FPC Blog

Biden’s Administration Proposal To Eliminate The 1031 Tax Exchange: Potential Impacts On Real Estate Investors And The Economy


I. Introduction

Within the dynamic realm of U.S. tax regulations, critical elements that significantly influence investment strategies are currently under close examination and are subject to potential reform. One such element, the 1031 tax exchange, stands at the forefront of this scrutiny. Established as a key feature in the Internal Revenue Code, the 1031 exchange now finds itself at a crossroads. This discussion ventures into the intricacies of the 1031 exchange—commonly known as a “like-kind” exchange. This mechanism permits investors to postpone paying capital gains taxes on real estate transactions by reinvesting the proceeds into similarly classified properties.

Initially designed to stimulate continuous reinvestment within the economy, the 1031 tax exchange provides a pathway for investors to postpone paying capital gains taxes on real estate, by reinvesting the proceeds from their sales into new property acquisitions. This analysis explores the intricate details of this provision, examining its historical development, its present role in the real estate industry, and the extensive economic consequences that could arise from its modification or repeal. The core argument presented here suggests that while the 1031 tax exchange plays a vital role in enabling certain economic activities, it also introduces a multifaceted set of challenges and opportunities that may undergo substantial transformations with proposed changes to the law. This exploration seeks to deepen the understanding of this tax mechanism, contributing to the ongoing debate on fiscal policies and economic strategies.

As the Biden Administration contemplates substantial alterations to this tax rule, possibly even its complete abolition, understanding the ramifications of such changes becomes imperative. This paper seeks to thoroughly examine the potential consequences of modifying or discontinuing the 1031 exchange, specifically focusing on its impact on individual investors, the expansive real estate market, and the overarching economic framework.

II. Understanding the 1031 Tax Exchange

A. Definition and Overview of the 1031 Tax Exchange

The concept of the 1031 tax exchange, known formally as a like-kind exchange, represents a critical mechanism within the U.S. tax code designed to defer capital gains taxes for real estate transactions, provided the proceeds are reinvested into properties of similar nature. This deferral is contingent upon the exchanged properties being “like-kind,” a term that signifies similarity in nature or character, despite potential differences in quality. This provision, rooted in the principle that the economic essence of an investment persists even as its form transforms, serves as a cornerstone of modern real estate investment strategies. Originating from the Revenue Act of 1921, the 1031 tax exchange aimed to bolster economic growth by motivating ongoing real estate investments. This fiscal incentive allows investors to defer tax liabilities, thereby increasing their capital availability for subsequent investments, which in turn stimulates economic activity and supports the burgeoning real estate sector (Exeter, 2021).

It should be noted that the scope of the 1031 tax exchange spans various property types, including residential, commercial, and industrial. However, it excludes personal residences and properties primarily held for sale. The beneficiaries of this provision are predominantly investors and enterprises involved in real estate, who utilize it to strategically manage tax burdens and enhance their investment portfolios (IRS, 2028).

B. Historical Evolution and Legislative Changes

Since its inception, the 1031 tax exchange has evolved through numerous legislative adjustments aimed at refining the provision and addressing emerging economic challenges. A notable amendment occurred in 1984 with the Tax Reform Act, which imposed more stringent criteria for like-kind exchanges and restricted the eligible property types, a move intended to curtail misuse and align the provision’s use with its original economic incentivization goals.

In recent years, the 1031 tax exchange has been the subject of considerable debate among policymakers, driven by concerns over revenue implications and perceived inequities benefiting affluent investors. These discussions reflect broader deliberations on potential reforms that could reshape or even eliminate the provision as part of a comprehensive tax overhaul.

C. Current Utilization in the Real Estate Sector

In today’s real estate landscape, the 1031 tax exchange remains a pivotal strategy for a wide array of investors. Its significance extends through various facets of real estate dealings including sales, acquisitions, and other property exchanges. This provision not only assists investors in managing tax liabilities but also ensures a consistent influx of investment capital within the real estate market.

Entities such as individuals, partnerships, corporations, and real estate investment trusts (REITs) rely on the 1031 exchange to refine their investment approaches. By deferring capital gains taxes, these investors can reinvest in new properties, thereby diversifying their holdings, enhancing liquidity, and potentially increasing returns. Moreover, the 1031 tax exchange underpins the stability and liquidity of the real estate market by encouraging long-term investment and property development, which in turn fosters property value appreciation and sector growth.

