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Inherited commercial property, want to do a 1031 exchange, help!
Hi everyone,
I recently inherited a commercial property in Connersville, Indiana. It was bought in 1980 for 1.1mil, and is currently having moderate/large scale renovations done to it (new roof etc.). A triple net lease was signed (a grocery store rented it). The NOI is pretty low, and the cash flow is not where I think it can be. I want to upgrade.
I am really interested in doing a 1031 exchange to upgrade to an apartment building, but don't know where to start. I am a dual American and Canadian citizen, so anything I'd do would be from a distance.
Anyone who has any advice on where to start, knows any commercial agents in Indiana, or has done a 1031 exchange, I really would love to connect and chat.
Note: this would also be my first investment myself, but I have a fairly deep understanding of real estate investing (I completed the curriculum in Quebec, Canada to be an agent and write my exam to be certified in a month). I also have savings earmarked for a down payment, so I really want to get the ball rolling as a 1031 is something I think is attainable and lucrative. Any info and feedback is welcome.
Thanks everyone :)