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Updated 7 months ago, 05/31/2024
Sell, 1031, buy Multifamily
Hello,
I have 3 single family rental homes aprox net value after RE commissions-Closing costs for the total ($560,0000-580,000). these 3 are all paid off. I want to invest in more multi-family units. I have one 5 plex. I really like the Multi Family space. Plus, I want to increase my portfolio as much as I can for the cash flow because I'm about 4 years away from retiring. My question is would it be best to sell all 3 single family homes, place funds in a escrow account to 1031 exchange and then invest in a 10 or more multifamily property? ( I know there are certain rules to the 1031 and having 3 separate sales may be a little challenging) Also, I thought about just refinancing the 3 properties, but the rates are a little high to cashflow well.
Any other suggestions that I have not listed for me to look at.
Thank you for your help,
Rob