This week on the Building Interest Podcast, we are joined by Leader Bank’s Vice President of Leader1031 Kayla Frerking to discuss her leadership journey as well as the process of launching a new product at the Bank in a new target market.  

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Episode Transcript:

Greg Farber:  
Welcome to the Building Interest Podcast presented by Leader Bank. In season two of our podcast, we've been exploring what it means to be a leader through conversations with leaders from the Bank, from within the communities we serve, and from across the banking and technology industries. Each conversation focuses on our guest's personal leadership journey and provides insights on what it means to be a good leader. In our last episode, we heard from Leader Bank's, VP of Talent Management, Sandy Armstrong, and we talked about how to develop leadership skills and the importance of personal and professional growth. Today, we're joined by the Vice President, Western USA of Leader 1031, Kayla Frerking to discuss her leadership journey, as well as the challenges of launching a new product at the Bank in a new target market. Kayla, it is great to have you here on the podcast.

Kayla Frerking:  
Thanks for having me. I'm thrilled to be here.

Greg Farber:  
So you joined the team pretty recently. And I think the best way to start is just kind of go back a little bit and talk about your background, your professional journey, and how you came to end up at Leader 1031 and Leader Bank.

Kayla Frerking:  
And Greg, what a journey it's been. I will start going way back. As far as professional kind of collaborating coinciding with my childhood. I grew up with two lovely parents that are now my best friends and an epic brother. And you'll get my lingo quick. I'm in Southern California. My mother has been investing in the stock market since I was very young, she actually started her own women's Investment club. So she's had that gosh, I believe for 20 or so years. And she's also done all the event planning, coordinating, interior designs, of multiple properties that my parents have owned through my lifespan. While my father has been so innovative in creating business method patents and the tenancy in common space ran banks in the mortgage division. I've been in securitized investments and alternative investment strategies with Delaware statutory trusts, you name it. So I had this real estate, enlightenment, right and everything from my mom's investment, my mom's charisma, my dad's knowledge and patience, to want to start getting into something that was unique. I know that was kind of a mouthful, but...

Greg Farber:   
Well, I mean to say that you have a background in finance and banking and real estate seems to be a bit of an understatement. 

Kayla Frerking:  
Yeah. 

Greg Farber:  
So you literally grew up with this as dinner table conversation.

Kayla Frerking:  
Exactly, exactly.

Greg Farber:  
What could be more exciting?

Kayla Frerking:   
Right? And it's funny, because when I was young, I thought my goodness, this is not what I want to do. I'm gonna lean more towards the inspiration of mom, right who I still have, but it was part of wanting to go to the Fashion Institute of Design and Merchandising, do trade school and event coordination, interior design. So I did that in Los Angeles. I loved it. But I had to sign a contract with dad, of course, that if I did go, I had to graduate at the top of my class, did that, check. And I had to attend a college of his choosing. Yeah, so that I got into Arizona State University go Devils always, always till I die, go Devils. I went to ASU and I studied Business Communications starting and then went into a full communications with an emphasis in real estate. So I took one class in real estate, I was trying to push away from it and immediately after graduating, I got my license. 

Greg Farber:   
Wow. Okay. And that is really random that you mentioned as well. It's not random for you. It was chosen, obviously. But I lived in Arizona for a number of years before I moved to Massachusetts and ended up here at Leader. I never went to ASU but I'm very familiar with the area and everything and kind of a random fun fact about me. That's the only stadium I've ever attended an NFL game where it snowed

Kayla Frerking:  
Really?

Greg Farber:  
In Arizona in the snow. It was the most bizarre thing ever. So...

Kayla Frerking:  
Wow, that is wild. I mean, I kind of piggyback on wild weather right now living in San Diego, we're flooding so you never know what you're gonna get. Oh, that is so neat. Yes, Tempe is a great town. And ironically, before I decided to go to ASU, my parents owned an investment property in Hayden square, which was like yeah, the spot to be and they ended up exchanging it because it was an investment property. And then we kind of picked and settled on ASU my dad and I and my mother. And after that whole process and rewarding experience in this multicultural level college that I didn't get it fit them, right, this small trade school. It just opened my eyes up to the possibility to understanding different aspects of the world. And I mean, I went straight into real estate. I had five years under my belt as a licensed realtor and I had, gosh, I want to say 25 to 30 deals in the first couple of years and they ended up being investment properties.

