All Forum Posts by: Kristen McShane

Some great info and knowledgeable resources on this thread so hoping to reignite it and get some feedback on my situation :)

1031 exchange Co own multifamily with sister

I co own a multifamily with my sister. We bought in 2015 and have rented it out since. We are looking into selling, she wants to cash out her half of profits and pay the tax on the capital gains. I however would like to look into doing a 1031 exchange with my half of profits. Here are some rough numbers

Purchased house in 2015 for $525,000

Potentially sell house for $800,000

My accountant said he has our cost at $575,000 including cap improvements but have a depreciation of $88,000. Leaving our basis at $487,000.

Our potential profits if sold at $800,000 is $313,000 ($800,000-$487,000) and then divide that between my sister and I would leave us each with $156,500.

Is it true that in order to do a 1031 exchange I would need to identify a multifamily property worth at least $156,500? Or does the identified property need to be at least $800,000?

According to my accountant the property I plan to 1031 exchange into only needs to be at least $156,500. But I can't seem to validate that with my research.

Thank you all for your time and any expertise you can share :)

@Gary Sanguino can u send me more info on this property? [email protected] 

Thanks!!

@Allyssa Compton great RE agent in the Rockland area !!

Thanks for your reply, Rick!

I connected with a realtor last weekend and viewed some properties. Some areas certainly stand out more than others. I realize location is key when focusing on short term seasonal rentals. I am now set up to receive auto MLS emails when new properties come on the market that fit my criteria.

I see your in Chappaqua, I'm located in Yonkers. Do you know of any local meetups or real estate investing groups for newbies like myself? I am eager to learn more and make connections in the area. Thanks!

Hi there!

I recently purchased and am living in my second multifamily home in Yonkers NY, currently house hacking. I am looking for my next move! I would love a rental that offers multI-season attractions. I like to take weekend trips up to the Windham NY area because there is lots to do up there (Ski, hiking, kayaking, restaurants, vineyards, breweries etc). My vision is buying either a single or multi family house and renting it as an Airbnb. Does anyone have any advice on buying in the Windham area? Also should I be worried when researching on Airbnb that the market seems to be flooded with multiple Airbnbs in that area or is that a good sign that short term rentals are a hot commodity? Thanks in advance for any words of wisdom :)

Kristen

Hi there!

I recently purchased and am living in my second multifamily home in Yonkers NY, currently house hacking. I am looking for my next move! I would love a rental that offers multI-season attractions. I like to take weekend trips up to the Windham NY area because there is lots to do up there (Ski, hiking, kayaking, restaurants, vineyards, breweries etc). My vision is buying either a single or multi family house and renting it as an Airbnb. Does anyone have any advice on buying in the Windham area? Also should I be worried when researching on Airbnb that the market seems to be flooded with multiple Airbnbs in that area or is that a good sign that short term rentals are a hot commodity? Thanks in advance for any words of wisdom :)

Kristen