1031 Exchange for Multi Unit - Posted by Dan

Posted by William L Exeter on September 21, 2004 at 18:07:52:

I would always recommend using an attorney, especially on a project of that size just to play it save. I search CCIM.com when I need a broker in an out-of-state place. Look for one that specializes in multi-family properties.

1031 Exchange for Multi Unit - Posted by Dan

Posted by Dan on September 20, 2004 at 23:36:59:

Hi there,

At the end of October I’m closing on some rental property that will give me approximately 750k to reinvest. I’ve started to educate myself in multi-family properties. I’m an architect/builder and am familiar with the single family housing aspect of the business but am interested in purchasing a large multi-unit building. Purchasing a 2 million dollar plus project is obviously a HUGE step!

  1. I’ve been looking at Hendricks & partners website. Have people used them successfully here? Any other websites that might be helpful? What are your thoughts about buying/managing (even with a property manager), say a 60 unit building out of state if the numbers look good?

  2. If purchasing out of state(I live in California), how does one find a reliable broker in areas that I might be interested in?

  3. Do most folks employ a real estate attorney to review sales contracts, leases etc?

Thanks for any advice/insight that you might share!