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Updated over 2 years ago,

User Stats

28
Posts
9
Votes
Kenzie McIlvoy
  • Investor
  • DFW, TX
9
Votes |
28
Posts

Use a 1031 company or a realtor who's familiar with 1031

Kenzie McIlvoy
  • Investor
  • DFW, TX
Posted

We own a SF long term rental that's older and not performing as well as we'd like. We make about $300 in cash flow but are constantly having to put money back in for maintenance. We have about $70k in equity and would like to 1031 it. Our tenants have been in the property since March 2022 but informed us that they are canceling their lease November 15th. We originally thought we had more time to research and prepare for the 1031 but now are forced to move even quicker. We've wanted to sell sooner than March 2023 so we are happy we're able to do it this soon but it does force our hand in moving quicker.

It has been an investment property since March 2022 but was a house hack starting June 2021, which we could use as rental history as well.

My question is: Should we go through a 1031 exchange company  or use our current realtor? I'm aware of all of the rules that come with a 1031 and want someone who's very familiar with 1031's. I know on the podcast people have mentioned using 1031 companies but am a little confused when it comes to actually finding one. Thank you!

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