All Forum Posts by: Kurt Gutormson

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $320,000
Cash invested: $18,000

Licensed duplex located near downtown Brookings. This property has a third unit so I am currently in the process of getting it licensed as a triplex!

I am purchasing a triplex with two current tenants and the third unit is currently vacant, but the current property manager has a signed lease for a tenant to move in after the closing date. What is the best way to change the current tenant leases from the old property manager to me? Both of the leases have about 10 months left on them. Also is there anything I can do to get out of this lease with the future tenant? I want to turn the vacant unit into a medium-term rental, so I would like to get out of the lease. Thank you!

I am looking for agent recommendations in the Fargo area. 

Thank you!

Kurt Gutormson

Can an owner sell a property with seller financing and still use a 1031 exchange to purchase another property? Or how would the seller go about structuring the deal to avoid the large tax costs with selling? 

I am looking at a possible commercial property deal in South Dakota and seller financing is an option. I have read about seller financing and listened to podcasts on the concept, but I am not sure where to start with creating a contract or an offer letter and what I need to include in those documents. I am also looking for other resources where I can learn more about the paperwork behind a seller financing deal. Any information or leads would be greatly appreciated, thank you!