How to 1031 SBA loan?

[Peter Ngu]

I own a mix use building $1.1M . Got a SBA loan a little over a year ago to purchase the building. Originally want to open our second popcorn store there but changed my mind. A friend is offering to buy my property for same price.

My mother in law has a Mix Use property she wants to sell $1M to $1.5M. She owns it out right. The lot has 2 buildings on one lot with a commercial space that I want to expand our Popcorn business into. Currently 4 units on 10k SQFT. My Architect say there is enough room to build 4 ADU on the lot.

Can I do a 1031 exchange for the properties? Is there other financing options I should explore?? This is my first time posting on BP 😬

[Peter Ngu]

@Dave Foster very help! Thanks for taking the time to write this! I’ll keep you in mind when I do a 1031 some day!