If you're doing a 1031 exchange you may find that the 45-day identification period goes by way too fast. So today we're going to talk about some tips for locating or finding the 1031 replacement properties to identify during those first 45 days.
Other Trusted Advisors
If you’re a real estate investor you may not have the biggest window on the world of all of the potential replacement properties that may be available to satisfy your exchange. So other trusted advisors can be brought in to widen your window of potential replacement properties.
A very good resource to talk to is a financial planner that specializes in products that satisfy 1031. These are typically either Delaware Statutory Trusts or tenancy-in-common investments. These are syndicated securities that can only be marketed to accredited investors.
Commercial Real Estate Broker
Another important resource that can widen your window of potential properties is a commercial real estate broker that has the designation CCIM or SIOR. These are real estate agents that have specialized experience in commercial real estate and can offer up possibilities you may not have been aware of.
The most important thing is to start the process early. Get out there looking even before you’ve sold your relinquished property to get a feel for what you may want to designate, understanding that the 45 day identification period goes by way too fast.
- 1031 Hotline: If you have questions about finding 1031 replacement property, feel free to call me at 612-643-1031.
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