Hi everyone, my name is Jared Reuter. My girlfriend and I have been involved in real estate for the last 2 1/2 years. We own 11 rental units and have done a few flips. We are moving back to the east coast because of work and to be closer to family. We are trying to hit the ground running when we get there .We would like to meet with some local investors, agents and even brokers to get to know the areas and build our network. The official move won't happen until August, but we are leaning towards Charlotte and the surrounding areas. We will be there at the beginning of July to do some searching. The goal is to find a multi family. Then we would like to sell our current properties and buy locally. Any help is more than appreciated and welcome.
welcome to Charlotte. Will be glad to introduce you to real estate meetups. Sounds like you need to consider a 1031 exchange.
Don, we would definitely like to attend some of the real estate meet ups. Are they on a set date every month, and what is the location. Also we plan to 1031 all of our properties. We have done this in the past so we have some experience on the process. We just want to get to know the area first.
Hi Jared. When you get to that point of doing the 1031, be sure to list backup properties to the primary replacement property you’re considering in case you have any issues locating replacement property you want. Also, i assume the property you’re going to buy prior to selling you’re other properties wouldn’t be from exchange proceeds... If you’ve already done exchanges in the past and are familiar with all this, then apologies for the repetitiveness :) Good luck on your move!
@Jared Reutter , I was curious about an Alaska - Charlotte move and looked at your profile - Wow! Congratulations on all kinds of levels. What an incredible life and still time to build a rental portfolio.
As Don Said, your ticket to get that portfolio positioned in Charlotte will be using the 1031 exchange. Because the 1031 by statute starts with the sale of investment property and ends with the purchase this creates some difficulty when you're trying to sell multiples and place them into fewer but larger properties.
A reverse exchange would be worth investigating. In any event you've got some very good options for placing that portfolio where you want it without recognizing the gain or having to recapture depreciation from the sales.
@Dave Foster thanks for the recommendation on looking into the reverse 1031. I just did some light reading and I think it could be a good option for us.
We are trying to figure out the best course of action to sell a couple of our smaller units at once and exchange them into one larger building. I think this could be the way.
Thank you for your advice
Yes , meetups are regularly scheduled. The local REIA is "Metrolina REIA" it has a lot of different weekly and monthly groups and a large monthly meeting as well. There are others in the market too. Give me a call when you are here and I'll give you the scoop