Ep 8: DST: Speed and Surety in a 1031 | Featuring Dave Bulger, Perch Wealth

What do commercial real estate investors need to know about 1031 exchanges and DSTs in today’s market?

In this episode of Did It Close?, we sit down with Dave Bulger of Perch Wealth to break down the mechanics, timelines, and strategy behind 1031 exchanges, Delaware Statutory Trusts (DSTs), and 721 exchanges.

If you’re advising clients on capital gains deferral—or considering selling an investment property yourself—this episode walks through the key rules, risks, and opportunities that can make or break a successful exchange.

We cover:

- What a 1031 exchange actually is (and what “like-kind” really means)

- The critical 1031 exchange timeline (45-day identification & 180-day closing rules)

- How depreciation recapture and capital gains are deferred

- What happens when you take partial cash out (“boot”)

- When refinancing after an exchange may create IRS scrutiny

- How DSTs provide passive, institutional-quality replacement options

- The fee structure, debt replacement mechanics, and diversification benefits of DSTs

- How 721 exchanges into REIT structures work

Whether you’re a broker, investor, developer, or advisor, this conversation offers practical insight into structuring exchanges strategically—not just compliantly.

About Dave Bulger

Dave Bulger is a 1031 exchange specialist with over two decades of experience in securities and commercial real estate investments. He focuses on DSTs, Opportunity Zones, and tax-advantaged real estate strategies designed to help investors preserve capital and transition into passive ownership structures.

🎙 About Did It Close?

Hosted by Bryan McCann and David Dirkschneider, Did It Close? is a commercial real estate podcast focused on deals, development strategy, and market intelligence for CRE professionals.

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