All Forum Posts by: Gary Gristick

@Dave Foster thanks for the response Dave! I believed you answered a 1031 question of mine before. Seems like you are the guy! Will be in touch 👍🏼

@Bill Brandt thanks bill, yes my question was cash out after the exchange 👍🏼 thanks for the reply!

Hi all, 

I have some questions about a 1031 exchange, see below. 

Sell investment property - $700,000

1031 purchase property $700,000

Are there any restrictions on pulling money out of the new 1031 purchased property? I am looking to 1031 into a 7 unit, since it will paid for after the exchange I wanted to then get a mortgage on it and pull the money out. Since the taxes are being deferred, I didn't know if there is any issue or if you are allowed to do a cash out refi on the new investment property via the 1031 exchange? 

@Braden Smith thanks man! Appreciate the info.

@Braden C. Hi Brandon thank you for the response! How many properties on a list would you recommend?

Do you have any tips on format of the letter for DM?

What is the best direct mail marketing website to compile a list of 400 absentee owner list? Would love to hear what your experiences have been with Direct mail marketing and any tips on what to write to these owners to see if they are interested in selling! Thanks in advance! 

@Mark Brogan Thanks Mark! I agree, will keep trying to stay in touch with her. So she will be able to spread out the tax hit over many years? Instead of all in one year? 

I have been in contact with a MHP owner with some storage units on site. I reached out to the owner and introduced myself explaining to them what my goals and aspirations are. I asked first if they were looking to sell and if not could I help with the business to learn. They responded that they are not looking to sell just yet, the owner is traveling the world in an RV, pretty cool. Ive been in contact with her via facebook and she said she would entertain what my thoughts are for "learning the business". I have contacted her about helping managing or even doing the miniscule things that she doesn't like doing, and not getting a response back. I have sent 3 messages since and not getting a response. What would you offer in my position that would spark her attention. I also have access to an equity line of credit from my grocery business building that I can pull upwards of $900k. Would like to offer her a seller financing deal but not sure how to approach or structure it. She is younger in late 40's I believe and looks like it is paid off from the assessment site, think a seller finance would really benefit both of us. Would love to hear your opinions on this. Thanks! 

I am looking to purchase a commercial property (Grocery Store) that my family runs the business inside of it. There is a hair salon on the land that is tide in with the property. There is 30k or so still owed on the Salon but the Store building is paid off. To do a seller finance deal, would that 30k on the salon building need to be paid off before a deal can be done because of a due on sale clause? 

@Cameron Tope thanks Cameron!