Finished 1031 exchanging one property into five
This weekend I closed on property number five, thus concluding my 1031 exchange.
I bought a condo in Boulder 5 years ago for $170k, and sold it in May for $305k. I had $210k burning a hole in my pocket and was able to get under contract on 4 duplexes in Chattanooga and close on them before the naming period was even up. I felt enormous time pressure, but I feel like I lucked out on timing, because there was a decent surge of inventory into the Chattanooga market right when I needed it to be there. It was a little intense going through the due diligence process on 4 properties at once, but like someone said somewhere, most tasks are just 5 or 10 minute tasks you can do with a computer or phone, so it really wasn't all that bad. The fifth property was under contract after those closed, and handling just one property under contract compared to four was a piece of cake.
When the dust has settled and the remaining units are occupied, I'll have turned $305k worth of assets into $674,000, and a monthly gross income of $1350 into over $7000!
Thank you bigger pockets!
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Well done @Teague Anderson!
Did you use, and can you recommend a Chattanooga 1031 Intermediary Service or CPA?
I'm going to need to re-locate an investment to Chattooga via 1031 myself.