1031 Exchange - In Contract

4 Replies

I just went into contract to sell my three Duplexes in Columbus, OH. I am now in the search of an apartment building in the $500,000 - $1,000,000 price range, hoping to identify a property by the end of August . Idealy it is turn-key or only requires cosmetic updates. We weren't planning on selling, but we received an offer we couldn't turn down .

Any recommendations on how to find a property outside of the MLS in such a short time frame? I have contacted some local brokers and investors asking if they have anything they want to sell, but nothing has clicked yet.

This is my first Forum post, so if anyone has suggestions, please feel free to reply.

Thank you!

hi Brian- I may have some ideas.  Please give me a call at your convenience.  Best- Leslie

Brian- one word of caution- one of the biggest mistakes made during a 1031 exchange is making a poor purchase choice because of tight time frames and the need to "beat the clock"  Don't let the 1031 tail wag the dog. I just went thru this, and although I had a backup property all along, I thought I would find something better.  In 9 months of looking, I never did

Reach out to some commercial brokers for starters. You could also call management companies that handle the type of property you are looking for. They might know if some of their clients are thinking of selling.

Hi Brian. Where are you looking to buy? I may have a few things for you to look at as well. Give me a call or email. Karen [email protected] 541-588-2472

Join the Largest Real Estate Investing Community

Basic membership is free, forever.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.