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Updated about 3 years ago on . Most recent reply presented by

Chad S.'s profile image
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Chad S.
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1031 Exchanges

1031 exchange and land contract

Chad S.
  • Rochester, MI
Posted

I have a lot I'm buying on LC and already closed on, and have rental property I'd like to sell now.

Is it possible for me to 1031 exchange the rental home for paying off the land contract and building a new investment property? I would guess it's probably not allowed, but don't know for sure because I really am not the owner until the lot is paid in full right?

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Bill B.#3 Personal Finance Contributor
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Replied

Not an attorney but I would assume like if you had a mortgage you are the “owner” already. Put it this way. If you could build on it tomorrow then you “own it” and you can’t exchange in to a property you already own. 

Correct @Dave Foster ?

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