Preview Mode Links will not work in preview mode Founder and Host, Dave Knight is a full time Police Officer who outside the workplace has been able to grow a multi-million dollar rental income portfolio.

First Responders Wealth Network Podcast was created to help ALL First Responders become educated and exposed to the possibilities of real estate investing, the strategies used to grow your wealth, and to stop relying on your paycheque and pensions alone.

Top millionaire investors, industry leading professionals, and success stories from other First Responder investors throughout Canada and United States are showcased weekly to share their journey and lessons learned.

Dave’s mission is to help educate, inspire to take action, create a network, and change ALL first responders mindset on how they approach their financial future or retirement. #911WealthNetwork 

Mar 1, 2024


In this episode, real estate expert Dave Foster unravels the intricacies of 1031 exchanges. He sheds light on how this financial strategy empowers individuals to sell investment properties and defer tax payments by reinvesting the proceeds into new investment opportunities. Dave underscores the advantages of integrating 1031 exchanges into strategic portfolio management for wealth generation. Additionally, he illuminates the possibility of primary residences qualifying for tax-free profits, reaching up to $250,000 (or $500,000 for married couples) when specific criteria are met. Dave shares insights into the meticulous process of executing a 1031 exchange with the assistance of a qualified intermediary, emphasizing the crucial aspect of thoughtful planning. He concludes by highlighting the significant benefit that, upon an individual's demise, heirs receive inherited properties with a step-up in basis, enabling them to sidestep tax obligations.

David Foster Links: Websites:                                                                  

News Letter

Hi, First Responders,

Ever wished for a financial strategy that not only defers taxes but propels your real estate journey? In our recent podcast with Dave Foster, we uncovered the secrets of 1031 exchanges - a game-changer for investors!

 Quick Guide to 1031 Exchanges:

1. What is a 1031 Exchange? 02:31 - 04:09:

● Opportunity to sell and purchase investment real estate.

● Defers tax payments, putting money back in your pocket.

2. The Four "Ds" of 1031 Investing:  08:25 - 09:30:

● Defer: Defer tax dollars, compounding interest in your favor.

● Defer: Strategically reshape your portfolio based on market trends.

● Defer: Plan strategically at different life stages.

● Die: Enjoy a step-up in basis for your heirs, creating generational wealth.

3. How to Execute a 1031 Exchange: 09:30 - 11:07:

● Involve a Qualified Intermediary before closing the sale.

● 45 days to identify potential replacement properties, 180 days to close.

 Explore Further:

Visit The 1031 Investor for calculators, articles, and more educational content. Dive into their YouTube channel with 40+ videos for in-depth insights.

Life Hack: Use 1031 exchanges strategically, even transitioning from investment to vacation property and eventually to your primary residence.

Your journey to real estate success starts now. Explore the possibilities and transform your wealth with 1031 exchanges!

Happy investing!


Best regards,

Dave Knight