All Forum Posts by: Michael Willis

I’m sure this has been covered before. But I have 1m in equity I wish to roll into the next purchase. (1) What’s the best way to proceed into a 1031? I don’t have my place on the market yet because I feel I need to know what I wish to buy first. (2) What’s the best way to go about this offer without money in hand? (3) Who is a reputable 1031 qualified intermediary? (4) How would owner financing affect the 1031 transaction? (5) What are the associated fees with a 1031? Thanks to all for your input!

Hi Allen thanks. how should we connect?

I'm looking to connect with a broker/banker who can get a nonconforming, refi cash out on an investment condo in downtown Jersey City, NJ (plenty of equity) but low income for applicant. 

To add to the mix:  I have also considered (1) simply buying another smaller property with the cash in  hand in Jersey City, (2) keeping what I have and buying with cash in hand an out of the area other type of real estate asset like a mobile home park (3) trying to buy the property next to mine in JC with cash in hand, creating a double lot and reselling with plans (4) 1031 for a short term rental/high end motel property in the Fort Lauderdale area by the beach making cap rates in the 9-11 range (all year round market for rentals) (5) sticking with what I have and wait for now.

Ray and David I appreciate your suggestions.  I am grossing on the 4 units about 140k/yr, which as I look around seems very high.  So if I trade up, it may be for a much lower cap. But over the long term I assume will provide more growth and income. 

David, the condo (small studio) is in the best area possible in Jersey City by the river and has off street parking included, which is unheard of.  So its a little like a pearl. The three family likewise is also in downtown Jersey City but a little less hot.  

I have seen properties pop up now and again in up and coming areas for possible 1031. Isn't it a big challenge to pull off a 1031?  Even with the properties Ive seen, the revenue at the higher prices wouldnt produce that much more income than I currently make.  Thoughts? 

I am a long time real estate investor who invested in Jersey City NJ before it was ultra hot in '97.  I am looking to take my real estate holdings to the next level but debate my best next move. I have a 3 family and condo both bought before 2005. There is quite a bit of equity in them, probably about 1.5m and I have about 200k in cash in hand. Looking for suggestions and ideas. I already make great income from the investments but would like step up to the 2-4m range (using sales proceeds as down payment) with a net income of at least 175k. My challenge in buying a new property will be current income with all my write downs. Thank you in advance for your thoughts.