Expertise
How I help investors use DSTs in a 1031 exchange
I'm Jerry Baker, founder of Baker 1031 Investments. I help real estate investors who are selling property build a 1031 exchange plan with Delaware Statutory Trust (DST) investments. My job is to understand what you need, show you the options that fit, and tell you plainly what I like and where I have reservations.
- $10 billionReal estate transaction experience
- 1,100+Full-cycle 1031 DST investments I track
- 20+Institutional sponsors on my platform
- 2026GlobeSt top commercial real estate leader
What I do
One job: a 1031 exchange plan that fits you
Most of the people I work with have spent years owning and managing property. They're selling, and they want to defer the capital gains tax without taking on another property to manage. I help them find replacement property that fits their income needs, their debt, and their timeline.
Build the plan
We look at your equity, the debt you need to replace, your income goals, and your 45- and 180-day deadlines.
Narrow the options
I offer DSTs, 721 DSTs, and oil and gas royalties from more than 20 sponsors, and show you only the ones that fit.
Review them together
For each one, I tell you why I'm considering it, what I like, and where I have reservations.
Coordinate the closing
My team and I handle the paperwork with the sponsor and your qualified intermediary.
Stay with you after
I keep in touch through the hold period, the sponsor updates, and the eventual sale or 721 exit.
What I don't do
What I don't do, and why
You should know how I work before you ever get on a call with me. These are the lines I hold.
I don't offer proprietary offerings
Baker 1031 Investments doesn't sponsor or own any of the DSTs I offer. Some firms offer DSTs they created themselves, which can make it harder to recommend a competitor's offering when it fits better. I don't have that conflict. My job is to find what fits you across more than 20 sponsors, not to fill a deal of my own.
I don't try to sell you
My first job is to understand what you need. Sometimes the right answer isn't a DST. You may want to keep control of your property, buy a property directly, or pay the tax and move on. If that's the case, I'll tell you.
I don't pressure you because of a deadline
The 45- and 180-day deadlines are real, and I'll help you plan around them. But I won't push you into an offering just to beat the clock. That's why I encourage you to call me before your sale closes.
I don't hide the downsides
We'll talk about fees (typically about 8% to 10% of your equity), the loss of control, the illiquidity, and the risks. You should know what you're giving up before you decide.
I don't recommend what I wouldn't stand behind
Every offering goes through my five-part due diligence before I make it available. I pass on offerings that don't meet my standards.
I don't give tax or legal advice
I'm not a CPA or an attorney. I work alongside yours and make sure everyone has what they need.
I don't hold your money
Your exchange funds stay with your qualified intermediary until closing. They go from the intermediary to the sponsor.
I don't disappear after closing
A DST is a multi-year investment. I stay in touch through the hold, the updates, and the sale.
How I think about DSTs
The principles behind every recommendation
Start with the goal, not the product
Income now, growth later, less debt, an estate plan, or simply no more tenants. The answer changes which DSTs make sense, or whether one does at all.
A DST is a trade
You give up control and liquidity in exchange for passive ownership of institutional real estate. That trade is right for some investors and wrong for others.
The sponsor matters as much as the property
The sponsor runs the property for years. I look at their track record, their full-cycle results, and how they've handled hard markets.
Debt should match you, not the deal
Leverage can help replace the loan you paid off. It also adds risk. We pick a level you're comfortable with.
Plan the exit on day one
The projected hold, the 721 option, and what happens at sale all matter before you invest, not after.
Spread the risk
Dividing proceeds across property types, regions, and sponsors can reduce the impact of any one investment.
“My job isn’t to sell you a DST. It’s to help you make a decision you’ll still feel good about when the property sells.”
Jerry Baker
Strategies
Strategies I use, and when they fit
| Strategy | What it is | Can fit when… | May not fit when… |
|---|---|---|---|
| Diversify across DSTs | Split proceeds across several DSTs by property type, region, and sponsor. | You have enough equity to meet several minimums. | Your equity is small, or you want one simple holding. |
| Income first | All-cash or low-leverage DSTs focused on steady distributions. | You're retiring or relying on the income. | You need to replace significant debt. |
| Match the debt | Leveraged DSTs that help replace the loan paid off at sale. | You had a mortgage on the property you sold. | You don't want to take on more leverage. |
| 721 (UPREIT) path | A DST that can later be contributed to a REIT's operating partnership. | You want more liquidity or simpler estate planning later. | You want to do another 1031 exchange at the end. |
| Oil and gas royalties | Royalty interests in producing wells that can qualify as like-kind property. | A smaller slice of the exchange, for income. | You aren't comfortable with commodity price swings. |
| Backup identification | Identifying more than one option within the 45-day rules. | Almost always, to protect the exchange. | Rarely: we'll discuss the identification rules. |
Every strategy depends on your situation. Please confirm the tax side with your CPA and qualified intermediary.
