First time BRRRR into first time 1031 exchange

[Paul DeSilva]

Good morning BP,

We are in getting the ball rolling on our first 1031 exchange, and super excited about it. Tell us what you think.

Property being sold: Our first successful BRRRR- Bought a REO for 60k in 2017, Rehabbed for 65k, Rented for $2200 gross monthly rent, Refinanced cash out for 174k that put a down payment on our 7 unit, Repeat listing for 239k and leveraging the profits into a 10 unit.

Subject property: "Mom and Pop" run well maintained 10 unit that is fully rented with long term tenants and under market rents. The current owners are "retiring" from the rental property business, selling off their portfolio and moving South. 

Financials are in the link for the Calculator below, property is made up of a five unit building with all all separate utilities, a four unit building with separate electric but landlord pays for oil (2 year old boiler) and a mobile home that tenant pays all utilities. New roofs on both buildings, new well pump last year and new septic system last year. It is in a good location, sits on 7 acres and  there is plenty of parking areas. Some maintenance needs to be done and a few of the units are dated but some have been recently upgraded. We think that the property has great numbers and a lot of potential. We are really excited about starting our first 1031 exchange!

Thanks for reading,

Paul

View report

*This link comes directly from our calculators, based on information input by the member who posted.