Hello beautiful people of BP,
I've kinda toyed w/ the idea of 1031ing my current apartments if and only if the market allows me to pull out enough equity after the sale. So, I'd like to talk with a broker about the possibility.
Does anyone have any recommendations? I need someone that has done some 1031 exchanges before (as this would be my first time and would like all the help I could get). Obviously getting someone that can close on the sale AND provide me with a good purchase is critical.
Any references welcome!
I have one that might be a really good fit for you, he's been super helpful for me and I'm out of state. PM me if you want his info... and I'd love info on your apts...
@Dustin Beam , You want a very experienced realtor on your team for sure. And some 1031 experience will help with the timelines etc.
But caution - I've taught 1031 classes for Realtor Boards around the country and my message is "As a realtor analyze and sell and buy real estate for your clients. Do not give 1031 advice. Your job is the real estate the QI's job is the 1031."
Any realtor who is telling you how to perform a 1031 and not simply introducing you to the QI on their team is setting you up for disaster. And any realtor who does not have a go to QI is not experienced enough in 1031 to give you any credible advice.
Find a great investment analysis oriented realtor and an experienced QI. Use them both.
It's all about the team and roles on the team. There's a place for everyone. But the point guard shouldn't try to be the power forward.
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