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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From IRAs to 401(k)s to 1031s… what’s really legal, and what’s a tax trap? David and Thomas Moore answer real client questions: Can retirement accounts pay property debt? When is selling smarter than exchanging? And what “tax-free” really means.

00:00 – Retirement Accounts + 1031 Exchanges
00:25 – Client Question: Can You Use Home Sale Proceeds to Pay IRA Debt?
01:59 – Why Paying IRA Debt with Personal Funds = Prohibited Transaction
04:05 – Legal Workaround: Using an LLC to Avoid Prohibited Transactions
07:15 – Asking the Right Tax & Legal Questions
15:22 – What to Do When a Seller Wants a 1031 Exchange
18:11 – Equity ≠ Gain: Understanding Your Real Tax Exposure
25:44 – What a 1031 Exchange Really Does (Tax Deferral, Not Tax-Free)
26:39 – Swap Until You Drop: Passing Properties to Heirs Tax-Free
41:04 – 1031 G6 Rules: When You Can (and Can’t) Access Cash

🔔 Subscribe for more tips on 1031 exchanges, retirement investing, and wealth-building strategies.

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In this episode, David Moore from Equity Advantage and IRA Advantage breaks down how you can use retirement funds, including self-directed IRAs, checkbook IRAs, and 401(k) plans, to purchase a business. Learn the differences between investing passively versus working in the business, how to avoid prohibited transactions, and when a Rollover Business Startup (ROBS) is the right move.

Perfect for entrepreneurs, investors, and anyone exploring tax-advantaged business purchases.

0:00 – Buying a Business with Your IRA or 401(k)
0:26 – Client Case Study: Using Retirement Funds to Purchase a Business
1:11 – Passive Investments vs. Working in the Business
1:33 – How a Self-Directed IRA or Checkbook IRA Works
2:13 – Combining Multiple IRAs & Understanding Disqualified Parties
3:23 – What You Can and Can’t Buy with an IRA or 401(k)
4:04 – The Checkbook Advantage IRA Structure Explained
5:06 – The Risk of Working in an IRA-Owned Business
5:47 – Rollover Business Startup (ROBS) Using a 401(k) + C Corporation
7:05 – Summary & How to Choose the Right Structure

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In this episode, David Moore of Equity Advantage covers the complexities of 1031 Exchange closing cost deductions, providing a lighthearted reminder that one wrong step can derail your entire transaction.

Learn why timing, documentation, and proper planning are critical when it comes to:

• Deducting closing costs
• Capital improvements before sale
• Handling “boot” and avoiding unexpected tax consequences
• Creating liens to recover funds legally
• Working with tax professionals to mitigate exposure

David shares real-world examples, like a client who spent $50K prepping a property for sale, and discusses the gray areas of what’s deductible or what could come back to bite you.

Whether you're an investor, realtor, or advisor, this episode will help you navigate the fine print and protect your investment.

📞 Got questions? Visit 1031Exchange.com or call Equity Advantage for guidance.

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In this special edition of the Exchange Bros, David and Tom dive deep into the world of self-directed IRAs — what they are, how they work, and how you can take control of your retirement dollars to invest in real estate, private loans, and beyond.

They break down:

• Why Wall Street IRAs are limiting your options
• The difference between “true” self-direction vs. what your broker says
• How to structure an IRA LLC (aka Checkbook IRA)
• Common pitfalls, prohibited transactions & disqualified parties
• Real-world examples and war stories from years in the business

Whether you're new to retirement planning or looking to supercharge your portfolio, this episode is packed with practical advice, expert insights, and a few laughs.

01:47 – What Is a Self-Directed IRA?
05:08 – Prohibited Transactions & Disqualified Parties
07:31 – The IRA LLC / Checkbook IRA Explained
14:26 – Trust Companies: Not All Are Created Equal
18:33 – Joint Ownership & Multi-Member Structures
25:10 – Funding Pitfalls & Common Setup Mistakes
30:59 – Annual Responsibilities & Reviews
36:07 – Distribution Rules & In-Kind Strategies
54:08 – RMDs, Real Estate, and Retirement Goals
56:40 – Final Thoughts: Be Conservative, Stay Compliant

Disclaimer: It's not just about making investments; it's about avoiding costly mistakes. Listen in and get it right the first time.

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In this episode, David Moore of Equity Advantage sits down with CPA and tax strategist Jonathan McGuire of Aldrich Advisors to unpack the sweeping real estate tax changes brought about by Trump's One Big Beautiful Bill. From the latest on Opportunity Zones and 1031 exchanges to new rules around bonus depreciation, cost segregation, Section 179, and the permanent Qualified Business Income Deduction, this conversation covers everything investors and developers need to know.

They also explore how the 2025 tax reform impacts individuals, high-net-worth investors, and small businesses, offering practical tax planning advice that could save you thousands. Whether you’re a real estate investor, syndicator, CPA, or developer, this episode is a must-listen.

Key Chapters:

02:30 – Common Tax Mistakes Real Estate Investors Make
06:00 – 2025 Tax Law Changes: What You Need to Know
08:04 – SALT Cap Raised to $40K (But Not Forever)
12:54 – Qualified Business Income (QBI) Deduction Made Permanent
16:56 – New Business Interest Deduction Rules
20:00 – Depreciation, Cost Seg, and Land vs. Building Allocation
23:15 – Retroactive Tax Savings
38:23 – Opportunity Zones Are Now Permanent
44:14 – Massive OZ Benefits in Rural Areas

Stay ahead of the curve in a shifting tax landscape. Learn how smart planning today can protect your wealth tomorrow.

🔗 Connect with Jonathan McGuire: AldrichAdvisors.com
🎙️ Hosted by: David Moore – 1031Exchange.com

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