3 xing our Income with a 1031 exchange

[Bob E.]

During the downturn my wife and I bought a few rental houses here in our neighborhood of Queen Creek (Phoenix).  This spring we decided to sell one of them using a 1031 exchange and purchase the some replacement properties in Milwaukee.  This is the story of our journey.

I should note that a business partner and I already have one rental property in Milwaukee so we are not total newbies to that market and I already have a Agent / PM that is available to us.

The property we sold here in Phoenix was purchased during the downturn and had a lot of capital gains.  it is a 5bd 4 1/2 bath built in 2004 so it is a nice property.  Grosse rents were 2200 a month not bad on the purchase price but not so great given wth current value of the home.  We expect to purchase 6 properties in Milwaukee with Gross rents of @ 6k, 3X our old rental rate.