Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. 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 over 7 years ago,

User Stats

108
Posts
78
Votes
Kurt Jones
  • Investor
  • Longwood, FL
78
Votes |
108
Posts

Transferring gains between 2 LLCs

Kurt Jones
  • Investor
  • Longwood, FL
Posted

OK,

This is a little obtuse but just stay with me. I was in the process of making two simultaneous but separate 1031 exchanges from two SFRs to two MFs. Well, here comes Hurricane IRMA and screws up one of the target MFs necessitating a new roof which the seller refuses to negotiate on. So I'm pulling out of that purchase. Meanwhile the second purchase is OK after the storm. 

The remaining purchase is in the 750K range so by the numbers I can use the sale of the two SFRs ($145k+215k) to move into the larger MF. Here's the kicker, the SFRs were in different LLCs. Trying to find a way to combine the proceeds into a 2 for 1 1031 exchange. 

Any suggestions? I'll talk to my QI on Monday but was looking for creative ideas and experiences here. One thought is to Quit Claim one of the sales into the other LLC just prior to the closing, but need to run that one by legal.

Loading replies...