1031 Exchange property #1

[Scott Wilson]

Investment Info:

Single-family residence buy & hold investment in Naples.

Purchase price: $190,000
Cash invested: $5,000

2 Bedroom condo overlooking the Ritz Carlton golf course

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

I needed to find properties to roll over my proceeds using a 1031 exchange

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

I analyzed over 100 two bedroom + condo units and this produced positive cash-flow

How did you finance this deal?

50% equity using a portion of my 1031 ex proceeds

How did you add value to the deal?

new A/C and furnishings

What was the outcome?

$200/mo cashflow

Lessons learned? Challenges?

Rents were not as high as I expected