I am in the midst of a 1031 exchange and looking for strategies and pitfalls. If you have any tips please chime in and thank you in advance.
-270k in the identification period looking for multi or SFR. I have had experience with HOA controlled townhouse and condo rentals.
Hi again, @Doug Pape ! In general if you find a property (or a few) in your identification period that your keen on, focus on getting the deal done more than getting "a deal". Folks often get "a kill" in their eyes and get hung up on getting a deal under value or under list price and risk missing the deal altogether, which in a 1031 exchange can have some unfortunate consequences. So, identify solid properties and make solid offers.
@Doug Pape This is something I do consistently here in the Midwest. Stick to a process, don't look for unicorns (remember, they don't exisit), find a great team, and a great agent that can help develop a lender, PM, and more for the area. If you don't do this, the stress can overwhelm and you will be scrambling last minutes looking for something to close.
A message I hear repeated in all things real estate. Very good advice, thanks for answering.