All Forum Posts by: Geoffrey You

Hi all, 

Hope y'all are doing well in this crazy market! I was hoping y'all can help me answer some questions with my complicated situation. 

I am currently in the midst of selling three of my rental properties in Greenville, NC. I would like the proceeds of those properties (via 1031 exchange) to be used as a down payment for a hybrid residential-commercial property that I am looking to purchase in NYC. This replacement property has 3 residential units and 1 commercial unit on the main floor.

My mother is also looking to sell her primary home in NYC and is interested in using her profit to do a section 121 exclusion towards the same property.

Essentially, we are hoping to put both of our names on the replacement property. I am hoping that the profit from selling my rental properties (1031 exchange) together with the profit from selling my mother's primary home (section 121) can be used as down payment for the replacement property. My mother would then move into one of those 3 residential units. 

Is this a feasible plan? Any advice would be greatly appreciated!

Geoff

@Jack Seiden, we'd ideally like to rent the entire property rather than room by room, so perhaps a Condo or TH makes more sense?

@Ivonne H. Magdaleno, looking more for a TH or Condo, something that is easier to rent out than a larger SFH.

Thank you @Russell Brazil and @Ivonne H. Magdaleno very insightful. We plan to work in the Rockville area, any advice on which areas of MoCo you both would recommend that tend to have the best appreciation and cash flow properties, or does it all depend on the specific properties. Any advice would be appreciated!

@Tom Harkins

Thanks for your reply, we have a young child and frequent family visitors so a SFH may make sense as well, but figured a 2 bedroom 2 bath condo or smaller townhouse would be a more rentable property, what was your experience with your SFH and if you don't mind me asking what was the price point for a SFH vs Condo/Townhome in MoCo.

@Jack Seiden, our price point is around 600K-700K

Hello, 

Me and my wife may be relocating to Montgomery Co in the next several months due a better job opportunity. We have a home in Baltimore Co which we plan to sell. We are hoping to purchase a 2 bed/2 bath condo or comparable town house in MoCo that we will live in until we purchase a larger home in the next few years. I am hoping to use this property as an investment in the future and rent it out once we move. 

We are not very familiar with the area and not sure if this would be a viable option with the housing market so inflated. Any advice from people with property in MoCo would be greatly appreciated!

Best,

KB