All Forum Posts by: Nick Gravina
Nick Gravina has started 1 posts and replied 2 times.
Post: Reinvesting in St. Petersburg, single, multi or commercial?
- Real Estate Investor
- St. Petersburg, FL
- Posts 2
- Votes 0
Thanks Daniel and Fred for your comments! You both reiterated exactly what I've been thinking about over the past few months. I believe I should stay with my original plan of single-family homes which I'm most comfortable with. There seems to be plenty to choose from in desirable neighborhoods, so I just need to run the numbers.
The 1031 is a tough animal due to the 45-day identification period, which is difficult being so far away. I am working with a realtor/investor (thanks for the offer Daniel!) and am planning a trip back to St. Pete within the next few weeks after the closing.
Post: Reinvesting in St. Petersburg, single, multi or commercial?
- Real Estate Investor
- St. Petersburg, FL
- Posts 2
- Votes 0
Aloha everyone! I Due to the needs of my aging father, I decided to help out and return to the mainland in the next couple of months. I sold all my rental properties here in Honolulu and my home is in escrow, and I plan on moving the proceeds of the rentals to St. Petersburg Florida. My 1031 account is already set up, and the rental properties are scheduled to close on July 14th.
My past experience with real estate has always been either condo rentals or single-family home rentals, and I'm undecided on what to use the 1031 funds for in St. Pete. I need to reinvest about $1,120,000, and have looked at everything from single-family homes, multi-family homes, apartment buildings and commercial properties with either office, medical or retail.
Friends think I'm crazy to buy single-family homes since I'd need a number of them to satisfy the 1031 exchange requirements due to the low cost of properties in St. Pete. I'm most comfortable with this avenue, but the work load seems like it would be higher than just purchasing a single apartment building or commercial space. I'm torn because I don't have any experience with multi-family or commercial properties.
I'm purchasing a home in the Historic Old Northeast neighborhood, and would like to invest on the east side of St. Pete if possible close to downtown (Old Northeast, Crescent Lake, Uptown, Woodlawn, etc.). Any suggestions would be greatly appreciated!