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Just completed our first 1031

Just wanted to share that we completed our first 1031. We sold back on March 30th and the ticker started for the 45-day ID period right around when COVID was at it's worst initially and we were so lucky to get that extension...we would have owed about 30K in taxes if we hadn't been able to ID a place and close on it. Anyway, it was a bit stressful because there was so little on the market but then we expanded our search a bit and found a cash-flowing property in our price range. Only out of pocket expenses were the earnest money ($10K) and $384.56 at closing. Everything else was covered by the sale proceeds and we went from a SFH making ~$120/mo after expenses to a multi-family making ~$1100 a month after expenses. Will probably do this again next year with another one we own.

submitted by /u/23z7
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source https://www.reddit.com/r/RealEstate/comments/i0yvi1/just_completed_our_first_1031/
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