(Federal Income Taxation: Principles and Policies (7th ed.). Foundation Pres, 2022)

III. Implications of Eliminating the 1031 Tax Exchange

A. Impact on Real Estate Investment Strategies

Should the 1031 tax exchange be removed, the landscape of real estate investment strategies would undergo profound changes. This tax provision currently offers a deferment on capital gains taxes when the proceeds from real estate sales are reinvested into new properties. This arrangement not only preserves liquidity but also empowers investors to channel more funds into further property acquisitions. In its absence, investors would be compelled to reevaluate their strategies since the immediate liability of capital gains taxes would likely strain their financial fluidity and curtail their investment capabilities (Mengle, n.d.).

B. Consequences for Small versus Large Investors

Eliminating the 1031 tax exchange could create a chasm between the experiences of small and large investors. For small investors, often limited by more constrained financial resources, the 1031 provision’s tax deferral is crucial. It supports their ability to acquire properties and maintain liquidity. Without it, small investors might find themselves floundering in a more ruthless real estate market. Conversely, large investors, with their more robust financial backing and broader access to capital, might navigate this change more deftly, possibly tapping into alternative strategies to soften the blow of immediate tax responsibilities.

C. Projected Effects on the Real Estate Market Dynamics

The potential removal of the 1031 tax exchange looms as a catalyst for significant upheaval within the real estate market’s dynamics. Presently, this tax incentive promotes a culture of sustained reinvestment, which not only spurs market stability but also encourages longer property holding periods among investors. Stripping away this provision could tempt investors to offload properties sooner than they might have otherwise, which could stir property value fluctuations and disrupt established investment patterns, thereby injecting unpredictability and possibly destabilizing the market landscape.

D. Details of the Biden Administration’s Proposal to Eliminate the 1031 Exchange

In an ambitious move, the Biden Administration has put forward a proposal to abolish the 1031 exchange as a component of its extensive tax reform strategy. This initiative is driven by the goal to raise additional funds for government initiatives and to enhance tax equity by removing the option to defer capital gains taxes on real estate transactions. Supporters of this change argue that it could rectify long standing disparities within the tax framework. However, opponents caution that such a measure could adversely affect real estate investors, destabilize the property market, and potentially ripple through the economy at large (Roussel, T. P. 2024)

Impact on Real Estate Investment StrategiesWith the elimination of the 1031 tax exchange, investors would have to revisit their investment strategies as they face the immediate demand for capital gains tax payments.
Consequences for Small versus Large InvestorsWithout the tax deferral from the 1031 exchange, small investors could face significant hurdles, whereas larger investors might deploy alternative strategies to manage the new tax implications.
Projected Effects on the Real Estate Market DynamicsRemoving the 1031 exchange could increase volatility in the market, with possible shifts in property values and investment patterns.

 IV. Broader Economic Consequences and Alternative Proposals

The proposed abolition of the 1031 tax exchange by the Biden Administration looms as a significant pivot point with wide-ranging economic repercussions, not only encapsulated within the realms of real estate but rippling across the entire fabric of the U.S. economy. This section delves into these expansive impacts, debates the merits and drawbacks of such a policy change, and ponders viable alternative tax strategies.

