The funds will be used to acquire additional income properties in California, which will then be resold in fractional interests to investors in need of completing 1031 exchanges. Purchasers of the note will receive a percentage of profits from properties purchased with note proceeds, according to a company spokesperson. In addition, they will receive monthly interest payments.
Passco Real Estate Enterprises specializes in real estate investment and 1031 tax exchange opportunities in a broad range of income producing properties throughout California, including retail centers and business and industrial parks. The company president, William Passo, pioneered the use of undivided interests as a Tenant in Common to complete 1031 exchanges in 1994. He has since worked closely with tax counsel and IRS guidelines in structuring these tax-sheltered opportunities.
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