Selling and Buying property

[NA Wilkerson]

I’m looking to close on a 2.7M commercial building in next 6 months. The outstanding balance is 1.5M, I’d like to buy a 2.2 M 24 unit condo complex with profits with a 1031 exchange.

1. What do I do about the 500k difference between sale of commercial and new purchase. It would be exposed to capital gains?

2. Also, how/who do I finance the equity difference from 2.7M and after I payoff loan, I’ll only have 1.2M cash to use in the 1031 exchange on a 2.2M plus new investment?

Who would I engage (like a commercial real estate agent, CPA, both) to help with this type of transaction?

[NA Wilkerson]

Dave Foster: wow, thanks for the great response. I do have a commercial agent and CPA (however, I might want a CPA with more real estate experience). How do I find a person/company for the 1031 exchange intermediary part?