Using the 1031 exchange

[Jacob Holler]

Hey All - hoping someone can help answer a few few questions. I have not been able to find the answer. I may be selling my house in Norther VA and am hoping to use my profits in a new investment in a more affordable area, more than likely Charlotte where I currently have a few investment properties currently. Can you use the 1031 exchange from profits on one house on multiple properties? Meaning the profits on my Northern Va house and buy 3 or 4 in Charlotte while still deferring tax.

Also anyone who has used 1031 exchange in the past, what markets do you shop in?  I believe Charlotte might be difficult as houses go so quick, and you only have 45 days to find a property. 

Thank you for the help here!  

[Samara Huntley]

@Jacob Holler yeah, sure can. It’s all about the value of your next property’(s) being of equal or greater than your last property.

The timing issue might be difficult, with how hot of a market Charlotte is. It always seems to end up in a bidding war with multiple offers. I would recommend really nailing down your criteria on location/condition etc. in Charlotte so as soon as you sell your property and the clock starts you can snatch up your new properties in Charlotte before the 45 days is up.

All I’m saying is just now what your looking for and be able to pull the trigger as soon as it hits the market. Charlottes HOT. Good luck!