New Listing - 737 Olokele Ave. #1203 Honolulu HI
Recently renovated in 2024, this one-bedroom unit at Summer Villa exudes freshness and contemporary charm from the moment you step inside. Conveniently located near grocery stores & shops, Kapahulu is a vibrant neighborhood with exciting new restaurants, all within close proximity to Waikiki. Animal lovers will appreciate the pet-friendly policy, allowing a dog under 25 pounds or cats (please verify with management). The maintenance fees of $787.73 per month include electricity, sewer, water and the common expenses. We welcome VA buyers as this is a VA Approved building!! Offered at $425,000 (FS)
1031 exchange Conversations
I have had many conversations with clients about what can qualify for a 1031 exchange. My good friend at Old Republic Exchange, Julie Bratton helped answer some questions:
What is a 1031 exchange?
"The Internal Revenue Code provides that a taxpayer may sell real
property and defer payment of capital gains tax, if that taxpayer
uses the proceeds to acquire a like-kind replacement property.
IRC §1031 provides that neither gain nor loss is recognized
if property held for investment or productive use in trade of
business is exchanged for property held for investment or
productive use in a trade or business."
Why would I need a 1031 exchange?
"If the Capital gains tax is significant then reinvestment into replacement property allows taxpayer to leverage dollars that would otherwise be spent on taxes.
• Allows for non-income producing property to be replaced
with income-producing property.
• Allows taxpayer to diversify portfolio and minimize risk."
Can I do a 1031 exchange with my primary residence?
"No, it must be for a property held for investment that you sell to buy another property that is also an investment"
If you want more information on a 1031 exchange or whether your property can qualify for an exchange, call me and we can work with Julie Bratton at Old Republic Exchange to see if this investment strategy works for you.
As always if you know of anyone interested in selling or buying real estate, please feel free to contact me and we can discuss how we can make your real estate goals a reality!
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