Greg Farber:   
Okay. Yeah. So that was your intro into people doing 1031's and things like this?

Kayla Frerking:  
Exactly. So my first deal ever I wanted to do the contract, read through it do the entire thing by myself, I geeked out over the literature, I love contracts, it just thinks that. So for me when I was learning that I know a lot of people have TC's, that wasn't my method, I wanted to understand how to use the contract to my advantage and benefit my client. So after about two to three years, I was approached by a national accommodator who asked me to come work for them, I put it off, I put it off, kept building my, you know, resume, if you will, and understanding different facets of investment property transactions, finally took the role for a couple of months. It wasn't the right fit for me. And at that point, I interviewed with another large QI, who I just came from, and I was there for five years running Orange County and San Diego as a division manager. I learned so much from that company, they flew me up to their headquarters, they pounded 1031 into my brain, it's never going anywhere, and really gave me some tools to succeed. Now, getting to this final step right is the key. How did they get here? Well, I was recruited, right, which is fantastic. Maybe an interesting word for some. But it's honestly flattering. So I was reached out by Wes at Leader Bank, who asked me hey, what do you currently struggle with? What's your kind of SWOT analysis of your position? And it really got me thinking and I was having conversations with my husband, is this the direction we want to go in? Because I in my standards in the Qualified Intermediary world, I was with the biggest and the biggest, was the best. So for me listening to Wes talking to Jay, specifically, my goodness, who has such an inspirational demeanor, right, and every conversation he has in his innovation, that was it for me. I ended up ended up having a follow up conversation with Mark who I knew I was going to be reporting to and I just said yes, immediately, let's talk about it, I would rather be with a company that isn't the biggest but actually is really the best in my opinion. Having those opportunities and support that I'm receiving is tenfold different than being one of several in an environment where it's transaction focused. And I knew coming with Leader Bank and Leader 1031 specific, I had that. So...

Greg Farber:  
That sounds like a really neat journey, like kind of you were handed to you making it your own. And not just doing exactly what you walked into, but finding a way to make it your own. Now, I wanted to step back for a second. And you've been obviously using the acronym QI, meaning qualified intermediary. We're talking about 1031. Let's just for those listeners who don't know, let's kind of lay a foundation. It doesn't have to be super detailed. I know it's a complicated topic, but just kind of a baseline. What is a 1031? What is a QI? Well, how does that fit together? Who needs one? Why? Why does your product exist?

Kayla Frerking:  
Yes, so IRC section 1031 is part of the federal tax code created by the IRS in 1921. Now, what happens in a 1031 exchange is you have a real estate investor that sells investment property, and they want to acquire more investment property through the use of a Qualified Intermediary. So essentially, this tax code allows an investor to redeploy their entire investment into more real estate. Now, there are some rules and restrictions within the tax code and holdings. After they close on the investment property, which we call the relinquished property or their current ownership asset. They have 45 calendar days to identify in writing the replacement property or properties, and then an additional 135 calendar days to actually close on only the properties, they have a ID totaling an entire exchange period from start to finish of 180 calendar days, or six months from start to finish.

Greg Farber:    
And if they close within that 180 days, then they get to defer any tax payment, any tax liability on their gains from that sale going forward, and they don't have to pay any tax liability now, but if they go past the 180 days, then what happens?

Kayla Frerking:  
Yeah, so if they can't close on property they ID with let's call it on day 181 occurs and they haven't closed. The proceeds we're holding or than wired back to the exchange your taxpayer and they're facing a taxable event. Okay, so essentially the 1031 exchange when you're setting up an exchange is an opportunity to find replacement property. So basic terms We're in the business of moving money between your investment property and other investment property purchases, we enable a taxpayer to redeploy wealth through the disposition of investment property and acquiring more investment property.

Greg Farber:  
So to dumb it down, because that's, I'm good at that, because I have temporary ones, it's totally new to me, I'm gonna done this. If I were to, as an analogy, have a 401k at one employer, and I switch and I roll it over into a new 401k. I'm not actually taking that money out, I'm not penalized, I'm not taxed on it. And now it's in a new place and can continue to grow for me without sort of tax implications. Is this sort of a similar type of?

Kayla Frerking:  
It can be Yeah, I mean, it can be however, IRC section 1031, as of 2018, is specific to real estate.

Greg Farber:  
No, no, I understand. I'm just saying as an analogy, it's a way for me to take an asset that I'm moving from one place to another, I'm taking one investment property and replacing it with another one. And in so doing, I'm not actually selling it for profit. I'm simply moving it to a new place.

