1031 Exchange from 1 condo to 2

[Katie MacGregor]

Investment Info:

Condo buy & hold investment.

Purchase price: $125,000
Cash invested: $26,000
Sale price: $212,000

2 bed 2 bath condo near las vegas strip - lived in it for a few months while primary home was being built then rented out

What made you interested in investing in this type of deal?

cheaper than renting, wanted to start investing in real estate and this is something I could afford with my cash at the time

How did you find this deal and how did you negotiate it?

found on MLS - put in asking offer same day listed - accepted

How did you finance this deal?

personal cash

How did you add value to the deal?

got my license

What was the outcome?

great! sold this and used the cash to purchase 2 more units in a nicer part of town, a 1 bedroom and a 2 bedroom 

Lessons learned? Challenges?

tenants are messy even if they are the nicest of people