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Updated about 1 year ago on . Most recent reply

Justin Palamara's profile image
Justin Palamara's profile image
Justin Palamara
  • Investor
  • from Central NJ, New Jersey
  • Member since Aug 24, 2014
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Justin Palamara's profile image
Justin Palamara's profile image
Justin Palamara
  • Investor
  • from Central NJ, New Jersey
  • Member since Aug 24, 2014
Connect
Justin Palamara
  • Investor
  • Central NJ, NJ
2
Votes |
8
Posts
Buying & Selling Real Estate

1031 exchange on a property with mortgage and heloc

Justin Palamara
  • Investor
  • Central NJ, NJ
Posted

Hi all. Got a fuzzy question i cant seem to get clarity on. I own an investment property that i have a primary mortgage on. I also recently got a heloc on the property but havent drawn down on it. I am considering a 1031 but already found the next property I want to buy. If I draw down on my heloc for the downpayment of the new property will the proceeds from the sale of my current place be allowed to payback the first mortgage and the heloc?

Thank you

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