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Message 2 of 4

Have a commercial property in fast growing Aubrey TX for about 8 years. My new broker suggested a 1031 rather than selling it. I don't like the idea of carrying over the debt. I have a 50% equity build up and never borrowed against it.
Thanks

posted by richard64

What I have done is owner financied non recourse debt for a exchange. I might own a piece of property worth 100,000 and I am trading for a piece worth 100,000 but has a debt of 50,000. I match mortgages so there is equal equity in both exchanges. In the non recourse loan I only take the property if the payment is not made. This however wil cause the payee a problem on his taxes.