2011 Rises Again?

[Account Closed]

Hello BP. 

should they sell or keep their property? Another client that is looking to exchange into 3,000,000 from SD,CA.. This gentlemen has 2 cash flowing cows in SD,CA that he wants out of the HOA of 900.00 each month 450.00 x2 properties that he has! rent is at 1950 each month each condo. 2 bed 1 bath 800sqft in SD. YIKES! no rent control! 3,900 a month gross rent between the two... 900.00 a month for HOA. Tenants pay utilities. 375.00 each month for taxes. Insurance of 155.00 a month. He Has very nice reserves saved as he has little to no maintenance needed so far and only 2 vacant months since 2011 when he Purchased cash for 145k per property. Current market Value 475k per property. He is an Active investor and accredited. Client is looking to 1031 one condo and buy with the rest cash for the down payment or 1031 both condos if their is an extreme value add opportunity. Looking for a 8-15 cap but willing to go as low as 4. He would prefer to stay within driving distance from SD but is more than willing to travel for the right deal. If you have a pocket listing please email me