All Forum Posts by: Michael Siladi

@Robert Tinker

I have to agree with one of the above comments. I’m a builder in Fairfield county CT and wouldn’t work for someone only giving a deposit for materials. You figure as soon as you start the job on the first day you’d already be putting work out for no payment if the deposit is only for materials. Depending on job size, 1/3 is usually to start and then either as billed or 2/3 3/3.

@Barron Brittingham all great points. Obviously paying taxes at the end would certainly catch up to me. From research I’ve done, I feel like you can build significantly faster doing 1031s. But definitely two approaches I’ll have to look further into. Thank you for the feedback. I guess there’s no “wrong” move. Just which one makes more sense

@Dave Foster, thanks Dave! That’s great news and may be a good plan of attack. Shippan point in Stamford is a beautiful area, sounds like that was a good deal! Tough housing market around here now though. Thank you for gettin back to me. All great info indeed!

@Anthony Dooley this is true the cash flow is nice. And there certainly isn’t much out there in my market for potential investments. Definitely tough time find! Thanks for taking the time to get back me

Hello BPers, long time reader, first time poster. I currently own 12 Apt’s in Fairfield county CT and about to sign contracts on 10 of mine to sell. Looking into doing a 1031 to defer taxes. My question for y’all: is it too risky to put all profit in one building (20-40 unit or whatever I can afford). Probably somewhere in the ballpark of a $4mm property. If I split it and buy a flip house and a multi family I end up paying taxes since single family houses don’t count for 1031.

One last question— if I’m looking into a property between $3mm-$4mm how much is a good cushion to have for reserves? I would most likely sub out management. I’m a builder in the area I live and depending on how far the property is, my time is better spent making money than managing 40 units.

I’ve had good luck with my 12 units and trying to learn as much as possible for a larger apartment building investment.

All advice and information is greatly appreciated! Happy Friday!

Michael