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Updated over 3 years ago on . Most recent reply
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Need to buy in the next 44 days (1031 exchange) at $1.7M or more
I sold a home in San Clemente, CA yesterday and I'm doing a 1031 exchange. Since I'm good at finding undervalued properties in Orange County, I might find the best deal I can locally and maybe look for a home with ADU potential so I can create 2 income streams. However, if you know of a good deal (units or SFR's) that's great for cash flow in another state (outside of CA), I'm definitely all ears on all opportunities currently. Let me know. I believe I have to have a purchase price at $1.7M or greater and my funds for down payment with the 1031 exchange company is just over $1.3M. Thank you for brainstorming!
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@Brandon Sturgill The house I sold was a home with an ocean view in San Clemente ($1.7M). Most commercial has a 4 cap around here so that's not so good. However, sometimes I find ugly homes that I can put $30K and the values will sell for $125K more. For example, this San Clemente home, I bought as a short sale for $800K, put in about $35K, and the value was probably $950K after I put in that $35K. Rather than flip and pay capital gains tax, I rented it out so I could qualify for a 1031 exchange. Now, that home sold for $1.7M after holding it for 6 years.
At this point in my life, I would probably prefer dependable cash flow and more passive so it's why I don't mind investing out of state even though I know Orange County, CA like the back of my hand and have a real estate license so that helps quite a bit.