First 1031 - Single family house turned into a duplex!

[George Sprague]

Investment Info:

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

Purchase price: $185,000
Cash invested: $50,659

Two unit, three bedrooms each, great neighborhood on dead end street. This was my first 1031 exchange. Exchanged a single family house.

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

I had a SFH that I wanted to trade into multifamily. I was able to complete my first 1031 exchange with this property. The downfall was in the short amount of time available with the 1031 rules. Had to take what was available within that time frame.

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

MLS

How did you finance this deal?

Conventional financing

Lessons learned? Challenges?

Follow the due diligence procedures even when it seems you can skip a step. Nothing has come back to haunt me but simple communications in tenant rents and security deposits should have been clarified during due diligence.