Off Market Commercial Properties

[Aryelle Collins]

I usually wholesale single and multi family distressed but never a commercial property. Is there much of a difference? Are they more difficult to find? I had an investor come to me and tell me that he sold his commercial office building for $3 million and wants to do a 1031 exchange to avoid paying the taxes. He asked if I could find him an off market strip mall or a commercial building with several storefronts for $3 million in a good neighborhood in Tampa or St. Petersburg, FL. 

[Bill Exeter]

The investor must have set-up the 1031 Exchange before closing on the sale of his or her relinquished property.  If the relinquished property has already closed, then it is too late to structure a 1031 Exchange transaction.  If the property is under contract, but have not closed yet, then there is still time to set-up the 1031 Exchange through a Qualified Intermediary in order to defer the taxes.  Do you know if the sale has closed yet?