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The following are a few thoughts from the Moore brothers;
The most enjoyable aspect of our profession The wide eyes. The satisfaction of making a deal work and the look on someone's face when you figure out a way to defer taxes of tens or even hundreds of thousands of dollars. Remember the word problems in math class? We live those everyday. Our reputation was built on our ability to get the difficult deal done. The look on an exchangor's face after structuring a complex a deal is priceless. The largest obstacle we have is the public's awareness of this procedure and its potential applications. 1031 Exchanges bring real estate to mind, what about personal property? Many people that are aware of the 1031 exchange think of it only for real property, but what about the planes, trucks, boats, etc? We can facilitate personal property exchanges if the property in question is being held for business or investment purposes. Typically, people that know of IRC 1031 think of it only with respect to real property. As the stock market fluctuates and people are looking for more creative ways to keep their money theirs, aircraft and heavy equipment exchanges are becoming more and more common. As a matter of fact, we have structured exchanges for everything from embroidery machines to cattle. The like-kind definition, however, does change drastically with personal property. Unlike the real property scenario, like-kind when applied to personal property, is true like-kind. Is there a large demand for 1031 Exchange services? The answer to that question is a resounding "yes". Prior to nineties 1031 Tax-Deferred Exchanges were being facilitated, but with a lack of clear guidelines. In fact, with only a handful of 1031 Exchange companies in existence, it was a feat to find an accommodator at all. The Moore brothers had an investment partner with an exchange facilitation company in the bay area, but no contacts in the Northwest. We remember looking in the phone book without finding a single listing. Responding to our own needs and the demand for 1031 Exchange facilitators in the Northwest and other parts of the country, we seized the opportunity and never looked back. We are now in the process of opening an office in our home town of Santa Cruz, California. The surf, the sand, the salt air have all been missed far too long for Thomas and his wife. Thus, following the trail home to the beach means that Equity Advantage is opening a new office in California. What makes Equity Advantage different? The ability to make a deal work. In the spring of 1991, for the first time, the IRS issued guidelines for 1031 Exchanges. These guidelines put many investors' minds at ease. A large portion of our current clients are people from the past who use us each time they need to exchange properties. We take pains not to spread ourselves too thin. We are not happy unless we can deal with each client at their convenience, to assuage any concerns they might have. Exchanging property can be stressful when one does not know exactly what is involved. When an exchange is closed, our job is not done. We periodically check in with our past clients to make certain that everything we did exceeded their expectations. That is how I know we are doing our job well. Equity Advantage, today We are in a niche market where knowledge and the volume of business are not mutually exclusive. From what we hear from our clients, we do our job very well. We've always prided ourselves on being the ones that can make the difficult exchange work. Many people laugh when we say it, but facilitating exchanges really is an art, rather than a science. Remember, Exchanging is not a tax, legal, or escrow decision. Exchanging is an investment decision.
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