Kayla Frerking:  
Yes. You got it. You got it. So So typically, when we talk about capital gains taxes, it can be anywhere between 35 to 45%. In given states branded, my state's the highest in California right now, I'm trying to get out of dodge. So so we help people use that money. I mean, think about that, if you have a million-dollar sale, let's say million dollar gain. It's an entire investment property.

Greg Farber:  
So then let's talk about gains for a second. Do ups and downs in real estate prices? Or I guess, in a way mortgage rates for that matter if people are trying to qualify to reinvest money in a new property affect your 1031 market? Are you sort of affected by bubbles and gains and lows in the housing market?

Kayla Frerking:   
Absolutely, we are we tend to piggyback off the residential real estate market in addition to commercial right, so when we talk about investment property, we know heavily that that's all commercial real estate, it's not a primary residence. So for me where I'm at in Southern California, locally, there's so many investment properties to be had on the beach Mission Bay, Crown Point, you name it. So where we're at absolutely, we're very impacted. So our goal is really to provide knowledge at this point. And as Jay, again, who's so inspiring to me, has mentioned, you know, we got to start planting the seeds. And so we want to, this is the time to plant those seeds for growth. And that is just knowledge inspiration. So wherever we can be there right now I'm in every office, you can imagine trying to educate on the tax code.

Greg Farber:   
Get the information out, build the brand. Yeah. So about that brand. I noticed that a few months ago, Leader 1031 was accepted as a new member of this thing called the Federation of Exchange Accommodators. Can you can you tell me a little bit? What's the significance of that? Is that an important step?

Kayla Frerking:   
It definitely is. I love it another acronym FEA, right. So the FEA really is a stamp of approval for qualified intermediaries now, QIs or qualified intermediaries are non regulated on the federal level. So what that means, right, anyone can be a QI, there's actually a gentleman locally who is decided to be a QI. And he decides, let's say 100 exchanges. You and I are one of those. They put all their money into one account. We're commingling funds. Right? That's terrifying, right? What's gonna stop that guy from running off with cash? Right?

Greg Farber:   
There's no overarching regulation to prevent against that. 

Kayla Frerking:   
Correct. 

Greg Farber:  
So where does the FEA come in?

Kayla Frerking:  
So the Federation of Exchange Accommodators is almost like the NMLS. And for us, you know, the CA BRE Bureau real estate, right can be on the national level. Anyone that holds a license is within that system. So as far as we go, we're in this system as an approved Qualified Intermediary backed by the FEA stamp of approval, we have education at our fingertips, updated disaster notices that come out. We're having a lot of those this year due to weather. We have all these conferences and updated when I mentioned PLRs court cases, maybe people that are audited in the 1031 space so we can be at the forefront of knowledge building and relieving the stress for our clients. So FEA doesn't hand out that stamp to everyone.

So it serves to validate the brand and who you are and what you're doing and provide some level of comfort or trust to clients that they should work with you or an FEA member as opposed to the guy you mentioned across the street who has just decided to commingle his funds.

Don't work with that guy. But it's hard to say that because you really need to focus on due diligence and who you're hiring right and for me that benefit as formerly working for a title company that outsourced a bank to hold the money, right, lots of steps. Why wouldn't you go direct to the bank, which we are. So we have more security and the benefits to the backing of a bank and the backing of FEA. So it's, I mean, we're up there.

Greg Farber:  
Sounds like the place to be. Yeah. So now back to you, you joined, I think when about maybe four months ago, something like that. And so your goal is really to expand the 1031 services offered through Leader 1031, which is a relatively new product for the Bank as a whole. To the west coast, where you obviously have said that you're located. What's that been like for you to come in? I know, you said it was inspirational. And I know you went from sort of the biggest and the quasi best to now not the biggest, but maybe actually the best. What's that journey like? To kind of come in and now you're building this? For us on your own?

Kayla Frerking:  
Yeah, I mean, it's, it was rewarding from the get go, as far as I put in my notice, I think the first week of December, that my former company, and I wasn't going to start until January, I decided, hey, I'm gonna call Wes and ask, Can I start now? And so I ended up starting, I think within two weeks after that, and I wanted to hit the ground running. So it was importing all of my contacts that I had, sending out as many emails growing, growing our presence, letting everyone know that I've moved and I have a great following an incredible support of exchangers who are extremely loyal and respectful. The journey as far as infrastructure, right, we've focused on this brand awareness Leader 1031, making sure we have the best marketing team in play, which we do. They're fantastic. We're very blessed, of focusing on finding the right people. Right. That's the real challenging part. Now I know we have our good people out there finding and interviewing and searching for and I'm interviewing a lot of those people too. And you can say niche or niche, I say niche. But this is a niche space, right? In 1031.

