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3 xing our Income with a 1031 exchange
During the downturn my wife and I bought a few rental houses here in our neighborhood of Queen Creek (Phoenix). This spring we decided to sell one of them using a 1031 exchange and purchase the some replacement properties in Milwaukee. This is the story of our journey.
I should note that a business partner and I already have one rental property in Milwaukee so we are not total newbies to that market and I already have a Agent / PM that is available to us.
The property we sold here in Phoenix was purchased during the downturn and had a lot of capital gains. it is a 5bd 4 1/2 bath built in 2004 so it is a nice property. Grosse rents were 2200 a month not bad on the purchase price but not so great given wth current value of the home. We expect to purchase 6 properties in Milwaukee with Gross rents of @ 6k, 3X our old rental rate.
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Bob please keep us posted regarding your 1031 experiences.
Thank You