I just bought rental property #35 using a 1031 exchange. The 1031 exchange allows me to sell another rental property, which was #7 in this case, and not pay any capital gains tax on the profit.
This property is a 3 unit apartment building with one of the units having been converted to a church and a 2 bedroom house. The church can be converted back to an apartment or maybe even two apartments!
I paid $515,000 of the property when it was listed for $550,000 on the MLS. I think it is an $800,000 property once we stabilize it with the potential to be worth much more.
Below are the videos mentioned in this video:
Rental Property #7: https://www.youtube.com/watch?v=IWAHSb_hQ2I&t=12s
How does a 1031 Exchange work: https://www.youtube.com/watch?v=nQuBg2fWfzM
8-unit apartment with 16 garages: https://www.youtube.com/watch?v=GZmGqagGfMM
2nd 1031 exchange: https://www.youtube.com/watch?v=TypNRyw-tiE
If I missed any other videos comment below and I will link them.
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