Posted by Dave T on December 11, 2000 at 22:45:02:
Thanks. Your point is well taken concerning the 45/180 day exchange rules.
The property is in OH, and I live in SC. I don’t know how settlements are conducted in OH, so I was hoping that an OH investor with 1031 experience might answer this question. I suppose, for that matter, any investor that has used an OH property in an exchange would have valuable input too.
I only ask the question because I would expect a 1031 accommodator that has done OH exchanges would already know the ropes on OH settlement practices.
Selling OH property – Need 1031 accommodator - Posted by Dave T
Posted by Dave T on December 11, 2000 at 17:58:12:
My tenant has expressed an interest in purchasing my rental property. If the deal comes together, I want to consider using a 1031 like-kind exchange. Because this property has been fully depreciated, I am considering a 1031 like-kind exchange to defer depreciation recapture.
I know that the 1031 accommodator does not have to be locally situated, but, I was wondering if any OH investors with first-hand 1031 experience would recommend an accommodator.
Check the phone book for starters, and then check with title companies. Where I’m at there are a few that are affiliated some how with large title companies. This is supposed to be good, because you dn’t want the company to go “down” while holding your money. Supposedly some, for instance, can “invest” the money they hold. Good idea to get in writing that they won’t “use” any of yourmoney without your written permission. I’ll call some here in CO tomorrow and see if they do OH. IF your market is hot and moving fast, better have your replacement(s) identified before you close so you don’t waste any of those precious days in the time line that you MUST meet.
Re: Selling OH property – Need 1031 accommodator - Posted by David Krulac
Posted by David Krulac on December 11, 2000 at 21:30:50:
don’t know a specific name but try an attorney or settlement company that handles real estate settlements. ask them if they have ever done one/how many etc. maybe even some references. Make sure you comply with the 45 days and the 180 days. And remember 180 days is not 6 months it is precisely 180 days not a minute longer.