1031 Exchange?

[wallacehobbs]

Need some advice.  I am blowing out one of my Atlantic Beach, NC
properties for just $229K  ( $77K under tax value).

I am planning on buying some new Townhomes in Calloway Glen
in Charlotte.  Avg price $139K  (mabe 2 or 3 of them) they are NEW
and rent about $950 a month.

My Question is:

Has anyone on the forum ever done a 1031 exchange
where you sold 1 rental property and bought 3 more
with the money?

What are the steps so I dont get any boot and IRS
stays off my 

[yrush2000]

1031s need to be set up prior to the sale of the property thru the proper type of agent.  There is also a fee involved, I do not remember how much.   You need to find an agent in your area that can do this.  These are not typical realtors or CPAs.  There is tons of paperwork to do and I believe you have 90days to close on your next deal.  Chances are, you will only be able to buy one TH, unless you are blanketing the loans together maybe.  But  they would know.

Remember you can not sell and then decide on doing a 1031..Does not work that way.

[Dave T]

I have done a one for many exchange a couple of times.  The mechanics are the same as a one for one exchange.

• sell relinquished property, qualified intermediary holds exchange proceeds
• within next 45 days, identify replacement properties
• within 180 days complete settlement on all replacement properties

As long as the total value of all replacement properties equals or exceed the value of the relinquished property, the exchange is fully tax deferred.  The 180 day clock starts when the relinquished property settles.  You can have multiple settlements for the replacement properties, as long as all replacement property purchases are completed within the 180 day exchange window.  Blanket loan is not required.