Single-family residence buy & hold investment.
Purchase price: $145,000
Currently thinking of selling. I believe i have enough equity to 1031 exchange into a multi family property in Dayton, Ohio.
What made you interested in investing in this type of deal?
Military and VA benefits
How did you find this deal and how did you negotiate it?
Real estate agent.
How did you finance this deal?
Traditional VA home loan
How did you add value to the deal?
purchase price was below house worth
What was the outcome?
Lessons learned? Challenges?
Keep finding deals like this.
Higher credit score.
@DeAndre T. Congrats on the first deal - that's the hard part!
So, are you moving to Dayton, or just interested there for OOS? How long have you had your other investment? Do you live in it currently? 1031 is a great vehicle, make sure you read all you can on it, know the rules backwards and forwards - no one cares more about your finances than you do - so gather as much info as you can so that way you can protect yourself. Set up some keyword alerts on here to alert you on topics you are interested in.
@DeAndre T. You may not even need to use the 1031 exchange. I would chat with your CPA (or hire a CPA if you haven't already!) because you might be able to sell the property and avoid any taxes on your profit depending on how long you've lived in the property.
Congrats on your first property! The VA loan is such a powerful wealth building tool when used correctly. Keep us updated on your journey and good luck.
Congratulations @DeAndre T. !
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