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Updated about 8 years ago,
Active Duty Navy has my REI in a bind.Need advice!
Current situation: Found out I'm moving to Chicago from Southern Ca. In May or June. I own my residence in Ventura Ca. and have 2 rentals in San Diego totaling roughly $450k in equity.
My plan: Sell both rentals in San Diego, 1 will be tax deferred due to previous primary residence and the other I want to 1031 exchange into a 8+ Multi-Family anywhere I can make the numbers work. The other cash use as down payment to purchase a live in flip and a couple SFR's.
My questions:
1. I'm I crazy for searching multi families in 6 or 7 states if the property meets my criteria? (I'm using Redfin and LoopNet). I have excepted that I'm not going to get a steel trying to invest out of state, short fuse and with a 1031 exchange.
2. What's the best way to find commercial multi family deals? Do I need to narrow down an area first?
3.Am I foolish to think that I could qualify for a commercial loan up to what I can afford 30% down on with the right deal?
3. Is successfully executing a 1031 exchange in my situation a stretch?
4. Am I missing anything? I much appreciate other opinions and advice.