All Forum Posts by: Ryan Hammond
Ryan Hammond has started 1 posts and replied 2 times.
@Dave Foster Thank you so much for your thorough reply, this really helped clear things up for me! I have been reading extensively about 1031 exchanges, but using "real life numbers" really helped it click in my head. I have reached out to my realtor who put me in touch with a local QI. A big thank you to everyone who replied, and to the BP community as a whole. The information on here has helped open my eyes to many new possibilities.
Hi BP community, I am planning on selling my duplex in Nashville Tn at the end of this year and have a few questions regarding 1031 exchanges. Most of my googling has pointed me to Bigger Pockets, so I figured I'd just explain my scenario with some real world numbers.
I bought the place for 180k in 2013. It is a single family home that I converted into a duplex. After a cash out refi, I owe 165k on it and anticipate it selling for around 350k. I have a few questions regarding how much I must re invest, and how I am allowed to re invest.
Am I required to re invest all 350k back into RE, or just the net profit?
Would I be able to, for example:
Get a loan on a new place for $350k, and pocket whats left over after the down payment?
Finance 2-3 investment properties/ land/ ect equal to the sale price?
I am at a bit of a crossroads and want to play this hand correctly, and I'm not sure what my restrictions are. Any and all info / advice would be greatly appreciated.