1031 exchange trading up from single family to 5 unit

Rental Property Investor · Attleboro, MA · Member since 2021 · 81 posts · 56 votes

I'm looking to sell a single family in the smokies and wanting to do a 1031 exchange into a larger multi family. I'm wondering if this is even possible and if so can anyone give me insight if they have done this? Thanks

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Bjorn AhlbladPro Member
Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
4y
@Jonathan Stevens that is completely doable as long as you are able to meet the timing constraints of sell and identify in 45 days and close in 180 days. Get yourself lined up with a 1031 expert. There are some that post on this site. @Dave Foster wanna' help this guy out?

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Jonathan Stevens
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Rental Property Investor · Attleboro, MA · Member since 2021 · 81 posts · 56 votes
4y
@Bjorn Ahlblad thank you! I've been approached multiple times about my cabin and I'm considering selling it but only if it makes sense.
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Dave FosterBusiness Member
Qualified Intermediary for 1031 Exchanges · St. Petersburg, FL · Member since 2013 · 9k+ posts · 9k+ votes
4y
@Jonathan Stevens

To answer your question, yes it is entirely possible, we've helped many investors in this exact situation. A 1031 exchange simply requires that you sell an investment property and purchase a replacement investment property. You can go from any kind of real estate to any other kind or real estate as long as it is held for productive use in trade, business, or investment. As @Bjorn Ahlblad mentioned there are some time constraints when doing a 1031 but there are also ways to mitigate those constraints.
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