Sold a property using 1031 Exchange

[Omar Ababneh]

I sold a property on September 30th using the 1031 Exchange d my deadline is November 14th to identify 3 properties that I need to purchase but I’m not finding good deals in Saint Louis MO market. What you guys did in a similar situation and is the 45 days deadline a must or is there anyway to extend it ?

Thanks for everyone’s input

[Dave Foster]

@Ricky A., Hoping for a national disaster doesn't feel good :). But you are the lucky recipient of one.  NC, SC, and FL have all been granted extensions.  Your QI should have let you know.  We just sent releases out for all of our affected clients.  And here's an article we just wrote for the BP blog that will help explain.  So you've now got time on your side - 

https://www.biggerpockets.com/...

@Omar Ababneh, No extensions for you unfortunately.  But like @Kevin Sobilo said, the best thing you can do is start early and be realistic.  In a sellers market it's not unusual to find your new property and get it under contract before selling your old property.  This is a transitioning market.  So you may actually be in a great place to snag a deal as prices drop.

Bottom line is that at the end of the day, if you can't find a good replacement then let your exchange die.  The cost for starting an exchange is minimal.  And there is no penalty for starting and not completing one.  No one ever went broke paying tax on profit - no one!!  It just feels like it sometime.