Multiple Properties -exchange or sell?
Hi Group,
We've got:
1-6 plex (full occ)
1-Triplex (same)
4 SFR's (various cities)
most we own outright and we bought at dirt cheap prices.
We need to expand...plenty more opportunities out there, and want to centralize as most of these homes are all over the place...
Goal: find a way to move our holdings into one centrally located area (Indianapolis is one we have in mind) and sell/transfer move/divest ourselves of these other homes.
Issues: We love the cash flow and don't want to fire sale any of this stuff...if we can get a good price and move on to other rehabs we'll do it.
Ideas?
Its late and I'm starting the prelim ideas among them are:
find investors here on BP who would love to own a Owner will Carry House for a little down, and we'll sell the note.
Find an investor with an IRA which needs good cashflow...
Portfolio loan to pull some equity out.
Each of these ideas I'm working on currently.
Haven't looked into 1031 yet- but a friend mentioned this as a possible idea.
Conclusion: Don't want to give away the farm on stuff we'd rather keep, but we NEED to continue growing because...this game is too much fun to quit!
HELP!
Thanks,
Jay Gray