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Updated over 3 years ago on .
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1031 exchange and land contract
I have a lot I'm buying on LC and already closed on, and have rental property I'd like to sell now.
Is it possible for me to 1031 exchange the rental home for paying off the land contract and building a new investment property? I would guess it's probably not allowed, but don't know for sure because I really am not the owner until the lot is paid in full right?
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Bill B.
#1 Managing Your Property Contributor
#1 Managing Your Property Contributor
- Investor
- Las Vegas, NV
Not an attorney but I would assume like if you had a mortgage you are the “owner” already. Put it this way. If you could build on it tomorrow then you “own it” and you can’t exchange in to a property you already own.
Correct @Dave Foster ?