Jack Shea Seminar

Jack Shea was our guest speaker at the SJREI on Thursday night last, and it was a pleasure to host someone with such vast experience in the real estate field. Attached is the handout from Jack's presentation.

In addition, Jack is the owner of a 1031 Exchange company (a tax code that can be used to defer taxes on the sale of real estate). His company has implemented some excellent measures to ensure that the money is safe during an exchange transaction. This is key to us investors, as a member of the SJREI lost over a $1,000,000 during an exchange when the 1031 Exchange company declared bankruptcy after her funds were deposited with them. As it turned the principals in that company were using tax exchange funds of other people to fund their investments (cars, houses, toys and the like!) Even though our member lost that money through bankruptcy - a taxable event occured she was liable for the taxes on the gain from the funds that were on deposit with the 1031 exchange company. As investors we have to be very carful not to be victimized like this. Jack shared how his company ensures that the money they hold is safe for the client.


1. They have double signature access - client plus Jack's so the money cannot be accessed without the approval of both.


2. The money for the exchange is held in a trust account with a bank - this means that even if the bank fails the money is secure.


Keep this in mind as you do your exchanges - it could save you a lot of heartache and pain.


Lease Option Seminar:


This is a great tool for investors to control property, and to ride out a down turn. Jack is not the smooth, fast-talking speaker, which we do not like anyway; but his experience and knowledge on the topic is immense. As an investor who has done hundreds of these - the kernals of knowledge that he has to share are insightful, and very helpful for all level investors. His book Secrets of Lease Option Profitstalks about the strategies involved with this system and how this type of market we are experiencing right now is very appropriate for this method of controlling real estate. See my previous post for a recorded conversation with Jack on lease options. It was great to spend a day in the company of an investor who has proved time and time again that he can effectively implement the tools that he is promoting. The cost of the book and cd is $55 - Jack is not making money selling books and cd's...