first time doing 1031 exchange

[Edita D.]

Hey guys!

I am getting pre-qualified for a loan, we are planning to do a 1031 exchange.

The realtor referred me to 3 lenders, 2 of which never done 1031 exchanges. Does the loan officer need to be knowledgeable about 1031 or is it not necessary?

Thanks!

Edita

[Dave Foster]

@Edita D. That's really going to be a lender and loan product specific question.  But from the 1031 perspective it doesn't matter except if you can do the replacement as one closing you generally save a couple of bucks on the exchange.  Also keep in the back of your mind that you can allocate the cash proceeds in anyway you want in the two loans.  So if you wanted to minimize leverage on one and maximize leverage on the other that is perfectly fine.