker":"Average Joe Finances","startTime":3185.91,"endTime":3190.399,"body":"Average Joe Finances podcast."},{"speaker":"Average Joe Finances","startTime":3190.478,"endTime":3195.361,"body":"Your source for beating debt,"},{"speaker":"Average Joe Finances","startTime":3190.478,"endTime":3195.361,"body":"saving money and investing Learn"},{"speaker":"Average Joe Finances","startTime":3195.44,"endTime":3200.481,"body":"more at AverageJoeFinances.com."},{"speaker":"Average Joe Finances","startTime":3195.44,"endTime":3200.481,"body":"The Average Joe Finances podcast"},{"speaker":"Average Joe Finances","startTime":3200.559,"endTime":3204.97,"body":"is for informational and"},{"speaker":"Average Joe Finances","startTime":3200.559,"endTime":3204.97,"body":"entertainment purposes only. Do"},{"speaker":"Average Joe Finances","startTime":3205.049,"endTime":3210.09,"body":"not use this for any real estate"},{"speaker":"Average Joe Finances","startTime":3205.049,"endTime":3210.09,"body":"or investment making decisions."}]}