Updated almost 2 years ago on . Most recent reply
- Qualified Intermediary for 1031 Exchanges
- St. Petersburg, FL
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My first investment
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Upper Falls.
Purchase price: $60,000
Cash invested: $20,000
Sale price: $240,000
Lakefront duplex Denver Colorado. My first investment. Made $150K. Paid $30K in taxes. The last real estate investment I ever paid capital gains tax on!!!!! #1031 exchange the rest of the way
What made you interested in investing in this type of deal?
A getaway plan of real estate investing to fund life on a sail boat
How did you find this deal and how did you negotiate it?
Private sale from estate
How did you finance this deal?
Conventional
How did you add value to the deal?
Fixed up/separated basement and upper floor with separate entrances and created 2 addresses.
What was the outcome?
Made a lot of money and paid a lot of money in taxes
Lessons learned? Challenges?
1031 exchange would have been the way to go!!! Lesson learned!
- Dave Foster
