Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated about 10 years ago,
What if I cant 1031?
I will be closing on the sale of my 3 family next month for 450k and I will be netting about 100K before capitol gains tax.
My problem/question is that my first year of self employed income does not qualify me for loan (from a bank) to go out and buy a property of equal or greater value than the 450K.
I am using a direct mail campaign to find motivated sellers of multi's in my area and I am in search of sellers who will carry back.
Not finding a seller who will carry and not using a private lender leaves me buying a property cash and paying capitol gains tax.
Any suggestions or questions would be helpful. Thank you BP community.