Fourplex #1 with 1031 exchange funds
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Provo.
Purchase price: $785,000
Cash invested: $215,341
Use part of 1031 Exchange funds to leverage from a single condo into two fourplexes -- this is the first of two.
What made you interested in investing in this type of deal?
Like multi-family and needed replacement properties due to 1031 exchange funds.
How did you find this deal and how did you negotiate it?
Worked with a local real estate agent. This was the first of nine deal in 2020.
How did you finance this deal?
30 year fixed conventional loan at 3.375%
How did you add value to the deal?
No value added.
What was the outcome?
Still cash flowing.
Lessons learned? Challenges?
Don't be scared, even if a pandemic happens within two weeks of closing!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, I have a great local real estate team both for buying and selling!