All Forum Posts by: Jeffrey Edwards

You might want to check into the rules of 1031.  You have to do a "like kind exchange."  If you are looking for syndication you might not possibly be able to do this.  I'm not a tax professional and you should seek the advice of one. 

It's hard to say without seeing a copy of your lease but I think you did the right thing and seek a legal opinion.  It does not sound like the landlord is treating you fair! 

Depends on what your end game goal is really.  You could refi one or both eventually and pull out the equity if you still want to hold on to them.  Just make sure you run the numbers first and they meet your cashflow criteria.

In my experience, the majority of communities that have multi family housing are the older communities developed slightly before, during, or shortly after WW2 to deal with the housing demand.  Auburn Hills and Rochester Hills are fairly newer communities there were not developed at the same time as surrounding communities and the demand for small multifamily units was not a priority.  

All the books in the Bigger Pockets bookstore are a wealth of knowledge! 

Assuming you already have these reserves (that's what good landlords do) then I would say pull out the capital and put it back to work for you.  Make sure you find out what your payments will be and update/ran new numbers to see your cash flow and coc return. 

Always set your MAO before going in and stick to it. If you don't end up getting it, it wasn't meant to be and that means more time to focus on the next deal.

Start calling people TODAY.  If you don't generate leads, you have nothing. It will take some startup money to get things going, I would expect maybe $100 to $200.  Pick a neighborhood and go to town. 

Pick up the book from BP called "The book on advanced tax strategies" Vol. 2.  It has a whole chapter dedicated on the proper way to complete a 1031 exchange.  Very good book 

If the numbers work for you, why not? If you get your desired cash flow or cash on cash return, I don't think there really is a "bad" time to buy real estate.