Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
1031 Exchanges
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 3 years ago on . Most recent reply

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!

Most Popular Reply

User Stats

23,418
Posts
13,508
Votes
Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
13,508
Votes |
23,418
Posts
Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

@Dave Foster can clarify...

Loading replies...