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Updated about 6 years ago on . Most recent reply

User Stats

5
Posts
2
Votes
Anthony Reddington
  • Realtor
  • Louisville, KY
2
Votes |
5
Posts

Need Advice on SFH 1031 to Triplex

Anthony Reddington
  • Realtor
  • Louisville, KY
Posted

I have a SFH 2bed/2bath purchased for 45k 10%down commerical loan in 2016 then put about 20k into fixing it up to rent. Currently, rented for $890 ($850 and 40$pet) a month with 30k left on mortgage.

I have the possibility to sell it for 75k and then do a 1031 to purchase a Triplex currently listed for 310k but could be negotiated down to 280-290k (would hope slightly lower), all 3 units are rented out through 2020 - 2725$ a month total. Unit 1 - 2/1 900$, Unit2 - 2/1 1150$, and unit3 - 1/1 675$. Which the loan would be 15% down 15 year.

Any advice on what else I should be looking at to make sure this is a good deal/ move.

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