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Updated about 6 years ago,

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Jennie Chen
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6
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using 1031 excess fund to do renovation possible?

Jennie Chen
Posted

Hi I am doing a 1031 exchange. 330K in the fund, only one of the 3 identified properties is going to work out, and on the form the value of the property was 200K, i will end up buying it for 230K. this property is currently vacant, i will need to put in 600K to renovate. 

my intermediary tells me that the final price can not be 25% more or less than the 200K I filled out on the identification form. question is: is there a way to put the leftover 100K (330-230=110) into renovation somehow?  Thank you.

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