All Forum Posts by: Glenna Wood

Talk about jumping into the DEEP end.. Congrats!! And awesome staging.

I did not have a good experience with Equity Trust as my sdira custodian for processing payments for the simple mortgage I held as an asset and the fees were high. I moved to Madison Trust before setting up a check book LLC for RE investments and have been very happy with them. As others have already said, your asset and investment choices affect the services you need from your custodian. Devil is in the details.

IMHO... Had good service from Broad Financial in setting up my sdira LLC. Changed my custodian to Madison Trust. Experienced bad service and high fees at Equity Trust.

Yes, you can exchange those property types but the kicker is you live in it. A 1031 exchange is intended to carry capital gains forward on investment property and the $250/$500k primary home sale exclusion is for your residence (one unit in your case).  Your situation mixes the two. A 1031 may be possible but applying the rules is much more complicated regarding your rental vs residence basis, past use of each unit, etc. As an investor who has used simple 1031's for rental property exchanges, I wouldn't proceed without a thorough professional review and you will need a pretty specific profile of property you want to exchange into in order to plan out the whole transaction soup to nuts. You don't want to ding up that primary residence exclusion. IMHO as a small investor, it's the best tax break we have.