Solutions
Wherever you are in your exchange
Planning a sale
We plan the timing, the equity and debt to replace, and the types of DSTs that could fit before your property is listed.
Estimate your tax deferral >In escrow
We line up options that match your expected proceeds before the 45-day identification period begins.
Find your deadlines >Sale recently closed
We focus on offerings that are already acquired and available, so you can identify with confidence and close efficiently.
See available offerings >Stepping back from management
In a DST, the sponsor handles management, leasing, and financing. You give up control in exchange, and I'll explain what that means.
What is a DST? >Replacing debt
Many DSTs carry sponsor-arranged financing that can help match the debt paid off at sale, at a level you're comfortable with.
Check for boot >Diversifying
We can divide your proceeds across several DSTs by property type, location, and sponsor, within the identification rules.
The identification rules >
Due diligence
Five reviews before I offer anything
My team and I review every new offering and keep reviewing the ones already on my platform. We work with outside auditors in each area. See statistics from my offering records.
- 01Broker-dealer review
- 02Investment manager audit
- 03Investment offering review
- 04Real estate assessment
- 05Institutional underwriting
Extended bio
About Jerry Baker
I grew up in an entrepreneurial family in Birmingham, Michigan, a small town north of Detroit.
I studied applied mathematics and applied statistics at Babson College. That training still shapes how I look at an offering: the numbers come first, and every assumption gets tested.
I spent my career on the acquisition, management, and development sides of real estate. I worked at ValueRock Realty Partners, Faris Lee Investments, Westport Capital Partners, and Arbor Bay Capital Partners. Over that time, I've been involved in more than $10 billion of real estate investment activity.
I founded Baker 1031 Investments to help investors build 1031 exchange solutions around their income needs, financial goals, and exchange requirements. I've been on your side of the table, buying and managing property, and I work that way. You can read a shorter version on my About page.
Notable projects
Mall redevelopment
The redevelopment of a mall in Orange County, California.
JFK animal processing facility
An animal processing facility for John F. Kennedy International Airport.
SkyBridge Opportunity Zone REIT
One of the first Opportunity Zone funds structured as a REIT.
Credentials
Licenses, recognition, and writing
- Education
- Babson College: applied mathematics and applied statistics
- Licenses
- FINRA Series 22 (Direct Participation Programs Representative), Series 63 (Uniform Securities Agent State Law), and the Securities Industry Essentials (SIE) exam. Registered representative of Aurora Securities, Inc., member FINRA/SIPC, CRD #7537416. See my record on FINRA BrokerCheck
- Recognition
- Named a top commercial real estate industry leader by GlobeSt (2026)
- Offices
- San Francisco (1700 Montgomery St) and Los Angeles (El Segundo)
Questions
Frequently asked questions
How do you get paid?
I'm paid by the sponsor through Aurora Securities when you invest, as disclosed in each offering's private placement memorandum. You don't pay me a separate fee.
Do I need to be an accredited investor?
Most DSTs are offered only to accredited investors, generally people with more than $1 million in net worth (not counting their home), or income above $200,000 ($300,000 with a spouse) in each of the last two years. I'll confirm eligibility with you early.
How early should I call you?
As early as you can. Calling before you list your property gives us time to plan the debt, the timing, and the options before your 45-day identification period starts.
Will you work with my CPA and qualified intermediary?
Yes. I coordinate with both. Your CPA confirms the tax side, and your qualified intermediary holds and sends the exchange funds.
My sale already closed. Is it too late?
Not if you're still within your 45 days. The offerings I show you are already acquired, so with complete paperwork, funding, and approvals, closing can often take two to three business days.
What if a DST isn't right for me?
Then I'll say so. Some investors are better served by buying a property directly, keeping what they own, or paying the tax. My job is to help you decide, not to sell you.
Start working with Jerry
Let's talk about your exchange
Tell me what you're selling, when it closes, and what you need from the next property. I'll respond within one business day.
Securities offered through Aurora Securities, Inc., member FINRA/SIPC. Baker 1031 Investments, LLC is independent of Aurora Securities, Inc. This is not tax or legal advice. DST investments are illiquid, distributions are not guaranteed, and you can lose your entire investment.