Ken McElroy Show

I Tried to Stop Her From Making This Mistake

Feb 28, 2026
They walk through a condo sale that went off the rails and the risky choices that caused it. Timing pressure from a 1031 exchange and a frenzied search for replacement properties get spotlighted. A buyer starting renovations early and the scramble to recover a deposit lead to practical risk-management talk. Strategies for protecting deals and avoiding rushed 1031 mistakes are highlighted.
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ANECDOTE

Off Market Condo Sale Turned Complicated By Early Renovations

  • Danille sold her condo off-market to a buyer she knew and planned a 1031 exchange while simultaneously putting offers on replacement properties.
  • The buyer began renovations before closing, creating a timing and financing scramble that threatened her 1031 and next purchase.
ADVICE

Never Rush Your 1031 Identification Process

  • Avoid rushing 1031 exchange identifications under tax pressure; work several replacement options in parallel to reduce risk.
  • Ken and Danille recommend identifying up to three properties within the 45-day window to preserve flexibility.
ANECDOTE

Buyer Completed Most Cosmetic Work Before Backing Out

  • A buyer started about 75% of the cosmetic renovations (cabinets painted, popcorn ceiling removed, baseboards replaced) before canceling his loan.
  • Danille drove to inspect and found the work mostly done, which turned out to be fortunate luck for her sale outcome.
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