Finished 1031 exchanging one property into five

[Teague Anderson]

This weekend I closed on property number five, thus concluding my 1031 exchange.  

I bought a condo in Boulder 5 years ago for $170k, and sold it in May for $305k.  I had $210k burning a hole in my pocket and was able to get under contract on 4 duplexes in Chattanooga and close on them before the naming period was even up.  I felt enormous time pressure, but I feel like I lucked out on timing, because there was a decent surge of inventory into the Chattanooga market right when I needed it to be there.  It was a little intense going through the due diligence process on 4 properties at once, but like someone said somewhere, most tasks are just 5 or 10 minute tasks you can do with a computer or phone, so it really wasn't all that bad.  The fifth property was under contract after those closed, and handling just one property under contract compared to four was a piece of cake.

When the dust has settled and the remaining units are occupied, I'll have turned $305k worth of assets into $674,000, and a monthly gross income of $1350 into over $7000!

Thank you bigger pockets!