Fourplex #1 with 1031 exchange funds

[Doug Quist]

Investment Info:

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

Purchase price: $785,000
Cash invested: $215,341

Use part of 1031 Exchange funds to leverage from a single condo into two fourplexes -- this is the first of two.

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

Like multi-family and needed replacement properties due to 1031 exchange funds.

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

Worked with a local real estate agent. This was the first of nine deal in 2020.

How did you finance this deal?

30 year fixed conventional loan at 3.375%

How did you add value to the deal?

No value added.

What was the outcome?

Still cash flowing.

Lessons learned? Challenges?

Don't be scared, even if a pandemic happens within two weeks of closing!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, I have a great local real estate team both for buying and selling!