This blog post, outlines the key milestones of a recent real estate transaction where we sold a property using a 1031 exchange and purchased another with the intention of creating a hybrid rental. This journey highlights the process from evaluating properties to the final listing, including negotiations, inspections, and preparing the new property for rental.
Whether you’re a seasoned investor or just starting, this detailed timeline offers valuable insights into executing a strategic property sale and acquisition.
Timeline
19
Evlautaion
Aug. 19 2024: Multiple properties evaluated, 5 walked by our local agent, and 3 full walkthrough videos generated.
26
Closing
Aug 26 2024: 1031 house sold-closed.
27
Property Review
27 Aug 2024: Another qualified house walked by our agent, and a full walkthrough video generated.
28
Reviewing
Aug 28 2024: Team and buyer evaluated findings, budget, and determined next steps.
29
Offer
Aug 29 2024: Cash offer submitted, $19,000 below asking.
30
Negotiating
August 30 2024: Counteroffer accepted, $11,500 below asking.
3
Under Contract
September 3 2024: Officially under contract.
5
Inspection
September 5 2024: Inspection completed. Post inspection video.
6
Post Inspection
September 6, 2024: Team and buyer evaluated inspection findings and determined next steps.
8
Renegotiation
September 7-8 2024: Post inspection renegotiations with seller. Another $2,500 price reduction was agreed in lieu of few inspection issues – the total is $14,000 below asking.
10
Intial Walkthrough
September 10, 2024: Agent/Project manager + designer + electrician + handyman walkthrough – VIDEO + short punch list
16
Bids Presented
September 16, 2024: Design and furnishing offer was presented to buyer
17
1031 Progress
September 17, 2024: checking last items with title, 1031 QI, and attorney to make sure we are ready to close.
20
Closing
September 20, 2024: Purchase closing
21
Prep Work - Start
September 21st: misc. (and minimal) rehab work, furniture, and furnishing purchase + installation, final touches.
17
Prep Work - Finished
October 17, 2024: work completed
20
Photography
October 20, 2024: Photography and final prep for listings
23
Listing for Lease
October 21st-23rd: listing on multiple websites
Key Milestones
- August 19-25: Multiple properties evaluated, 5 walked by our local agent, and 3 full walkthrough videos generated.
- August 26: 1031 house sold-closed.
- August 27: Another qualified house walked by our agent, and a full walkthrough video generated.
- August 28: Team and buyer evaluated findings, budget, and determined next steps.
- August 29: Cash offer submitted, $19,000 below asking.
- August 30: Counteroffer accepted, $11,500 below asking.
- September 3: Officially under contract.
- September 5: Inspection completed. Post inspection video.
- September 6: Team and buyer evaluated inspection findings and determined next steps.
- September 7-8: Post inspection renegotiations with seller. Another $2,500 price reduction was agreed in lieu of few inspection issues – the total is $14,000 below asking.
- September 9: Price and inception period finalized & start of next phase of the prep.
- September 10: Agent/Project manager + designer + electrician + handyman walkthrough – VIDEO
short punch list - September 10: It was decided by the buyer and team to close earlier and closing had been moved to 9/20/24 (instead of 9/26/24)
- September 16: Design and furnishing offer was presented to buyer
- September 17: checking last items with title, 1031 QI, and attorney to make sure we are ready to close.
- September 20: Purchase closing
- September 21ts – Oct. 17th: misc. (and minimal) rehab work, furniture, and furnishing purchase + installation, final touches.
- October 20th: Photography and final prep for listings
- October 21st-23rd: listing on multiple websites
Punch List
huge tree fell 3 doors up the street