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Updated over 1 year ago on . Most recent reply

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Maytal Hess
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Markets seeing success atm?

Maytal Hess
Posted

Hi BP Fam! I am in the process of my first 1031 exchange. I had a buyer over the summer that totally screwed me. He led me on and then ghosted which put me in a totally new environment. I'm finally closing but the new interest rate is 75 bps higher than before. Story of the year, I know... Now I'm experiencing it firsthand. I have been looking in Columbus and Cleveland primarily. I was recently pointed towards Sioux City, IO which I don't know much about. I'm having a hard time making anything pencil. Curious if there are any other markets you guys are having better success in? Please help! THANK YOU, THAKN YOU, THANK YOU!!!

Most Popular Reply

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Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
16,112
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10,252
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Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
Replied
Quote from @Maytal Hess:

I have about $300k to put down so I wanted to get the max number of units possible. The lender I am working with only requires 20% down so price point is around $1.5M bc I have a brother in law who will go in on the deal if I find something worthwhile. 

The elephant in this room is changing the vesting.  

While everyone is trying to get you to their market, you're potentially blowing up your entire exchange. If you solely own the relinquished, ya better solely own the replacement.  

All these 'cash-flow ' markets are the same.  Deploy your advantages. Where you know.  Who you have.  And keep your BIL off title for cripes sakes. 

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