New Rental Property Purchased Using a 1031 Exchange: 1910 3-Plex Plus a 2 Bedroom House! (#35)

New Rental Property Purchased Using a 1031 Exchange: 1910 3-Plex Plus a 2 Bedroom House! (#35)

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:

How does a 1031 Exchange work:

8-unit apartment with 16 garages:

2nd 1031 exchange:

If I missed any other videos comment below and I will link them.

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  1. That’s a hard decision, regarding the church space. It would be cheaper on renovations to have it be a three bedroom/single unit but the income on making it two units is hard to overlook. It’s an interesting place. If you’re going to end up raising rents, I would keep the laundry free to use.

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