1031 Exchange property #2

[Scott Wilson]

Investment Info:

Single-family residence buy & hold investment in Naples.

Purchase price: $175,000
Cash invested: $85,000

Used 1031 exchange to buy 3 condos in Naples

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

I needed to find properties to use my proceeds on a sale in a 1031 exchange

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

I analyzed over 100 two bedroom + condos to find best cash-flow

How did you finance this deal?

paid 50% using a 1031 exchange

How did you add value to the deal?

New A/C and furniture

What was the outcome?

Cash flowing $800/mo

Lessons learned? Challenges?

Do not turn your water on until you have a tenant.