All Forum Posts by: Megan Roop

@Bill B. - thanks for this info!

@Basit Siddiqi, sorry for the lack of clarity. We are currently in the 1031 exchange process and engaged at time of sale.

@Alex Olson, thanks for your reply! We have KC on our radar. For this transaction, the timeline is going to be too tight. Would love to connect with you about this market in the future!

Hi all, we recently sold a duplex in CA and want a 1031 exchange for a multi-family in the Las Vegas market. 

We are leaving CA for tax reasons and because the distance of maintaining properties was getting to be too much (there were not great property managers or contractors so we were having to travel back for everything).

We have made a few offers on 4plexes in Las Vegas but have not found the right property yet. 

I'm wondering if there are other strategies we should be looking at other than multi-family for this market.

We have a lot of experience with multi-family and we're good at it, but it's a different market here. The CAP rates aren't great, the vacancy rates are high, majority of multi-family locations are in areas with unreliable tenants.

Overall, it just seems like it's difficult to achieve reliable passive income here. 

We have found different non-profits to work with who guarantee rents, deposits, extra money for repairs, and money to turn over the unit between tenants. This is a different direction than what we have gone in the past, but feels like it could make a multifamily more doable here. 

Thanks in advance for any thoughts or ideas!