1031 Refinance under 6 months in California

[Anthony Wright]

Good Morning,

We just currently purchased a 16 door apartment complex with 1031 exchange money and closed about June 20th. We are looking to build two more units on a vacant lot on the property as well as buy an additional duplex that is across the street. We are also looking at buying another  2 units about 30 mins away.  Can anyone help out with some guidance in doing a 1031 Exchange refi with in a month or two of the closing. I have been reading that you are supposed to wait up to about 6 months before the refi, but also have read if you have a business plan on where the money is going to be spent that it’s doable without  a red flag going up. Any help is truly appreciated. 

Thanks

Anthony

[Matt Giacinto]

Hey Anthony, let's connect. I'm a commercial agent in LA and can help with all that

[Anthony Wright]

Quote from @Matt Giacinto:

Hey Anthony, let's connect. I'm a commercial agent in LA and can help with all that

Give me a call on the cell
209-362-5598

[Alex Olson]

@Anthony Wright There is nothing within the IRS guidelines that say you can not refinance within any time of your 1031 exchange. Make sure you have a really good lender, really good CPA, and really good attorney. If you have good REAL ESTATE support for the above, you should be OK that you dotted all of your Is and crossed all of your Ts. 

[Dave Foster]

@Anthony Wright The saying among those involved in the 1031 business is that the time you have to wait between closing and refinancing is however long it takes you to put down one pen and pick up another. You can refinance as soon as your exchange is completely there are no rules against it. When you refinance you are not accessing your own money. You are borrowing a bank's money secured by your equity.