Buying my First Commercial Property 1031 Exchange

[Dustin S.]

So I am buying my first commercial property. I have been investing in 1-4 unit properties for about 10 years. Now its time to step up to the next level. I am closing on a triplex that I own in 2 weeks and have started my search for a replacement property. I'm looking for B/C class properties 5 to 15 units preferably mostly 2 bed units with pitched roofs in MSAs with good job and population growth purchase price between $400k and $900k and a cap rate of at lease 7%. Also Looking for commercial lenders that would finance this type of property. Any advice or tips would be greatly appreciated. Anything I should watch out for.     

[Michael Anspach]

Dustin, keep your foot on the pedal and do not let off. The 45 day identification period will fly.  Also, you will need cash for certain closing costs, DD and loan costs ad many of these expense items are not 1031able.  Your QI and CPA should keep you aware of that. Best of luck!