Updated about 2 months ago on . Most recent reply
4405 W Sarah Sale and 1031 Exchange
Investment Info:
Condo buy & hold investment in Burbank.
Purchase price: $385,000
Cash invested: $140,000
Sale price: $915,000
We sold the property and did a 1031 Excahnge.
What made you interested in investing in this type of deal?
This wasn't originally an investment. It was our home, but we kept it and rented it for 13 years.
How did you find this deal and how did you negotiate it?
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How did you finance this deal?
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How did you add value to the deal?
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What was the outcome?
We sold the property and did a 1031 Excahnge for $372,580.91. We took $150,000 as a boot to invest in Eckard and a syndication called 293 Parma. The Eckard and syndication will net $791 in monthly cash flow. Also, we used a portion of the funds to pay off our truck which was $846, so total net cash flow is $1,637, from the $150,000 boot. The properties we're purchasing from the 1031 will net about $1,100 in cash flow for the 1st year. We were cash-flowing about $500 per month from the Burbank pr
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, we worked with the amazing Vinnie Salemno at 215.519.5473. If you're ever considering selling and live near Burbank, I highly recommend giving him a call. He's a superstar and you'll be very pleased with your results.
