NEED TO BUY
I am looking for a multi-family property in the NYC Metro area. I am selling one of my properties to do this and need help on where I can find the best deal (like every body) I have great credit and will have a lot of money after I sell. Who can I trust not to sell me a money pit???
I would call investors in the NYC area. See what they have. I wouldn't tell them exactly how much money you have to spend. Ask them if they have anything, if they are looking to sell, and for how much.
[addsig]
Hello Charles Mayo,
You may want to look into doing a 1031 exchange. This way all your proceeds are tax-deferred into the next property you purchase. Great way to build wealth quickly.
Just my .02
John
Please... How can find out more information about this 1031 exchange? ... and thank you very much for helping me with information. It is just great to be able to share knowledge amongst other financial savvy landlords.
You're CPA can advise you on 1031's. I like to work our of 401K's and IRA's personally.
C-
Keep in mind that a 1031 can be a great tool, however it only prolongs paying taxes. Eventually, you will pay taxes.
Go up to the TCI Realty tab and search in NY there are some multi-family listings that I have seen because I am in the market for a multi-family.
Good Luck!
1031 only delay's tax payments? I thought it was to avoid it if you are going to put the funds down on another purchase...
1031's are good but you wind up back in the property business with another non-liquid asset and the appreciation is linked to the real estate market and not in your control. There is a way to sell the property and defer the taxes without doing a 1031 and it’s a much better way of accomplishing the same goal. It's a structure that lets you put the sale proceeds in a proprietary program and then invest those funds just like it was in a regular investment account. You can also take cash out of the account and you only pay taxes on what you pull out, everything else continues to grow tax deferred. For example, if you sell a property for $1,000,000 you then put those funds in the program and have $1,000,000 working for you. You can be as conservative as you want in terms of setting the rate of return (i.e. fixed rate of return) or be more aggressive and put the funds in investment accounts and get a market rate of return. Also you can sell the $1,000,000 property and put half in the program and then half into another property (or whatever percentage you want). It is fairly flexible. This is new but several household name financial institutions are involved so you know they did the due diligence on it. If anyone else wants more info let me know or shoot me an e-mail at **Please See My Profile**