All Forum Posts by: Seetha G

@William Plymouth In my opinion, Absolutely if thats where your passion lies! However just make sure you analyze many deals and understand the numbers that go in there before diving in. Also since this is your first time have some one knowledgeable cross check your analysis.

@Robin Boyer I would love to hear more lessons learned here! I am sure its gonna help lots of 1031 first timers.

@Shane Brandon She doesnt have to be a US citizen, As long as she has a work visa/GC with employment she will most likely qualify

@Kenneth Croisetiere Do your numbers for both the options. This would help you take the right decision. For out of state option right property management is the key.

Never paid anything extra, at the same time it wasnt lots of rehab too. If you pick their contractor, i am sure they will benefit as well on commission basis.

@Bill Exeter Thanks for all your feedback! 

@Larry Turowski It was a condo to 4 plex exchange

Hello All

Having completed a 1031 exchange there are some important lessons i learned. I haven't read about them anywhere so just wanted to share with you all so that you all could be cautious. 

1. 1031 company - Title company - Lender - Selling/Buying agent

You need to to ensure that all these entities communicate and know what they are dealing with. I had several issues due to communication disconnect. Just ensure that they keep talking and know their next steps and keep you in loop.

2. 1031 Boot

In case you need to use up all the funds in 1031 account state that very clearly to the lender and have your additional loan amount adjusted accordingly

3. Refund Items

Ensure any rental deposits and prorated rents for the replacement property are part of the transaction

4. Closure Document

Always review transaction summary before you go for closing. This will help identify any final mistakes

Appreciate if you could add value by posting lessons learned from your 1031 experience. 

Thanks!

@Zack Tran

I do out of state deals and here is the feedback i have on your questions:

1. Yes, i make offers before seeing it in person. To reach this point you need to do a lot of research. Form your own out of state team. Use BP as resource and interview them. Do research on the area, understand which areas are good vs which are not. Leverage on zillow school ratings for that area. Learn how to analyze numbers. Get recommendation from realtor and property manager. Once you have all this set, you would feel pretty comfortable making offers just by looking at it online.

2. I do both. But tend more towards the properties which require less rehab. In case of rehab i would leverage on the resources my realtor or property manager would know. I will have my property manager or realtor accountable and ask them to send me before and after videos on progress made on weekly basis.

3. In general it has been a very competitive market all over so you got to just keep trying!

Zack Tran

@Josh R. There is no hard and fast rule on which way to go and is always up to individual's interest. If you have lot of time to spare flips with buy and hold could be an option. In case you dont, buy and hold would be best scenario. It depends on how active and how much time you would like to dedicate to RE.

These are the first and foremost things to do before you get into RE:

1.  Get all the knowledge you can - Books and Podcast

2. Know how to analyze deals 

@Minkai Li You need to schedule a showing with the selling agent and take a contractor along with you for preliminary inspection. This way you can see the property yourself and also get a quote on what needs to be repaired right away.