Planning to sell a long term rental condo, use 1031 and buy 2 condos

[Arthur Savery]

Investment Info:

Condo buy & hold investment.

Purchase price: $320,000

Currently have a long term renter, the rent pays the mortgage and other expenses but provides no cash flow. Planning to sell and 1031 into 2 similar properties in the Columbus, Ohio area in the next 1-2 years.

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

Conducted personal research.

[Arthur Savery]

Quote from @Jaycee Greene:

Quote from @Arthur Savery:

Quote from @Jaycee Greene:

Quote from @Arthur Savery:

Investment Info:

Condo buy & hold investment.

Purchase price: $320,000

Currently have a long term renter, the rent pays the mortgage and other expenses but provides no cash flow. Planning to sell and 1031 into 2 similar properties in the Columbus, Ohio area in the next 1-2 years.

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

Conducted personal research.

Hey @Arthur Savery, welcome to the BP Forum! Out of curiosity, if you're looking to 1031 into 2 properties, are these smaller properties? What price range are you looking for?

Thanks Jaycee. The condo I'm selling in CA could sell for approximately $600k, and I was thinking of rolling that into 2 condo/townhomes valued at about $250k each, then doing DST for the remaining around $100 for the 1031. That would minimize and maybe eliminate the need for a loan for those properties. I still owe about $140k on the current condo.

 Sounds good! Are you averse to borrowing/leverage? Or do you just not want to deal with lenders?

 Trying to avoid borrowing as much as possible. I'm looking to make this part of the retirement stream of income rather than an effort to accumulate multiple properties. Although I'm not ruling out doing another 1031 in the future to add a property or two. Just don't want to get too aggressive at this point.