A. Potential Impacts on the U.S. Economy

The 1031 tax exchange has historically been a key driver of economic growth by allowing investors to defer capital gains taxes. This policy has encouraged continual reinvestment in the real estate sector, fueling a cycle of growth and prosperity. If this provision were repealed, it might lead to a notable decline in real estate transactions, which could subsequently weaken economic strength across various sectors. The real estate industry is intertwined with sectors like construction, finance, and professional services. According to Accruit (n.d) Removing the tax deferment could negatively impact these sectors, potentially resulting in job losses and an overall economic slowdown. For investors, the potential removal of the 1031 exchange poses significant financial challenges. Currently, this policy permits the deferral of capital gains taxes if the proceeds from the sale of an investment property are reinvested in a similar property within a specified timeframe. This fosters continuous capital flow and supports economic expansion. Eliminating the ability to defer these taxes could increase tax liabilities for investors and reduce the incentive to reinvest, affecting their financial outcomes and profitability by raising the tax burden. Such a change could also alter market dynamics, deterring investors from selling and reinvesting, leading to longer property holding periods and decreased market fluidity. This could reduce property availability, increase prices, and make it harder for new investors to enter the market. The end of the 1031 exchange could drastically change the real estate market’s landscape, diminishing the frequency of transactions and market liquidity. It could lead to higher property values due to limited availability, affecting particularly first-time and smaller investors. Additionally, a slowdown in property turnover might decrease demand for construction and renovation, negatively impacting related industries such as architecture, engineering, and building materials. Traditionally, the 1031 exchange has spurred economic expansion by fostering investment and job creation. Without it, there could be a significant reduction in investment activities and job opportunities. The real estate sector significantly impacts economic dynamics, influencing related industries like construction, property management, and financial services. A downturn in real estate activities could reduce jobs and tax revenues, impacting both local and national economies. Furthermore, the elimination of the 1031 exchange could affect debates over tax fairness and government revenue generation. While some advocate for its removal to increase government revenue and promote tax equity, the potential economic consequences require careful consideration to ensure that fiscal policies support sustained growth and prosperity.

B. Analysis of Arguments For and Against Elimination

There is a range of viewpoints expressed in the complicated discussion about whether or not to abolish the 1031 tax exchange. The discussion that surrounds the repeal of the 1031 exchange is focused on the goal of tax equity and the expected increase in revenue. Proponents of this change assert that doing away with this tax provision would generate significant income that could be used to finance a variety of projects and programs. They draw attention to the fact that the current system allows real estate investors to permanently defer paying capital gains taxes, depriving the government of a sizable amount of potential tax revenue. According to supporters, by dismantling the 1031 exchange, the tax landscape would be recalibrated, ensuring real estate investors face the same fiscal responsibilities as other citizens.

C. Counter Arguments and Criticisms of the Proposal

Although the arguments for scrapping the 1031 exchange are persuasive, they are met with robust counter arguments and criticisms. Opponents suggest that the removal of this tax mechanism could detrimentally affect the economy and the vibrancy of the real estate market. A primary concern is the anticipated downturn in investment activities. Absent the option to defer capital gains taxes via like-kind exchanges, investors might hesitate to divest properties and reinvest the proceeds, potentially diminishing real estate market fluidity, depressing property values, and stifling development endeavors. Further criticism points to the potential upheaval in real estate market dynamics. The prevailing system fosters a cycle of continuous reinvestment, which boosts liquidity and transactional activity. Eliminating such tax provisions could lead to a reduction in property transactions, thereby curtailing liquidity and affecting the availability of properties on the market. This could send shockwaves across the real estate sector, impinging on construction activities, ancillary real estate services, and even municipal revenue streams.

D. Potential Long-term Outcomes and Alternatives

When thinking about eliminating the 1031 exchange, it’s important to think about the potential long-term effects as well as other options. A plausible scenario entails a change in investment approaches, whereby investors might explore alternative tax-efficient avenues or adjust their portfolio strategies to maximize tax benefits. Changes in property values, investor behavior, and general market dynamics could occur in the real estate market. Rather than completely eliminating the 1031 exchange, lawmakers should consider making changes to it as a more moderate course of action. Potential changes to the system could involve tightening regulations to prevent system exploitation, capping the amount of tax-deferred transactions, or changing the eligibility requirements. Such measures would help balance the need for revenue generation with the desire to sustain investment incentives, thereby addressing the concerns of those advocating for the exchange’s elimination while mitigating potential adverse effects (Goodwin, 2024).

  1. Advocates for the repeal argue that it would enhance government tax revenues significantly. They believe that taxing capital gains immediately would allow the government to harness a considerable influx of funds, which could be redirected towards critical public services such as infrastructure, education, and healthcare. This viewpoint challenges the fairness of the current system, which purportedly enables affluent investors to amass wealth while deferring their tax obligations.
  2. Conversely, detractors warn that such a move could stifle economic growth and deter investment. They argue that the 1031 provision is essential for encouraging reinvestment and sustaining economic momentum, which ultimately culminates in job creation and increased tax revenues over time. Critics also fear that the abrupt elimination of this policy could destabilize the market and depress property values, adversely affecting both homeowners and investors.

