Buy or Build Duplex

[Erik Dofelmier]

Looking for advice. We currently own about a 1/2 acre lot here in SC. Would it be better to build a duplex to rent out, or sell the land and hope to 1031 exchange if for a multi-family property if and when one comes available?  Thx. 

[Erik Dofelmier]

Quote from @Mack Lengel:

Quote from @Erik Dofelmier:

Looking for advice. We currently own about a 1/2 acre lot here in SC. Would it be better to build a duplex to rent out, or sell the land and hope to 1031 exchange if for a multi-family property if and when one comes available?  Thx. 

 The land does not do you much good in its current state so something needs to be done.

I do not know what the land is worth or how feasible building would be, but if you can build it, it is likely that you would have some equity in the duplex when it is all said and done. They are a hot commodity here with folks looking to house hack! I know @Jonathan Anderson has worked well with them so he would be a good resource. 

The clock will be ticking on you from the day you close with the 1031 so do not let that force you into a bad deal if nothing becomes available

Much appreciated, thanks!  I’m currently working with multiple builders to get quotes.