All Forum Posts by: Alex Olson

@Connie K. Is this a multifamily property or a single family home or different? If it is a multifamily property I highly recommend finding an agent who specializes in this size and asset class so he or she can appropriately value the property. A buyer or seller's agent would be good for this. Then, you can also see if they have any really active investors in their pocket that want this product so that you can save on time and cost. Discounting fees to sell to an off market unrepresented buyer is common. Hope that hels!

@Lynzie Mackey It really depends on your mindset and what you want to do next. Do you enjoy the daily grind of the airbnb world or do you want to own more units and cash flow more but with a bit less control? With an estimated $400,000 in equity you could buy $1,600,000 in Kansas City and cash flow around $30-$40,000 per year as an out of state investor. With a five year business plan you could get an average annual return of around 25% (assuming you sold after year 5). 

What a great topic!

 Great work! That's how to use a 1031 exchange!

 Are drinks and beverages available to purchase before or during?

@Wilson Vanhook Another avenue that the IRS will look at is this did you solicit for offers? Meaning did you put it on the market to sell or ask real estate agents to get it sold for you. If the answer is no, that the tenant just happened to offer you a price, then you should be ok. 

@Daniel Montano While you are no longer able to do anything with a 1031 exchange you can still invest in real estate passively with the proceeds. Either as an LP or in a NNN lease medical office, recession resistant retail or industrial. All is not lost!

 I am working on a report that compares KC to Denver. Once it is ready I will share. 

 If this is your first 1031 exchange I highly recommend sticking to the basic rules. 3 properties identified with 45 days of closing your down leg. 6 months from closing down leg you need to close on one, two, or all three of the ones you ID. Need to buy something at or above sale price of downleg. Straying away from this rarely works and is not worth the risk. If you cant find replacement property in home market, look to the Midwest. Hope that helps!

 Great work!