All Forum Posts by: Michael Karlseng

Thanks Bob - that is a good option. 

Thanks for the reply Colin-

The issue is I currently have 7 properties on personal credit- so banks wont allow a non-owner occupied cash out over 4 properties on credit. If I sell I would buy the other properties through an LLC.

This is actually my first post to BP so here it goes;

I currently have a rental property worth about $185k - I owe $109k - my current tenant is on month to month at $1699 and will be moving out in the next month.  I am debating on selling the property and 1031'ing the $ into two or three more properties.  My dilemma is that with the current market in Dallas/Ft. Worth, I don't want to overpay for property - and that's what I'll have to do (especially with the time allotment required by the 1031).  The other option is to re-lease the house at $1750 and wait for purchase prices to come down to reasonable levels.  The house is currently on year 2 of a 15 year note and still cash flows nicely.

Ultimately my goal is to accumulate as many rentals as I can.  Do I bite the bullet now in order to get a couple more houses or do I wait and ride the cash flow?  Any thoughts are appreciated as I am sure many of y'all are in a similar situation.

Thanks!