1031 Exchange for Multi Unit - Posted by Dan
Posted by Dan on September 20, 2004 at 23:36:59:
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!
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?
If purchasing out of state(I live in California), how does one find a reliable broker in areas that I might be interested in?
Do most folks employ a real estate attorney to review sales contracts, leases etc?
Thanks for any advice/insight that you might share!