1031 exchanging up to a better town and deal

[William Collins]

So today is the end of a long journey. One that made me nervous and excited.  I am buying my largest deal to date, 14 units at one shot.  The units are in a great town in Connecticut, part of Canton. The deal involved selling 5 of my properties (duplexes and a triplex) to get it done. So I sold approximately $1250000 of property to net $480,000 in a 1031 exchange to then use to buy $1750000 of property.  

The big wins:

1) Going from C class towns with C class buildings to a B class town. (Manchester and New Britain) 

2) Dropping taxes paid per year from just over $30,000 to less than $15000

3) Dropping water and sewer rates due to the new property being submetered. 

4) Consolidating units closer to my Property Manager.

Once the property is fully stabilized it should net $4200 cash flow free and clear/ month. 

Big shout outs to my cousin/partner and @Michael Noto who helped me get my sales done!