I was wondering if anyone knows a good place to find 1031 buyers? Also can a 1031 exchange be used to buy developed land?
Research Google for 1031 exchange companies. Check with them to see if any client exchanges in process are looking for the type of property you own that you want to sell.
@Blaine Armstrong Blaine, I wouldn't say there's one place to find exchange buyers necessarily. I sure wish there was, it would make my job much easier as a broker! I would just ensure that you're on all of the major real estate sites (Redfin, Zillow, LoopNet). LoopNet will probably be your best funnel, but if it's a parcel of land with utilities that you're selling, I would say finding someone that's not only sophisticated enough to build, but also most aggressive on pricing due to a pending 1031 exchange, is going to be pretty rare. I would imagine you want to find an exchange buyer that will get more aggressive on pricing?
@Kenneth Reimer I had a feeling you would say that, and yes absolutely the most aggressive on pricing if at all possible. it seems I would need to find another builder like you said. Thank you for the reply
Thank you @Joel Owens I am moving forward with that now
@Blaine Armstrong are you asking if it’s possible to 1031 into developing land you already own? It is possible, but complicated. I have done this for clients before. Message me if you’d like more details.
Unfortunately there is not a database that has 1031 buyers, but it may be useful to talk to brokers about clients in the midst of a 1031. As far as 1031'ing into developed land, their is no issue with that from a legal perspective, but I am not sure I fully understand what you are trying to do. If you are attempting to 1031 into land you already own it is more complicated and requires restructuring, and patience. But in the right circumstances there are a ton of possibilities within 1031.