1031 Exchanges in Contra Costa

Real Estate Investing Tip of the Day – 1031 Exchanges in Contra Costa

A 1031 Exchange is a basic tool for buying and selling Real Estate Investment Properties and avoiding Capital Gains.

The most basic type of 1031 Exchange involves selling one investment property. The funds from the sale are then held by the exchange company (and make sure you use a good one with integrity and assets). Within 45 Days you need to formally designate up to 3 replacement properties you will use to replace the Investment Property you just sold. The properties must be of the same general type. Then you must purchase at least one of these properties within 180 days of the sale in order to complete the 1031 Exchange and avoid the Capital Gains.

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One potential problem with 1031 Exchanges is not being able to successfully find 3 replacement properties and completing the sale in 180 days; especially in this hot Real Estate Market.

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One way to make sure you complete the exchange is to make the sale of the property being sold contingent upon your successfully getting into contract on a replacement property.

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Home Point Real Estate works with Home Buyers, Home Sellers and Real Estate Investors. Our offices are in the East Contra Costa County Community of Brentwood, near Oakley, Discovery Bay, Antioch and Pittsburg.

For more information on 1031 Exchanges give us a call at 925-260-4321.

By Gene Riemenschneider

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