SO we sold a property faster then we thought it would sell. Great and we now have $49000.00 in a 1031enchange. We have until January 20th 2018 to list the properties we want to buy. Can we just list a Apartment Buildings, Duplexs, 8 Plexs.
You have to list with specificity. So addresses, names and cities of shopping centers or apartment complexes, something like that. You can't just generally list apartment buildings without identifying the specific building.
Your QI should have made this very clear to you.
@Shawn Gorski , As @Jessica Zolotorofe and @Wayne Brooks said your list must be of specific properties and your QI should have been all over this with you way ahead of time. More exchanges fail during the 45 day period as a result of the list requirements than any other rule. I can see instantly that you're going to have an a difficult time getting into the property you want with proceeds of only $49K and no focused targets or contracted replacement.
There are some very specific requirements of the list that are potentially going to trip you up. If you want to purchase only large properties and your sale has been relatively small then you'll need to keep your list to three or fewer properties. If you try to name more than 3 properties on your list their aggregate value can be no more than 200% of the value of your net sale. See the problem?
The only way to combat this with a smaller sale is to be focused early on your search and to have your replacement property at least identified and contracted if possible either before your sale or in the early stages of your 45 day period.
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