E. Exploration of Viable Alternative Tax Measures

In the event that the 1031 tax exchange is phased out, consideration of alternative tax policies to achieve similar economic objectives would be imperative. One such alternative could be the adoption of a stepped-up basis system, where the cost basis of inherited properties is adjusted upward, minimizing capital gains taxes upon their subsequent sale. This strategy would encourage the long-term holding of properties and facilitate wealth transfer across generations, while still securing tax revenue at the point of sale. Another proposition involves introducing a targeted tax relief scheme for smaller investors. This initiative would aim to provide tax breaks or exemptions to bolster smaller investors’ engagement in the real estate market, thereby balancing the scales against larger entities. This strategy seeks to ensure equitable investment opportunities across the economic spectrum.

F. Consequences for Small versus Large Investors

The repercussions of removing the 1031 tax exchange would not be evenly distributed among investors; small and large investors would likely face vastly different challenges. The tax deferral benefit is currently accessible to all, yet small investors, with their relatively limited resources, depend more heavily on this provision for reinvesting in the market. Stripped of this advantage, small investors might find it difficult to compete with the deeper pockets of larger investors, potentially leading to a concentration of real estate ownership and diminishing prospects for smaller players. The potential narrowing of market diversity and inclusivity warrants careful consideration if this tax benefit were to be withdrawn.

(Brueggeman & Fisher, 2019)

C. Projected Effects on the Real Estate Market Dynamics

Eliminating the 1031 tax exchange would likely catalyze significant shifts in the dynamics of the real estate market. As it stands, this provision plays a crucial role in shaping property values and guiding investment trends by encouraging ongoing investments. Removing this incentive could lead to fluctuations in property values as investors reassess the tax implications of their transactions. A possible decline in property values might ensue, with investors possibly showing reluctance in offloading their assets. Furthermore, the withdrawal of this tax benefit could prompt investors to seek alternative investment routes that provide more appealing tax conditions. Such alterations in property values and investment tendencies could ripple through the real estate market, affecting homeowners, renters, and developers alike. It is vital to thoroughly evaluate these potential impacts and the unintended consequences on market dynamics before considering any significant amendments to the 1031 tax exchange.

(Ling & Archer, 2020)

V. Financial Case Study

For this financial case study we will be comparing the compounding tax benefits of a 1031 exchange versus the impact of capital gains taxes on investment property sales. We’ll analyze two scenarios: one using a 1031 exchange and one without it, selling and paying taxes normally.


  1. Initial Property Purchase Price: $1,000,000
  2. Annual Property Appreciation Rate: 5%
  3. Holding Period: 10 years
  4. Capital Gains Tax Rate (Federal + State): 20%
  5. Depreciation Recapture Tax Rate: 25% (on the portion of the gain due to depreciation)
  6. Depreciation: The property is depreciated over 27.5 years (residential real estate), which is about $36,364 per year.


  • Scenario 1 (1031 Exchange): Reinvest the entire gain into a new property, deferring all taxes.
  • Scenario 2 (Regular Sale): Sell the property, pay capital gains tax and depreciation recapture, and reinvest the remainder.

Here’s the financial comparison after 10 years between using a 1031 exchange and making a regular sale of the investment property:

Scenario 1: 1031 Exchange

  • End Property Value: $1,628,895 (no taxes paid due to the exchange)
  • Reinvestment Potential: $1,628,895 (entire value reinvested into another property)

Scenario 2: Regular Sale

  • End Property Value: $1,628,895
  • Total Gain: $992,531
  • Total Depreciation: $363,636
  • Depreciation Recapture Tax: $90,909
  • Remaining Gain after Depreciation: $628,895
  • Capital Gains Tax on Remaining Gain: $125,779
  • Total Tax Paid: $216,688
  • Net Proceeds after Taxes: $1,412,207
  • Reinvestment Potential: $1,412,207 (amount available for reinvestment after taxes)

Let’s examine this graphical presentation for the case study that spans 50 years and features compounding gains for both a regular sale with reinvestment every 10 years and a 1031 exchange over a 50- year period. 

As you can see:

  • The 1031 Exchange line shows a smooth, exponential increase because the entire property value continues to appreciate without any tax deductions.
  • The Regular Sale and Reinvestment line also shows growth but has noticeable dips every 10 years due to taxes paid on gains and depreciation, which slightly reduces the compounding effect.

