1031 Exchange - Seattle, Shoreline, Mountlake Terrace, Lynnwood

[Sherief Elbassuoni]

The Lynnwood Link light rail is getting built right now and it will go through the Cities of Shoreline, Mountlake Terrace, and Lynnwood. You can see the map in here https://www.soundtransit.org/system-expansion/lynnwood-link-extension

These three cities are going through a lot of up-zoning changes. Sometimes, what used to be a single-family house zone, is now a multi-family or apartment buildings zone.

I am currently working with a partner who has a property he would like to sell.

With the money he gets out of selling his property, we would like to buy a house (a lot can also work out) in one of these three cities (Shoreline, Mountlake Terrace, Lynnwood), tear it down, then build either multi-family townhouses or an apartment building.

Anyone in here is familiar with these up-zoning changes, and how to go through the 1031 exchange?

Thanks in advance for your help!

[Wayne Brooks]

@Sherief Elbassuoni

The 1031 will be a problem, with the 180 days to complete. 

@Dave Foster ??