First time 1031, looking for advice
Hi! We are new to investing and BP and jumped in head first and went pro—that's how I roll. HA ;D
Brief Background:
We have a 2BR SF Bay Area condo that we'd like to 1031 in 2018 when our current tenant's lease is up at end of May. I'm planning ahead because we've never done this before and want to get educated and be prepared.
We have approximately $150K of equity and would like to exchange it for a multiplex in the San Diego area. I'm starting to analyze properties just to get a sense of what we're looking at, but would love to hear from folks with experience things like basic steps, expecting the unexpected, what they wish they knew the first time they did an exchange—or any other tidbits you can offer a newbie from an experienced point of view.
In the right situation, we may consider partnering.
I don't want to overwhelm you with unnecessary information, but happy to provide answers to any questions you might have.
Thanks so much in advance!
Elaine