Greg Farber:  
So how many people are on the 1031 team now?

Kayla Frerking:   
Currently, for our let's say with everyone, we have four. And that's and that's coast to coast. And I know that our goal I believe is adding I want to say if I remember correctly, no, don't quote me on this. But even though it's recording, I think it's another 10 people by the end of the year, but again, they have to be knowledgeable in this space, which is rare to have the knowledge right. How do you get into it?

Greg Farber:  
So Western USA, that is a team of one, maybe two? It's me. Team of one. I love teams of one.

Kayla Frerking:  
Well, actually, I take that back. I take that back I have we just hired two months ago. Melissa Desrochers who's fantastic. She's my change coordinator. She's a rock star. But she's in Texas, so I'm jealous of that.

Greg Farber:  
Well, for those of us on the East Coast, that counts as Western USA. We'll go with that. In my nine to five, I'm a one man sort of shop also. So I do I do understand that. But that really begs the question. I know you kind of touched on it a little bit with the conversations with Jay and the branding and the marketing and stuff. But how do you launch a team of one, three time zones away from your home office, which is us here in Arlington, Massachusetts, and just sort of seamlessly fit into our culture and our work environment? How do you do that?

Kayla Frerking:  
Yeah, I mean, great question. I flew out to Boston for the holiday party. I met...

Greg Farber:    
First time in Boston?

Kayla Frerking:   
First Time in Boston. I'm now looking for investment property in Boston. Yep. Yeah, they need me out here. It's funny, we joke about that, but I just I fell in love with Boston, the culture that I mean, really the history of Boston and the culture of the people that are so diverse at Leader Bank. I mean, everyone greeting me bringing me in welcomed me with warm, warm arms, open arms, if you will. I just felt like it was home. Right. And so when I'm out here, as far as timezone, I'll tell you, there's some very, very sleepy dark mornings when I'm going into zoom meetings and you know, my time it's 5am Your time it's eight, which is okay. But really, it's been fun, because it's different. It's this hybrid role, where I'm checking in online having these meetings which were so thriving in hence this podcast to begin with, right, that we've transitioned from this face to face 100% culture into utilizing all these tools. So as far as the internet, the podcast, the social media, that's a huge component of brand awareness. Right? Absolutely. So Leader Bank is at the very forefront of that. They're so innovative with how we get out there. What we do and I know we're working on monthly webinars on 1031 promoted by Leader 1031 through Leader Bank focusing on for me personally, as mentioned, I have four presentations this week at different brokerages ranging from Los Angeles to the border of Mexico, I've covered Las Vegas joined Women's Council real estate there, really trying to get on the board and saturate that brand awareness for who Leader 1031 is in these investment markets.

Greg Farber:  
And all of that in this remote environment and something that it sounds like you kind of just had to learn on the fly out and just kind of came naturally to you just here we are. And now you're working three times away time zones away, and you're just gonna dive right in and it feels natural.

Kayla Frerking:    
Yeah, it really does. I think that might have something to do with COVID.

Greg Farber:   
COVID changed all of us, businesses and people included.

Kayla Frerking:  
Right? I do. I will say that that promoted me to have more courage, right? It gave me courage to get out there more. It's actually a neat hybrid position, as I mentioned before that word right, that I get to check in helped build and really focus on my market. So I've had that really innate desire to grow and be a leader always, just from my experience of childhood, from being a realtor, understanding the relationship aspect, and that that takes time and nurture, which

Greg Farber:  
I really liked what you said about it kind of forcing you out of that comfort zone, where you know, we look at COVID. And people had to work remotely for a while some still do. I mean, I was joking with you guys, before we started the podcast that I had to drive to the office today to do this, because there was a lot of noise going on in my house, which means I was working at home, right? I mean, that's what that is sort of natural order of things is now. But sometimes we take for granted the things that are right around us. And then it takes an event like that taking them all the way to realize that we have to find new ways to go out and get those things. So that was really cool. I like how you how you phrased that you phrased it a lot better than I did.

