Posted by Karen (MI) on March 11, 2003 at 21:24:56:
I would talk to a title company that handles the 1031 exchange. There are also sites on the internet that go further into detail. But I would find someone local that does the exchange to answer your question.
Good Luck
Karen
Is this possible? - Posted by James
Posted by James on March 11, 2003 at 01:18:14:
I have “finaly” been aproved for a loan, $110,000. I am getting one with the 80/ 20 program designed to help people w/ bad credit. Anyway, I want to purchase a fourplex for $67,000, it is full but the rents are low, I intend to raise them to current market prices asap. Everyone is month to month contracts. I would also like to purchase a duplex for $55,500 and another duplex for $77,000. I intend to move into the fourplex, do some work to the curb appeal.
I want to pay the owner $100,000 have him keep his $67k then gift the ballance back to me. I want to Put $4k down on the $77k duplex w/ owner finance. I want to give $5k to the $55k duplex also with owner finance then have all the tenants repay my loan. I would also make some nesesary repairs to my cars with the ballance.
My question is: is this possible? What should I be looking out for, what have I overlooked?
James