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Updated 7 months ago on . Most recent reply

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14
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4
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Mohamed F.
4
Votes |
14
Posts

1031 Exchange NY state

Mohamed F.
Posted

Hello,

I am looking to exchange a property that is owned by our LLC for another property using financing.

Some info:

Original property purchase price ~$90k

100% cash purchase

Looking to put the proceeds of the sale into escrow account (1031) and use it for a down payment to purchase another property of greater value (say we get $110k from the sale, so we can look for up to $380-400k approx. @25% down payment)

Does anyone have any contacts to help facilitate a 1031 in NY?

The reason for selling is because the home has been a money pit (major tenant damage) and a revolving door (tenants leaving). I understand this is could be related to the location and the selection process by our property managers, so any advice is appreciated. 

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