Hey, all! I have a rental in Aurora, CO that I’m planning on doing a 1031 exchange on. The house is about 20 y/o, cashflowing about $200/mo. I have about $230K equity and most likely be sold for $350K. Does it make sense to let it go and get a new construction somewhere else cheaper? Should I invest in a mfr or maybe 2 or 3 sfr? Also, will I be able to get a loan for maybe 2 properties at the same time? I’m thinking that I may be able to get 1 sfr cash and finance 1 or 2? I’m considering investing in Florida.
This was my first primary residence that I turned into a rental when we moved to norcal. I still consider myself a newby in RE, just got interested in acquiring more properties recently maybe because I’m getting older and thinking about retirement:) Any advice will be much appreciated.
If you are more concerned with cashflow, I would absolutely recommend going to a different market and getting a mfr. I've heard so many horror stories about the deadlines for 1031's, just make sure you have all your ducks in a row and have a great 1031 intermediary before you pull the trigger. Florida has good cash-flow markets, KC, Indianapolis, Dallas/Austin, Birmingham, few other places. I'm doing all my investing in Indianapolis right now. Just my opinion. Best of luck to you!!
Thank you! I’ll look at those markets that you suggested.