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Updated about 2 months ago on . Most recent reply

User Stats

10
Posts
2
Votes
Ilia Zakharav
  • Flipper/Rehabber
  • springfield, pa
2
Votes |
10
Posts

Convert 6 unit multifamily into condos and 1031 individual units

Ilia Zakharav
  • Flipper/Rehabber
  • springfield, pa
Posted

I bought 6 unit property in Wildwood,NJ,

in November 2024, doing rehab now,  should be done by May 2025

I am planning to subdivide 6 unit building to 6 separate condos and sell fall 2026, , if there are any experts in 1031 that can help me?!

planning to list them for 2024 taxes as 6 different properties and when rehab will be done , I will get all 6 deeds, 
can I sell individual condo and 1031 based on basis I will show?
Real numbers- purchase 907k,

rehab , closing costs, soft costs, 840k, all in 1.747 mil, basis for each unit should be roughly 291k

appraisal of each unit minimum 400k , so 2.4 mil if for all 6.

I might refi only 4 out of 6, that will cover initial loan amount.

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