All Forum Posts by: Garrett Bailey

I agree.. Now that I'm letting go of my original mindset I'm starting to see some other options out there. Glad to finally have the right info to go forward. Part of my limitation with getting a loan on two new properties is that I'm already at 4 loans. I own two properties outright. If I sell the one that'll take me to 3. But I've had trouble finding a loan for more than 4 properties.

I can see some cases where it could be more beneficial with some of my properties that are worth a lot less. It just doesn't seem like the house I have the example for will be good for me to go the 1031 exchange route with. I appreciate all the responses and insights.

Thank you for all the answers. I guess I don't really understand the point of doing a 1031 exchange then. If I have a house worth 225 and 85k equity, why would I want to sell that house and buy one for 225 or more with 85k in equity???

I own and manage 5 properties/9 units.. One SFH in the DFW area. Three duplexes in Fort Worth, and a duplex I recently bought in Ohio.

I think I have missed this aspect of 1031 exchanges. Can anyone clarify for me? Thanks - Here's my example. I have a mortgaged rental property SFH. The original sale price was $154,500. I currently owe about $130k and I plan to sell it fairly soon. I should clear about $215,000 when I sell it giving me $85000 left over. My plan was to use that money to purchase a duplex in another state for the full amount in cash, but now I'm reading about the new purchase property has to cost more than the house I sold? Is that how much I sold it for? How much I bought it for? More than the $85000? Trying to figure out how much I need to pay for the new property. Thanks!

@Nick B. You said...My crystal ball is broken but in my home market (DFW) I see both SFH and MFH being traded at the prices I am not comfortable with. The market is hot and deals are scarce.  I agree. I'm in DFW and purchased out of state most recently...market's too hot here.

Hey Bryson - also an investor in Fort Worth. Garrett