Dean Guadagni has been following all of the shenanigans, low-lifes and heartbreaks in the 1031 Exchange industry for about 6 months now. His continued vigilance to this topic has earned him a spot on this Friday's Nightly News.
It's 5:35pm here at Harper Team Blogging Central.
And Now for this Friday's Nightly News: If you are thinking of a 1031 Exchange or are already involved in one, we recommend hot-footing it over to Dean's Guide. Dean is doing a great public service in covering the 1031 Exchange industry. It's not pretty, but it is information you need.
Thanks Dean. Keep up the good work.
Dean likes to dance when he's not fighting grime. We caught him on the hidden camera in our studio.
One Comment
OH MY GOD!
Johnny H that was hilarious and quite scary. The only part of that dancing I could manage would be the standing.
Thank you for the kind shout out to the public on my ongoing 1031 series.
The latest news in the Ed Okun 1031 Tax Group (1031 Advance of San Jose included) is that Okun’s savior JPS Capital partners has decided against a loan that would have paid back investors 75-85% of their monies.
The reason for the bail out by JPS is rumored to be the Houston based West Oak’s Mall bankruptcy filing. The West Oaks Mall complex was the centerpiece commercial property controlled by Okun. This property was a major reason why JPS was going to fund his bail out.
Another very bad indication that things are going terribly wrong for the investors seeking their monies? The “secured creditors” (aka investors) committee appointed by US Bankruptcy court is a small group investors whose job it is to overseen and evaluate the Okun proposed settlement.
The bad sign? 3 these investors resigned from the group once they inspected the settlement plan and what Okun deemed his back up plan. Of those 3 investors that bailed out, 2 have “sold” their rights to any settlement to investment companies.
In essence the 2 investors bailed out feeling that pennies on the dollar were better than nothing at all. A very very sad situation is forming as we speak.
Thanks again John but I don’t have the legs or the stomach for the job!
dean
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