Looking for Multifamily properties for $1M 1031 exchange

3 Replies

Hello Folks,

I'm looking for multifamily properties in the great Portland/Vancouver area for a 1031 exchange.  We have approximately $1M in equity to shift into a new property.  This is my first deal, and I'm open to any and all advice and resources to educate myself and make good decisions.

Top on my list of questions:

1. What would you do with 1 million dollars, in terms of financing property purchases in this area?  Would you purchase one larger multifamily, or many single family and/or duplex/triplexes?

2.  Is Loopnet really the place where good deals go to buy?  Should I avoid multifamily properties listed there?

3.  I'd like to use this equity to start a longer term real estate portfolio -- should I leverage debt at the outset -- taking on debt now to purchase bigger/more property... or should I start smaller and leverage debt at a later time once I'm more experienced?

Thank you!

Theo

What is the debt on the property you are coming out of?

You will need to go with equal or more debt in order to qualify in the exchange so that may make a difference. You can go up in debt, but not down.

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