All Forum Posts by: David Park

I plan to buy a small apartment building eventually, but I'd need to sell all 3 of my rental properties to do it. My question is:

1) Is that even legally possible? I've read in multiple places of doing a many-to-one exchange, but I must confess that I've never looked this up on a primary source. Legal jargon gives me headaches...

2) Do you see this being logistically possible? I'd have to align all my lease end dates to a single month, list all properties, find an apartments to declare, ask them to wait until you sell all your properties before closing? Selling all properties while the seller waits seems tough. If the seller backs out after you've sold your house seems worse.

Apologies if these are not intelligent questions. I've never done a 1031 exchange before, but recently became very interested in doing a transfer into apartment. I own multiple "alligator" properties, and I'm looking for an exit. Thank you for any and all feedback!

Thank you for the response. I plan to find a property manager for any property I buy out of state.

I've just finished reading the popular books (The book on Rental Property Investing, Long-distance Real Estate Investing, etc.) and I'm ready to start investing out of state with $100,000.

I want to buy homes with cash, but I want to make sure I don't lose money from getting scammed. A situation I'm imagining is my agent running off with my money, not getting a clean title, etc. I'm currently looking for reputable agents in the areas I'm trying to find deals in, but what other steps should I take to make sure that I don't wire my money to a scammer agent or title company?

I'm "okay" with losing money from business mistakes (e.g. contractor overcharging me), but getting scammed is the one thing I want to avoid at all cost. Any advice would be appreciated!

Thank you both for your feedback. It definitely makes sense that property managers are willing share and receive information.

I guess I was worried about not being taken seriously.

I am currently trying to research out-of-state markets for deals. Beyond the internet research I perform, I want to begin speaking with local property managers, real estate agents, contractors, etc. to get some expert advice on neighborhoods and market trends.

Being the socially awkward individual I am, I am having a hard time imagining why these people would give me the time of day.

Has it been everyone's experience that when you call a property manager on top of the google page with a bunch of questions, they spend the time with you to earn your potential business?

The area where I live is HCOL so I have to look else where for deals, so I want to get off on the right foot when trying to build my team out-of-state. Any feedback would be appreciated.