Views down Eastsound
1031 Exchange
If you currently own rental or investment property, you can do a 1031 Exchange to avoid taxes and have the opportunity to invest on Orcas Island. In order to do a 1031, you must begin by contacting a 1031 Exchange Facilitator, and follow the rules governing the exchange. It is not complicated, but it is specific, and the Facilitator must hold your money for you between the sale and purchase.
During the exchange, you have 45 days to identify three properties, and six months close on one or more of those properties. You can
exchange land for a home, or a rental for another type of investment, and several properties can be rolled into one, or one property invested into several. The key is that you meet the time requirements and that you never hold the money.
We would be happy to put you in touch with a Facilitator who can assist you in this tax saving strategy.
IRA to Purchase Real Estate
A little-known option for investing in real estate is to use your individual retirement account (IRA).
Many of us have seen so much wealth disappear in the stock market over the last few years, yet have watched our real estate investments continue to make good money. If you have money in a Roth IRA, SEP or Keogh plan, you can use these IRA's to own real estate. Of course, real estate can go up or down as well, but at least you have a solid, tangible asset. If this sounds attractive to you, consult your tax and financial advisors, and then give us a call at OrcasDreams-Island Properties.
Thursday, October 8, 2009
Fall on Orcas Island Follow my blog: lifeonorcasisland.blogspot.com
Here you will learn the about the unvarnished reality of life on Orcas Island!
- Sailing in West Sound, Orcas Island.
The crowds of August are gone. We have the island to ourselves, except for the avid bicycle riders and a few intrepid travelers. It's stunningly beautiful dressed in golds and reds of fall and it's quiet. Don't let the quiet fool you, there is still lots to do. Finally, there is enough wind for a good sail, for example. We have Friday night sailing races in West Sound. There is a Sailing Foundation on Orcas where you can learn to sail and use the boats for a very modest fee.
The high school students have teams and sailing classes as well. When I first moved to Orcas, I taught for the Sailing Foundation, spending my days on the water with young teens and women wanting to master the winds. Pretty soon I found myself in charge of the sailing program! This is how things go on Orcas. First you volunteer, then you end up on charge. I feel like I got to know some of those kids in a way that was unique, bobbing around in the water on hot summer days. It was idyllic!
The trails in the Park our ours again, golden with fallen leaves from the big leaf maples and willows. In the off season there is rarely a sign of any litter. The park is quiet, with some weekend camping, but lots of great campsites available. My grandchildren spend almost every day in the summer in the park, swimming, playing on the playground, being with their friends and families.
Many Islanders are avid gardeners, and right now we are all harvesting our gardens and fruit trees, it was an abundant year. Right now, pear butter simmers on the stove, Ken brings in some madrona for a fire, and later, we'll bring out our books to read. We have a TV, but no hook up. We, like many islanders, have NETFLIX only. No mass television media entering our homes. It's a different way of living. I have heard a that the average family has four TVs on the mainland. We don't have stoplights, or golden arches, or subway or K-Mart. We have small locally owned stores like times past, but we do all LOVE the Internet! Yes, we have DSL! A nuber of folks I know are lucky enough to tele-commute.
Every year we harvest hundreds of apples from our 100 year old King apple trees. Orcas was the fruit basket for Seattle prior to the Columbia being dammed and water becoming available to Eastern Washington. There are trees dripping with succulent fruit literally everywhere. If you have dreams of having orchards, this is the place! My friend Bonnie marveled at the flowers everywhere. saying; " I struggled for years to get that to grow..and here it's 5 feet tall!" This is true, it is a gardener's paradise.
We had such fun with our grandson, Caleb picking apples in the horse pasture. He was old enough to climb the ladder and toss his grandma apples. This year we hope to have the whole crew here to harvest. Kings require a cold snap to bring out the sugars, but the horses don't care! They like them just fine anytime.
Ken and I are so fortunate to have three of our chilren here and four grandchildren as well. People often wonder how do young people make a living? Well, in our family: one is builder, one a schoolteacher/gardener, one works at the Olga Store, one at the Hardware store, one is a massage therapist and personal assistant, and one is a landscaper. Like most islanders, they all have adjunct occupations as well, like fixing cars, pet sitting, child care or organizing homes. When we first moved here, within the year, I had 4 part time occupations. Ken had a real job building homes. You've got to be creative if you need to make a living and want to be here. Some folks laugh and say: "Orcas makes you pay your dues". The amazing thing is, that it is rather self-selective, you have to WANT to be here. But because it's not so easy, the folks here tend to love their home, and that makes it special.