Any North Carolina 1031 Exchange Users...?

Question

I'm in the process of selling a property in Durham, NC.  Would like to do a 1031 exchange. Anyone out there with advice as to how I'd:

• Select a good local NC- based 1031 exchange company.  In other words, who did you use?

• Words of advice.

• Things you would do differently if the process did not go as smoothly as desired?

Many thanks!

Dave Foster · Answer

@Caleb Landry, Thanks for those kind words.  It was great working with you.  Doesn't seem like it was two years ago :)

Caleb Landry · Answer

I live near Hickory and I did a 1031 exchange in 2020.  I used the Exchange Resource Group out of Colorado. www.erg1031.com. I will definitely use them again when I do another 1031exchange.

They handle everything on the phone and online.  This is all they do so they know it inside and out.  They have done thousands of them, where a local lawyer may have done a few and charge 5x as much.  Their fees are a lot lower than others.  They were professional and helpful the entire time.  I found them on here and it was exactly what I was looking for.

Happy to answer any questions about the process with them, if I can remember from 2 years ago. 😊

Sophia Griffies · Answer

I've used Investors Title Exchange Corporation as my qualified intermediary as well.  The process is pretty straightforward as long as you read and follow all the rules and deadlines (ITEC will provide you with these).  The tricky part is the requirement that you identify a replacement property within 45 days.  So you need to be prepared to find a replacement property within that timeline and close within 6 months.  If you can do that and submit all your paperwork on time, there's no reason why the process shouldn't go smoothly.  Definitely discuss this with your accountant in advance and make sure the closing attorney knows you're doing a 1031 exchange.  Good luck!

Kenneth Jackson · Answer

I’ve never done one, but know multiple people that use Victoria and have only heard good things.  I can’t post contact details outside the marketplace, but feel free to message me to share.

Victoria Templeton, Esq., CES®

Vice President | Exchange Counsel

Investors Title Exchange Corporation

Investors Title Accommodation Corporation

Any North Carolina 1031 Exchange Users...?

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