Updated 7 months ago on . Most recent reply
Need Help wit Advice
Hello friends from Bigger Pockets, Please I would like some advise from your Experience guys, I have little or no experience in multi family investing. I have to sell my house in Queens New York ( I really have to ). I will have like $ 200 k in gains, but would like to purchase a 6 family building in Queens area just to protect the Capital, I am 47 years old and I don't want to loose more money.
Would that be a good option, or another option would be to just to invest in a cheaper town in New Jersey or other area.
I been looking information about how to build new construction houses, It's a dream for me but there is no cheaper land in Queens New York or around, So I was thinking to move down to Jacksonville ville FL because of the weather and cheaper land.
Pleae any advice will be really, really appreciated, I have to sell my house in the next 3 months, so it's frustrating.
Thanks and have a blessed weekend. Thanks.
Oscar B
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- Qualified Intermediary for 1031 Exchanges
- St. Petersburg, FL
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@Oscar Barbecho, I'd need to know a little more about the specifics of your situation. But you may be a good fit to take some of the proceeds tax free with no need to reinvest if you were house hacking that property. the rest of the proceeds can be used in a 1031 exchange so you can accomplish it all without paying tax at all. If you are able to take advantage of both opportunities that will change your reinvestment requirements which might open up some different properties than you are thinking right now.
- Dave Foster