This visualization clearly illustrates the significant advantage of using a 1031 exchange for long-term real estate investment, as it allows for uninterrupted growth by deferring taxes. Using a 1031 exchange allows for the entire property value at the end of the holding period to be reinvested in another property, maximizing the potential growth of the investment by deferring all taxes. In contrast, a regular sale results in significant tax payments, reducing the amount available for reinvestment and, consequently, the potential for future growth. Thus, the 1031 exchange offers a more advantageous route for investors looking to compound their real estate investments over time.

VI. Understanding 1031 Exchanges and Alternatives for Stock Investors: Navigating Tax-Deferred Investment Strategies

A 1031 exchange, often referred to as a like-kind exchange, is a swap of one investment property for another that allows capital gains taxes to be deferred. Traditionally, the 1031 exchange is used in real estate transactions where one investment property is exchanged for another. This is governed by Section 1031 of the U.S. Internal Revenue Code, which specifies that the properties being exchanged must be of like kind and held for productive use in a trade or business, or for investment.

When it comes to publicly traded stocks, however, it’s important to note that stocks, bonds, and other securities are specifically excluded from qualifying for a 1031 exchange. This means that if an investor is looking to use a 1031 exchange to defer capital gains taxes, they cannot use this mechanism with publicly traded stocks or bonds.

Alternatives for Stock Investors:

While a 1031 exchange is not applicable to stocks, there are other tax-advantaged strategies that investors can consider:

  1. Opportunity Zone Funds: Internal Revenue Service (2022) Investors can defer and potentially reduce capital gains taxes by investing in Opportunity Zones. These are economically distressed communities where new investments may be eligible for preferential tax treatment under certain conditions. Capital gains from stocks can be rolled over into an Opportunity Zone Fund within 180 days of the asset sale. 
  2. Exchange-Traded Funds (ETFs) and Mutual Funds: Fidelity (n.d) These can offer tax efficiency through their structure. ETFs, in particular, are known for lower capital gains distributions because of the in-kind redemption process used to manage inflows and outflows of fund shares.
  3. Tax-Loss Harvesting: Fire, P. O. (2022) This strategy involves selling stocks that have experienced a loss to offset gains made on other investments. It’s a common tactic used to reduce the capital gains taxes due in a given year.
  4. Deferred Variable Annuities: Kagan, J. (2023) While not directly comparable to stocks, deferred variable annuities allow investments to grow tax-deferred until withdrawals are made, which could be a useful strategy for long-term growth.

Each of these strategies comes with specific requirements, benefits, and drawbacks, and they should be evaluated carefully in the context of an investor’s overall financial and tax planning strategy. Consulting with a financial advisor or a tax professional is highly recommended to determine the best approach based on individual circumstances and investment goals.

VII. Investment Insights: Identifying Key Opportunities and Companies Aligned with the FPC’s Mission Amid Potential 1031 Exchange Reforms

As the Financial Planning Committee (FPC) continues to evaluate the nuances of the 1031 exchange, investors are actively seeking avenues to leverage this tax deferment strategy effectively. The 1031 exchange, a crucial tool for deferring capital gains taxes on property sales, is under review, and potential changes could reshape investment strategies. In light of this, pinpointing companies that align with the FPC’s mission can provide strategic opportunities for savvy investors.

American Tower Corporation (NYSE: AMT) stands out as a prime candidate in this realm. Investor Relations, American Tower Corporation (n.d) As a global leader in wireless communications infrastructure, AMT operates a vast network of cell tower sites, essential for the expansion of next-generation 5G networks. This positioning within the telecommunication sector offers a robust investment opportunity, particularly in an era where digital connectivity is paramount. American Tower’s strategic focus on infrastructure critical to telecommunication not only aligns with technological advancements but also offers a stable investment due to the ongoing demand for mobile and data services. 

Another significant player is Prologis, Inc. Investors (n.d) (NYSE: PLD), which dominates the logistics real estate market. The surge in e-commerce has exponentially increased the need for industrial warehouses and distribution centers, a trend that has been significantly accelerated by the global shift towards online shopping amid the pandemic. Prologis owns a high-quality portfolio of strategically located assets, making it a lucrative choice for investors looking to utilize the 1031 exchange to defer capital gains taxes. The alignment of Prologis’ operations with global economic trends and its focus on high-demand real estate assets make it an attractive investment that promises growth and stability (Investor Relations, Prologis, Inc., 2023).

