1031 Exchanges have you heard of this?

Question

Equity Advantage 1031 Exchange?  I am planning to sell me 3 family and do an exchange for an STR in Florida.  Any better suggestions on who to contact for this?

Wayne Brooks · Answer

@Dave Foster can chime in, he knows this stuff inside and out, he would be good to have on your team.

Christina Hennessy · Answer

Holy crow Wayne you have a LOT of Votes!!  You go!

Dave Foster · Answer

@Christina Hennessy, Some attorney's practice 1031s.  However, they can have no other business relationship with you other than performing the 1031.  Sec 1031 is a federal statute so it is practiced the same in all states.  So the location is not important.  As a matter of fact it's very common for the sale of a property to conclude with the purchase in another state.  BP has several good QIs that post here.  You can go to their profiles and in the reference sections you can interact with clients who have actually worked with them.

Christina Hennessy · Answer

How do I find one with long term demonstrated success?  I live in NY and I know many Attorneys in my area due to selling Real Estate.

Dave Foster · Answer

@Christina Hennessy, Wayne Brooks is a Bigger Pockets institution!!  He has been there, done that, and probably has several t-shirts from it.

If you want to do a 1031 exchange you have to use the services of an unrelated 3rd party called a qualified intermediary.  Their only job legally can be to process your 1031 exchange.  There are numbers of good 1031 firms nationwide.  And you probably do want an intermediary with long term demonstrated success who operates nationally.  It's your money and an very detailed process.  You want them to take care of both.

1031 Exchanges have you heard of this?

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