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Does anyone know someone who would be interested in a short term loan (less than one year) on investment property (condo) in St.Croix? I am doing a 1031 exchange, where I sell investment property where I live now and buy a replacement property in St.Croix, where I will be living soon. I have owned investment property for over 21 yrs. and will be using the proceeds from these properties as down payment. My problem is that I have to be done (settle on all properties) by the end of this month. I am settling on the sale of my last two properties here on Wednesday. You can PM me for phone # to discuss the details.
Thanks, all.
Matt.
Posted : October 11, 2009 7:56 pm
Matt,
If you "settle" on the property here on STX, then it doesn't qualify as a 1031 exchange. The whole idea is that you take your proceeds from your sale and use those to buy the new property. If you go ahead and buy the new property, you lose the benefit. Unless there is some technicality about using borrowed money (which I have not heard), I'm not sure this would work. Have you asked a qualified 1031 intermediary?
Posted : October 11, 2009 10:17 pm
Topic starter
Juanita, I am working with a 1031 Exchange company and the proceeds are being used for the down payment (about 30% of purchase price). I must have the same or more in mortgage as I did on the relinquished properties, I will. I sold my first property in the beginning of May, having only 6 months (180 days) to complete all the settlements (including purchase ), I am running out of time. They (IRS) give NO extensions what-so-ever !
Thanks,
Matt.
Posted : October 12, 2009 12:29 am
