How this investor doubled the size of their portfolio using a 1031 exchange
Finding the right investing strategy can be tough. Learn how Mynd helped Travis expand into a new market, grow his portfolio and unlock financial freedom through real estate.
The Mynd team helped Travis:
Unlocking financial freedom through real estate investing
Travis, former military personnel, moved to Phoenix, Arizona with real estate investing on his mind. His interest in real estate sparked 10 years ago after reading a stack of investment books. From this, he learned the myriad of benefits residential real estate investing presented and wanted to develop a strategy for early retirement.
He was not naive to the fact that investing in real estate can be complicated. The rules and law are complex. For that reason, he turned to the professionals at Mynd to develop a strategy. He was looking for guidance to sell his current home and use that money to purchase additional rental properties, utilizing a 1031 exchange. With this plan, he would be able to retire in 10 years, as planned.
“I chose to work with Mynd because I am, in no way, an expert on anything real estate related… I would have been a fool to try to do any of this by myself.”
Navigating a 1031 exchange with professional guidance
When the tenants residing in Travis’s Phoenix rental property sent in their notice to vacate, he had a decision to make: find new residents or consider selling the home. Travis turned to his portfolio manager at Mynd for guidance. After reviewing the options and data provided by Mynd, Travis decided it was time to sell and purchase property in a new market.
Knowing there are many rules, laws and regulations when dealing with a 1031 exchange, Travis chose to rely on the Mynd team to assist him with the process. He worked with the experts on the Listings and Buying teams to guide him and successfully increase the size of his rental portfolio from 1 property to 2 properties. Mynd helped Travis throughout the entire 1031 exchange process: navigating the tight timelines, tax implications and other complex provisions in between.
“I've never not had an answer to any question [when working with Mynd].”
Expanding a rental portfolio into a new market
When it came time to sell Travis’s rental property in Phoenix, the Mynd listing team was successfully able to:
- Find a buyer in 5 days
- Close in less than 45 days
- Sell the home 10% over asking price
At that same time, the Mynd Buying team was hard at work finding options for Travis to expand his portfolio. With nationwide coverage, access to comprehensive data and local knowledge, Mynd was able to provide recommendations on rental homes in North Carolina and Georgia.
These markets were more suitable given the capital Travis had access to and the cashflow he was looking to achieve.
“Mynd services have kept me on track. Without them, I would have sabotaged myself, trying to stay in Phoenix”
Building a high performing portfolio, managed by one single team
Travis had an entire team supporting him throughout his investment journey. He relied on Mynd for market advice, Buying and Listing services, 1031 exchange guidance, access to mortgage, rehab/maintenance and property management.
When Travis started investing in real estate investing, he was looking for a trusted, reliable partner. The team at Mynd continually proved they were an important function to Travis’s overall success as a real estate investor. Keeping the entire process under one team was an added bonus!
“The biggest benefit of having a company like Mynd handle everything, is that they function as a team. They are seamless and everything just works.”