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1031 Exchanges

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Wilfred Diaz
  • Real Estate Investor
  • Lakewood, CA
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Referral for 1031 EAT

Wilfred Diaz
  • Real Estate Investor
  • Lakewood, CA
Posted Sep 17 2016, 23:11
Hello Everybody, I will be selling my current home and purchasing a new home(that will need some remodeling) with the hopes of using a 1031 exchange. I would like to know what this process is like. Here are my details. I will be netting approximately $450k cash from the sale of my primary residence. I intend to purchase my new home for $680k, but intend to do approx $30k in remodeling. How can I use some of the cash from the sale of primary residence via the 1031? If possible, I plan on selling my residence first and living in the new home during the remodel, which I plan will take 2 months. How would this transaction work and how much would it cost to use an EAT? Thanks in advance!

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