For investors, the current landscape presents a window of opportunity to invest in companies like American Tower and Prologis, which are not only aligned with the FPC’s mission but also positioned to benefit from structural changes in their respective sectors. Understanding the trajectory of the 1031 exchange reforms will be crucial as these investments could be impacted by regulatory adjustments. Therefore, staying informed and agile in response to policy developments will be key to maximizing returns in this evolving landscape.

VIII. Conclusion

The potential abolition of the 1031 tax exchange under the Biden Administration has ignited a fervent debate within the real estate community. Long considered a cornerstone of investment strategies, the 1031 exchange’s potential discontinuation looms large, promising to usher in significant economic shifts. Real estate investors stand on the precipice of facing daunting economic repercussions. The absence of provisions for deferring capital gains taxes could mean heightened tax liabilities and diminished incentives for reinvestment, potentially stifling investment flows within the sector, undermining property values, and stalling development initiatives. Moreover, the proposed removal of the 1031 exchange threatens to reconfigure the landscape of real estate investment and property transactions. A shift towards property retention over sales could lead to reduced market liquidity, affecting the availability of properties and possibly inducing broader market instability. The broader economic ramifications are equally significant. Historically, the 1031 exchange has been a catalyst for economic expansion, spurring investment and creating jobs. Its elimination could inadvertently hamper job creation, slow economic progress, and diminish tax revenue at various governmental levels.

Proponents of the exchange’s elimination argue it would lead to increased tax revenue and a fairer tax system. However, this perspective is met with robust opposition that underscores the adverse effects on investment dynamics, economic growth, and market equilibrium. The arguments on either side necessitate a balanced examination of the long-term implications and possible alternatives. Given the intricate and layered implications of the 1031 exchange and its proposed removal, it is imperative that further investigation and analysis be undertaken to fully grasp the potential impacts. Decision-makers are urged to deliberate deeply on the economic and market nuances before enacting any policies with profound implications for investors, the real estate sector, and the economy at large. The destiny of the 1031 exchange is ultimately in the hands of policymakers engaged in the broader dialogue on national tax reform. Regardless of the outcome, it is crucial to acknowledge the pivotal role this tax provision plays in sculpting investment landscapes and influencing the real estate market.

IX. Call To Action

To stay informed about the latest developments in real estate investment strategies and to learn more about the potential impacts of eliminating the 1031 tax exchange, we invite you to visit the Financial Policy Council’s website at https://financialpolicycouncil.org/ There, you will find a wealth of resources, including research reports, policy analyses, and educational materials designed to help investors make informed decisions in the ever-changing real estate landscape. Through its research, education, and policy recommendations, the FPC works tirelessly to support real estate investors and stakeholders, ensuring that the sector remains a vital contributor to the overall health of the U.S. economy. The FPC’s mission is to promote sound fiscal and economic policies that create opportunities for all Americans to build wealth through real estate investment. We also encourage you to follow the Financial Policy Council on LinkedIn at www.linkedin.com/company/financial-policy-council/ to stay connected with our community of experts and industry leaders. By engaging with the FPC, you will gain access to valuable insights, networking opportunities, and the latest news and updates on real estate investment and economic policy. At FPC our aim is to foster awareness, debate while championing innovative approaches that democratize wealth creation. By uniting diverse perspectives, sharing insights, and advocating for policies that support topics such as real estate investment strategies, we can empower individuals from all walks of life to participate in wealth building. Let us collectively strive to create a future where quality and prosperity in real estate are accessible to every American. Join us in shaping this narrative and driving meaningful change within the realm of real estate finance and the FPC.

(Note: *Investing in any company carries risks, and it is important to conduct thorough research and consult with a financial advisor before making any investment decisions. *Disclaimer: The information provided here is for informational purposes only and should not be considered financial advice. Investing in real estate, stocks or other securities carries risks, and past performance does not guarantee future results. Always do your own research and consider your investment goals and risk tolerance before making any investment decisions.)

#1031Exchange #RealEstateInvesting #TaxDeferral #CapitalGainsTax #InvestmentStrategies #EconomicImpact #RealEstateMarket #BidenTaxPlan #TaxReform #WealthCreation #WealthBuilding #LandlordLife #RealEstateEntrepreneur #RealEstateAdvice #RealEstateEducation


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