Looking for info/guidance

[Leroy Stoltzfus]

Hi everyone,

I just completed the book rental property investing and that is how I learned about bigger pockets! I’m trying to figure out my next move I currently am in a partner since 2015 with a 9 unit apartment building and it also has 10 self storage units.. its a old building and constantly needs repairs.. should I sell my share and trade up using the 1031?? My goal is to buy another rental in 2023 but I’m struggling to come up the the down payment Monday 

[Stephanie P.]

Hey @Leroy Stoltzfus

Welcome to Biggerpockets.

A lot depends on the future goals.  If you want to buy another property using a 1031 exchange, you should have one in mind before you sell the other because of the time constraints on the 1031.  

I'm not sure if just selling a share of a building would allow for a 1031.  That would be a question for a 1031 expert.  @Dave Foster is the best I've seen here on BP, so if he gets this notification, maybe he could answer the question.

Finally, if the property is cash flowing and not eating you alive in repairs (sounds like it may be doing just that), then I'd keep it unless the new property is going to yield more profit.

All the best

Stephanie