All Forum Posts by: Drew Mim Mack

A little info on my situation... the 3X3 SFR that I currently own and live in will (eventually) become a 3x2 with a 1x1 downstairs. Estimated cashflow after 10k rehab to divide house properly will be $600/mo (and yes I can do it for 10K... I got a guy.) My current 2x1 SF rental cashflows only $150/mo. I'd like to 1031 my 2x1 for another SF with mother in law unit capabilities... I've noticed that 10k-20k and my skills will net large returns where I can convert SF into MF. My properties are located in high density areas so converting won't be a challange (i hope.) The value add to my current 3x3 after rehab will be approx. 40-60k (maybe more.) When I'm ready to make a move to large MF (50+ units) I'll be well positioned with enough equity to join an investment group and start flipping apartment complexes. Any thoughts?

OOOOh, I'm the Senior Estimator for a Capital Improvements company... I rehab apartment complexes for multimillionaire apartment flippers and I want in!!!

A little more info on my situation... the 3X3 that I currently live in will (eventually) become a 3x2 with a 1x1 downstairs.  Estimated cashflow after 10k rehab to divide house properly will be $600/mo.  My current 2x1 SF cashflows only $150/mo.  I'd like to 1031 my 2x1 for another SF with mother in law unit capabilities... I've noticed that 10k-20k and my skills will net large returns where I can convert SF into MF.  My properties are located in high density areas so converting won't be a challange (i hope.)  The value add to my current 3x3  after rehab will be approx. 40-60k.  When I'm ready to make a move to apartments I'll be well positioned with enough equity.  Any thoughts?

@Dave Foster Thanks Dave!  Again with knowledgeable advise!!!  Thank you sir.  My journey starts now!!!  Is ERG national?

@Dave Foster that's some good stuff!  With the reverse don't I have to put down the expected GP from unsold property?  Then pay myself back with the proceeds?  What's the cost of consolidated 1031? Is it advantageous to consolidate?  I'll run the numbers compared to paying the taxes on the sale of my properties.  I'd like to get into the apartment game sooner rather than later.  Flipping apartment complexes is where I'd like to be in 5 years.  I work for a company that currently rehabs for large investment firms and I want it!!!   Thanks for your input!

@Corey Fick I wonder how difficult it is to 1031 a few SFR's to purchase something larger!?! It seems hard to simultaneously sell 3 properties in 1-2 months. Selling takes time/$ for fix up. If it comes down to it I'll do what ever I have to! I really like apartments because of the work I do. I know I can find the deals and be more educated on the rehab costs then your average investor.

Since it looks like I'll have to keep buying SFR to build capital... A little advise on 1031'ing multiple SFR at the same time would be great!

I think you're right @Jeff S. I might have to travel to get the deal.  

Thanks @rick!  I appreciate the feedback.  

@Jeff G. I would love to buy a place outright... the time will come my friend!  Thanks for your feedback.

@Jessica S. I own a 2bed 1bath SFR that I rent and I own a 3bed 3bath that I live in. I'd like to drop some coin into the rental and HELOC it then use that to put down on a duplex but my ultimate goal is to own an apartment complex. I'm the Senior Estimator for an apartment capital improvements company so I can calculate repairs efficiently and capitalize on good deals in the apartment world. I guess I'm looking to formulate an effective real estate plan. Where do you have rentals? Some parts of pdx are really pricey!

I work for a capital improvements company in Portland, we serves the apartment industry… how do I make the transition into apartment investing with under $50k in capital?