Updated about 2 years ago on . Most recent reply
Sold my company
Hello all,
I recently sold an online company I started 8+ years ago. After taxes I am ending up with roughly ~$6m. I am looking to purchase in cash initially and then refinance.
I've been looking at multifamily buildings in the county I grew up in here in Central Florida. I have a few questions that may seem silly
1) If I purchase an apartment complex in cash and form a new LLC, can I still use the old LLCs tax returns to leverage the equity in the property? Or is it viewed as a "brand-new" company since a new LLC is formed and the corporate credit is non existent?
2) And what point is a property manager worthwhile? Again, I sold my company so I don't have any current projects and plenty free time to do this myself. Since I'm paying cash up front I could realistically acquire 50 units across 2 or 3 properties within a 10mi radius.
Most Popular Reply
#3 1031 Exchanges Contributor
- Investor
- Las Vegas, NV
Of course you could put it a guaranteed bank cd and make over $300k so make sure the juice is worth the squeeze. Not too many real estate deals will cash flow a guaranteed $25k/mo. Maybe use that money to invest in a couple rental homes first. Something you have experience buying and are easy to sell. Takes the pressure off to find a subpar deal and lose a million or two.