All Forum Posts by: Robert Hetsler

I handle them in that area all the time and was recently speaking in that area.  I know @Dave Foster does them in that area as well.

I have acquired 6 residential properties that I would like to sell right away because another opportunity has presented itself to me.  Quite honestly, I am selling these below my cost (most of them having been purchase and renovated within the past year) but I have an opportunity that requires me to liquidate to participate.  Having said that, attached is a breakdown of the properties and I am only interested in cash offers that can close quickly.   The attached document provides most of the details that an investor would require.  I am only entertaining offers to purchase all 6 of the properties at one time.  If interested, email me [email protected]

If I understand the question correctly, the answer is yes.  Just make sure you do not close on the replacement property before you close on the property you are selling and leave yourself some wiggle room for unforeseeable events.  Planning to close together can backfire as I have seen it happen more than one time for sure.  Good luck

Great response @Dave Foster as you are always a wealth of knowledge.  I will share something that you find helpful that I recently came across as people can be very innovative when they want to be and, by way of full disclosure, I am thinking about participating with the group as I think the demand is great.

Having said that, and believing Dave answered your question appropriately (of course I have never seen anything less than detailed so I can only imagine the high quality of the service he offers) I had a client the other day in a similar situation.  He essentially, was the seller and the bank at the same time such that the funds all showed up at closing, which fully funded the deal immediately, and allowed the escrow to fully fund.  But for a while there, he was not sure if he could secure the funds needed to fully fund the seller financing portion.  As such, we both did a little digging around we found a company that solves the problems for sellers facing a situation where they have a buyer that wants to purchase the property but because of the sellers desire to participate in a 1031 exchange, it throws a "wrench" into the plans if the Seller is not able to fully fund the deal at closing and operate as the bank and seller. 

What we found was a company that's sole purpose is to solve this problem and fully cash out the owner immediately and become the lienholder but they typically require 1st position but their fees were nominal and it was not hard money type of lending and that made it attractive.  It was closer to the terms of a traditional lender and that is the only type of lending they targeted was seller financing deals where the seller wanted to engage in a 1031 exchange and this was a great solution that was also a quick turnaround because they understood the need to comply with deadlines.  if you want their name, email me directly and I would be happy to pass it along.

I see a lot of my clients going into the Florida market of course but Texas, specifically Austin, I have seen many clients talk about this option.  Might be worth exploring.

I have also had many in a similar situation take a hard look at Tenants in Common "TIC" for the cash flow. I am very familiar with the quality players in this market as well as the not so high quality so do your research or use a professional.

Of course I am biased, but I believe North Florida, specifically the Jacksonville market is poised for tremendous growth the port and other larger businesses moving their headquarters in the area.  If you do decide to look at this market, since I am from this area, I can point you in the direction of some off market properties in the area.  Specifically a neighborhood called Queens Harbor and they are turnkey.  Owner just decided to sell today and is not officially listing them.  Just a thought but I am sure their are many others on here that have options just as viable.  Good luck, whatever you decide.

@Dave Foster articulated a great and comprehensive response and the only addition to that answer is that, like Dave mentioned, these types of transactions must be planned out well in advance and if you were to find yourself in a situation where a reverse exchange would be required, please spend the money and get counsel involved as it is always worth it but ensure they are experienced and well versed in this field of law.

if you lived In the home for two out of the last five years then you would qualify for the section 121 exemption which is $250,000 if you're single and $500,000 if you're married.  So  given the fact that you have lived in the house 2 1/2 out of the last five years, it would not make sense to do a 1031 exchange because, based on the numbers provided herein, there is a gain but it is not in excess of what is already exempted under section 121.   So unless there are additional facts which were not disclosed, I would not recommend engaging in a 1031 exchange given your situation.

I own 6 residential townhomes/condos in Jacksonville Florida and they are  mostly 2 bedroom with one being a 3 bedroom and one being a 1 bedroom.  All are fully rented bringing in gross monthly rent of $5,265 per month and a few of the properties have not had rent increases in as much as 4 years because none of the tenants are late.  Of course sometimes people are late but it certainly is not routine.  Honestly, I do not want to sell them but I have an opportunity to participate in a larger deal.  in 5 of the 6 places I spent a lot of money and put granite countertops in all kitchens and baths as well as ceramic tile.  Three of them are located in the same complex and is the closest community to the town center without actually being in the town center.  Those three units specifically, never stay vacant for more than 2 or 3 weeks on the highend and I do not even think they have been vacant that long.  All of them have the same tenants in them that I found and placed so I have had no one move out on me and they are, in my mind, simply a perfect diversification for someone looking to enter the market for under 500K with all properties recently renovated but one and one two of them have brand new AC units and one a brand new waterheater.  It truly is a great opportunity for the right person.  I manage them myself and I devote less than 2 hours a month to the properties primariyly because I ensure ceramic tile in on the floors to avoid issues with carpet, had all painted with eggshell to avoid stanes on the wall etc..  one property I actually had the entire common space done with $7.5 a square foot ceramic tile that looks identical to wood flooring and so between the floor, granite countertops and a few other unique things, I am usually a little over built for the neighborhood but I figure I make up for it in very little vacancy.  Since I have owned all six, I think combined I have had less than 1 month of vacancy between them all.  I do use a company to rent them out but then I take over from there and if the tenants renew I am not obligated to pay them any renewal fees or anything like that.  They are a very good company and I graduated college with the owner so I know them well.  I also have been friends with a plumber, ac guy, and multiple contractors from 1st grade through today so any work that has been done has been done correctly and I would pass along those contacts and make a personal introduction if that helps because they will still do the same quality work and they do it on their off time so the charge much less.

yes I know of a few but I am not allowed to refer on this site but you are free to email me directly and I will pass it along to you through email

I own 6 residential pieces of land that I have decided to place on the market to redirect the cash to another amazing opportunity.  The following is the list and the current rent as well as the current sales price.  I would prefer a cash deal and brokers commissions are protected for up to 2%,  I also want to sell them all in one transaction and seller financing is not an option because I need re-divert the cash.  Having said that, I would entertain 6 months of owner financing with 30% down at 9% with 2 points.  Email me if interested in the properties and I will send them to you directly