All Forum Posts by: Jonathan Douglas

Thank you!!!

What I meant by they will let me do a 1031 exchange is that some owners don't want to wait to do a 1031 exchange. A few of the properties that we are considering are willing to do a 1031 exchange and allow us the time to sell our condo. In fact, these properties openly post it on their advertisement. We are also looking into the HELOC option so that we can still keep the property and purchase another one.

@Dave Foster. Very informative Thank you soooo much!!!!

@Frank Patalano well I do have money but it isn't necessarily cash. I should have explained my situation a little better. I am married located in San Diego, CA. We have a condo that we own free and clear worth 330k. Since we have 2 little ones we needed to move into a bigger place so we bought a home last May worth 490k. My wife just bought a new building last September that she can pull 80k out immediately. We both are fully employed. So technically we do have money just not immediately available. Lol. Our biggest downfall is that we have both been so busy with work life and the kids that our condo has been sitting collecting dust since last May. We could have been collecting $2100 a month for rental income. So we both decided to stop making excuses and we are finally clearing everything out and doing minor fixes to prepare for renting. We are both a little nervous because we have never rented before. I have been doing a little reading to know where to start, but I am still a little nervous. I am wondering should we hire a property manager or do it on my own? Additionally, we would like to start adding more to our portfolio, but not sure which direction we should go. For example there are a couple of multi family units for sale that do accept a 1031 exchange. This would be a great opportunity for us, but we are unsure about how to do a 1031 exchange. We know that the property has to be equal or greater value, but not sure what to do after that. Lol. Also, we were wondering should we rent out the condo and then take a HELOC to purchase another property or should we sell the condo and use the money from that as a down payment for a bigger multi family unit. We want to stay in San Diego because we know the area, but we are not opposed to going out of state. We are just a bit afraid since we would have to travel to out of state property to manage.Furthermore San Diego is an expensive market and we have to consider what is a good deal vs over priced.

@Frank Patalano. What is holding me back is mostly the capital to fund the deal. Additionally, I am new to this, so I am trying to learn as much as I can prior to starting. I am listening to the podcast daily, reading books and searching through the blogs and forums for information. I am hungry, but I need to find investors and work on how to approach them with a deal.

I have a 2bd/2ba condo with one car garage in San Diego, CA that is worth $330k. I am interested in doing a 1031 exchange for a multi family property that is worth about 680k. The owner of the property welcomes 1031 exchanges, but I do not have any idea what I am doing. Is there anyone here who has experience?