A little further down the road from Paradise

Turkish

5 year old buck +
Look at the different types of 1031 exchanges. They will explain the process in terms of what order you can do things in. It's not difficult, but you need to deal with dependable people and have all your ducks in a row.
I’m plugged into all that. What I’m struggling with is how do I ensure I’m not stuck with both properties and not stuck with neither of them, while also maximizing my return on the sale and getting the best deal on the new purchase.
 

Howboutthemdawgs

5 year old buck +
I’m plugged into all that. What I’m struggling with is how do I ensure I’m not stuck with both properties and not stuck with neither of them, while also maximizing my return on the sale and getting the best deal on the new purchase.
If I had a buyer at the price I wanted I would sell and figure it out. If I had to hunt with buddies or public land till I found something it may be worth. Once that right property comes along you can pounce.
 

b116757

5 year old buck +
My wife and I are probably not typical I’ll start with that. I bought a second farm this year seriously considered selling one of the two homes we have on the home 35 acres building a new one on the new farm then selling the remaining home just to nock down the note. Idk I’ve had this place for 20 years made many improvements and we can afford to keep them both so I’ve pretty much decided just to keep the home 35. The new farm is 150 acres the other farm is 640 and I also own three more homes and 40 acres with my brother in Northern Wisconsin. I like the stock market also and have plenty invested there but real estate is probably my favorite investment vehicle. I started investing in real estate at age 22 you can touch it, see it, feel it and utilize it for other uses such as hunting. My stock portfolio is simply nice to look at, well normally it’s probably down 100k with the puppet show we call a presidency. China has their arm up to the elbow up the puppets backside.
 

Telemark

5 year old buck +
I’m plugged into all that. What I’m struggling with is how do I ensure I’m not stuck with both properties and not stuck with neither of them, while also maximizing my return on the sale and getting the best deal on the new purchase.

Work with a CPA to find out how much you would pay in capital gains tax (or do it yourself if you trust yourself with the math). This will give you an idea of what it's worth doing as far as escrow, agents, and insurance. Then either work with an agent to get your property listed, or start looking yourself for potential buyers(sign by the road, for example). Then start looking for properties where you want to buy.
 
Top