Purchased this duplex via 1031 Exchange

[Mike Paolucci]

Investment Info:

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

Purchase price: $370,000

Duplex that was purchased on the backend of a 1031 exchange. Long term hold with plans to force value by adding egress window/exits in basement to increase property from 2 bed / 1.5 bath to a 3 bed / 1.5 bath on each side and increase overall value.

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

Had an opportunity to buy a newer duplex and gain experience with 1031 exchange.

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

My RE Agent found this off-market.

How did you finance this deal?

Conventional

How did you add value to the deal?

I plan on adding egress windows/exits in the basement which will increase property from 2/1.5 to 3/1.5 units per side.

What was the outcome?

Currently under renovation

Lessons learned? Challenges?

Run conservative numbers when figuring out how much you'll be able to get from selling your property when deciding to venture into this to make sure everything makes sense.

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

Yes. Happy to connect with anyone on this.