All Forum Posts by: Daniel Sherman

Hi Nathan,

Thanks for the reply.  We're not opposed to debt, but we are trying to target the $305K mark since rates are high right now.  We will do whatever makes the most business sense.

Dan

Hello Fellow BP members,

We are closing on our first investment property on Feb 28th, 2023 and would like any advice from others who've successfully executed a 1031.  Our numbers:

Purchased duplex in 8/2020 for $120K with rents at $750 per unit.
Selling on 2/2023 for $325K with rents at $1500 per unit.
Net proceeds ~$303,305.00

We are looking for one, maybe two properties in the Tampa area (one hour drive) that add up to the $303K.  We dont have a ton of liquid cash to go above the $303K right now, unless we do a quick HELOC (if anyone has a good HELOC hook-up, I'm all ears).  We don't want to go below the $303K if at all possible.  For those who've done a 1031, did you fall below the total amount and if so, did you pay the tax on the boot of find some creative way to eliminate the difference?  I've seen properties in the area that are pretty desirable for $290K, but that would leave us under the full amount.  I don't mind paying tax if that's the smartest choice, but since this is our first 1031, I figured I lean on the experience of others before learning everything the hard way.

Dan

We’ve been here a year and have been fairly busy with working on our place and the duplex we bought. We’ve met lots of cool investors and RE related people since coming here, even with this nonsense going on. We’re always interested in connecting with others, in person or otherwise.

Dan

@Kelly Claiborne

Nothing. We bought a true fix-and-flip a year ago and our first duplex rental on Monday. It’s not as hard as it feels and we couldn’t be happier. Hit me up if you’d like to know our story.

Dan

@Yolanda W Cuevas

We are on contract to buy a 1924 duplex. One insurance broker told us he’d have a hard time finding an insurer because of the age. We called another broker who didn’t seem to have an issue with finding a company. The inspection came back better than expected, but age in Florida seems to be more than a number.

@Jonathan Jackson

Count us in. We’ve done some meet ups in the past, but can’t wait to get back to getting together again.

Funda and Dan

@Evan Jones

Evan,

Everything Brian said was spot on. We worked with a local guy here in Tampa that knows and understands loans for investors. He always answers when we call and gets things done in record time. I’d be happy to share his info.

Dan

@Lloyd Reavis

We’ve worked with a great title company in Tampa and I can give you their info if you’re interested.

Dan

@Charles Trimmer

We are fairly new the Tampa area as well. We have a few folks we’ve been working with and having good results. PM me if you want names/numbers.

Dan

@Jesse Allen

Putting high amounts of your future potential into something is difficult, especially if you are doing it for the first time. Fear is a real anchor and can keep you from going forward. We are on our second fix-and-flip and are on contract for a duplex in Tampa and will be first time landlords. Buying that duplex was a mental hurdle my wife and I had to get over and we don’t own it just yet (closing in mid-June). With each property we’ve bought, we looked at dozens of others and learned what “normal” looked like. When we pulled the trigger on these properties, they were no brainers compared to the “normal” investments. However, nothing is as simple as we hope and very few things go to plan, but if you’re ok with making mistakes with calculated risk, than you will know what’s right and what’s not. There is nothing you can invest in that doesn’t have to chance to head south, but some investments have much more of a safety net than others.

Dan