1031 exchange property

[Zara Ryan]

Investment Info:

Single-family residence buy & hold investment in Winchester.

Purchase price: $219,000
Cash invested: $70,000

We use a 1031 exchange to purchase this single-family home in the downtown area of Winchester.

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

This home is located in an up-and-coming and walkable area of downtown. Cash flow was excellent on analysis.

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

This was an off market deal that my agent found for me. We pay the asking price

How did you finance this deal?

Commercial loan to my LLC

How did you add value to the deal?

We replace some plumbing and made some small repairs, but otherwise this home was turnkey.

What was the outcome?

We had a signed lease before we technically closed on the property.

Lessons learned? Challenges?

I was very thankful to have good cash reserves, as we did have some plumbing issues come up that did not appear in the home inspection.