Kayla Frerking:   
No, I was gonna say that response. So it was it was beautifully said definitely, it's it's the moments that we have, right. And it's, I mean, for me, it's right, the courage to give more than we receive, then you always get more than you need.

Greg Farber:  
Right. So bit of a curveball here, just to go back to the 1031s a little bit more rather than sort of your personal path here. But and this is I just want to touch on recent news events. And it's often said that you can turn a failure into an opportunity. And so my thoughts are my question for you is are you're seeing any movement really right now in regards to the 1031 space as a result of recent events that have happened in the US and the global banking industry and things that are still unfolding around us? Is that having an impact on how people are perceiving investment properties? Whether or not they're buying or selling or doing exchanges? Like what's going on there?

Kayla Frerking:  
Sure. So I think I did have some frustrating and challenging calls last week, regarding the effects of the banking systems and what's happening, right. So those were a struggle, but it actually gave me this empowerment and ability to restructure my statement in a positive way of what's to come. We don't know, right? Nobody knows. It's interesting, because we're getting all of these news outlets and seeing shifts in numbers and predictions, and then my phone is ringing. So it's it's hard to decipher exactly where we're going. And what's accurate Intel, every single person in the United States and the world rather has a subjective intent to their directive, right? I'm going to do something that you have no idea that I'm gonna do and same with you. However, they're on their own trajectory. So that to me is they're living their best life, they want to go and they want to do an exchange, and they don't care, the impacts of the environment on the economics factor. This is their trajectory right? So it's hard to say I mean, market conditions, guests, but the way that we are structured at Leader 1031, we have that movement of being nimble, right, we're not the biggest. So it's nimble, really small and growing. So we have the capabilities of this doing the podcast of doing using an assisting Leader Bank and the LOs the loan officers and helping them gain knowledge on 1031 and really creating the snowball effect to empower and grow.

Greg Farber:  
I love it. It sounds a little bit also like with anything in banking when one door closes another one opens type of thing. Just because there's some discomfort in the market out there doesn't mean that there isn't still opportunity for 1031s and for property exchanges.

Kayla Frerking:   
Right, right. And I mean Typically during this time of year until we hit spring real estate slows anyway. So and when you're working for a fantastic bank, it doesn't impact you to too much. People are moving money, right? So who do you trust?

Greg Farber:  
So now I'm gonna dumb myself down again. There is no real winter in California. Are you saying that you guys also have a spring market? It's not like the snow thaws like it does here. No, we do. 

You see the same cyclical market that we do here?

Kayla Frerking:  
Exactly, exactly. And it'll it'll hold again, I always used to list properties when I was utilizing my real estate license in December, because there weren't very many listings, but you could decorate them get them sold in two weeks, right. But people usually slow the listings down, we have low inventory, right still. So while we're shifting to a buyers market, in the commercial space, not so much. As far as full buyers, we're just kind of stagnant, but then we're looking at the residential investment property space, which is thriving, we kind of have that same effect of the low inventory, people are still offering within or above asking price. Okay, haven't seen too much of a shift while price points are dropping in some places, not where I'm living.

Greg Farber:  
But dropping price points. They do affect the 1031 market? Because they would change the amount of gain that's available in the system to carry over them?

Kayla Frerking:    
Yes, and no. So what we focus on is really the investment property sale in general, if a deal comes in, and it's sold, and it's a done deal, we're holding the sale proceeds on behalf of the exchanger, right? So price point are not on the gain, when you do that. 1031 It's completely deferred,

Greg Farber:  
I guess, in a way, then the game doesn't matter to you all that matters is that the house sold, right, exactly. The light went on. That makes sense. So then, with all this said, what's ahead for you? What's next? What goals do you want to focus on, personally, and professionally? Where's Kayla going in all of this?

Kayla Frerking:    
Yeah, so professionally, I have learned a lot in four months and a different viewpoint where I was so transaction, transaction driven, and working for the man in a way that really dimmed my light. Right? Coming to Leader, Leader, Bank and Jeader 1031. I have the passion back, and it feels good. Yeah, the passions back so professionally, and personally, those are definitely always needing alignment, right, where one is suffering, the other one is peeking. So to have that perfect balance is key. And I think in doing that, it would be to instill more wisdom, to instill just really the support system at home with my family. And I have personal goals of yoga goals, Pilates goals, running that marathon, and professionally speaking, inspiring where I can and building out that team. I never envisioned myself as a vice president managerial role. And now that I'm in it, I absolutely love it. I love being able to help to assist to support and provide. So I hope to continue doing that. And I hope that I can deliver to what the expectations are from the Tuli family at Leader Bank.

