S.E.C. Real Estate Observer

“Good afternoon sports fans and welcome to Heinz Field where your World Champion Pittsburgh Steelers begin their campaign for another magnificent year.” Seated in seats 1 and 2, Row AA, Section 111, Don and his son David are eager to see Don’s beloved Steelers get off to a strong start. Although David longed to see his Red Sox playing their final games, Don loved football. David had driven from Boston, where he practices as a cardiologist, picked up his father in Rochester, and made the trek to the opening game.

“I am not the kind of person who can save money to build an estate.” The author is unknown, but often quoted. It is a fact that it takes money or assets to get started in Estate Building. Many Brokers and Salesmen will admit they are unable to create and maintain a savings account. Money is always needed for short gap emergencies like office rent, family expenses or to close a transaction. Thus, many potential estate builders cannot even get started.

Question: Many people have called you the father of modern real estate exchanging. When did you really see a need for this field to become a specialty? Answer: It was in the latter part of the 1940s that I could see the need to become a specialist in the “people business” to succeed in property, and professionally conduct an exchange and counseling business.

It was great to see so many of you at the S.E.C. marketing meeting in Albany, NY, and we look forward to seeing you in Palm Springs in November. In the meantime, please call us for your next 1031 Exchange transaction. Our team is always ready to serve in a technical advisory capacity for 1031 Exchanges, 1033 Exchanges, 721 Exchanges, Title Holding Trusts as well as Seller Carry Back Notes and/or Deferred Sales Trusts™.