All Forum Posts by: Ricky B.

@Bill Exeter @Dave Foster

So I can use the $333K portion to buy an investment property like duplex, triplex etc purely for rental use right? Which means I cannot live in any unit of that replacement property?

Thanks.

I second @Jay Hinrichs. Before this thread I did not know about the unregulated aspect of 1031 QI. Now I will be extra cautious when taking the services of one. I believe I have found a couple of good ones here on BP to start with.

@Kevin Lefeuvre Need to dig deeper to find value.

@Kealoha Lee I have to say her Spanish skills will help her more than her looks as more than half the population speaks Spanish here. Also helps talking to contractors and construction crews who are mostly hispanic.

@Viviana Ramirez It is possible but you will have to pick the neighborhoods. You can probably find some deals in Lancaster/Palmdale. South LA including Inglewood may have some pockets but they are going up fast due to subway/light rail construction and tech companies moving east as they are getting away from beach communities. Highland Park is another option but again huge competition/bidding by investors to find any "deals". Long beach is worth looking into for condos but you have to separate good parts from bad and they could be right next to each other! 

The first thing you need to understand are the different local markets in LA as it is a vast metropolis. I have lived here for 15 years. Got lucky and bought a triplex in West Hollywood at the bottom of market in 2010. It has more than doubled since then. I plan to cash out about half mil and move to Florida.

With flipping, as you know it is all about timing and LA home prices are at or above pre-financial-crisis levels.

Just my 2 cents :)

@Bill Exeter Thank you for clarifying.

@Dave Foster Thanks! On to the next :)

@Emily Lopez Thanks. I plan on doing that once I am ready to sell. Wanted to hear from BP community. My main goal is to minimize capital gains hit.

Here is my scenario:

- I sell my duplex which I owned for 7 years

- I lived in the 2/3 portion and use the remaining 1/3 for rental all 7 years

- Selling price 1 mil.

- Am I correct that I can 1031 the 1/3 rental portion ($333K) and 121 the OO portion ~ $667K?

Started a new thread

Hello @Jon Huber Thanks for the offer. I would love to connect with you during my due diligence trip to Fl.

The main reason I want to sell my place in LA is because I like to be close to my investments. So if I invest in Fl I would "cut ties" with LA. The flip side of this is it will be difficult for me to scale. But after talking to investors like you, it may be something I may get comfortable with.