Updated about 12 years ago on . Most recent reply
Selling a couple units
I own two condominiums with two partners I have that we have owned for 30 years. The property is paid off and almost depreciated fully. It will generate $300,000 for the 2. So I will get $100,000. I don't want to do a 1031 because it is fully depreciated.
At times I think the asset should not be sold, but with partners, there are some things you cannot control. Bit with the $100,000 I will get, I could invest that buying 4-5 homes putting down $20-25,000 down for each and make on average $400 per home. I get upside on appreciation on 4-5 units. I believe I am in a better position, but I am sentimental. This is a home in a community I built. I designed them. This is a two bedroom condo built in 1985 and is really a 55+ type of unit. I built these when I was out of college a couple years and back then I didn't have a clue what a 55+ community was. But that is whom bought the units. My first 55+ was a 16 unit community, then I did a 40 unit community just like it then I did a 136 unit and then a 80 and finally a 32. All the same from 1985 to 1993. Dang, I miss those days.
But tell me your thought. The partnership is being desolved and I am reinvesting. I guess that is life.