In this episode, David Moore (Equity Advantage) sits down with Robert Smith of Peregrine Private Capital to unpack the evolving world of 1031 exchanges, DSTs (Delaware Statutory Trusts), and 721 UPREITs in today’s unpredictable real estate market.

📈 Key Topics:

• The recent interest rate changes and how they’re reshaping investor behavior
  
  
• Why 721 UPREITs have become Wall Street’s favorite “exit strategy”
  
  
• The risks and misconceptions around liquidity in DSTs and UPREITs
  
  
• Tax strategies every real estate investor should know in 2025
  
  
• The impact of policy changes, rent control, and state taxes on property owners
  
  
• How investors can protect wealth and plan smarter for generational real estate transitions

00:00 – Disclaimer & Investment Risk Overview
00:47 – Welcome: David Moore & Robert Smith on Today’s Market
02:57 – Interest Rates, Uncertainty & the 2025 Real Estate Landscape
05:05 – When Tax Deferral Doesn’t Make Sense
08:11 – DSTs & 721 UPREITs Explained: How They Work
12:20 – DST vs. 721: Key Differences and Hidden Risks
17:25 – The Endgame Strategy: When a 721 Exchange Fits
23:47 – Liquidity, Tax Benefits & Wall Street’s Real Estate Agenda
43:00 – Taxes, Policy & Why Investors Are Leaving Blue States
55:36 – The Future of Real Estate Ownership in America

🎧 Subscribe for more deep dives into real estate investing, tax strategy, and wealth management from The Exchange Bros.

Important note: This podcast is not an offer to buy or a solicitation to sell a security. The podcast is a discussion pertaining to one or more investment strategies and/or asset class(es), and is not a discussion of any specific offering, past or present, of securities. As a reminder, there is no guarantee that any investment or strategy will perform as targeted, past performance is no guarantee of future performance, and any investment involves risk of the loss of some or all principal invested. The podcast contains statements intended for educational and hypothetical purposes only, and is not to be construed as a promise of performance. Information presented herein reflects the opinions of the speakers and is from sources believed to be reliable, but all information is subject to change. You should always speak to your finance and/or tax professional prior to investing.

Securities offered through Emerson Equity LLC Member: FINRA/SIPC. Only available in states where Emerson Equity LLC is registered. Emerson Equity LLC is not affiliated with any other entities identified in this communication.

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In this episode, we are catching up with Paul Locatelli, a Santa Cruz real estate veteran and old friend, with stories you won’t hear anywhere else! From Versace to navigating tricky appraisals, Paul’s seen it all — and yes, Tom’s swim record is still standing.

In this chat, we break down:

- How rent control is reshaping the Santa Cruz housing market
- Current market changes affecting buyers, sellers, and investors
- Paul’s personal journey in real estate, including wild stories and lessons learned

Whether you’re local, looking to invest, or just love a good Santa Cruz story, this interview is packed with real estate insights, laughs, and behind-the-scenes tales.

00:00:00 Reconnecting with Old Friends
00:03:15 Santa Cruz Market Snapshot
00:08:40 Rent Control Realities
00:14:20 Career Highlights & Funny Tales
00:20:50 721 DST Investments Explained
00:31:45 Investment Returns & Risk
00:41:30 Educating Investors
00:50:10 Buyer & Seller Trends in Santa Cruz
00:57:37 Portfolio Management Tips
01:07:22 People First, Profits Follow
01:16:14 Lessons from Real-Life Cases
01:23:05 Adding Value Without Selling
01:29:18 Wrapping Up & Next Steps

Our Expert:

Paul Locatelli, Epique Real Estate

https://locatellirealestate.com/

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AI can deliver quick answers, but when it comes to 1031 exchanges, it doesn’t know the right questions to ask — and that can cost you big.

In this episode, Dave and Tom break down why relying solely on AI can lead to missed opportunities, unnecessary risk, and even failed transactions. They share real-world stories, discuss the nuances of reverse and improvement exchanges, and explain why experience, strategy, and human judgment still matter. Whether you’re an investor, broker, or just curious about AI’s role in real estate, this episode will help you avoid costly mistakes and make smarter decisions.

01:00 AI’s Role in Real Estate
02:00 The Big Issue: Not Knowing the Right Questions to Ask
04:30 AI Can’t Review Your Sales Agreement
07:30 Safe Harbor vs. Non-Safe Harbor Exchanges
08:30 Why Cheap Isn’t Always Better
11:20 Referral Fees, Conflicts of Interest, and Client Trust
15:00 $100M Deal Example: Security & Risk Management
28:00 Basis, Depreciation, and Why AI Can’t Calculate It
46:30 Final Thoughts: AI’s Place & Human Expertise

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