I converted my primary residence into a rental property three years ago. Last year, I completed a 1031 exchange, where I exchanged that rental property for two new residential rental properties. The overall gain on th...

📍 Property: 88 Innis Ave, Columbus, OH 43207💰 Bought for $1,000, Sold for $40,000📅 Total investment: $5,170.36📝 Licensing Fee: $3,000⏳ Processing time: 58 days from purchase to disbursement🔑 Key Numbers:Profit: $34,829.64ROI: 673.64%Annualized IRR: 4098%Ever wonder how land entitlements can deliver these kinds of returns?

There are DSCR Lenders that will lend that low, but to be fair, its kind of rare right now on that point

Bonus question: what kind of impact does this have on my taxes and how do I file this?

We have soil made up of mostly clay, rock, and some sand so digging footers or basement of any kind can dramatically drive up costs.

If you’ve been previously contacted by one of my colleagues on this platform, kindly disregard this message.

In hindsight I wish I would have put things into more of a pro and con list as it would be easier for readers, but understand it was just kind of brain dump as I was just doing my tax records so it was fresh on my mind.

If you are buying a house of any kind with mechanicals and roofs, you need reserves.

Wouldnt surprise me if some of the large multinational banks have programs for this kind of scenario.

There is some % of people who will sell at any price, maybe to get in a new home, maybe to sell a probate home, or get out of some kind of distress.