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Under Section 1031 of the United States Internal Revenue Code (26 U.S.C. § 1031), the exchange of certain types of property may defer the recognition of capital gains or losses due upon sale, and hence defer any capital gains taxes otherwise due.
An investor sells their California property after holding it for 15 years. They sell it for $1M after buying it for $545k. They now have $455k in taxable gains. Instead of paying taxes on that $455k, they decide to '1031 exchange' those funds through an intermediary, into 7 houses in Indianapolis. These homes are all rehabbed and rented with an average rent of $750 a month. They are now earning gross $5,250 or $63,000 a year or almost 14% in gross rent on their $455,000. Of course, standard rental homes’ expenses come out of that, such as taxes and insurance, property management, vacancy and maintenance. Even with those normal expenses, they can experience cash flow on day 1!
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