i am interested in doing a 1031 exchange

Asked by Jfuia2u, Glendale, Queens, NY Mon Feb 22, 2010

....sell my 2 family and purchasing a 4or5 family with a store
front in queens new york.. contact me only if you are someone who has done
this type of transaction....and have QI you have reccomended and prove it in writing

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Ralph Windsc…, Agent, Hauppauge, NY
Wed Feb 24, 2010
If your 2 family home is your primary residence (lived in for at least 2 out of the last 5 years), you may not have to do a 1031 exchange. I would recommend speakinng with your accountant to get advice. In a 1031 exchange, it needs to be handled similarly to a transfer of a 401K plan when leaving one employer and going to another - you cannot personally receive the profits of the sale (if it is not your primary residence or if the profit is more than $250K for an individual and $500 for a married couple). The proceeds/profits will have to be held in an escrow account. Good luck.

Ralph Windschuh
Certified Buyer Representative
Senior Real Estate Specialist
Associate Broker
Century 21 Princeton Properties
0 votes
Therese L Ko…, Agent, Bayside NY 11361, NY
Wed Feb 24, 2010
Hi Jfuia2u, concentrate on your sale to get top dollar, MAKE SURE that the buyer is made aware of your intentions of a 1031 exchange-it obviously cannot be someone that needs to close immediately. I have in the past had my sellers go to contract on their sale with already having 3 properties in mind for the purchase (you have 45 days to find 3 properties and you must close on 1 of them within 180 days from time of closing title on your sale-there are some exceptions especially if closing November or Dec-need to close by April 15)

Once your buyer gets his mortgage commitment go to contract on your purchase (with a contingency of your sale -in case something goes wrong) and possibly close 1 after the other. If closing for your purchase does not happen the same day the intermediary holds the proceeds from your sale until your purchase closes title. Your capital tax gain taxes are then paid on your sale depending on how much the next property cost you- in a nutshell. Terry K 718-614-3167 cell or email me therese.korahais@elliman.com
0 votes
1031expert, , New York, NY
Tue Feb 23, 2010
Hello. My name is Pamela Michaels. I am a VP with Asset Preservation, Inc,, a leading national Qualified Intermediary. We distinguish ourselves by significant expertise, stellar financial backing and 20 plus years in the business. I can provide you with a number of references in NY and throughout the NE if necessary. Please visit our website at http://www.apiexcahange.com for more information about API.

Please also feel free to call me at the below number. All consultations are free. I am well known in the area for my expertise and lecture extensively as well on the topic. I am also an attorney and would be glad to work with your attorney, broker and CPA, all of whom should be involved in the process.

Thank you and I look forward to working with you.

Pamela A. Michaels, Esquire Vice President

Asset Preservation, Inc.

300 East 42nd Street, 4th floor New York, New York 10017
(866) 317-1031
Fax: (646) 607-5845
pmichaels@apiexchange.com http://www.apiexchange.com
Web Reference:  http://www.apiexchange.com
0 votes
Fajardo Dela…, Agent, Flushing, NY
Mon Feb 22, 2010
We can get started answering your questions at our meeting.
Just give me a call to set up an appiontment at 347 932-0609.
0 votes
James Van Ho…, Agent, New York City, NY
Mon Feb 22, 2010
I will be more than glad to answer questions that you may have about this type of Real Estate transation. Give me a call @ 718-908-4146.
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