All Forum Posts by: Anthony Polcyn

Hello fellow investors.   I have a property under contract to sell.  I would like to use a 1031 exchange to maximize my return and use my proceeds of around 40k to invest in a small multi-unit in Columbus, Oh.  If anyone has a reference of a good qualified intermediary, it would be greatly appreciated.  Also, any leads on a cash flow 2-4 unit would also be appreciated. all advice welcome! Thanks in advance!

I used my free and clear vehicle as collateral to purchase a newer mobile home with no money down.  While closing on the deal,  I explained to an attorney what I was doing, and I ended up purchasing 8 units from him with no money down on land contracts.

End game for me is to keep exchanging up using 1031 exchanges.   If I have more than I need I can always up my philanthropy.   If I am offering nice clean safe homes, I am helping lots of people, and I can use the excess cash flow to assist many more people in need, like bring clean water to villages in third world countries.  I plan to pass everything on to my children and hopefully they will follow my lead in helping others. 

I would buy more with longer notes and improved cash flow.  You can always survive a couple speed bumps with cash flow.  Once you have cash flow, you can always pay extra to reduce your mortgages to become debt free.  You could also purchase more than you need (while increasing your cash flow) and later use the appreciation from the leveraged extras to sell and pay off your loans.  I built too quick --60+ units-- with tight cash flow and didn't survive the correction and lost it all around 2007. It took a long time to recover.   I suggest strong cash flow is important in any strategy that you use.  I wouldn't want to see anyone go down the road I travelled.

Rob,

I am looking at a very similar 12 unit property in Ohio.

Gross income=$82,560

Asking -$425,000

 I am looking at a small bank.  I have a little more cash and some collateral in other properties that I may be able to leverage. 

I will keep you posted on how this works out and I will give you any advice I can to help.

If the owners are worried about the tenants finding out they are going to sell, you could have a contractor or inspector come in to look at potential repairs on the property.  You are going to have repairs, so you are truthful, and the tenants will be happy that repairs are potentially going to be done.  They wouldn't need to know about the sell until after it was complete.

Good luck with your deal!

Hello community,

I have recently sent out 200 hundred mailers and I have received quite a few calls. I have talked with owners of single units and I am pretty comfortable with what questions to ask.  I have the wonderful challenge of needing to return a few phone calls regarding a 5 unit, an 80 unit, and "I want to sell my portfolio".  This makes me both excited and a little nervous.  Has anyone dealt with picking up multiple single family units at one time?  What are some good questions to ask, and what else would be good to help me to keep their interest on our first conversation?  Any advice would be appreciated!  Thanks in advance,

Anthony

Justin,

Lets do lunch soon!

Anthony

Bobby,

Welcome!  I just upgraded to pro-member for about 20 bucks a month.  I think that is all the coaching you will need to start.  I have bought some of the expensive programs in the past, and I feel I can learn as much and get help or advice here for significantly less!