FAQ for 1031 exchange professionals

[Akyl-Lateef Hewitt]

Good morning. I may be looking to sell one of my properties soon but was thinking about doing a 1031 exchange. I have never gone through the process. What would be some good questions to ask an exchange professional to help me with my vetting process?

[Brian Merzlock]

I would highly recommend 'finding' the next property you would like to purchase prior to selling the relinquished property.  Remember you only have 45 days to select the newly acquired property in writing with the qualified intermediary and most closings take 30 - 60 days.  It's best to go find the next deal first, then begin the exchange.  There are 3 different approaches to exchanging funds, so you will want to develop a strategy around your risk appetite and financial goals.