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Updated almost 7 years ago on . Most recent reply

User Stats

205
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282
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Charles A.
  • Rental Property Investor
  • Jacksonville, FL
282
Votes |
205
Posts

Closing is tomorrow! Reverse 1031 question.

Charles A.
  • Rental Property Investor
  • Jacksonville, FL
Posted
It’s rare that I have a real estate question that doesn’t return useful results on a simple search in BP. This doesn’t. So here’s my situation: I’m closing on a duplex tomorrow.I went under contract on it 6 weeks ago. However,I recently found last week that I have other pressing needs for the cash I was going to commit for the downpayment. So 3 days ago,I asked my agent to list one of the other properties on my portfolio for sale in order to raise that cash. Except that I suddenly realized I could have done things in the exact reverse order and just 1031 exchange the properties while holding the cash I will now be wiring tomorrow as downpayment in the duplex purchase for my other liquidity need. I called my attorney. He says there’s actually something called a reverse 1031. But he’s not sure if things can be arranged in time now since the duplex closing is tomorrow. Has anyone else done a reverse 1031? How long did it take to set things up?
  • Charles A.
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