New to Bigger Pockets and have an upcoming 1031 and need advice

[Jeff Nadeau]

Hi everyone,

I am new to bigger pockets and figure it would be worth reaching out for advice from investors that have more experience than myself.  My business partner and I have been investing in single family rentals for a bit of time and have managed to accumulate 5 in Albuquerque as well as 10 in Detroit including 2 duplexes.  We have taken a great deal of time and care to do our due diligence and not only inspect all of our properties but find partners we can trust and rely on.  We are looking for strong relationships moving forward in various markets that can allow for mutual success as we continue to expand our portfolio.  We are definitely buy and hold and looking for long term cash flow.

Our dilemma is as such.  We own a commercial building that is scheduled to close on 10.18.18.  We have done 1031 exchanges twice in the past but have never been tasked with placing such a large amount at one time.  Our partners in Detroit can only accommodate about half of our proceeds, leaving us with roughly $500,000 to invest.  We are definitely looking at expanding into new markets in order to further diversify our portfolio, but lack the kind of time we generally take to do our due diligence and find the best partners.

I am hoping some of you have advice as to where to look rather than having to go in this somewhat blindly.  In the past we have preferred smaller companies that are very hands on, that are invested in the same areas and that handle everything from purchase to rehab to sale to management.  We are very low maintenance and have been in the game long enough to know that issues arise and there is no perfect investment.

Any advice would be greatly welcomed.

Thank you in advance for your time!

Jeff