1031 Exchanges Reverse Exchanges
“Hello Gary… We’re interested in selling our investment properties in North Park and Downtown San Diego. We like the 1031 exchange concept. However, we are scared off by the 45 day identification process.”
***ANSWER:
Here’s the 2nd part of the answer to this question from last week:
Two other ideas:
First, you could list your properties contingent on buying a property. In that way, if you don’t find a property, you don’t sell. Yes, you will lose a few buyers, but 80-90% of buyers will still be interested.
Second is a “reverse exchange,” where you buy the new property first. Two caveats: 1) It costs you about $5,000 in extra fees. 2) You need to have the down payment money available WITHOUT first selling your properties.
For more info, email me or call me at (858)457-KENT
