Rent or sell

[Madhan S.]

Hi,

I am a long distance landlord located in Boise ID. I have a property SFR in Phoenix area which is currently rented out. It cash flows $450 per month after management, mortgage, taxes, insurance but excluding maintenance & vacancy.  Since the prices in Phoenix have risen quite a bit, I was wondering if it would make sense to sell the property and take the cash to invest locally here in Boise.  Any advice or further questions?  Thanks.

[Bill Exeter]

I thought I would jump in here to clarify.  The 1031 Exchange must be set-up and in place prior to any closing.  The 1031 Exchange documents must be drafted and executed prior to any closing.  It is more than a declaration that you are structuring a 1031 Exchange.