All Forum Posts by: Patrick Mason

Thank you Dave.  I appreciate the insight.

 I am working on a deal with an investor to develop a piece of property that he owns. The property is dirt, no structures, and he wants to put multifamily units on it. Our question is can he sell two SFHs and 1031 into the improvement of the property he already owns. The sale of the two SFHs would be used to cover construction costs on the MFH however it is not a new purchase since he already owns the property. Thoughts?  

Thank You!

Some great information here.  Thank you Meghan and Mike for asking the questions and Dave and Bill for your thorough responses.  I have a similar question if I can hijack and piggy back.  I am working on a deal with an investor to develop a piece of property that he owns. The property is dirt, no structures, and he wants to put multifamily units on it.  Our question is can he sell two SFHs and 1031 into the improvement of the property he already owns.  The sale of the two SFHs would be used to cover construction costs on the MFH however it is not a new purchase since he already owns the property.  Thoughts? 

I will be interviewing builders/architects to develop a multifamily structures on an empty property. What are good questions to ask? Thanks!