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1031 Exchanges
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Updated almost 3 years ago,

User Stats

6
Posts
1
Votes
Scott Simpson
  • Realtor
  • Jamestown, NC
1
Votes |
6
Posts

1031 exchange from SFR's to purchase farm over 10 acres in NC

Scott Simpson
  • Realtor
  • Jamestown, NC
Posted

Hello BP friends!  Looking for some advise/ clarification for a 1031 exchange.  I have 2 properties in NC which I am considering selling.  However, they will sell about 2 months apart due to current lease agreements.   I would like to use those funds to purchase a 10+ acre farm / land in N.C. 

My question is:  Can I convert the 2 properties to purchase a 10+ acre farm or land, have the farm as my primary residence and still qualify for a 1031 exchange?  This farm/ land would be a working farm and not just as a homestead.  Would the farm be considered "like property?"  Feel free to expand on your answers and add any suggestions.

Also, what avenues are there to "park" my funds "short-term" before I identify a property to buy?

Any advise would be greatly appreciated!  Thank you!

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