On this episode of Passive Income Pilots, Tait and Ryan interview Trevor Flor, a seasoned real estate professional with extensive experience in residential and commercial transactions. A UC Santa Barbara graduate, Trevor founded his own brokerage firm and expanded into commercial real estate. With a background in underwriting over $1.5 billion in medical-related real estate and participating in over $200 million in transactions, Trevor's analytical skills are unmatched. A former Navy F-18 Super Hornet pilot and instructor, he holds an MBA from the University of North Carolina and an MS in Real Estate from Fordham University. At DAI Securities, LLC, Trevor specializes in due diligence for real estate investments and is an expert in 1031 exchanges, Qualified Opportunity Zones, and private syndications. He shares his journey from Navy pilot to real estate expert, explaining 1031 exchanges and Delaware Statutory Trusts (DSTs), their historical context, and their role in managing tax liabilities. Trevor also explores the evolution of syndication structures and the impact of the Securities Act. Enjoy the show!
Timestamped Show Notes
(00:00) Intro
(03:32) Trevor's background in aviation, finance, and real estate syndication
(11:22) Mitigating tax burdens through real estate ownership
(15:58) Understanding a 1031 exchange
(20:01) Three rules to identify properties in a 1031 exchange
(22:58) What is a Delaware Statutory Trust (DST)?
(25:27) Comparing TIC (Tenancy in Common) and DSTs: Benefits and limitations
(34:02) Downsides of the DST structure
(38:58) Understanding triple net leases (NNN)
(43:32) What does "spring out" mean and when is it done?
(46:59) Evaluating sponsors and DST offerings
(48:58) Investing in and setting up a DST
(53:22) Diversification strategies in DST investments
(55:09) Cash investors and DST opportunities
(59:57) Understanding additional basis in DST investments
(1:02:43) Debt and the exchange equation in a 1031 exchange
(1:07:43) How to connect with Trevor
(1:08:17) Outro
Connect with Trevor
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Legal Disclaimer
The content of this podcast is provided solely for educational and informational purposes. The views and opinions expressed are those of the hosts, Tait Duryea and Ryan Gibson, and do not reflect those of any organization they are associated with, including Turbine Capital or Spartan Investment Group. The opinions of our guests are their own and should not be construed as financial advice. This podcast does not offer tax, legal, or investment advice. Listeners are advised to consult with their own legal or financial counsel and to conduct their own due diligence before making any financial decisions. The hosts, Tait Duryea and Ryan Gibson, do not necessarily endorse the views of the guests featured on the podcast, nor have the guests been comprehensively vetted by the hosts. Under no circumstances should any material presented in this podcast be used or considered as an offer to sell, or a solicitation of any offer to buy, an interest in any investment. Any potential offer or solicitation will be made exclusively through a Confidential Private Offering Memorandum related to the specific investment. Access to detailed information about the investments discussed is restricted to individuals who qualify as accredited investors under the Securities Act of 1933, as amended.