Real Estate Investor · Long Beach, NY · Member since 2013 · 8 posts · 4 votes
Hi,
Name's Mike Zareno and, after having some NYC residential property in the family for 50 years, we're in contract to sell it and I will be scouring the forums for info on how to effectively manage the proceeds via 1031 exchanges. I may be gun-shy about retail/commercial properties, but I'm going to try to keep cap rates as close to 8% as possible. If i can do that with multi-family, or at least a portfolio of 2-family residential, all the better.
Regards,
Mike
Hey Michael Zareno welcome to BiggerPockets! Looks like you have some great experience so far, so be sure to jump in and ask or answer any questions you can! Since you are interested possibly in small multifamily, you may enjoy this post:
Hey Michael and welcome to the site. I'm originally from Lawrence . . . right around the corner from you. Thanks for coming on board and definitely be sure to scour the site for any answers you need. Of course, please do share some of your wisdom with the rest of us.
I hope you didn't get too messed up from the storm last year . . . we know a few people who were devastated, unfortunately.
Thanks for the welcomes! And, yes, Joshua, we did get slammed by Sandy, being in Long Beach. Besides the mess to my personal residence, 2 rentals had to be renovated/restored. One of the units, on the ground floor of a legal 2-family was deemed a "basement" because it was 4" below grade. It was therefore only eligible for minimal restoration (mechanicals, untaped sheetrock). Thanks, FEMA :-(