1031 Exchange Option Questions

[Zachary Bellinghausen]

I have two B+ condos in A+ areas and have no mortgage on either property. I would like to leverage these assets as they have appreciated drastically the last 6 years. I would like to consolidate all my funds into one large deal for economy of scale and to have everything under one location. My current bank is not allowing me to refinance and draw equity due to the corona virus, many other banks I called said the same. I should have done month to month leases with my tenants when they renewed, as they are now on lease until July 2021. If I were wanting to sell these properties, I could possibly give them both two months free rent to move and find other arrangements. Both of my tenants are college students and not sure if they would even go for that in the middle of the school year. Also, does anyone have experience in doing a 1031? Say I found buyers for both of my units, if they were not in a hurry to move and could wait, have you ever heard of anyone signing agreement to purchase at a later date in the instance my tenants were not moved out and I do not have the replacement assets picked yet? Not sure if this would be against the law. Any thoughts from BP would be greatly appreciated!