By Andee Zeigler, September 18, 2021
My clients are planning ahead for a move to Portland in a few years. They sold an investment property which meant they needed to perform a 1031 exchange to avoid capital gains taxes. When doing a 1031 exchange you have 45 days from the close of the sale to identify a replacement property of equal or greater value. Since the buyer of their home was a cash buyer with a quick close, they had to move fast. Add to that, they still live out of state. We had a mad dash weekend to establish their likes and dislikes and then it was all FaceTime from there.
When choosing an investment property you have to think about the purchase price as well as income and appreciation potential, it’s the most math based transaction there is. They thought they found the one but the inspection revealed well hidden defects during a flip, which ate up precious time. The stars aligned and the following weekend there were 4 excellent options but one penciled out the best. It was just the start of the Delta spike and the seller, a doctor, wanted to end showings quickly and accepted their offer without competition. We closed with 2 days to spare on the 1031 timeline!
Congrats to my buyers on finding a property that exceeded their income hopes!
Andee Zeigler
Principal Broker | OR
She/Her
I have called Portland home for over 20 years and can’t imagine raising my babies anywhere else. I have been a REALTOR® for over a decade and still wake up every day delighted that I truly love what I do...
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- T: 503-901-6864
- andee@livingroomre.com
