We sold our property in Gainesville Ga and we are looking to do a 1031 exchange for the next one. Sold at 170k so we need to stay in that price or higher, we wanted to buy two rentals may be do a brrrr and one turn key in an area that we can afford, house needs to be less than 100k. We know we can’t find anything in Gainesville or Gwinnett county for those prices so which areas are good for rentals around Atlanta? I was thinking maybe an upcoming neighborhood in the west side since is still cheap (saw a couple in grove park) May be some areas of Decatur? Lithonia? Conyers? Should we stick to the 1% rule? Any recommendations???? thanks.
I may be misreading it, but your post makes it sound like you already closed on the sale, received the proceeds, and now are thinking about doing a 1031 Exchange. So I just wanted to clarify in case anyone else misreads it as well:
If you had the 1031 lined up ahead of time and a Qualified Intermediary is holding your funds, then you're good to go. Just be mindful of the 45 and 180 day rules with regards to identifying and closing on your next properties.
But if you did not use a QI, and already closed on the sale, then it's too late to do a 1031 Exchange. You need a Qualified Intermediary in place prior to closing the first sale, and the QI must hold the funds. You't can't decide after the fact to do a 1031.
Happy to PM you, or anyone else, some additional info if needed.
Yes we closed and we are using a QI I was asking about good areas to find rentals around metro Atlanta since we only have 45 days to identify good rental properties I see some good deals in places and towns where I have been before but just drove by and I don’t know if those places are good to live, I appreciate your input is my first time doing an exchange!
Try searching Stockbridge and Jonesboro area , my rentals at most has only a month of vacancy .
Thanks Dante, what’s the average rent price for a 3 bed 2 bath in those areas? Schools are not really good....