All Forum Posts by: Dee Jay

@Kyle Kadish @Dave Foster -- Thank you so much. Those costs are incredibly doable. Thought it was going to be much more. In my situation, it's a SFR into to a 4-unit. @Joel Owens - Well said, thank you as well. 

Does anyone have a rough idea of what a 1031 intermediary charges for a 1031 transaction? FWIW, I'm in Los Angeles. Thanks! 

Happy Wednesday, all! 

I am a multifamily owner in Los Angeles and I'm looking to expand out of State. A partner of mine is investing in the Houston real estate market (5 units and up) and is asking me to join the party. Just curious if anyone has any good / bad experiences with the area & market and how everyone's temperate is on the City. 

Thank you! 

@Rick Pozos thanks! 

I am representing a seller (as their agent) on a sale on a SFR in Los Angeles. The home is 80% remodeled. All systems are new and permitted with only cosmetic finishes left. The seller wants to sell next year but is open to letting it go now for a good price.

We found a buyer who offered a great price (off market). The issue is the home won't qualify for a conventional loan and they don't want to go after hard money due to the expense, and have asked about seller financing. 

I wouldn't mind this if it is rather quick, as in 3-4 months. Meaning -- Can I structure this to where the buyer gives the seller a downpayment and the seller carries the remaining note for a short time -- with monthly payments to seller -- while the buyer finishes the remodel to their cosmetic liking... after which the buyer can get a traditional loan and pay off the seller in full? 

Not sure if this makes sense -- But it sounds easy in my brain. Just unsure if the system would allow for such a deal. 

Thanks in advance! 

@Jordan Moorhead -- Yes, the population loss is my biggest concern and the main reason why I wouldn't invest there (hence this thread). 

@Jordan Moorhead You are correct about the prop. tax issue, and there are also ways around it (not that it's smart to even get involved in the first place). Not aware of any major rent control issues there. When I visited the City and asked the many brokers I met with about rent control, it seemed like a cakewalk compared to the rules that we have here in Los Angeles. 

@Aaron K. -- Will do, and thanks for the advice. 

@Aaron K. -- The properties I've seen there offer much better returns than LA, even in the City, but as you said, there may be better options. I'm partial to big Cities (as I live in one). I've looked at other markets (online) and the returns haven't been as good, or the properties are in the middle of nowhere, which is a little too risky to me. I'd like to stay as close to a big City as possible. 

I am considering a 1031 exchange of an investment property I have in Los Angeles (one of four) out of State to get better cash flow returns, as I have a lot of equity. I have been looking at Chicago, along with other areas. I travelled there last month to see the City (and a good amount of properties) in person. I also met with several brokers and prop. managers. I know that Chicago has it's fair share of economic and political issues, but it's also a big City with a lot of positive aspects. 

Wondering if anyone has invested in Chicago, and if so, how the investments are doing?