Greg Farber:   
Well, your response to that question pretty much wrote my next question for this. Because in talking to you, you know, through this podcast and leading up to it, I mean, I've obviously gotten the sense that in some ways, you're just a natural leader, like this is something that just kind of comes naturally to you and the paths that you've taken in your life. What advice could you maybe offer to those who haven't tapped into those leadership skills that they might have? Yeah, kind of like you said, you never imagined yourself in this VP leadership role. And all of a sudden you have it, you love it. What advice can you give to folks who maybe also haven't yet gotten to that point, but maybe that's next for them and they just don't know it yet?

Kayla Frerking:  
Sure. You know, I think I'll go back to that word of courage. I think it's really finding it within your heart and who you are. If there's something you want, go get it, what are we waiting for? Right?

Greg Farber:   
What if what if it goes wrong? What if it doesn't work? 

Kayla Frerking:   
That's okay. Look at my path, I have this zigzag path from fashion school. And yes, it rolled from there. But you know, you never know what's next. And I, I tell my husband, my best friend, my soulmate every day, you know, what is it that you want to do? What is it that you desire every day? And I always ask myself that question when I wake up, what's important, what do you want to do? What impact do you want to have in the world? So I think it's really finding that courage and knowing that you're not alone, that we're all here wanting more, so go after it right. Sky high, sky's the limit. So I'm always here for a conversation to if anyone wants to put their heads together and chat about it. I'm more than happy to

Greg Farber:   
That is great advice. All right, Kayla. So last question for you. Here at the Bank. We recently celebrated Women's History Month, thanks to the efforts of our outstanding diversity and inclusion group. So I was wondering, do you have and you're gonna say your mom, perhaps because you started with that early in the podcast. And I was like, well, there goes my closing question. But do you have any particular favorite women that you look up to as leaders and it can be whatever personal, professional, inspirational, just maybe someone that helped sort of shape you along the way that gave you those words of encouragement that you just gave our listeners?

Kayla Frerking:   
Yes, number one is definitely my mother. Sandy, she is. She's fierce man, she's, she's got this spirit and charisma and nurture at the same time that won't settle. She's always taught me that you can do whatever you put your mind to. I know, it's probably a funny thing that parents say to their kids all day, but that really hit home with me, and she still tells me whether I'm not wearing lipstick. But no, it's really that level of look what I've done taking $10,000 and have this multimillion dollar investment portfolio, while inspiring other women that were just housewives and now we have this responsibility. And now we own something, and it's rewarding. So it has always been my mother. In addition to in this space. Personally, I have a couple of friends that inspire me as well. And Martha Moser who is in Southern California and works for Berkshire Hathaway, she brings so much joy and passion to the real estate industry. It's absolutely inspiring. If you ever get a chance to hear her speak or meet her. It's a gift for you. It truly is.

Greg Farber:   
No, I love that. And you can tell that that that passion that joy that you speak of that want to go after more, has really made an impact and an impression on you, it shines through. So any other thoughts, comments, parting thoughts you might want to have for our listeners.

Kayla Frerking:    
No, that was very sweet. Your statement just there. It's it's been a pleasure. I was very excited to jump on and do this with you Greg. I'm just excited for what's to come. As we've mentioned, we don't know where our path is gonna go. But I think at the end of the day with the right tools in place and support which I have, which I hope listeners have, you can go anywhere you want. So, thank you again for everything for your time.

Greg Farber:  
Absolutely. Thank you for being here. Leader1031.com LLC Leader 1031 is a wholly owned subsidiary of Leader Bank N.A., this podcast is provided as general information only and should not be taken as legal investment or other professional advice. The content of this publication shall not be construed as a recommendation to participate in any particular trading financial or investment strategy. And neither Leader Bank N.A. nor Leader1031.com LLC can provide legal or tax advice concerning the specific tax consequences of a given transaction. Any action that you take as a result of information or opinions provided in this publication is ultimately your responsibility. Consult your attorney or tax professional before making any investment or financial decisions. For more information on today's subject, visit leaderbank.com. In addition to past episodes, you can also find our corresponding blog entries for more insights. This podcast is a production of Leader Bank N.A. equal housing lender. Member FDIC. NMLS number 449250.