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Updated over 5 years ago on . Most recent reply presented by

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6
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2
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Llena Caldwell
  • Investor
  • Katy, TX
2
Votes |
6
Posts

How do I use a 1031 exchange to get out of a SFH?

Llena Caldwell
  • Investor
  • Katy, TX
Posted

How do I use a 1031 exchange to get out of a SFH that is non-cash flowing?

The home is in El Paso, TX, was turn-key new construction and has been a rental property since 2012.

It has a tenant but after prop mgmt fees, taxes, misc costs, I lose approximately $200 monthly. The neighborhood is nice but it’s the smallest home on the block surrounded by larger homes (1550 sq ft, 4 bdrms/2bath/single story).

Nice home. I've listed it on MLS a few times over the years but it doesn't sell mostly because it's surrounded by homes over 1800 sqft and due to continuous building of new construction homes nearby. El Paso keeps growing but this home won't sell so I just lease it out.

I’ve replaced the stove, dishwasher, various repairs over the years whenever the prop mgr says the house needs something since I never want to be a slum landlord. I am still active duty in the military and don’t get back to El Paso much nor do I intend to retire there.

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