All Forum Posts by: Donald Howaniec

Thank you to all. I am referring to a Delaware Statutory Trust by the way. One other question: I believe that these are either 50% equity or 100%. Am I reading that correctly?

This is in conjunction with an earlier post regarding the sale of my property in Chicago and the purchase of a property in the Indianapolis area. I have been researching the 1031 exchange process and have come across the DST. What is your experience with these. How long should I expect my capital to be tied up? They look like a good option if I can't find another property. I would prefer a cash flow but can I expect appreciation also?

The property is located in an area that is gentrifying and I believe the values will be increasing. Also I have sold all my other Cook County properties for several reasons: Cook County taxes, eviction courts. Also yes, I would prefer to be  close to my properties as I do self manage for now.

I am looking for property in Indianapolis  to complete the exchange. I could be wrong but I believe I have to name properties for which I will be purchasing with the proceeds from my Chicago property.

Thank you to all.

Thank you 

Thank you 

I currently own a 15 unit apartment building on the southside of Chicago. I will be moving, Lord willing, to the Indianapolis area in the next year. I am looking to do a 1031 exchange for something in Indianapolis. I am looking for a realtor or perhaps a seller to help guide the process in Indiana. The property is not listed yet nor is it posted on Bigger Pockets. Looking for direction there also.

@Arlan Potter

I agree. I buy used appliances for rentals. People are always upgrading and there are people who deal in used appliances. I would never buy new for a rental. Especially a cheap rental.

I had a situation approximately 5 years ago where I missed 3 mortgage payments on a property (15 units, a first and a second mortgage, same lender). I had told the lender 3 months in advance of the missed payments of the problem I was having. Their reply was to get an appraisal done on the property.  The property that had appraised for 850k 3 years previously ( which allowed me to get a line of credit} was now valued at approximately 400k. I was slightly underwater to which they sold the mortgages to another company. I have not missed any more payments since. My question is how would I find out what they paid for the notes. I'm assuming they didn't pay full price. I'm in a position now to make them an offer to pay off those notes. How do I go about this?