Long Distance Duplex sold for a 1031 Exchange Opportunity

[Jeffrey Albaum]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Cincinnati.

Purchase price: $65,000
Cash invested: $24,000
Sale price: $135,000

Purchased a duplex out in Cincinnati, one unit was occupied, the other needed a somewhat substantial rehab. It was great for me to learn how to manage a team from across the country, as well as learn more about the construction process in general.

Lessons learned? Challenges?

Just because a property cash flows on a spreadsheet does not mean it'll cash flow in real life! This was a great building to start out with but moving forward I'm going to be staying away from ridiculously inexpensive properties and focusing instead on great buildings in great markets!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Equity Advantage was the 1031 company - they were absolutely amazing. Kyle Friedman from Choice Lending is an absolute ROCKSTAR!