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Reverse 1031 Exchange
Hi,
I was encouraged to post here by my cousin, and HumbleDollar columnist, Ed Marsh so here goes - I'm considering a reverse 1031 exchange. I'd have preferred it be a straight 1031 exchange but timing hasn't worked in my favor in that my wife and I found the replacement property unexpectedly and had not intended on selling the relinquished property so quickly. My question is twofold. First - can the QI take title to the relinquished property instead of the replacement property ahead of the sale of said property so that I don't have title to both properties? The reason I think I'd prefer this is I'm not paying cash for the replacement property and lenders don't like a 3rd party holding title to the property they're lending on it seems. Second - is there then a holding period that the QI must hold the funds received for the relinquished property before they can transfer back to me? I'm familiar with the 45/180 day limitations on the 1031 but I'm asking about how quickly the funds will flow to me from the relinquished property. Additionally, any recommendations for a QI that is reputable, knowledgeable, and reasonably priced (do all three exist simultaneously!) is much appreciated.
Thanks in advance,
Chris Marsh
Fayetteville, GA
I was encouraged to post here by my cousin, and HumbleDollar columnist, Ed Marsh so here goes - I'm considering a reverse 1031 exchange. I'd have preferred it be a straight 1031 exchange but timing hasn't worked in my favor in that my wife and I found the replacement property unexpectedly and had not intended on selling the relinquished property so quickly. My question is twofold. First - can the QI take title to the relinquished property instead of the replacement property ahead of the sale of said property so that I don't have title to both properties? The reason I think I'd prefer this is I'm not paying cash for the replacement property and lenders don't like a 3rd party holding title to the property they're lending on it seems. Second - is there then a holding period that the QI must hold the funds received for the relinquished property before they can transfer back to me? I'm familiar with the 45/180 day limitations on the 1031 but I'm asking about how quickly the funds will flow to me from the relinquished property. Additionally, any recommendations for a QI that is reputable, knowledgeable, and reasonably priced (do all three exist simultaneously!) is much appreciated.
Thanks in advance,
Chris Marsh
Fayetteville, GA
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