All Forum Posts by: Michael Pallotta

Hi @Kenzie McIlvoy, As the others said above, you will need both. The real estate agent will help you with the sale of the property but the QI (Qualified Intermediary) will be the 3rd party who will receive and hold the funds from the transaction until you purchase the new property. 

I'm sure you know this but there are very strict timelines associated with a 1031 exchange and you want to make sure everyone is aware of those timelines as well as you have a plan of action to hit those deadlines. I'm not sure of the specific laws with your state but as an agent in MA, I also typically put it as a disclosure that the property is going to be part of a 1031 exchange so the buyers know they might need to sign some documents.

Hope that helps.

Hi @Ayodeji Fashola, I have a few contacts in the area. What type of property is it and how many units?

Hi @Matthew Ashe, I'm going to echo with what @Michael K Gallagher said about education. Investing is a long term game and loading up on the front end with education and knowledge about the process and your goals will help give you an idea of where the best place to start will be. It's not easy to buy right now in Massachusetts, so it's a good time to follow the market and see what properties are going for and are valued at. It's also a higher barrier of entry because of the prices in a lot of locations but it will definitely give you great income and appreciation in the long term.

I'm always available to talk and give insight on the market if you ever have questions. Best of luck!

Hi @Carla J Brand, I know a great agent in the area would be happy to help give you some guidance. Send me a message with your email and I can connect you. Talk to you soon!

Hi @Dave Smith, where is the property located? It's definitely a good idea to take advantage of the competitive market right now to get the most out of it but the other problem always is: Where do you go next? Interest rates are still very low which is a great opportunity but if you are selling, you will also need to compete on the other end when you buy.

Another option could be to cash out refinance on your current property and buy another one using that money to add to your portfolio. It all depends on your personal situation and goals. Hope that helps and best of luck!
 

Hi @Marlon Brimmer, congrats on getting started and preparing for the move! It's a great idea to get a team together to help you through the process and educate you on the market. I have some great contacts around San Antonio that I would be happy to get you in contact with. Are there certain areas you are looking in to narrow down who might be the best fit? Feel free to message me too if that's easier.

@Mark Espy Congrats on getting licensed recently and for starting your investment journey as well! Best of luck!

@Austin Negron Very true! It's a tough market with little inventory but there are some great opportunities depending on people's goals, short term and long term.

@Michelle Paulsen there are some opportunities as mentioned by others above. If you have any questions or would like a local agent in the area to help, I have a couple that I could hook you up with. Best of luck!

@Darryl Jennings From what I have heard, they are shooting for Spring of 2021 to begin full service on the extension.