One of the more difficult parts of conducting a 1031 exchange of real estate is finding a replacement property that meets your unique needs. In this article, we are going to lay out a few tips for finding the perfect replacement property for your 1031 exchange.
Give Yourself Plenty of Time
The best thing you can do is give yourself and your qualified intermediary plenty of time to prepare everything before beginning your 1031 exchange. This can help you avoid any potential problems and get things in place for success.
Consider a Different Type of 1031 Exchange
You can also consider different types of 1031 exchanges that may allow you to find a more suitable replacement property. A reverse like-kind exchange lets you acquire your replacement property first before you sell your relinquished property. This is a great option to lock up a great replacement property before your 180 day 1031 exchange time limit starts.
A build-to-suit 1031 exchange is another type of like-kind exchange that allows you to construct improvements to your replacement property as part of the 1031 exchange. This can help you get a less than ideal replacement property in better shape.
Contact CPEC1031, LLC for Your 1031 Exchange Needs
Are you looking for a company to partner with on your next 1031 exchange of investment real estate? Contact the professionals at CPEC1031, LLC for all your 1031 exchange needs! We have over two decades of experience facilitating exchanges under section 1031 of the Internal Revenue Code. Our team is standing by to assist you with all the little details of your 1031 exchange. We can answer all of your questions, help you pick the best replacement property for your situation, and make sure you have all the required documents ready for closing. Contact us today to learn more about our services.
Start Your 1031 Exchange: If you have questions about 1031 exchanges, feel free to call me at 612-643-1031.
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