First out of state deal, first 1031 exchange, first larger multifamily, oh- and first auction- all in one!

[Jean Bolger]

well, this has been an exciting time! I sold my triplex in Denver that I have owned for about 12 years (which, btw, I never would have bought if I knew then what I know now, thanks to BP...) I was trying to maximize my 130k in 1031 exchange money so I started looking out of state- ended up focusing on Ohio.

I flew out to Columbus a few weeks ago to check out an auction property and today I was the winning bidder on 29 one bedroom apartments in five single story brick buildings. Final price 330k. It's currently bringing in 86k GOI with only 20 units occupied. Once the remaining units get filled that jumps to about 125k at current rents. (oh, and tenants pay utilities --including water...)

There is still so much to be done that it feels a bit premature to be posting this under "success stories", but I am excited and relieved and wanted to share! I would never have had the cajones to proceed with this without all the stuff I have learned on BP. I couldn't possibly name all the folks here whose posts have educated and/or inspired me, but you have my thanks! Now I'll start hitting you up with questions about how handle what I've gotten myself into :)