How to use a coop and can I 1031?
BP friends,
I am in possession of a coop in NYC suburbs. Unlike most coop owners, after I moved, I have had no problem keeping it rented. Due to size of mortgage (currently ~$50k) refi to cash out and expand my portfolio is not an option. Coops also normally carry a mortgage rate premium (~1% above other conventional loans).
So, right now the mortgage is paying for itself, and cash flowing for me. And the current tenant signed a lease through 2020 and her job literally relocated across the street. One thought is sinply to hold it. Mortgage should be paid off within nine years.
But ...
I believe I could be doing so much more with this property and was wondering if folks had thoughts and whether people know if coops were eligible for 1031 benefit.
All thoughts and insights are most welcome. I feel like I could sell this asset and use the equity for two or three other properties.