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Updated about 3 years ago on . Most recent reply

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5
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Michael M.
  • Rental Property Investor
  • Los Angeles, CA
0
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5
Posts

1031 to New Property and assume Existing Fannie Mae Loan TIC/LLC

Michael M.
  • Rental Property Investor
  • Los Angeles, CA
Posted

Hello BP Community,

I am selling my fourplex, which is owned 100% by me in my personal name. The property I am buying (with a partner) is a 20 unit apartment in a low-cost state and has a commercial Fannie Mae loan that I want to assume. For 1031 purposes, do my partner and I need to buy as a TIC? Will Fannie Mae allow a TIC to be the borrower? The current borrower is an LLC.

Thank you!

Long time lurker

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