First accidental investment

[Gohar Shafiq]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $350,000
Cash invested: $110,000

Originally personal property and ended up moving out of state. Rented it out for the past 6yrs. with 1 2-month vacancy. On tenant #2 right now.

Goal would be in the future, hopefully 2021 or 2022 to perform a 1031 exchange and utilize these funds for a small to mid-size apartment complex.

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

Was planning to move back to NC so wanted to keep this property so decided to rent it out.

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

n/a - moved from liability to income!

How did you finance this deal?

Conventional 30-yr...then transitioned to a 15yr. before I knew what I know today

[Gohar Shafiq]

@Kyle Spearin

It is a great market! My appreciation isn't typical bc I bought for approximately $350k back in 2010 I believe as the housing market hadn't recovered yet. And today, it's booming (or was), precovid, and value is some where between $420k and $450k. So decent for me.

My goal is to 1031 this once I have enough experience into a small/large multifamily ideally.

In the meantime, try to get 3 to 5 SFH or duplex to fourplex.