1031 mortgage port and tenants in common

Spokane, Washington
Buying & Selling Real Estate
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1031 mortgage port and tenants in common

Lisa Ann
Leavenworth, WA · Member since 2015 · 2 posts · 0 votes

Two questions about 1031 exchange: 

1) We are interested in porting our existing mortgage to the new investment property as part of the 1031, is that allowed? 

2) We (husband and I) are the owners of the first property, we are investigating buying the second property with our inlaws as tenants in common, again, is that ok with a 1031? 

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  • Dave FosterBusiness Member
    Qualified Intermediary for 1031 Exchanges · St. Petersburg, FL · Member since 2013 · 9k+ posts · 9k+ votes
    4y

    @Lisa Ann, if the lender is willing to switch collateral that doesn't affect your 1031 at all.  And as long as you purchase at least as much as your net sale, your inlaws can take title to any of the rest of the property as a tenant in common with you.  You're good to go.

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  • Lisa Ann
    OP
    Leavenworth, WA · Member since 2015 · 2 posts · 0 votes
    4y

    thanks so much!

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