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Updated almost 3 years ago,

User Stats

29
Posts
20
Votes
Jesse Mitchell
  • Investor
  • Peoria, IL
20
Votes |
29
Posts

Creative 1031 advice

Jesse Mitchell
  • Investor
  • Peoria, IL
Posted

Hey there bigger pockets. I have been investing for a few years and have built a modest portfolio in that time.  I have stumbled into an interesting situation and am looking for feedback from anyone that might have been in the same situation.


so I am selling a duplex of mine, profit will be around 60k

I am also buying a new primary BUT the new home is currently a rental and I will have to honor tenants rights until their lease ends on 7/31 and closing in may. I am using traditional 5% down financing to purchase my new primary.

so, for 1. Do you think I can use 1031 monies to buy it without it being a commercial loan?  And do you think if I go improvements to it while it’s rented I can utilize those expenses as write offs?

Trying to minimize my tax hit from the duplex and exploit as many benefits as I can by having to rent my new primary for two months.  Thanks in advance! 

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