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Updated about 2 years ago on . Most recent reply
From 5 doors to 22 doors in 12 months
After doing a lot of research and discussions, my brother and I decided to use our current equity to increase our number of doors and enter the multifamily space. Using a lot of work, time and energy, we used 1031 Exchange to fund our next purchases and "postpone" our taxes. Using the proceeds of the sale of my townhome rental property, we were able to buy 4 duplexes in Cleveland, OH that are bringing some decent cashflow after getting all the units rent ready. Using the proceeds of the sale of my brother's 4 unit investment property, we were able to jump in the multifamily family market by purchasing 2 rental property buildings with a total of 14 units in Norfolk VA, close to a beach area. Thank you BiggerPockets for your platform, which is helping investors like us. In this current market, do you have any recommendations on the most efficient ways to scale our multifamily portfolio? We are hoping to continue working with others and learning from experienced investors as well. Thanks!
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Quote from @Abiy Tedla:
After doing a lot of research and discussions, my brother and I decided to use our current equity to increase our number of doors and enter the multifamily space. Using a lot of work, time and energy, we used 1031 Exchange to fund our next purchases and "postpone" our taxes. Using the proceeds of the sale of my townhome rental property, we were able to buy 4 duplexes in Cleveland, OH that are bringing some decent cashflow after getting all the units rent ready. Using the proceeds of the sale of my brother's 4 unit investment property, we were able to jump in the multifamily family market by purchasing 2 rental property buildings with a total of 14 units in Norfolk VA, close to a beach area. Thank you BiggerPockets for your platform, which is helping investors like us. In this current market, do you have any recommendations on the most efficient ways to scale our multifamily portfolio? We are hoping to continue working with others and learning from experienced investors as well. Thanks!
