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Updated almost 4 years ago on . Most recent reply

User Stats

30
Posts
9
Votes
Sam Hecht
  • Real Estate Broker
  • Montreal, QC
9
Votes |
30
Posts

Inherited commercial property, want to do a 1031 exchange, help!

Sam Hecht
  • Real Estate Broker
  • Montreal, QC
Posted

Hi everyone,

I recently inherited a commercial property in Connersville, Indiana. It was bought in 1980 for 1.1mil, and is currently having moderate/large scale renovations done to it (new roof etc.). A triple net lease was signed (a grocery store rented it). The NOI is pretty low, and the cash flow is not where I think it can be. I want to upgrade.

I am really interested in doing a 1031 exchange to upgrade to an apartment building, but don't know where to start. I am a dual American and Canadian citizen, so anything I'd do would be from a distance. 

Anyone who has any advice on where to start, knows any commercial agents in Indiana, or has done a 1031 exchange, I really would love to connect and chat. 

Note: this would also be my first investment myself, but I have a fairly deep understanding of real estate investing (I completed the curriculum in Quebec, Canada to be an agent and write my exam to be certified in a month). I also have savings earmarked for a down payment, so I really want to get the ball rolling as a 1031 is something I think is attainable and lucrative. Any info and feedback is welcome. 

Thanks everyone :)

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