We started RockSolid to bring integrity and reliability to the Section 1031 world
New York, NY (PRWEB) October 16, 2008
WEA Enterprises, a commercial real estate and asset management company, is pleased to announce the launch of RockSolid 1031 LLC (http://www.RockSolid1031.com), a Qualified Intermediary created to provide fully-transparent, stress-free 1031 exchanges that enable investors to gain from the advantages of capital gains tax deferral.
"We started RockSolid to bring integrity and reliability to the Section 1031 world," said Peter Wunsch, chairman of RockSolid and CEO of WEA Enterprises. In 2007, WEA Industries almost lost $6 million to a qualified intermediary who made illiquid investments with the money Wunsch had deposited with it. "I was stunned by the possible loss, and when I investigated the Qualified Intermediary world, I found a remarkable lack of regulation and licensing. Fraud has shaken investor confidence in Qualified Intermediaries and RockSolid aims to re-establish that trust," Wunsch added.
Section 1031 of the IRS code allows investors in physical property, everything from real estate to antiques, fine art, books, and coins, to defer capital gains from the sale of the property if the proceeds are reinvested in "like kind" investments. To accomplish this, investors, according to the IRS, must use what the IRS code describes as a Qualified Intermediary.
"I assumed that when the IRS referred in the code to a Qualified Intermediary, that somehow the IRS qualified these people. Unfortunately, the so-called qualifications have nothing to do with trustworthiness, reliability or honesty. That's when I decided to start RockSolid."
Launching this month, RockSolid 1031 goes beyond current regulations to ensure the security of its clients' money. RockSolid commits to depositing funds only in money-market accounts that invest in government-backed securities. RockSolid was built to facilitate the simplest 1031 exchanges possible. With unparalleled transparency and service throughout the entire process, RockSolid is the only qualified intermediary created by real estate investors to meet the specific needs of real estate investors and their advisors.
New York-based RockSolid 1031 Exchange is an independent subsidiary of WEA Enterprises, a real estate corporation doing business in New York and New Jersey for over 30 years. Founded by Peter Wunsch, CEO of WEA Enterprises, the partners of RockSolid have more than 40 years experience in the real estate industry and in financial services. Providing unparalleled transparency and service throughout the entire exchange process, RockSolid is the only qualified intermediary created by real estate investors to meet the specific needs of real estate investors and their advisors. For more information, please visit http://www.RockSolid1031.com and RockSolid's industry watchdog blog at http://www.1031Vigilante.com or call 646-695-4700.