A deeper dive for my first 1031 in Orlando FL
Hi BP,
After digging through some of the forum posts and looking at Brandons blog post on 1031's, I've got a few remaining questions I'm hoping the community can clear up.
I currently have a SFH and Triplex in Orlando, FL. My next step is to try to 1031 one or both and use the income to put towards a larger property (4+). With that said, here's what I can't find...
- Can I utilize a 1031 for both properties and use one intermediary? Will the funds count as one or MUST they be separate for taxes if/when I ever realize the gains on them?
- For a 1031, it seems as if most fees and costs associated with selling a home stand. Is that correct? Seller is still paying commission on the home etc.
- In terms of a strategy, due to the fact that we have 180 days to close and 45 to find a property are most properties found prior to selling the home? Is there a way to put an offer down (with the 1031 in mind) without selling your house? I.E. the numbers look great on the complex down the street, BUT your home hasn't sold yet. Can you work something out with the owner or do you just lose your chance?
Thanks BP!