All Forum Posts by: Mathew Burnett

@Dave Foster Awesome! That pretty much answered all of my questions about it but one. Since you have to own it for at least 2 years before you can sell it, let's say that I owned a vacant lot for 1 year. I spend 6 months building the home, and then keep it for another 6 months after it's built. Technically I've owned the property for 2 years at that point, but there's only been a house for 6 months. Am I still able to 1031 exchange it at that point? Or does there have to be a house on the property for 2 years?

@Michael Skoczylas for it to work, does 100% of the funds for the new building have to come from the relinquished property? Or can I use additional funds from elsewhere to build the house?

@Jaysen Medhurst yes, that's my plan. Doing So would give me a 4plex with not very much debt.

Once I build myself my first house, I want to sell it and put the profits towards building a fourplex. But I can't find a definitive answer on whether I can use a 1031 exchange to build a building or not or how easy would be to do. Does anyone know anything about this?

@Clifford Paul a lot of 2 bed 1 bath houses in my area are usually around the 80-90k range. So I'm hoping it'll be somewhere in that range.

@Evan Parker My father's owned a construction company since before I was born. So whenever I wasn't in school I was doing construction all summer. So, instead of paying someone else a large amount of money for them to build it, all I have to do is buy the materials and do it myself. With a little bit of my father's help, of course. The property is already paid off, so all I have to do is buy materials. With it only being a 900 sq. Ft. 2 bed 1 bath it'll only cost around $10,000.

I'm going to be building myself a house and it's going to be done around August. Once it's done I'll owe next to nothing on it and want to get a HELOC on it and use it to put down payments on 2 or 3 rentals, then cash out refinance the rentals to have my HELOC go back to 0. And repeat. Is this a good strategy or is there something else I can do that I'm not thinking of?

I'm just getting into real estate investing and need suggestions for book to listen to on Audible while I'm working. The more suggestions I get the better at this point. Anything helps.