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Buying & Selling Real Estate

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Teresa Rex
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Want to use 1031 to buy better property

Teresa Rex
Posted Jul 14 2022, 11:19

I am brand new to BiggerPockets and hope you can help me. I have a single family rental with $350/month cash flow, it is my only investment property. The property is in the lower price point (first time buyers). I would like to use a 1031 exchange to buy a better property in a better area with better cash flow.  I have never sold an investment property before. I am aware of the 1031 exchange's 45 day window to identify properties.  Should I find a new property and put in an offer before selling my rental, and make the offer contingent on selling my rental? Should I sell my rental first and then find and put in an offer on a new property?

Also, is using a realtor the best way to find a replacement property at a good price?

I appreciate any advice you can give me.

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