Investor · Austin TX · Member since 2018 · 151 posts · 165 votes
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Cincinnati.
Purchase price: $65,000 Cash invested: $24,000 Sale price: $135,000
Purchased a duplex out in Cincinnati, one unit was occupied, the other needed a somewhat substantial rehab. It was great for me to learn how to manage a team from across the country, as well as learn more about the construction process in general.
Lessons learned? Challenges?
Just because a property cash flows on a spreadsheet does not mean it'll cash flow in real life! This was a great building to start out with but moving forward I'm going to be staying away from ridiculously inexpensive properties and focusing instead on great buildings in great markets!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Equity Advantage was the 1031 company - they were absolutely amazing. Kyle Friedman from Choice Lending is an absolute ROCKSTAR!
Investor · San Diego, CA · Member since 2016 · 1k+ posts · 975 votes
4y
@Jeffrey Albaum Congrats! It seems like you learned a great deal from this duplex, and leveraged that knowledge to wisely get out of the duplex and into something else that fits your long-term goals better!
Have you identified your property/investment for the 1031 acquisition yet?
Rental Property Investor · Lebanon, OH · Member since 2016 · 220 posts · 228 votes
4y
Great work, @Jeffrey Albaum! You've done a great job of utilizing real estate to create wealth! The 1031 can be tricky, but it's an incredible wealth creator if you can use it correctly!
I'd love to hear more about how you found a STR in the Smoky Mountains.
Small multi-family (2-4 units) buy & hold investment in Cincinnati.
Purchase price: $65,000 Cash invested: $24,000 Sale price: $135,000
Purchased a duplex out in Cincinnati, one unit was occupied, the other needed a somewhat substantial rehab. It was great for me to learn how to manage a team from across the country, as well as learn more about the construction process in general.
Lessons learned? Challenges?
Just because a property cash flows on a spreadsheet does not mean it'll cash flow in real life! This was a great building to start out with but moving forward I'm going to be staying away from ridiculously inexpensive properties and focusing instead on great buildings in great markets!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Equity Advantage was the 1031 company - they were absolutely amazing. Kyle Friedman from Choice Lending is an absolute ROCKSTAR!
Rental Property Investor · Broken Arrow, OK · Member since 2019 · 42 posts · 8 votes
4y
Nicely done. I am originally from Cincinnati. Currently looking at quads back in the queen city. I have family in construction so it won't be as difficult managing a team from distance in that respect. Keep knocking them out of the park!