Updated almost 6 years ago on . Most recent reply
Multi Family Purchasing and Selling Advice
Hi would love to get some advice from some multi family real estate investors. I began buying properties in Spokane Wa, about 10 years ago. Most of them are duplexes and I also have 2 triplexes. 4 of the properties are completely paid off and 2 of them I have a mortgage of about 100k on each. Most of these properties were built in the 70's. I also have duplex in Boise and a few properties in Little Rock, Arkansas thanks to the advice on people from this forum. The issue I am having with the properties in Spokane is basically just a lot of maintenance issues do to the age of the properties. The properties have all appreciated very nicely and I get good rents in all of them but am spending lots of money every year on maintenance. Is it worth starting to sell these properties and upgrading on new properties even though I probably will not be able to get the cash flow that I am getting now since most of them are already paid off. The other issue is that values have gone up so much in Spokane that I just cant find any deals worth buying. Should I sell and look for newer units in other parts of the country where there is still good value? I feel like I am at a crossroads but want to make some moves. Any advice would be much appreciated or other areas of the country that offer good value. thanks alot
Ian
Most Popular Reply
@Ian Russell, given your goal of low maintenance, I think I would aim for a newer building. If Spokane has treated you well, you could 1031 into some land and build some new multi-family with the resources you have. This would put your maintenance hassles very far out in terms of years.
If you're interested in chatting more about real estate opportunities here in Spokane, let's set up a call. I'd be happy to share any insights that may help you decide on your next move.