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FAQs
1.) How quickly can we close?
(Answer) We are focused on meeting your needs and can often close in as little as two weeks.2.) Once closed when do I get my first check?
(Answer) Checks (or "direct deposit") to owners are scheduled for the middle of each month, beginning with the first full operating month after your purchase, always subject to the financial performance of the individual property..3.) Can I spread my money over more than one property?
(Answer) Yes. That allows a diversification both geographically and by property type, not a bad strategy.4.) If I have already closed on an income property and the cash is in my bank account, can I still do a 1031 exchange?
(Answer) Probably not. IRS rules generally do not allow you to have "constructive receipt" of funds. See your tax and legal advisors and or a Qualified Intermediary for specific advice.5.) If I want to purchase a tenant in common (TIC) ownership position does it have to be a 1031 exchange?
(Answer) You do not have to be doing an exchange to buy. It is rewarding to see someone enter into the income property arena and later be able to do an exchange. As a buyer once said, "It's easier to show my wife our direct deposit once a month than to look at the stocks every day."6.) Is there a minimum amount of investment required?
(Answer) Yes. Rules for a 1031 exchange limit the number of Tenant-in-Common Owners for each property. Generally at least $50,000 is required and varies depending on the total value of the property. SUN Exchange Properties specializes in purchases ranging from $50,000 to $1,000,000 or more.7.) How does financing work on TIC properties?
(Answer) Some of these properties come "free and clear" and some come with financing in place. Most leveraged properties come with a loan in place and owners take ownership at closing "subject-to" the existing financing. This financing is often non recourse and allows the TIC owner to close rather quickly and start getting their first check from the management company sooner.8.) What if I want to sell my interest in my deeded portion?
(Answer) You may sell your interest subject to the terms of your agreement. You may list your interest in the property with a realtor of your choice or other owners in your property (who have right of first offer) may buy it from you. SUN Exchange Properties and the Seller are not in a position to repurchase your ownership.9.) If I am using a realtor/advisor in this purchase, who pays them?
(Answer) SUN Exchange Properties or the listing broker cooperates with your representative, it is not taken out of the equity that you exchange.*If your question hasn't been answered, feel free to contact us at info@exchangeproperties.com with your question.
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