All Forum Posts by: Trevor Seely

Looking into selling a rental property to use the equity built up buy another rental property and addition to that buy a property to house hack to get me out of renting situation. I believe from what I have seen that the 1031 wouldn't apply to the house hack as it is primary residence. As a 1031 exchange goes the property that I do purchase has to be equal or greater value correct? Can I buy multiple properties in 1031 from selling just the one?

Thanks

1 Vote

Omaha, Nebraska

What is best practice or tools for estimating if and how much a property will appreciate?

0 Votes

Quote from @Charles Burgess:

Hi Trevor, thanks for sharing. Do you have a reliable method of running numbers for future acquisition? If you're able to sell, and 1031 into a multi-family that produces a greater return, I would go that route. If the return is less, than keep the condo, and save for the next purchase. I would base my decision on rate of return, followed by lifestyle considerations. Will the condo be a pain to manage, or is it going smoothly and allowing you to focus on your priorities?

If you decide to keep the condo, I would at some point take out a HELOC for future purchases and emergencies.

Great perspective thank you

0 Votes

Omaha, Nebraska

Quote from @Alex Olson:

@Trevor Seely I can show you what some 1031 exchange clients have done in the past and talk you through some options. On the surface I would buy a townhouse style fourplex and rent out the other 3 units and live in one unit, rent out your bedrooms as well and then refinance in a year and buy another. Or, you could also 1031 exchange out of it and buy a larger complex if you are tired of having roommates and living next to your tenants. Best way to scale quickly is through buying right and using a 1031 exchange.

Yes I’d love to see what some of your clients have done

0 Votes

Omaha, Nebraska

I wanted to post this on here to get some advice or get the ball rolling on what I should be looking at to grow my portfolio. To give a little story of where I am at, I currently live in Omaha, Ne and moved here for my job, currently renting. I own a condo that I purchased at the age of 19 and have been successfully renting out for the last 2 and half years. I cash flow under $200 a month on the property. Loan amount left on the property is $117,000 and the property is estimated around $180,000 currently.

I am living in Omaha, NE currently renting an apartment for the last year as it was on short notice and wasn't in the spot to buy property. I am currently looking to get into house hacking finding a duplex, triplex or quadplex, possibly even a single family property that I could add a mother in law suit. Financing is where I am seeking to gain the some advice. I have little cash reserve to put down on other property, I do make fairly great money and could save enough for a down payment in 6 months. I also was exploring the possibility of a HELOC or even selling the property and doing a 1031 exchange. What would you guys do in this situation? Would you wait 6-12months to expand the portfolio, would you take out a HELOC and use that to purchase a property or would you sell current property and put into a bigger asset?

Thanks for you time guys anything is appreciated.

0 Votes

Omaha, Nebraska

All Forum Posts by: Trevor Seely

Trevor Seely has started 3 posts and replied 5 times.

Post: 1031 Exchange selling investment

Post: Property appreciation estimate

Post: Best practice for expanding from my 1 rental property

Post: Best practice for expanding from my 1 rental property

Post: Best practice for expanding from my 1 rental property