It seems opportunity zones are a real hit, so today I'll share some more info on this.
Welcome back, everyone!
Because I received some excellent feedback from my recent message on opportunity zones, I’ve decided to explain how they work a little more and where they’re found in our local communities.
Just to recap, opportunity zones are economically depressed areas that the government incentivizes investment in. Unlike a 1031 tax exchange where you have a mere 45 days to identify a property and 180 days to close on that desired property, you have a 31-month safe harbor to put your money into an opportunity fund. Additionally, you’re not locked into that fund—you’ll have the freedom to move assets from one fund to another for up to a year.
Hopefully that answers one of the questions I was asked regarding the risk you’d be subjected to by investing in one of these zones.
As far as Los Angeles is concerned, there are 274 opportunity zones within the area—all of Lincoln Heights and the area surrounding LA County and the USC Hospital are a few examples. Beyond that, some other zones lie in pockets of Santa Clarita, South LA, and Orange County. I could go on and on.
Also, there are some marvelous neighborhoods in and around Riverside, and you might be surprised to learn that many of them are designated as opportunity zones. Keep that in mind if your son or daughter is an aspiring UC Riverside student and you’re considering a move.
Today I just wanted to shed light on some local opportunity zones, but these are just a few of the thousands dispersed throughout the country. To see a full map, you can click here. And if you’re curious whether your home falls within an opportunity zone, all you have to do is click here and enter your zip code.
If you have any additional questions or feedback for me, you’re welcome to reach out anytime. Until next time, stay safe and stay happy!
Because I received some excellent feedback from my recent message on opportunity zones, I’ve decided to explain how they work a little more and where they’re found in our local communities.
Just to recap, opportunity zones are economically depressed areas that the government incentivizes investment in. Unlike a 1031 tax exchange where you have a mere 45 days to identify a property and 180 days to close on that desired property, you have a 31-month safe harbor to put your money into an opportunity fund. Additionally, you’re not locked into that fund—you’ll have the freedom to move assets from one fund to another for up to a year.
Hopefully that answers one of the questions I was asked regarding the risk you’d be subjected to by investing in one of these zones.
As far as Los Angeles is concerned, there are 274 opportunity zones within the area—all of Lincoln Heights and the area surrounding LA County and the USC Hospital are a few examples. Beyond that, some other zones lie in pockets of Santa Clarita, South LA, and Orange County. I could go on and on.
Also, there are some marvelous neighborhoods in and around Riverside, and you might be surprised to learn that many of them are designated as opportunity zones. Keep that in mind if your son or daughter is an aspiring UC Riverside student and you’re considering a move.
Today I just wanted to shed light on some local opportunity zones, but these are just a few of the thousands dispersed throughout the country. To see a full map, you can click here. And if you’re curious whether your home falls within an opportunity zone, all you have to do is click here and enter your zip code.
If you have any additional questions or feedback for me, you’re welcome to reach out anytime. Until next time, stay safe and stay happy!
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