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Thread: Trade my Condo for a Lambo?
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10-25-2016, 11:20 PM #1
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- Join Date
- Dec 2015
- Location
- Orange County
- Posts
- 129
Trade my Condo for a Lambo?
So my parents bought a condo and it's under my name. So technically I am the owner of this condo. I think they paid around $170-200k for it. And it's all in cash so no loans or anything.
I'm not sure how the market is now or what we could get it for it. But would it be possible to get a 2 yr old Aventador that has depreciated from it's $500-600k full retail price? And just trade my condo for that car?
Some real estate agent person who called me about my condo said it is possible under a Internal Revenue Code section 1031. Where you just simply swap real estate property for other property, or maybe an exotic car. I have seen Craigslist ads of people with exotic cars that say they will trade for condos.
I have trades just normal stuff you buy at retail stores. But I just wonder how more expensive & things with titles like cars & houses would work if you just wanted to trade.
If someone wanted to trade their centanario for my condo, I'd do it without thinking about even if my parents would kill me. Because I know I could probably drive that centanario for a month and sell it for alot more than the condo is worth. But probably never going to happen, unless it was a gift from an ex. I may do it for an Aventador, but if it's a Huracan, I'd have to think about it.
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