In our post “Our July 2024 Standings – Adjusting the TMP Series and Repairing the Jaguar” we explained how we adjusted the TMP investment series to account for adding and additional $40K to purchase a home in Laurens, South Carolina.
Now we’re planning to sell our Apache Junction house (“29th Ave”) and buy two more houses in South Carolina. We plan to use the ‘1031 Exchange’ rule:
In the meantime, here’s where the ten investment opportunities stand as of 30 September 2024:
Last year, we read a book on 1031 exchanges:
- “Exchanging Up” (258 pages, paperback, 2005) by Gary Gorman: This book was mentioned in “Commercial Real Estate Investing for Dummies” that we reviewed last month. Since we are involved in a 1031 exchange now, I bought it. It is an excellent book on the subject. The most interesting thing I learned is that you cannot exchange male livestock for female livestock or vice versa. Livestock exchanges must be “like kind”, female for female or male for male. Who would have thought? You cannot exchange a rooster for a chicken. From the Amazon description: “In easy-to-understand language, you’ll learn how to: Use the Six Essential concepts that are necessary for every exchange.”
If you’re interested in exchanging bulls for bulls, read “1031 Exchange: Livestock – Top Breeding Bulls”:
No, we’re not planning on exchanging into bulls.
We are planning, and executing, an exchange of one house, to two houses. We gave notice to the tenant. We have received some estimates to “fix up the property”. Jeff and I are considering whether we want to “fix up the property” or just sell as is. We realize that we would get a lower sales price if we don’t “fix up the property”. But it would allow a quicker sale without the work and risk of “fixing up the property”.
We will discuss more of the options and process in later blog posts.
