Got into contract to sell my NYC place.
I'm a little overwhelmed by this. I just got into contract to sell a small building in NYC. My beginning basis is very low so I'm leaning towards the 10-31 path. This is where it gets real. What markets would you got to? I've been looking at all the usuals; Cincinnati, Tulsa, OKC, Columbus, Indy, etc. Almost anywhere will cash flow better than NYC. Open to all ideas and suggestions.
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#1 Questions About BiggerPockets & Official Site Announcements Contributor
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@Roger R. STOP!!!
Do not proceed with this sale until you speak to a Qualified Intermediary. The QI is the person who handles the sale of the property and makes sure everything conforms to 1031 standards.
If you take possession of the money, your 1031 options are gone. Please do not rely solely on your CPA to make the 1031 happen. Get a reliable QI to help you with your transaction.
