All Forum Posts by: Daniel Ferrer

Thanks @Omar Kahn.  I will reach out to @Dave Foster.  Some others have also PMed me so I will talk to them.  Glad that there's BP! Loving it...thanks again.

Hello there BP!

I am in need of a 1031 Exchange Mentor.  We (my wife and I) have a property in WA state where the assessment has cut out almost all of our cash flow that we had.  Also, the market is so hot that we are looking to "cash" out.  In comes the 1031.  We've never done one. We would likely net ~200K and are looking to buy multiple properties in different states. I've read about the 95% and 200% rules and I'm trying to overcome the shock of not getting my original Capital investment that we put into the property. 

I'm trying to learn more about this before I call an intermediary company. 

Is anyone out there willing to talk with me over the phone to teach me a bit more about this process and perhaps offer some advice to a pair of young investors?

Really hoping someone says yes.

A bit about us: We lived in the Seattle area for 10 years and did 2 live in flips prior to this home we're looking to "relinquish". We have a 2 year old daughter and moved to Florida last year for my job. 

Hello BP! I'm excited to have found this forum, have listened to the podcasts and they have opened my mind to a whole new world of possibilities.  My wife and I have "bought, fixed held for 2 years and sold" 2 properties and we recently renovated our third, the third was a townhome that we bought for 200K, put 10% down, spent close to 35k to remodel it head to toe (probably spent too much but we took on more of the projects ourselves this time). We lived in this property for about a little over a year and had to move because our first baby was born while we were in it and it no longer worked for us. Currently similar properties (size and location) are selling anywhere from 330k-350k.  We moved out and are currently renting ourselves. We are currently renting it out for 2k a month. We're getting about $450 a month after paying the mortgage and homeowner dues.  

I'm looking for someone to help me analyze this situation, I've heard of the 50% rule, the 1% rule and frankly I still get very confused. Also, looking to learn more about BRRRR but not sure how refinancing would work in this case if we'd like to use that money to buy a property for us to live, because renting is hurting.

Help.....