1031 from Multi Unit to Mobiles Only


#1

Has anyone ever exchanged in a 1031 a multi unit or stick built piece of real estate for mobiles only? The reason I am asking is because of the Greg Meade scenario that just came up in FL. If one could 1031 a significant amount of money and buy several mobiles at one time from a closing park it could be a heck of a deal cost wise on the mobiles. The rub I see is that you could technically not be exchanging like kind property. Real property to personal property? It might not fly but like to know if anyone has done it.

Thanks,

Eric


#2

a good 1031 guru could make it fly . . . Jack Shea comes to mind

http://www.1031taxfreesale.com/


#3

You’d have to figure out a way to turn those homes into real estate prior to acquisition. A 1031 exchange requires you exchange for a “like-kind” property. Real estate must exchanged for real estate. Real estate exchanged for personal property (mobile homes) does not meet the requirements.

Lin