Have 1031 funds - looking to expand multi-family in SW Missouri - not major cities

[Karl Holmlund]

Hello BP world!

I got into multi-family back in 2018 because of BiggerPockets, so figured I would come back to the well for some help!

I need help finding a replacement property for a 1031 exchange in smaller towns in Southwest Missouri, preferably within a 3-4 hour radius of Warsaw, MO. I am looking for B minus or C class property.

I have a great team in southwest Missouri and want to expand there, or even just across state lines into Northwest Arkansas or eastern Oklahoma. I have the best experience in the classic BRRRR strategy particularly with older multi-family that has not been taken care of or managed well. I am not afraid of the property that needs a lot of work, in fact, that is what I am looking for.

I want to be able to invest a good amount of money into the rehab and then manage it well for a strong cash flow. I am more interested in creating the value than I am on breaking even for 5 years and banking on appreciation of a market.

To summarize:

- Multi-family within the $1.5M-$3.5M purchase price. So probably 30-70 units
- I want something that needs a good amount of work. I am not interested in turnkey properties. I will fix it and provide my own property management and thereby increase the NOI
- B minus to C class property

I realize what I'm asking for is probably the same thing that everyone asks for, but I am not a large institution and don't want to compete with the larger firms. I'm looking for anyone who may have leads or wants to help me find that rare off-market deal!

Thank you!

Karl