1031 exchange mistake

[Mike Moran]

Hi all - I come with a story that currently has no ending, hoping someone can learn and also hoping someone may be able to help. Long story short, I've gotten a taste for larger mumtifamily and decided to sell my 6 units (3 duplexes) to roll into a 30-unit property. The market being what it is, I was hamdsomely paid for my 6 units and had/have ~$220k to roll into the 30-unit. Well, the 30-unit failed inspection atrociously and now I am stuck potentially having to pay tax on about $150,000 of that $220k. So two things: 1) learn from my mistake and put contingencies in your sale contract if performing a 1031 exchange as I may Be left with nearly no passive income (1 small multifam left) and a hefty tax bill. 2) If anyone has or know she of any well-managed 8-10cap multi family properties in the $800k-$1.5M range; somewhere no between 12 And 30 units, please share!

Thanks

Mike

[Brandon Sturgill]

Thanks for sharing @Mike Moran if you're looking out of state, Columbus, Ohio is one of the best markets in the county...I'd be glad to tell you more about it.

Best of luck!