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re: Section 1031
Posted on 11/13/19 at 6:26 pm to Jp1LSU
Posted on 11/13/19 at 6:26 pm to Jp1LSU
I haven't done this yet but hoping to do so in the future. Make sure you use a reputable company. I think there was an "American Greed" episode with a conman running way with 100+ million dollars of 1031 exchange money. Seeing that makes me really paranoid since it's pretty much a requirement to use one of those companies.
Posted on 11/26/19 at 10:40 pm to drsung
That would be a legit concern.
I’ve talked to several people. The biggest thing I could recommend is that you have to realize you have to set this up prior to selling the property you own. I’ve met two people who sold property with the intention of doing an in-kind exchange and then learned you can’t ever take constructional control of the money. It invalidates the process. From the day you initiate a contract the money has to go into a third party escrow account until you purchase the “in-kind” property.
Cautionary tale I have been told. As common as the concept is, the understanding of it is mostly rare.
I’ve talked to several people. The biggest thing I could recommend is that you have to realize you have to set this up prior to selling the property you own. I’ve met two people who sold property with the intention of doing an in-kind exchange and then learned you can’t ever take constructional control of the money. It invalidates the process. From the day you initiate a contract the money has to go into a third party escrow account until you purchase the “in-kind” property.
Cautionary tale I have been told. As common as the concept is, the understanding of it is mostly rare.
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