Planning to sell a home and do 1031. Experts can you please help suggest any good 1031 intermediary companies so i can use them. Doing 1031 for first time. Any tips ..thx in advance
I'd ask the title company that is closing the property if they have an expert or 1031 attorney they employ to refer questions to.
Bill Exeter with exeter1031.com. have used his Services many times for personal exchanges as well as dozens of client exchanges.
Thank you @Nathan James
Thank you @Nathan Diones will checkout ur suggestion as well
Asset Preservation. I’ve used them twice. They are at the top of the game.
I used IPX out of Newport Beach. They were great and handled a complicated issue for me. My lawyer recommended them. Also @Dave Foster here in BP also does them.
I've been impressed by First American Exchange although haven't worked with them yet. They have great webinars and are very informative. https://www.firstexchange.com/
@Madhu Ponnada I have done a few both personal as well as for clients. Can recommend a couple of them but It depends on what you are looking to do. If you have already identified the replacement or still looking for it, planning to buy multiple? Is cost a consideration? DM would be best
@Madhu Ponnada my clients have been happy with Echo Wu with Antarctica Service. She's great!
A few key guidelines to keep in mind for a 1031 exchange (however, not legal or tax advice):
1. Proceeds from escrow must go directly into an exchange account (set up prior to close of escrow)
2. From close of escrow, you have 45 days to identify a property (multiple can be identified).
3. From close of escrow, you then have 180 days to close on one of the identified properties
4. The purchase price of the new property (up leg) must be of greater value than the sold property (down leg). All of the existing debt from the sold property (down leg) must be replaced.
As a real estate investment agent, I've represented clients buying/selling during a 1031 exchange. Feel free to reach out if you need an agent.
Hi @Nathan Diones ,
Thank you for the shout out.