Other than 1031 Exchange what are my options?

[Todd F.]

I own a condo in a highrise building in San Diego with about $400k in equity,  It used to be my primary residence but have had renters in it for about 3 1/2 years. So other than keeping it if I sell are there any other options than either exchanging it or paying the capital gains on it? Im worried about tight inventory right now if I were to sell and attempt a 1031 exchange.

Due to the eviction moratorium have there been any change living in the property for 2 or the last 5 years rule? It hasnt been my primary residence for 3 1/2 years.

Thanks.

[Bobby Nilsen]

@Todd F.

I know San Diego is a tight market but with that said if you find the right deal selling your condo won’t be an issue and you could do a reverse 1031. It doesn’t happen often in these markets but you could also find the right off market and if the condos in your building are flying get it contingent upon yours selling, or give yourself enough of a contingency to get your condo in contract contingent free.

Find a deal that’s been on market for some time and go for the terms you need. You may not get exactly what you want but you can trade up. If you want to chat pm me.