All Forum Posts by: Lisa S.

Hi All,

I am seriously considering selling my property in DC. It is a 4 unit and I’ve held it for 7-8 years. I posted a related message recently related to an impromptu offer I received and got some good insight (Check out "Received an Offer - What should I be looking for PART1). I am particularly interested in doing a 1031 exchange and including the identification of another property as a contingency. Additionally, the buyer wrote his own contract and I’m not comfortable using all of his language and would like to allow time to create a contract that suits my interests.

The issue is I have not started searching for another property yet so I have no idea what I would exchange the property for. I am also not represented by anyone and don’t feel comfortable going this alone.

I am interested in finding a new property in areas such as southern VA (given it's cheaper than Northern, VA), Pennsylvania, Maryland and other surrounding areas. My preference would be for the agent or broker to handle the sale of my building, plus help me identify another property for the 1031 exchange. I am also in need of a strong real estate attorney who can represent my interests.

Is there anyone out there who can help? Feel free to private message me as well if you prefer not to post to the open forum, although I think it would be a good learning experience for others in similar situations. Thank you.

Thanks Cassidy, this is good to know!

Dave m, I had no idea about putting the 1031 exchange info in the contract. Good to know!

Thanks Amanda, I will check it out.

Joshua- you are sooo right! Especially about what you said about finding another deal. I had envisioned doing a 1031 exchange at some point but I have not even started looking yet so I don’t have another property to roll any funds into. Maybe this is a sign I should get going with that. Unfortunately, I have some really bad tenants. I had to learn the hard way that all money is not good money. For example, I am suing someone now for non payment of rent and she requested a jury trial even though she knows she hasn’t paid rent for 6 months!  It’s incredibly frustrating but I need to find a way to look at the big picture and know it will all be worth it in the end.

j.Robert, Aaron, Tom- thanks for the insight. And oh yes, I’ve heard of TOPA and definitely want some help with that one  versus going it alone. Again, I’m getting a bit weary with the tenant issues at times, but it just doesn’t feel right to sell now. Will try to hold out for a while longer.

Brian, Nate, Robert- thanks for the quick replies!! The property is actually located in Washington DC in an “emerging area” with clear signs of revitalizing, i.e, near new development/ plans for construction of professional sports arena, etc. I’ve held it for the past 4 years and sometimes get weary with some of the tenant issues/ drama, but I agree I should try to hold out as I’m sure I could get much more at some point. I’ve never had anyone send me an offer before so it caught me off guard, but it’s not even on the market nor do I have an agent yet. Thanks again for the insight.

Hi All,

My multi unit (4 units)attracts a lot of attention from buyers even though it’s not on the market. One buyer in particular has really been hounding me ( a real estate agent) I told him what the minimum amount I would sell for is and to my surprise he emailed me a written offer. I don’t have an agent and have never sold a property before and have no idea what to look for. Additionally, the offer included a reference to a $1k earnest money deposit but its less than a 1/2 of a percent of the purchase price which seems really low. And it’s sight unseen. I’m not sure if I should take this seriously or not and need to know what I should be looking for. Also they offered $25k below what I’m asking for. Should I ask for proof funds? Anything else?? Lisa

Charles, thank you for the lead. I will follow up!

Hi Everyone:

I'm in the market for a property manager for rentals in the wash metro area. I would appreciate any and all leads. Thank you!