Looking for Small Apt Bldg - 20% down / 12% CoC / $1.4M to $3M

[Daniel Ahern]

I'm selling my home so will need to purchase new property to meet the 1031 requirements.  I have a little more than 45 days to ID the property, then am required to close within 6 months.

For properties closer to $1.4M range, I can put down more than 20% but am still aiming for CoC of 12% as if I am putting down 20%.

I'd prefer to invest in California, LA or San Diego in a perfect world. However, I realize 12% CoC is likely only available with a "pocket listing" in these markets so I'm willing to invest out of state. If out of state, I'm particularly interested in the below cities:

Dallas, Austin, Orlando, Indianapolis, Kansas City, Charlotte, Columbus Ohio, Nashville, Oklahoma City

OK people, lay it on me!!!

[Dave Foster]

@Daniel Ahern, I gotta jump in because I had the same vibe that @Chuck Stagliano had.  When you say "selling your home" are you talking about your primary residence or one of your investment properties?  Because if you are talking about your primary residence I've got bad news and good news.  The bad news is that you cannot use a 1031 exchange on your primary residence.  The good news is that the rules are actually better.

If you have lived in that house for 2 out of the previous 5 years you can sell it and take the first 250K (500K if married) of profit tax free.  You can do this process once every two years.  So a 1031 would still be the perfect answer to move to one of those other markets if your talking an investment property.  But if it's your primary it's as simple as put the proceeds in your pocket and go shopping or not - your choice.