1031 Exchange in San Francisco City
Did anyone ever do a 1031 Exchange in San Francisco? I'm thinking about doing this for a 3-unit (vacant) building for probably a duplex also vacant. Both should be in the same ballpark in terms of prices. Just not sure if it is possible or how complicated it could be.
Would appreciate info/advice.
Thank you!
#1 1031 Exchanges Contributor
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- St. Petersburg, FL
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#1 1031 Exchanges Contributor
- Qualified Intermediary for 1031 Exchanges
- St. Petersburg, FL
@Puri Indah, There's nothing inherently more difficult with a 1031 exchange in San Francisco or anywhere else. The process is exactly the same no matter where the property. A market with low inventory can create issues on the buying end since your time frames are fixed and limited. But there's ways to mitigate some of that risk. Folks in CA have some additional reporting requirements to the state. But it really comes down to how easily you can sell your property. And how hard it would be to find a "vacant duplex to purchase". We (and a lot of other QIs) have done thousands of 1031s in the bay area over the years. If it's your first 1031 find a responsive group that will truly be your guide through the process and you'll be fine.
I wasn't actually asking about the process itself, more if anyone has successfully done that knowing the challenge of buying (not selling). It is easy to sell a vacant unit in SF, but hard to find one of the same kind. Definitely challenging to do both at the same time.
