DETROIT-Miami-based Bayview Financial Exchange Services LLC, also known as Bayview 1031, has expanded its presence in the Midwest. It has hired specialists here and in Chicago and Columbus, OH to accommodate increased demand for 1031 exchanges in those locations.
Stephen A. Wayner, Bayview 1031's first VP, tells GlobeSt.com that all three new hires in the Midwest have been trained to give one-hour seminars on 1031 exchanges. "We found that, in our opinion, these states do not have the number of qualified and experienced intermediaries to properly conduct these transactions. Chicago, Detroit and all of Ohio have great potential for commercial real estate development and investment opportunities. Educating CPAs, real estate lawyers, financial planners and commercial real estate brokers, as well as the public, is key," he says.
"The Midwest is not being served correctly in 1031 exchanges, and we see this as a major opportunity," Wayner continues. "With increased education, we'll get more business and so will our competitors, which is fine."
Robert Grimaldi is the newly hired Bayview 1031 consultant here. Christopher Princis, former Midwest regional sales manager with FOR 1031, is Bayview's new consultant in Chicago. Stephen Thomas, formerly an investment associate with Marcus & Millichap REIBC in Columbus, is their Bayview counterpart in Columbus.
Wayner says he started the 1031 exchange division of Bayview 27 months ago, and it has since grown from two people to 81 across the US. The division specializes in a section of the IRS code that allows for deferral of capital gains taxes on the sale of business or investment property. "As a result of the growth in real estate transactions in these Midwest locations, these areas are ripe with 1031 exchange opportunities," he says.
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