Updated almost 3 years ago on . Most recent reply
Using a promisory note I own towards purchase of another house.
Hello. I own a promisory note in which someone is paying me monthly. Am I able to "sell" this promisory note to the seller of a home I want to purchase? I hope that makes sense. Thank you!
Most Popular Reply
Yes you can. Teachers like Pete Fortunato, Bill Tan, or Bill Cook teach these types of methods. It's also something you'll see if you attend one of the better exchange meetings.
You're unable to do a 1031 exchange from paper to property. If the note is giving you the tax benefits of an installment sale, be sure to speak with your tax advisor before you either trade or sell the note.