Leveraging 1031 Exchanges and Earned Income to Scale a Real Estate Portfolio
David Shifrin of Elite Properties Chicago returns to share how he has scaled his portfolio since his last SUCI podcast appearance in 2024!
David opens up by summarizing his portfolio and how he created cash flow in premier Chicago neighborhoods! He breaks down how a 1031 exchange works and gets granular with an example that led to the acquisition of a great multifamily asset in Avondale. David shares some lessons learned from a rough rehab project and talks about strategies to raise rents and property value without having to do significant renovation. He closes with his take on current investment opportunities in West Town and a bullish outlook on Chicago as a whole!
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02:00 Housing Provided Tip - Consider a sump pump system to protect your properties during heavy rain falls!
03:12 Intro to our guest, David Shifrin!
05:40 Finding cash flow in class A neighborhoods.
08:00 Breaking down 1031 exchanges.
11:41 David’s recent Avondale multifamily deal!
15:22 Pros and cons of paying down mortgages.
25:14 David’s top lessons learned from rapidly building a portfolio.
29:24 Opportunities to be had in West Town.
40:06 David’s outlook on Chicago!
44:20 What’s your competitive advantage?
44:34 One piece of advice for new investors.
45:00 What do you do for fun?
45:42 Good book, podcast, or self development activity that you would recommend?
46:44 Local Network Recommendation?
47:27 How can the listeners learn more about you and provide value to you?
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Connect with Mark and Tom: StraightUpChicagoInvestor.com
Email the Show: StraightUpChicagoInvestor@gmail.com
Guest Name: David Shifrin
Guest Company: Elite Properties Chicago
Guest Link: https://www.elitechicagoproperties.com/
Other Links for show notes:
